ERLANGER, Ky., April 26 /PRNewswire-FirstCall/ -- Toyota Motor Engineering & Manufacturing North America, Inc., today announced that Kenji Fukuta will become the new president of Toyota Motor Manufacturing, Texas, Inc. (TMMTX) effective Tuesday, May 1, 2007.
Current TMMTX president Hidehiko "TJ" Tajima will return to Japan for his new assignment at Toyota Motor Corporation as General Manager of Corporate Social Responsibility, Environmental Affairs Division. As TMMTX's president since October 2003, Tajima successfully oversaw planning and construction of Toyota's sixth vehicle manufacturing plant in North America. In November 2006, TMMTX began assembly of the next-generation Toyota Tundra pickup truck.
Fukuta, who is a 20-year Toyota veteran, comes to TMMTX as former General Manager at Toyota's Tsutsumi plant in Japan, which produces the Toyota Prius, Toyota Camry and Scion tC vehicles.
TMMTX employs 2,000 team members and has the annual capacity to produce 200,000 Tundras.
About Toyota
Toyota (NYSE:TM) established operations in North America in 1957 and will operate 15 manufacturing plants in North America by 2010. There are more than 1,700 Toyota, Lexus and Scion dealerships in North America which sold more than 2.8 million vehicles in 2006. Toyota directly employs over 41,000 in North America and its investment here is currently valued at more than $18.6 billion, including sales and manufacturing operations, research and development, financial services and design. Toyota's annual purchasing of parts, materials, goods and services from North American suppliers totals more than $28.5 billion. Toyota currently produces 11 vehicles in North America, including the Avalon, Camry, Camry Hybrid, Corolla, Matrix, Sienna, Solara, Sequoia, Tacoma, Tundra and the Lexus RX 350. By 2010, Toyota will have the annual capacity to build approximately 2.2 million cars and trucks, 1.45 million engines and 600,000 automatic transmissions.
For more information about Toyota, visit www.toyota.com
Source: Toyota
Friday, April 27, 2007
Ford Motor Company Joins TOMS Shoes' Crusade
Help Improve Quality of Life for Thousands of Children
DEARBORN, Mich., April 26 – Ford Motor Company is making tracks to more than 25 cities with TOMS Shoes and Airstream International Travel Trailers as part of a spring tour aimed at helping disadvantaged children step into better, healthier lives.
TOMS is donating a pair of shoes to a needy child for each pair it sells. TOMS’s shoe samples as well as information about the program and the company will be packed into an Airstream trailer – and towed cross-country by an all-new 2007 Ford Expedition.
“American icons Ford and Airstream are recognized for helping people explore and discover new territories, and this groundbreaking connection with TOMS Shoes seemed only natural,” said Michael Laquere, Ford SUV communications manager. “The 2007 Ford Expedition is comfortable, flexible and capable, making it the perfect fit for long-haul journeys that involve both moving people and a lot of gear.”
TOMS was founded in 2006 by Blake Mycoskie out of a commitment to produce stylish, comfortable and practical footwear while improving the lives of children.
In 2006, while vacationing in Argentina, Mycoskie volunteered in poverty-stricken areas and was disheartened to see the severity of the poor living conditions. Each day men, women and children have to walk miles for fresh water with no shoes, leaving their feet injured and infected. Also, children without shoes are denied schooling.
“I was inspired by a traditional Argentine shoe and challenged by a continent’s poverty and heath issues, so I created TOMS with a singular mission: To make life more comfortable,” says Mycoskie. “I wanted to personally share my ‘fashion with a conscious’ concept with our retail partners and consumers, so we’re taking our TOMS and our ‘Shoes for Tomorrow’ program on the road, with help from Ford and Airstream.”
Earlier this year, Ford and Airstream also teamed up to reveal the Ford Airstream Concept, a futuristic crossover vehicle powered by powered by a new plug-in hydrogen hybrid fuel cell – called HySeries Drive – that operates under electric power at all times and delivers the combined city/highway equivalent fuel economy of 41 miles per gallon. Media hailed the Ford Airstream Concept as a bold, thought-leading crossover for the 21st century following its reveal at the 2007 North American International Auto Show.
Also internationally recognized and appearing on the feet of Hollywood’s elite, TOMS has already given away more than 10,000 pairs to underprivileged children in Argentina and hopes to do more after the spring tour.
TOMS is instant hit not only for its philanthropic mission but for its style. The fashionable canvas shoe comes in a variety of colors and patterns, inspired by the traditional rope-soled, Argentine shoe.
“This really is a dream come true for me. To travel cross-country spreading the message of TOMS, and to do it with such style, is wonderful. At such an early stage in our company, we feel incredibly blessed to have such blue chip partners like Ford and Airstream, and to know 10,000 more children will have shoes once we finish makes each mile traveled that much more rewarding,” says Mycoskie.
Ford Motor Company
Ford Motor Company, a global automotive industry leader based in Dearborn, Mich., manufactures and distributes automobiles in 200 markets across six continents. With about 300,000 employees and more than 100 plants worldwide, the company’s core and affiliated automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive-related services include Ford Motor Credit Company.
For more information regarding Ford’s products, please visit www.fordvehicles.com
TOMS Shoes
Inspired by an Argentine shoe with a hundred year history and the continent's poverty and health issues, TOMS was created with a singular mission: To make life more comfortable. TOMS accomplishes this through it's ultra lightweight design and the company's commitment to match every pair purchased with a donated pair to a child in need...there are no complicated formulas, it's simple - you buy a pair of TOMS and the company gives a pair to a child on your behalf. The vibrant colors and patterns in the debut collection depict Blake Mycoskie's life changing experiences in his travels to South America where he embraced the lifestyle wholeheartedly and therefore gave back by creating TOMS - shoes for Tomorrow. www.tomsSHOES.com
Airstream
The First Airstreams, known for their high-quality riveted aluminium shells and state-of-the-art interiors, were built in 1931 by Wally Byam. Airstream, a subsidiary of THOR Industries Inc. since 1980, is world-renowned for quality, innovation and design. An Airstream is more than just a trendy product; it’s a way of life embraced by thousands around the world for more than seven decades. Now celebrating its 75th anniversary, the company continues the legacy today with its world-class travel trailers, motorhomes, and services.
For additional information about Airstream, please visit www.Airstream.com
Source: Ford Motor Company
DEARBORN, Mich., April 26 – Ford Motor Company is making tracks to more than 25 cities with TOMS Shoes and Airstream International Travel Trailers as part of a spring tour aimed at helping disadvantaged children step into better, healthier lives.
TOMS is donating a pair of shoes to a needy child for each pair it sells. TOMS’s shoe samples as well as information about the program and the company will be packed into an Airstream trailer – and towed cross-country by an all-new 2007 Ford Expedition.
“American icons Ford and Airstream are recognized for helping people explore and discover new territories, and this groundbreaking connection with TOMS Shoes seemed only natural,” said Michael Laquere, Ford SUV communications manager. “The 2007 Ford Expedition is comfortable, flexible and capable, making it the perfect fit for long-haul journeys that involve both moving people and a lot of gear.”
TOMS was founded in 2006 by Blake Mycoskie out of a commitment to produce stylish, comfortable and practical footwear while improving the lives of children.
In 2006, while vacationing in Argentina, Mycoskie volunteered in poverty-stricken areas and was disheartened to see the severity of the poor living conditions. Each day men, women and children have to walk miles for fresh water with no shoes, leaving their feet injured and infected. Also, children without shoes are denied schooling.
“I was inspired by a traditional Argentine shoe and challenged by a continent’s poverty and heath issues, so I created TOMS with a singular mission: To make life more comfortable,” says Mycoskie. “I wanted to personally share my ‘fashion with a conscious’ concept with our retail partners and consumers, so we’re taking our TOMS and our ‘Shoes for Tomorrow’ program on the road, with help from Ford and Airstream.”
