STOCKHOLM: Volkswagen, Europe's biggest carmaker, was set to take full control of Swedish truck manufacturer Scania on Tuesday after a small but crucial shareholder agreed to sell its shares. Swedish pension fund Alecta previously held out for a higher share price but agreed to sell its 2.04-percent stake in Scania, paving the way for Volkswagen to acquire full control the company. On April 30, the German car giant said it lacked less than two percent ...

ISLAMABAD -After working on new auto policy for almost a year, Ministry of Industries has finally drafted much-awaited document, days before the submission of final recommendations from National Assembly Standing Committee on Industries. It was learnt during the national assembly standing committee on Industries (NASCI) proceedings on Monday. It was also learnt that the document would be sent to Ministry of Defence for the final approval. This disclos ...

TOKYO: Nissan said Monday its full-year net profit jumped 14 per cent, driven by a recovery in major markets, cost-cutting efforts and the weaker yen, and forecast further marginal improvement this year. Japan’s second-biggest automaker said it earned 389.0 billion yen ($3.8bn) for the fiscal year to March, after sales rose 20pc on the previous year to 10.48 trillion yen. The profit and sales gains were mainly due to “a reverse of the yen&r ...

DETROIT: General Motors Co, already locked in a public relations crisis because of a deadly ignition defect that has triggered the recall of 2.6 million vehicles, has a new perception problem on its hands. The US company is now considered the worst big automaker to deal with, according to a new survey of top suppliers to the car industry in the United States. The annual survey, conducted by the automotive consultant group Planning Perspectives Inc, ask ...

BEIJING: China's vehicle sales increased 8.8 percent year-on-year in April, an industry association said on Friday, as foreign automakers, including Ford Motor Co., continue to cash in on local demand, despite the country's slowing economy. China sold 2 million vehicles in the month in total, the China Association of Automobile Manufacturers reported, led by an 11.6 percent year-on-year increase in cars to 1.6 million. Ford said this week that sales a ...

KARACHI:  Pakistan’s local car sales (including light commercial vehicles LCVs, vans and jeeps) during the first 10 months of fiscal year 2014 (10MFY14) have reached 112,470 units, up 3.8% year on year (YoY) compared to 108,334 units in the same period last year. On a monthly basis, locally manufactured auto sales have remained fairly stable at 12,250 units in April 2014 against 12,269 units in March 2014. However, auto sales improved 2% YoY fro ...

KARACHI: The auto sector performed well, except tractors, on the back of rising year-on-year sales of trucks, buses, commercial vehicles and two-wheelers in the first 10 months of this fiscal year. According to figures released by the Pakistan Automotive Manufacturers Association (PAMA), 1,975 trucks were sold in the July-April period compared to 1,501 in the same months of last fiscal year. Hinopak sold 859 trucks compared to 671, while Nissan and Is ...

CARACAS: Venezuelans, who enjoy free highways and dirt-cheap gas, are struggling to buy cars as production falters thanks to a lack of foreign currency to pay for imported parts. Vehicle assembly plants are facing their worst year in the oil-rich Organisation of the Petroleum Exporting Countries (Opec) nation, producing five times fewer vehicles than last year due to the lack of imported supplies amid an economic crisis that began last year. Most eco ...

KARACHI: Sales of locally produced cars inched up by 1.85 per cent in July-April 2013-2014 as compared to same period last year despite increase in car prices. A total of 97,232 units were sold as compared to 95,467 units due to improved sales of Honda Civic by 6pc followed by 19.6pc of City, 0.17pc of Toyota Corolla, 14.75pc of Suzuki Cultus and 9.3pc of Suzuki Bolan. Sales of Suzuki Mehran remained depressed by 9pc, followed by 20pc in Swift and 11pc ...

BERLIN: German luxury carmaker Audi said on Thursday that global deliveries rose 11.6 percent in April to 149,050 autos, helped by demand for the A3 compact and the A6 station wagon. Four-month sales at the Volkswagen-owned division increased 11.7 percent to a record 561,900 luxury cars and sport-utility vehicles, Ingolstadt-based Audi said.