MILAN: Italian auto giant Fiat on Tuesday said its net profit in the second quarter plunged to 358 million euros ($440 million) despite a rise in operating profits due to its newly-acquired US arm Chrysler.

The group said its performance in the first half of the year meant it could confirm its annual forecast for a net profit of 1.2-1.5 billion euros and sales of more than 77 billion euros.

MUNICH: German luxury car maker Audi's 11.5 percent profit margin may slide if deteriorating economic conditions in austerity-strapped southern Europe keep adding pressure to prices, the company's finance chief said on Tuesday.

"One cannot extricate oneself completely from the market," Axel Strotbek said at a press briefing in Munich, outlining the car maker's second-quarter results.

The Volkswagen division reaffirmed its aim this year of matching last year's r ...

KARACHI: Local automobile parts suppliers have launched a fresh drive against used car imports saying that their influx is negatively affecting the livelihood of workers and appealed for imposition of a ban as the demand for locally manufactured cars declined in recent weeks.

Pakistan Association of Automotive Parts Accessories Manufacturers (Paapam) Chairman Syed Nabeel Hashmi told The Express Tribune that concerns of auto parts manufacturers are indisputable as lagging de ...

LAHORE – The closure of car plants by major assemblers will render hundreds of thousands of skilled workforce jobless, as Pak Suzuki and Indus Motor Companies are considering to shut down their factories in view of constant decline in demand for their vehicles.The auto parts manufacturers demanded the government to intervene and ask the local car assemblers to resume their productions. The association, showing grave concern over shutting down of main car manufacturing plants, obse ...

KARACHI: A leading car manufacturer has cut down on production in July owing to slowdown in demand due to an increased buyers’ interest in used cars coupled with reduced working hours in Ramazan.

An official in Indus Motor Company (IMC) told Dawn that the company has been observing non-production day (NPD) in Toyota Corolla and Toyota Hilux during the current month.

“We will not assemble 1,400-1,500 vehicles in July from the total monthly production of 4,500 u ...

DETROIT: A US auto parts supplier has become the latest company to plead guilty to fixing prices of parts sold to German automakers following an international probe, US prosecutors said Monday.

The German subsidiary of TRW Automotive Holdings Corp agreed to pay a $5.1 million fine for its involvement in a conspiracy to fix the prices of parts sold to two German manufacturers.

The US Department of Justice became involved because some of those vehicles were exported to the ...

KARACHI: Indus Motor Company (IMC) is introducing a partial payment scheme for all of its Toyota variants in an effort to boost sales which have dropped to a record low because of lethargic demand in Ramazan and huge influx of imported used cars in the local market.

“Arrival of used cars has affected our sales. But we are not offering this scheme just because used car imports have pushed us to that extent,” said IMC CEO Parvez Ghias while giving a media briefing ...

LAHORE - Warning the public of used imported cars which are radiation prone and water-damaged repaired vehicles, the automotive parts industry has demanded the local authorities as well as Japan to certify all imports into Pakistan to ensure radiation-free vehilces, also complying with emission and safety standards, as shipment of rediation conteminated cars are on the rise. Whilst the local industry has been told to upgrade to EURO II emission standards, the five to seven years old v ...

ISLAMABAD: Federal Minister for Religious Affairs Syed Khurshid Shah on Monday appreciated the technology of water fuel kit for running motor cars.

Talking to Geo News, Khurshid Shah said that it would take time to introduce the water fuel technology for running motor vehicles.

He said that a summary was being prepared by the Ministry of Science and Technology for the next Cabinet meeting where water fuel kit would be discussed in deta ...

LAHORE: Warning the public regarding the hazards of refurbished Japanese cars that could possibly be contaminated by radiation, the automotive parts industry is demanding the local authorities as well as Japan to certify that all vehicles being imported into Pakistan are radiation-free.

“Following the tsunami and Fukushima Daiichi nuclear reactor meltdown in Japan, several hundred square kilometres around the plant was affected severely (the area known as ‘dead zone& ...