Earlier this year, Ford and Airstream also teamed up to reveal the Ford Airstream Concept, a futuristic crossover vehicle powered by powered by a new plug-in hydrogen hybrid fuel cell – called HySeries Drive – that operates under electric power at all times and delivers the combined city/highway equivalent fuel economy of 41 miles per gallon. Media hailed the Ford Airstream Concept as a bold, thought-leading crossover for the 21st century following its reveal at the 2007 North American International Auto Show.
Also internationally recognized and appearing on the feet of Hollywood’s elite, TOMS has already given away more than 10,000 pairs to underprivileged children in Argentina and hopes to do more after the spring tour.
TOMS is instant hit not only for its philanthropic mission but for its style. The fashionable canvas shoe comes in a variety of colors and patterns, inspired by the traditional rope-soled, Argentine shoe.
“This really is a dream come true for me. To travel cross-country spreading the message of TOMS, and to do it with such style, is wonderful. At such an early stage in our company, we feel incredibly blessed to have such blue chip partners like Ford and Airstream, and to know 10,000 more children will have shoes once we finish makes each mile traveled that much more rewarding,” says Mycoskie.
Ford Motor Company
Ford Motor Company, a global automotive industry leader based in Dearborn, Mich., manufactures and distributes automobiles in 200 markets across six continents. With about 300,000 employees and more than 100 plants worldwide, the company’s core and affiliated automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive-related services include Ford Motor Credit Company.
For more information regarding Ford’s products, please visit www.fordvehicles.com
TOMS Shoes
Inspired by an Argentine shoe with a hundred year history and the continent's poverty and health issues, TOMS was created with a singular mission: To make life more comfortable. TOMS accomplishes this through it's ultra lightweight design and the company's commitment to match every pair purchased with a donated pair to a child in need...there are no complicated formulas, it's simple - you buy a pair of TOMS and the company gives a pair to a child on your behalf. The vibrant colors and patterns in the debut collection depict Blake Mycoskie's life changing experiences in his travels to South America where he embraced the lifestyle wholeheartedly and therefore gave back by creating TOMS - shoes for Tomorrow. www.tomsSHOES.com
Airstream
The First Airstreams, known for their high-quality riveted aluminium shells and state-of-the-art interiors, were built in 1931 by Wally Byam. Airstream, a subsidiary of THOR Industries Inc. since 1980, is world-renowned for quality, innovation and design. An Airstream is more than just a trendy product; it’s a way of life embraced by thousands around the world for more than seven decades. Now celebrating its 75th anniversary, the company continues the legacy today with its world-class travel trailers, motorhomes, and services.
For additional information about Airstream, please visit www.Airstream.com
Source: Ford Motor Company
DOE Requests Information on Early Markets for Hydrogen and Fuel Cells
April 26, 2007 -- The U.S. Department of Energy's Hydrogen Program released a “request for information” (RFI) that focuses on opportunities for the early adoption of hydrogen and fuel cell technologies and supporting activities.
The RFI seeks public comment on three main topics:
* Early market financial assistance
* Fuel cell performance testing
* Community partnerships.
This RFI is part of the Hydrogen Program’s effort to facilitate market transformation. Visit DOE's E-Center to view the full RFI and for information on how to provide comments.
Source: U.S. Department of Energy's Hydrogen Program
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The RFI seeks public comment on three main topics:
* Early market financial assistance
* Fuel cell performance testing
* Community partnerships.
This RFI is part of the Hydrogen Program’s effort to facilitate market transformation. Visit DOE's E-Center to view the full RFI and for information on how to provide comments.
Source: U.S. Department of Energy's Hydrogen Program
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Ford's New "Parts Plus" Internet Site Goes Live
BRENTWOOD, Essex, 26 April, 2007 – Ford’s Parts Plus website has been launched with an all-new look to promote its aftermarket parts programme.
The site supports Ford Parts Plus, which addresses the requirements of Independent Motor Traders (IMTs) and independent bodyshops. Ford Parts Plus aims to provide a competitive alternative to motor factors with the key advantage of offering original equipment parts.
Unlike some non-original parts, Ford parts are easier and quicker to fit, saving on labour and costs. Also Ford original parts are manufactured to the company's specifications to guarantee reliability. While many non-original parts might appear to be good value, they do not always offer the same quality and can affect a car’s safety.
The new Ford Parts Plus site highlights the importance of using original Ford parts. It contains information about the parts offered and it provides a dealer locator as well.
www.Fordpartsplus.co.uk features the Blue Oval Club, Ford’s parts trade club, and the current promotions available. In response to customers’ requests for more technical support and information, the Ford Blue Oval Club was created to provide the key information required to repair and maintain the entire Ford vehicle range.
"Our new Ford Parts Plus website will be Ford's online link to trade customers, recognising the increasing importance of the internet in the automotive repair business," said Axel Wilke, European marketing director of Ford Customer Service Division. "Ford Parts Plus has become a strong brand and proposition for parts trade customers in Britain and across Europe since its launch in 1994. It represents a professional parts delivery service through the Ford Parts Plus dealer network – the preferred source of genuine Ford parts for many IMTs and independent body shops."
Source: Ford Motor Company
The site supports Ford Parts Plus, which addresses the requirements of Independent Motor Traders (IMTs) and independent bodyshops. Ford Parts Plus aims to provide a competitive alternative to motor factors with the key advantage of offering original equipment parts.
Unlike some non-original parts, Ford parts are easier and quicker to fit, saving on labour and costs. Also Ford original parts are manufactured to the company's specifications to guarantee reliability. While many non-original parts might appear to be good value, they do not always offer the same quality and can affect a car’s safety.
The new Ford Parts Plus site highlights the importance of using original Ford parts. It contains information about the parts offered and it provides a dealer locator as well.
www.Fordpartsplus.co.uk features the Blue Oval Club, Ford’s parts trade club, and the current promotions available. In response to customers’ requests for more technical support and information, the Ford Blue Oval Club was created to provide the key information required to repair and maintain the entire Ford vehicle range.
"Our new Ford Parts Plus website will be Ford's online link to trade customers, recognising the increasing importance of the internet in the automotive repair business," said Axel Wilke, European marketing director of Ford Customer Service Division. "Ford Parts Plus has become a strong brand and proposition for parts trade customers in Britain and across Europe since its launch in 1994. It represents a professional parts delivery service through the Ford Parts Plus dealer network – the preferred source of genuine Ford parts for many IMTs and independent body shops."
Source: Ford Motor Company
GM Schedules First Quarter 2007 Financial Results Release
2007-04-26 -- General Motors has scheduled the release of its first-quarter 2007 financial results for 7:00 a.m. EDT, Thursday, May 3, 2007, via PR Newswire and GM Media Online.
GM Vice Chairman and Chief Financial Officer Fritz Henderson will conduct a conference call at 9:30 a.m. EDT. A question-and-answer session with financial analysts and the media will follow a brief review of the results. The call is expected to last approximately 90 minutes.
Conference Call Information: To participate in North America, dial 1-800-718-6845. To participate outside North America, dial 1-212-231-6043. The conference call will also be webcast live on GM's Investor website http://investor.gm.com in the Calendar/Events section. Charts will be posted in the Earnings Release section.
Archive: A taped replay of this call will be made available from 12:45 p.m. EDT, May 3, 2007, until 12:45 p.m. EDT, May 7, 2007. In North America, please dial 1-800-633-8284 (or +1-402-977-9140 for access outside North America ) and enter reservation number 21336756 to access the taped replay.
Source: GM
GM Vice Chairman and Chief Financial Officer Fritz Henderson will conduct a conference call at 9:30 a.m. EDT. A question-and-answer session with financial analysts and the media will follow a brief review of the results. The call is expected to last approximately 90 minutes.
Conference Call Information: To participate in North America, dial 1-800-718-6845. To participate outside North America, dial 1-212-231-6043. The conference call will also be webcast live on GM's Investor website http://investor.gm.com in the Calendar/Events section. Charts will be posted in the Earnings Release section.
Archive: A taped replay of this call will be made available from 12:45 p.m. EDT, May 3, 2007, until 12:45 p.m. EDT, May 7, 2007. In North America, please dial 1-800-633-8284 (or +1-402-977-9140 for access outside North America ) and enter reservation number 21336756 to access the taped replay.
Source: GM
Thursday, April 26, 2007
Tenth Anniversary of the Mercedes-Benz M-Class: Premiere at the Tuscaloosa Plant in 1997
* Mercedes-Benz M-Class produced for the world market only in Tuscaloosa in Alabama/USA initially
* The Sport Utility Vehicle conquers the market
* Second-generation Mercedes-Benz M-Class and Mercedes-Benz R-Class produced in Tuscaloosa since 2005, Mercedes-Benz GL-Class since 2006
Stuttgart/Tuscaloosa, Apr 24, 2007 -- On May 21, 1997, Mercedes-Benz presented the first generation of its M-Class at the Tuscaloosa plant in Alabama/USA, where the Sport Utility Vehicle (SUV) from the W 163 series was produced. One half of the cars completed here was destined for the US market, the other for the rest of the world. Since 2005, the second-generation M-Class (W 164) has been produced in Alabama, and the plant’s capacity was expanded to accommodate production of the R-Class (W 251) and, since 2006, of the GL-Class (X 164) as well. Tuscaloosa was the Mercedes-Benz brand’s first passenger car production plant outside Germany.
Decision in favor of America
Construction of a Mercedes-Benz plant in the USA – this decision was made by the then Daimler-Benz AG in 1993, and the project was completed between 1995 and 1997. Assembly of Mercedes-Benz passenger cars outside Germany had already been started way back in 1935, in Denmark, but production volumes had been small. The plant in Alabama was the first production location outside Germany where Mercedes-Benz passenger cars were produced for the entire world market.
The plant was built for an all-new car from Mercedes-Benz. In January 1996, the brand displayed the AA Vision at the North American International Auto Show (NAIAS) in Detroit. This design study already featured important elements of the M-Class and was elected “Best of Show“. The AA Vision made its European debut at the Geneva Motor Show a few weeks later. Here, Mercedes-Benz also announced the name of the future model series: M-Class. Its development was the responsibility of Mercedes-Benz U.S. International, Inc. (MBUSI) founded in 1994 and domiciled in Tuscaloosa.
The M-Class was launched at the Tuscaloosa plant on May 21, 1997. In the presence of 5,000 guests – among them Fob James, Governor of Alabama – the plant was officially inaugurated on this occasion. The new production location on 810,000 square meters of land had 93,000 square meters of roofed area and accommodated body-in-white assembly, paint shop, assembly, training center and customer center. Daimler-Benz invested over 300 million US-dollars in the plant; the development of the M-Class incurred costs of around 700 million US-dollars.
The new model was a major milestone in the Mercedes-Benz product drive: in 1997 the Stuttgart-based brand also launched the CLK and the A-Class. The highly comfortable M-Class, featuring a chassis with a separate box-section frame, was designed for both road and offroad operation. Auxiliary frames for the front and rear wheel suspension and ten rubber mounts dampened the transfer of road bumps and noise to the bodywork. Independent wheel suspension all round was a special feature of this chassis which was unique in this vehicle category.
The powertrain was specially designed for permanent four-wheel drive, with a modified variant of the electronic traction system, ETS, being used instead of conventional differential locks in the M-Class. The anti-lock braking system (ABS) was equally adapted to offroad operation. The result of this innovative vehicle concept was a car which combined the comfort and handling safety of a Mercedes-Benz passenger car with the all-terrain mobility and robustness of an offroader and the spaciousness and variability of a Sport Utility Vehicle.
Successful model: The M-Class
The enthusiasm for the new car was so great that Mercedes-Benz initially had difficulties in satisfying the demand. The new model was marketed in North America from September 1997 and in Europe from March 1998. The ML 320 with a V6 engine developing 218 hp (160 kW) was available throughout the world while the ML 230 with four-cylinder engine (150 hp/110 kW) was reserved for Europe. The top model was the ML 430 (270 hp/199 kW) launched in 1998 before AMG presented the ML 55 AMG with an output of 347 hp (255 kW) in 1999. In the same year, a diesel-engined version – the ML 270 CDI with a 163 hp (120 kW) five-cylinder in-line unit – made its debut and proved to be extremely successful, especially in Europe.
In 1999, Mercedes-Benz invested some 80 million US-dollars in the expansion of capacity in Tuscaloosa. The M-Class received the “World Car Award” – a distinction for the ideal car on a global scale. Numerous other awards followed. As early as 1999, some 100,000 units of this series had already been sold. In August 2000, DaimlerChrysler decided to invest more than 600 million US-dollars in the plant to raise annual production capacity to some 160,000 cars. Today, the M-Class is sold in 135 countries around the world.
After the model refinement in 2001, the ML 500 with an output of 292 hp (215 kW) replaced the ML 430, and a new top-of-the-line diesel model, the ML 400 CDI with a 250 hp (184 kW) V8 CDI engine, was launched onto the market. Production of the ML 230 was discontinued. Overall, more than 570,000 units of the first M-Class generation were built in Tuscaloosa. Between 1999 and 2002, another 77,100 M-Class units for the European market were produced at Magna Steyr in Graz/Austria.
The new M-Class
In 2005, the M-Class from the W 164 series replaced the first generation of this successful SUV in Tuscaloosa. The Sport Utility Vehicle comes in a decidedly sporty design with a flat windshield, distinctive fenders and an upward-sweeping shoulder line. The new model also boasts ultra-modern engineering, including the standard 7G-TRONIC seven-speed automatic transmission which transfers engine power to the road via an even higher-performance 4MATIC four-wheel drive. AIRMATIC air suspension is equally included in the standard specifications while the PRE-SAFE® occupant protection system is optionally available.
R-Class and GL-Class
The expansion of the Tuscaloosa plant prepared the location for the production of the new M-Class, the Mercedes-Benz R-Class (since 2005) and the GL-Class (since 2006). The R-Class, a new Grand Sports Tourer from Mercedes-Benz, is based on the Vision GST presented in Detroit in 2002 as well as on the Vision GST II and Vision R of 2004. In 2006, a third series was added to the product range in Tuscaloosa: the Mercedes-Benz GL-Class.
In the ten years since the official inauguration of the plant, the production location in Tuscaloosa has established itself with products of a high standard of quality. “Mercedes Quality – made in the USA” has become a trademark for the Mercedes-Benz cars from Alabama.
The plant also assumes social responsibility: in August 2005, Mercedes-Benz U.S. International, in cooperation with the American Red Cross, offered emergency accommodation for victims of hurricane Katrina.
The relations between the old and the new world are also demonstrated by the fact that Tuscaloosa is the twin town of Schorndorf in Germany, where Gottlieb Daimler was born.
Source: DaimlerChrysler
Mitsubishi Motors Announces Names of Two Models Due for Japanese Domestic Market Release this Fall
"GALANT FORTIS" sedan & "LANCER EVOLUTION X" high-performance 4WD sedan
Tokyo, 26 April, 2007 — Mitsubishi Motors Corporation has announced the names of two new models. The U.S.-market Lancer will be renamed "GALANT FORTIS" for the Japan domestic market. Also, Mitsubishi's rally-inspired, high-performance 4WD sedan will carry the name "LANCER EVOLUTION X".
The development concept for the new Mitsubishi Galant Fortis(1) calls for a "new-generation global sedan with world-class levels of safety, environmental performance and comfort". Distinguishing features include: a high-rigidity platform that delivers excellent crashworthiness; a new 2-liter engine with aluminum cylinder block that delivers high power output and returns excellent fuel efficiency; exterior styling that imparts a broad stance and sporty lines; and a spacious, well-appointed cabin.
The development concept for the all-new Mitsubishi Lancer Evolution X2 specifies a "new-generation high-performance 4WD global sedan that allows all levels of driver to enjoy the car's speed and handling with ease and in safety".
The new model features Mitsubishi's S-AWC3 traction and handling system, that integrates the control of drive torque and braking management with the four-wheel drive system to help realize highly responsive and intuitive handling in addition to outstanding vehicle attitude stability.
Other examples of Mitsubishi Motors' latest automotive technology to be featured in the new model include a new lightweight and high-performance 2.0-liter turbocharged MIVEC4 engine with aluminum cylinder block and a 6-speed automated manual transmission that contributes to exceptional performance with improved fuel economy.
The performance-driven design makes the car's extreme potential clear, while cockpit design focuses the driver's attention on operating his machine.
1 Latin for strong, steadfast, courageous.
2 "X" ("Ten") stands for the tenth iteration of the Lancer Evolution released on the Japan domestic market. (In other markets the car will be called "LANCER EVOLUTION".)
3 Super All Wheel Control
4 Mitsubishi Innovative Valve timing and lift Electronic Control System: Mitsubishi Motors variable valve system
Source: Mitsubishi Motors Corporation
Toyota Produces Brand-New Toyota Corolla ZR Engine in TEDA
TIANJIN, China, April 26 /Xinhua-PRNewswire/ -- Tianjin Economic- Technological Development Area (TEDA) announced today that the brand-new ZR engine from Toyota was off the production line at the second plant of Tianjin FAW Toyota Engine Co., Ltd. The engine, which meets the tail gas emissions set-out by the Euro III standard, and that has the potential to also meet the Euro IV standard, will be installed in Toyota's new Toyota Corolla, which will be off the production line at the third plant of Tianjin FAW Toyota Engine Co., Ltd. next month.
The manufacturer of the ZR engine, Tianjin FAW Toyota Engine Co. Ltd., is the core parts manufacturer of Tianjin FAW Toyota Motor Co., Ltd. The ZR engine has the characteristics of high performance, low fuel consumption and low emissions, and it ranks top amongst its international peers in terms of motive power, fuel economy and environmental protection.
The environmentally-friendly engines are produced simultaneously and its output will reach 220,000 sets every year, which means the Chinese market is playing an increasingly important role for Toyota and the position of Tianjin Binhai New Area is undoubtedly more and more prominent in its strategy for the China market.
About Tianjin Economic-Technological Development Area (TEDA)
Tianjin Economic-Technological Development Area (TEDA) was established in 1984 with the approval of the State Council of the People's Republic of China. It is one of the first state-class economic-technological development areas in the country.
TEDA is located in the center of a larger area bordering Bohai Sea and the east of the Asia-Europe Land Bridge, thus serving as the gate to the two super cities of Beijing and Tianjin, and the throat connecting the northeast of China. By the end of 2005, 4,067 foreign companies have landed in TEDA. Of the Fortune 500 companies, 57 multinational companies, from 10 countries and regions, including such well-established multinational giants as Motorola, Samsung and Toyota, invested in 123 enterprises in TEDA. In 2000, "Fortune" listed TEDA as one of the most highly recommended economic areas in China. In 2002 UNIDO listed TEDA as one of the most dynamic areas of China together with Shenzhen, Suzhou, Wenzhou, Shanghai Pudong and Xi'an High-tech Park.
For more information, please visit: http://www.investteda.org/
Source: Tianjin Economic-Technological Development Area
The manufacturer of the ZR engine, Tianjin FAW Toyota Engine Co. Ltd., is the core parts manufacturer of Tianjin FAW Toyota Motor Co., Ltd. The ZR engine has the characteristics of high performance, low fuel consumption and low emissions, and it ranks top amongst its international peers in terms of motive power, fuel economy and environmental protection.
The environmentally-friendly engines are produced simultaneously and its output will reach 220,000 sets every year, which means the Chinese market is playing an increasingly important role for Toyota and the position of Tianjin Binhai New Area is undoubtedly more and more prominent in its strategy for the China market.
About Tianjin Economic-Technological Development Area (TEDA)
Tianjin Economic-Technological Development Area (TEDA) was established in 1984 with the approval of the State Council of the People's Republic of China. It is one of the first state-class economic-technological development areas in the country.
TEDA is located in the center of a larger area bordering Bohai Sea and the east of the Asia-Europe Land Bridge, thus serving as the gate to the two super cities of Beijing and Tianjin, and the throat connecting the northeast of China. By the end of 2005, 4,067 foreign companies have landed in TEDA. Of the Fortune 500 companies, 57 multinational companies, from 10 countries and regions, including such well-established multinational giants as Motorola, Samsung and Toyota, invested in 123 enterprises in TEDA. In 2000, "Fortune" listed TEDA as one of the most highly recommended economic areas in China. In 2002 UNIDO listed TEDA as one of the most dynamic areas of China together with Shenzhen, Suzhou, Wenzhou, Shanghai Pudong and Xi'an High-tech Park.
For more information, please visit: http://www.investteda.org/
Source: Tianjin Economic-Technological Development Area
Mitsubishi Motors Releases Exterior Image of Mitsubishi Lancer Evolution
Mitsubishi Lancer Evolution
Cypress, California -- Mitsubishi Motors in Japan revealed an exterior image of the production version of the Mitsubishi Lancer Evolution high performance sedan. The image, released in conjunction with a financial results announcement, reveals the subtle exterior details of the forthcoming production model, whose styling direction was first suggested with Mitsubishi Concept X (2005 Tokyo Motor Show) and later reinforced with Mitsubishi Prototype X (2007 NAIAS).
The soon-to-market Mitsubishi Lancer Evolution represents the zenith of the Lancer badge's performance development; a rally racing story that began over 30 years ago in the deserts of the Safari Rally, later saw dominance on the WRC stage in the 1990's, and now combines the lessons from competition with high technology to bring an enthusiasts' hero to the streets.
The development concept for the all-new Mitsubishi Lancer Evolution¹ specifies a "next-generation high-performance 4WD global sedan that allows all levels of driver to enjoy the car's speed and handling with ease and in safety". The new model features Mitsubishi's S-AWC² traction and handling system. This advanced all-wheel-drive system integrates a superior level of drive torque distribution and braking management, making this the best handling Mitsubishi Lancer Evolution vehicle of the series. This technology when mated to the new, more rigid Lancer platform results in a Lancer Evolution that is highly responsive, offering intuitive handling and a greater degree of control in addition to outstanding vehicle attitude stability. Other examples of Mitsubishi Motors' latest automotive technology to be featured in the new model include a new lightweight, high-performance 2.0-liter turbocharged MIVEC3 engine with aluminum cylinder block and a 6-speed automated manual transmission that contributes to vehicle's exceptional performance while offering improved fuel economy.
Expect the all-new Mitsubishi Lancer Evolution sedan will go on sale in North America in the first quarter of 2008.
1. Vehicle to still be referred to as Mitsubishi Lancer Evolution X in Japanese domestic market
2. Super All Wheel Control
3. Mitsubishi Innovative Valve timing and lift Electronic Control System: Mitsubishi Motors variable valve system
www.mitsubishicars.com
Source: Mitsubishi Motors North America, Inc
Cypress, California -- Mitsubishi Motors in Japan revealed an exterior image of the production version of the Mitsubishi Lancer Evolution high performance sedan. The image, released in conjunction with a financial results announcement, reveals the subtle exterior details of the forthcoming production model, whose styling direction was first suggested with Mitsubishi Concept X (2005 Tokyo Motor Show) and later reinforced with Mitsubishi Prototype X (2007 NAIAS).
The soon-to-market Mitsubishi Lancer Evolution represents the zenith of the Lancer badge's performance development; a rally racing story that began over 30 years ago in the deserts of the Safari Rally, later saw dominance on the WRC stage in the 1990's, and now combines the lessons from competition with high technology to bring an enthusiasts' hero to the streets.
The development concept for the all-new Mitsubishi Lancer Evolution¹ specifies a "next-generation high-performance 4WD global sedan that allows all levels of driver to enjoy the car's speed and handling with ease and in safety". The new model features Mitsubishi's S-AWC² traction and handling system. This advanced all-wheel-drive system integrates a superior level of drive torque distribution and braking management, making this the best handling Mitsubishi Lancer Evolution vehicle of the series. This technology when mated to the new, more rigid Lancer platform results in a Lancer Evolution that is highly responsive, offering intuitive handling and a greater degree of control in addition to outstanding vehicle attitude stability. Other examples of Mitsubishi Motors' latest automotive technology to be featured in the new model include a new lightweight, high-performance 2.0-liter turbocharged MIVEC3 engine with aluminum cylinder block and a 6-speed automated manual transmission that contributes to vehicle's exceptional performance while offering improved fuel economy.
Expect the all-new Mitsubishi Lancer Evolution sedan will go on sale in North America in the first quarter of 2008.
1. Vehicle to still be referred to as Mitsubishi Lancer Evolution X in Japanese domestic market
2. Super All Wheel Control
3. Mitsubishi Innovative Valve timing and lift Electronic Control System: Mitsubishi Motors variable valve system
www.mitsubishicars.com
Source: Mitsubishi Motors North America, Inc
Nissan Net Income at 460.8 Billion Yen in Fiscal Year 2006
TOKYO (April 26, 2007) – Nissan Motor Co., Ltd., today announced financial results for the fiscal year 2006, ending March 31, 2007 and filed the following results with the Tokyo Stock Exchange:
With the exception of China and Taiwan where fiscal-period accounting is precluded by law, all overseas subsidiaries that previously ended their annual periods in December have been harmonized to align with the consolidated fiscal period ending in March. This was done by including an additional quarter of results from January to March for those subsidiaries previously consolidated on a calendar-year basis. Adding this fifth quarter results in a one-time positive impact to fiscal 2006 results of 767.6 billion yen (US $6.56 billion, euro 5.19 billion) in revenues, 21.4 billion yen (US $0.18 billion, euro 0.14 billion) in operating profits and 11.6 billion yen (US $0.10 billion, euro 0.08 billion) to the bottom line net income.
On comparable 12 month periods, Nissan’s global sales were 3,483,000 units, down 2.4%. In the US, sales were at 1,035,000 units, down 4.0%. In Japan, sales were at 740,000 units, down 12.1%. In Europe, sales came to 540,000 units, down by 0.2%. Sales in General Overseas Markets were 1,168,000 units, an increase of 5.1%.
The company’s net automotive cash position stood at 254.7 billion yen (US $2.18 billion, euro 1.72 billion) at the end of fiscal 2006. Nissan will propose a 17-yen-per-share year-end dividend at the company’s annual shareholders’ meeting this June, for a full-year dividend of 34 yen per share for fiscal 2006, as committed.
Nissan Value-Up
“2006 did not boost our results towards achieving the objectives of Nissan Value-Up,” said Nissan President and CEO, Carlos Ghosn. “However, we believe that the commitments are within the potential of the company and we remain focused to deliver them completely. Accordingly, we have decided to extend the period for delivering all the Nissan Value-Up commitments by one year.”
Ghosn noted that tangible progress had been made on the four key breakthroughs in Nissan Value-Up. The Infiniti luxury brand continues to expand globally with its introduction to Russia in 2006, into China and Ukraine in 2007 and across Western Europe during 2008.
Light Commercial Vehicle (LCV) sales globally have grown by 57% to 490,000 units compared to the start of Nissan Value-Up. The LCV business now generates a consolidated operating profit margin of over 8%.
Nissan continues to enhance its overall cost competitiveness. 15% of global sourcing is made in Leading Competitive Countries (LCC) such as China, ASEAN, Mexico, and Eastern Europe, versus 12% last year.
Finally, our geographic expansion has been accelerated by additional investments in Brazil and China, a new plant being established in Russia, and a new partnership with Renault and Mahindra to build a manufacturing facility in India.
2007 outlook
Commenting on the outlook for this fiscal year, Ghosn said fiscal 2007 will be a better year for Nissan than 2006. Rising raw material costs, rising energy prices, rising interest rates, volatile foreign exchange rates, high level of incentives, and a growing number of distressed suppliers and competitors, would remain among the business risks for 2007.
Nissan continues to invest massively for its future within a clearly established long-term strategy, especially in the research and development of breakthrough technologies and innovative products. In 2007, Nissan will launch 11 all-new products globally: Nissan Livina, Nissan X-TRAIL, Nissan Altima coupe, single and double-cab Nissan Atlas truck, entry-level sedan for Mexico, Infiniti G37 coupe, Rogue, Infiniti GT-R, Infiniti EX luxury crossover, Murano and a single-cab version of the Frontier-Navara pickup truck.
Based on the company’s outlook and assuming foreign exchange rates of 117 yen/dollar and 148 yen/euro - which is at the same level as fiscal 2006 - Nissan filed the following forecast for the fiscal year ending March 31, 2008, with the Tokyo Stock Exchange:
###
APPENDIX
For the convenience of readers who wish to make a direct comparison between fourth quarter 2006 and the same period in 2005, excluding the impact of the accounting change, the totals are as follows:
* Consolidated net revenues of 2.8238 trillion yen (US $24.14 billion, euro 19.08 billion), up 7.1% compared to 2.6360 trillion yen (US $22.53 billion, euro 17.81 billion) the previous year
* Operating profit of 223.8 billion yen (US $1.91 billion, euro 1.51 billion) down 7.0% compared to 240.6 billion yen (US $2.06 billion, euro 1.63 billion) from FY2005
* Ordinary profit of 204.6 billion yen (US $1.75 billion, euro 1.38 billion) down 14.9% compared to 240.4 billion yen (US $2.05 billion, euro 1.62 billion) from FY2005
* Net income of 70.6 billion yen (US $0.60 billion, euro 0.48 billion) down 53.7% compared to 152.4 billion yen (US $1.3 billion, euro 1.03 billion) from FY2005. Net income was lower compared to last year due to -- by order of decreasing magnitude -- provisions taken for the one-time charge for headcount reductions in the U.S. and Japan, lower profit contribution from equity method companies, and higher taxes.
###
Source: Nissan
- * Net revenues of 10.4686 trillion yen (US $89.48 billion, euro 70.73 billion)
- * Operating profit of 776.9 billion yen (US $6.64 billion, euro 5.25 billion)
- * Ordinary profit of 761.1 billion yen (US $6.51 billion, euro 5.14 billion)
- * Consolidated net income of 460.8 billion yen (US $3.94 billion, euro 3.11 billion).
- * The operating profit margin came to 7.4%.
With the exception of China and Taiwan where fiscal-period accounting is precluded by law, all overseas subsidiaries that previously ended their annual periods in December have been harmonized to align with the consolidated fiscal period ending in March. This was done by including an additional quarter of results from January to March for those subsidiaries previously consolidated on a calendar-year basis. Adding this fifth quarter results in a one-time positive impact to fiscal 2006 results of 767.6 billion yen (US $6.56 billion, euro 5.19 billion) in revenues, 21.4 billion yen (US $0.18 billion, euro 0.14 billion) in operating profits and 11.6 billion yen (US $0.10 billion, euro 0.08 billion) to the bottom line net income.
On comparable 12 month periods, Nissan’s global sales were 3,483,000 units, down 2.4%. In the US, sales were at 1,035,000 units, down 4.0%. In Japan, sales were at 740,000 units, down 12.1%. In Europe, sales came to 540,000 units, down by 0.2%. Sales in General Overseas Markets were 1,168,000 units, an increase of 5.1%.
The company’s net automotive cash position stood at 254.7 billion yen (US $2.18 billion, euro 1.72 billion) at the end of fiscal 2006. Nissan will propose a 17-yen-per-share year-end dividend at the company’s annual shareholders’ meeting this June, for a full-year dividend of 34 yen per share for fiscal 2006, as committed.
Nissan Value-Up
“2006 did not boost our results towards achieving the objectives of Nissan Value-Up,” said Nissan President and CEO, Carlos Ghosn. “However, we believe that the commitments are within the potential of the company and we remain focused to deliver them completely. Accordingly, we have decided to extend the period for delivering all the Nissan Value-Up commitments by one year.”
Ghosn noted that tangible progress had been made on the four key breakthroughs in Nissan Value-Up. The Infiniti luxury brand continues to expand globally with its introduction to Russia in 2006, into China and Ukraine in 2007 and across Western Europe during 2008.
Light Commercial Vehicle (LCV) sales globally have grown by 57% to 490,000 units compared to the start of Nissan Value-Up. The LCV business now generates a consolidated operating profit margin of over 8%.
Nissan continues to enhance its overall cost competitiveness. 15% of global sourcing is made in Leading Competitive Countries (LCC) such as China, ASEAN, Mexico, and Eastern Europe, versus 12% last year.
Finally, our geographic expansion has been accelerated by additional investments in Brazil and China, a new plant being established in Russia, and a new partnership with Renault and Mahindra to build a manufacturing facility in India.
2007 outlook
Commenting on the outlook for this fiscal year, Ghosn said fiscal 2007 will be a better year for Nissan than 2006. Rising raw material costs, rising energy prices, rising interest rates, volatile foreign exchange rates, high level of incentives, and a growing number of distressed suppliers and competitors, would remain among the business risks for 2007.
Nissan continues to invest massively for its future within a clearly established long-term strategy, especially in the research and development of breakthrough technologies and innovative products. In 2007, Nissan will launch 11 all-new products globally: Nissan Livina, Nissan X-TRAIL, Nissan Altima coupe, single and double-cab Nissan Atlas truck, entry-level sedan for Mexico, Infiniti G37 coupe, Rogue, Infiniti GT-R, Infiniti EX luxury crossover, Murano and a single-cab version of the Frontier-Navara pickup truck.
Based on the company’s outlook and assuming foreign exchange rates of 117 yen/dollar and 148 yen/euro - which is at the same level as fiscal 2006 - Nissan filed the following forecast for the fiscal year ending March 31, 2008, with the Tokyo Stock Exchange:
- * Consolidated net revenues of 10.3000 trillion yen (US $88.03 billion, euro 69.59 billion)
- * Operating profit of 800 billion yen (US $6.84 billion, euro 5.41 billion)
- * Ordinary profit of 773 billion yen (US $6.61 billion, euro 5.22 billion)
- * Net income of 480 billion yen (US $4.10 billion, euro 3.24 billion)
###
APPENDIX
For the convenience of readers who wish to make a direct comparison between fourth quarter 2006 and the same period in 2005, excluding the impact of the accounting change, the totals are as follows:
* Consolidated net revenues of 2.8238 trillion yen (US $24.14 billion, euro 19.08 billion), up 7.1% compared to 2.6360 trillion yen (US $22.53 billion, euro 17.81 billion) the previous year
* Operating profit of 223.8 billion yen (US $1.91 billion, euro 1.51 billion) down 7.0% compared to 240.6 billion yen (US $2.06 billion, euro 1.63 billion) from FY2005
* Ordinary profit of 204.6 billion yen (US $1.75 billion, euro 1.38 billion) down 14.9% compared to 240.4 billion yen (US $2.05 billion, euro 1.62 billion) from FY2005
* Net income of 70.6 billion yen (US $0.60 billion, euro 0.48 billion) down 53.7% compared to 152.4 billion yen (US $1.3 billion, euro 1.03 billion) from FY2005. Net income was lower compared to last year due to -- by order of decreasing magnitude -- provisions taken for the one-time charge for headcount reductions in the U.S. and Japan, lower profit contribution from equity method companies, and higher taxes.
###
Source: Nissan
Production Commences at Ford Motors' New Joint Venture Engine Facility in Nanjing, China
Ford, Mazda and Changan Automotive Group Partner to Create One of the Largest and Most Modern Engine Manufacturing Facilities in China
NANJING, CHINA, April 26, 2007 - Volume production officially kicked-off today at Ford Motor Company's new joint venture engine production facility, Changan Ford Mazda Engine Company Ltd. (CFME), in Nanjing, China. The first BZ series engines rolled off the production line at CFME, representing the latest strategic deployment by Ford Motor Company to enhance its competitiveness and continue its rapid expansion in the world's fastest growing major automotive market.
CFME is one of the largest and most modern engine manufacturing plants in China, with a massive 350,000-unit annual production capacity that will supply production operations for Ford and Mazda vehicles in China. The state-of-the-art manufacturing facility consists of three major plants for casting, machining, and assembly. Five key components of the motor are being manufactured on-site, including the cylinder block, cylinder head, crankshaft, camshaft, and connecting rod.
The US$312.5 million facility is a joint venture between Ford, Mazda and China's Changan Automotive Group, with Changan holding a 50 percent share and Ford Motor Company and Mazda Motor Company holding 25 percent each.
“CFME represents a critical progression in Ford Motor Company's long-term vision and growth strategy for the China market, and keeps us on track to becoming one of the key players in the world's second largest automotive market,” said Mr. Mei-Wei Cheng, chairman and CEO of Ford Motor (China) Ltd.
“This world-class facility and its state-of-the-art production technologies will push the industry benchmark higher in China, and help bolster the future development and expansion of Ford Motor Company and our partners in the China market," commented Cheng.
Executives representing the three CFME partners signed a joint venture agreement in April 2005, and then five months later broke ground for the plant, which is located in Nanjing's Jiang Ning Economic and Technological Development Zone.
CFME’s BZ series engine is one of the world’s finest engines, embodying the latest engine designs and manufacturing techniques from Mazda. The BZ series engine adopts a modern aluminum cylinder head and block, intake VCT (variable cam timing), plastic intake manifold, TSCV (tumble swirl control valve), and multi-point electronic fuel injection. All of these features significantly improve engine performance, adding more power and better fuel economy, reducing exhaust and noise, as well as exceeding Chinese government standards.
CFME expects to introduce additional Ford and Mazda engine series into production as its future volume utilization expands.
# # #
Ford Motor Company, a global automotive industry leader based in Dearborn, Mich., U.S.A., manufactures and distributes automobiles in 200 markets across six continents. The company’s automotive brands available in the China market include Ford, Jaguar, Land Rover, Lincoln, Mazda, and Volvo, as well as automotive-related services that include QualityCare, and Ford Credit via Ford Automotive Financing (China) Co., Ltd. (FAFC).
Ford’s history in China can be traced to 1913, when the first Model T was imported and sold in Shanghai. In 2001, a joint venture was formed with Changan Automotive Corporation Ltd., called Changan Ford Automobile Corporation Ltd. (Changan Ford). With an investment from Mazda in March 2006, the company was restructured and renamed as Changan Ford Mazda Automobile Co., Ltd. (CFMA). Additionally, Ford owns a 30 percent share of Jiangling Motors Corporation Ltd., which produces the Ford Transit commercial vehicle.
Changan Automotive Corporation Ltd, Ford Motor Company and Mazda Motor Company's three-way engine plant joint venture - Changan Ford Mazda Engine Company Co., Ltd., started volume production on April 26, 2007. Changan Ford Mazda Automobile's second passenger car plant in Nanjing is scheduled to go online before the end of 2007.
Source: Ford Motor Company
NANJING, CHINA, April 26, 2007 - Volume production officially kicked-off today at Ford Motor Company's new joint venture engine production facility, Changan Ford Mazda Engine Company Ltd. (CFME), in Nanjing, China. The first BZ series engines rolled off the production line at CFME, representing the latest strategic deployment by Ford Motor Company to enhance its competitiveness and continue its rapid expansion in the world's fastest growing major automotive market.
CFME is one of the largest and most modern engine manufacturing plants in China, with a massive 350,000-unit annual production capacity that will supply production operations for Ford and Mazda vehicles in China. The state-of-the-art manufacturing facility consists of three major plants for casting, machining, and assembly. Five key components of the motor are being manufactured on-site, including the cylinder block, cylinder head, crankshaft, camshaft, and connecting rod.
The US$312.5 million facility is a joint venture between Ford, Mazda and China's Changan Automotive Group, with Changan holding a 50 percent share and Ford Motor Company and Mazda Motor Company holding 25 percent each.
“CFME represents a critical progression in Ford Motor Company's long-term vision and growth strategy for the China market, and keeps us on track to becoming one of the key players in the world's second largest automotive market,” said Mr. Mei-Wei Cheng, chairman and CEO of Ford Motor (China) Ltd.
“This world-class facility and its state-of-the-art production technologies will push the industry benchmark higher in China, and help bolster the future development and expansion of Ford Motor Company and our partners in the China market," commented Cheng.
Executives representing the three CFME partners signed a joint venture agreement in April 2005, and then five months later broke ground for the plant, which is located in Nanjing's Jiang Ning Economic and Technological Development Zone.
CFME’s BZ series engine is one of the world’s finest engines, embodying the latest engine designs and manufacturing techniques from Mazda. The BZ series engine adopts a modern aluminum cylinder head and block, intake VCT (variable cam timing), plastic intake manifold, TSCV (tumble swirl control valve), and multi-point electronic fuel injection. All of these features significantly improve engine performance, adding more power and better fuel economy, reducing exhaust and noise, as well as exceeding Chinese government standards.
CFME expects to introduce additional Ford and Mazda engine series into production as its future volume utilization expands.
# # #
Ford Motor Company, a global automotive industry leader based in Dearborn, Mich., U.S.A., manufactures and distributes automobiles in 200 markets across six continents. The company’s automotive brands available in the China market include Ford, Jaguar, Land Rover, Lincoln, Mazda, and Volvo, as well as automotive-related services that include QualityCare, and Ford Credit via Ford Automotive Financing (China) Co., Ltd. (FAFC).
Ford’s history in China can be traced to 1913, when the first Model T was imported and sold in Shanghai. In 2001, a joint venture was formed with Changan Automotive Corporation Ltd., called Changan Ford Automobile Corporation Ltd. (Changan Ford). With an investment from Mazda in March 2006, the company was restructured and renamed as Changan Ford Mazda Automobile Co., Ltd. (CFMA). Additionally, Ford owns a 30 percent share of Jiangling Motors Corporation Ltd., which produces the Ford Transit commercial vehicle.
Changan Automotive Corporation Ltd, Ford Motor Company and Mazda Motor Company's three-way engine plant joint venture - Changan Ford Mazda Engine Company Co., Ltd., started volume production on April 26, 2007. Changan Ford Mazda Automobile's second passenger car plant in Nanjing is scheduled to go online before the end of 2007.
Source: Ford Motor Company
Honda Motor Company Presents Consolidated Financial Summary for Fiscal Year Ended March 31, 2007, Forecast for Fiscal Year Ending March 31, 2008
Honda Achieved All-time Record for Consolidated Net Sales and Other Operating Revenue and Equity in Income of Affiliates for the Seventh Consecutive Fiscal Year with Increased Income in all Business Areas
TOKYO, Japan, April 25, 2007 – Honda Motor Co., Ltd. announced that in the fiscal year ended March 31, 2007, it achieved an all-time record for consolidated net sales and other operating revenue (herein referred to as “revenue”) for the seventh consecutive fiscal year which amounted to JPY 11,087.1 billion (+11.9%), due to increased revenue in all business areas.
Consolidated operating income amounted to JPY 851.8 billion (-2.0%), Income before income taxes totaled JPY 792.8 billion (- 4.5%), and net income was JPY 592.3 billion (-0.8%).
Operating income and income before income taxes for the previous fiscal year reflected the effect of a JPY 138 billion gain from the “Daiko-Henjyo” (the return of the substitutional portion of employees’ pension funds to the Japanese government), and net income reflected the effect of a JPY 82.8 billion gain from “Daiko-Henjyo”.
Honda realized an all-time record for equity in income of affiliates, with JPY 103.4 billion (+3.8%), for the seventh consecutive year due mainly to increased income of affiliates in Asia.
Honda plans for a year-end cash dividend of JPY 20. Combined with the interim cash dividend of JPY 30 per common share and the third quarter cash dividend of JPY 17 per common share, total cash dividends for the fiscal year ended March 31, 2007 are expected to be JPY 67 per common share. (As of July 1, 2006, one share of the Company’s common share was split into two. Had this stock split not been carried out, total annual dividends would have been an increase of JPY 34 per common share, to JPY 134.)
· Consolidated unit sales: All-time record unit sales were realized in the automobile and power product business areas. (The total includes fully finished products made by Honda and its subsidiaries as well as unit sales of fully finished products and parts produced locally by affiliates accounted for under the equity method.)
Motorcycles: 10.369 million units (+1.0%); the increase was due to higher sales in South America and India which offset decreased sales in Japan and North America.(Unit sales of approximately 2.86 million units of Honda-brand motorcycle products are not included in the total listed above, in conformity with U.S. generally accepted accounting principles, because they are manufactured and sold by overseas affiliates accounted for under the equity method, but do not use any parts supplied by Honda and its consolidated subsidiaries.)
Automobiles: 3.652 million units (+7.7%); the increase was due to higher sales in overseas markets, mainly in North America, Asia and Europe.
PowerProducts: 6.421 million units (+9.3%); the increase was due mainly to sales growth in North America and Europe.
· Consolidated revenue increased in all business areas and totaled JPY 11,087.1 billion (+11.9%), realizing an all-time record for the seventh consecutive year.
· Consolidated operating income totaled JPY 851.8 billion (-2.0%), due to a gain accounted for in the previous fiscal year from “Daiko-Henjyo”, in addition to a change in model mix, the impact of increased raw material costs, an increase in selling, general and administrative (SG&A) expenses and research and development (R&D) expenses, which offset the increased profit from revenue, cost reduction efforts, and the positive effect from the depreciation of the Japanese Yen.
· Income before income taxes totaled JPY 792.8 billion (-4.5%). Net income was JPY 592.3 billion (-0.8%).
· Consolidated operating income and income before income taxes for the previous fiscal year reflected the effect of the JPY 138 billion gain from the “Daiko-Henjyo”, and net income reflected the effect of the JPY 82.8 billion gain from the “Daiko-Henjyo”.
· Equity in income of affiliates totaled JPY 103.4 billion (+3.8%), achieving a seventh consecutive all-time record due mainly to the increased income of affiliates in Asia.
Results for the Fourth Quarter (January – March 2007)
· Consolidated revenue for the fiscal fourth quarter totaled JPY 3,087.8 billion (+9.0%), achieving a seventh consecutive all-time record. Operating income for the period was JPY 250.2 billion (-26.6%), income before income taxes was JPY 239.0 billion (-29.4%), equity in income of affiliates was JPY 19.9 billion (-12.2%), and consolidated net income totaled JPY 176.1 billion (-19.7%). (Operating income and income before income taxes for the previous corresponding period reflected the effect of the JPY 138 billion gain from the “Daiko-Henjyo”, and net income reflected the effect of the JPY 82.8 billion gain from the “Daiko-Henjyo”.)
Forecast for the Fiscal Year Ending March 31, 2008
· Honda is planning for unit sales totals of 10.33 million motorcycles, 3.935 million automobiles, and 6.505 million power products. (Unit sales of approximately 5.14 million units of Honda-brand motorcycle products are not included in the total listed above, in conformity with U.S. generally accepted accounting principles, because they are manufactured and sold by overseas affiliates accounted for under the equity method, but do not use any parts supplied by Honda and its consolidated subsidiaries)
· Honda will conduct its business operations based on the goals described in the following chart with assumption of the average currency exchange rate of JPY 115 = U.S. dollar 1 (average rate for the first half of the fiscal year: JPY 116, latter half of the fiscal year: JPY 113) and JPY 150= Euro 1 (first half: JPY 152, latter half: JPY 148).
Source: Honda Motor Co., Ltd.
TOKYO, Japan, April 25, 2007 – Honda Motor Co., Ltd. announced that in the fiscal year ended March 31, 2007, it achieved an all-time record for consolidated net sales and other operating revenue (herein referred to as “revenue”) for the seventh consecutive fiscal year which amounted to JPY 11,087.1 billion (+11.9%), due to increased revenue in all business areas.
Consolidated operating income amounted to JPY 851.8 billion (-2.0%), Income before income taxes totaled JPY 792.8 billion (- 4.5%), and net income was JPY 592.3 billion (-0.8%).
Operating income and income before income taxes for the previous fiscal year reflected the effect of a JPY 138 billion gain from the “Daiko-Henjyo” (the return of the substitutional portion of employees’ pension funds to the Japanese government), and net income reflected the effect of a JPY 82.8 billion gain from “Daiko-Henjyo”.
Honda realized an all-time record for equity in income of affiliates, with JPY 103.4 billion (+3.8%), for the seventh consecutive year due mainly to increased income of affiliates in Asia.
Honda plans for a year-end cash dividend of JPY 20. Combined with the interim cash dividend of JPY 30 per common share and the third quarter cash dividend of JPY 17 per common share, total cash dividends for the fiscal year ended March 31, 2007 are expected to be JPY 67 per common share. (As of July 1, 2006, one share of the Company’s common share was split into two. Had this stock split not been carried out, total annual dividends would have been an increase of JPY 34 per common share, to JPY 134.)
· Consolidated unit sales: All-time record unit sales were realized in the automobile and power product business areas. (The total includes fully finished products made by Honda and its subsidiaries as well as unit sales of fully finished products and parts produced locally by affiliates accounted for under the equity method.)
Motorcycles: 10.369 million units (+1.0%); the increase was due to higher sales in South America and India which offset decreased sales in Japan and North America.(Unit sales of approximately 2.86 million units of Honda-brand motorcycle products are not included in the total listed above, in conformity with U.S. generally accepted accounting principles, because they are manufactured and sold by overseas affiliates accounted for under the equity method, but do not use any parts supplied by Honda and its consolidated subsidiaries.)
Automobiles: 3.652 million units (+7.7%); the increase was due to higher sales in overseas markets, mainly in North America, Asia and Europe.
PowerProducts: 6.421 million units (+9.3%); the increase was due mainly to sales growth in North America and Europe.
· Consolidated revenue increased in all business areas and totaled JPY 11,087.1 billion (+11.9%), realizing an all-time record for the seventh consecutive year.
· Consolidated operating income totaled JPY 851.8 billion (-2.0%), due to a gain accounted for in the previous fiscal year from “Daiko-Henjyo”, in addition to a change in model mix, the impact of increased raw material costs, an increase in selling, general and administrative (SG&A) expenses and research and development (R&D) expenses, which offset the increased profit from revenue, cost reduction efforts, and the positive effect from the depreciation of the Japanese Yen.
· Income before income taxes totaled JPY 792.8 billion (-4.5%). Net income was JPY 592.3 billion (-0.8%).
· Consolidated operating income and income before income taxes for the previous fiscal year reflected the effect of the JPY 138 billion gain from the “Daiko-Henjyo”, and net income reflected the effect of the JPY 82.8 billion gain from the “Daiko-Henjyo”.
· Equity in income of affiliates totaled JPY 103.4 billion (+3.8%), achieving a seventh consecutive all-time record due mainly to the increased income of affiliates in Asia.
Results for the Fourth Quarter (January – March 2007)
· Consolidated revenue for the fiscal fourth quarter totaled JPY 3,087.8 billion (+9.0%), achieving a seventh consecutive all-time record. Operating income for the period was JPY 250.2 billion (-26.6%), income before income taxes was JPY 239.0 billion (-29.4%), equity in income of affiliates was JPY 19.9 billion (-12.2%), and consolidated net income totaled JPY 176.1 billion (-19.7%). (Operating income and income before income taxes for the previous corresponding period reflected the effect of the JPY 138 billion gain from the “Daiko-Henjyo”, and net income reflected the effect of the JPY 82.8 billion gain from the “Daiko-Henjyo”.)
Forecast for the Fiscal Year Ending March 31, 2008
· Honda is planning for unit sales totals of 10.33 million motorcycles, 3.935 million automobiles, and 6.505 million power products. (Unit sales of approximately 5.14 million units of Honda-brand motorcycle products are not included in the total listed above, in conformity with U.S. generally accepted accounting principles, because they are manufactured and sold by overseas affiliates accounted for under the equity method, but do not use any parts supplied by Honda and its consolidated subsidiaries)
· Honda will conduct its business operations based on the goals described in the following chart with assumption of the average currency exchange rate of JPY 115 = U.S. dollar 1 (average rate for the first half of the fiscal year: JPY 116, latter half of the fiscal year: JPY 113) and JPY 150= Euro 1 (first half: JPY 152, latter half: JPY 148).
Source: Honda Motor Co., Ltd.
DaimlerChrysler Presents 2006 Consolidated Financial Statements in Accordance to IFRS
- * New performance measure EBIT is of the same magnitude as operating profit (US GAAP)
- * IFRS net profit in 2006 of 3.8 billion euro (US GAAP: 3.2 billion euro)
- * Unchanged Group targets and performance measurement
- * Interim Report Q1 2007 according to IFRS to be published on May 15, 2007
Bodo Uebber, Board of Management member at DaimlerChrysler AG responsible for Finance & Controlling and Financial Services: "We have used the transition to IFRS to make our financial reporting even more transparent. At the same time, we have improved our internal information system." The transition to IFRS does not change the divisions' return targets or the Group's performance measurement.
The performance measure operating profit, which was previously used to report the profitability of the Group and its divisions, has been replaced with EBIT (earnings before interest and taxes). As a measure of after-tax earnings, net profit is now used instead of net income. Unlike operating profit, EBIT can be directly derived from the income statement.
EBIT of 5.5 billion euro for the year 2006 is almost unchanged compared to the previous figure for operating profit. In terms of after-tax earnings, compared to US GAAP the change to IFRS leads to an increase of 0.6 billion euro to 3.8 billion euro, while earnings per share increase by 0.50 euro. DaimlerChrysler presented its consolidated financial statements according to US GAAP in February.
Key figures
The tables in the appendix show the effects of the transition to IFRS on key figures for the year 2006. In detail, differences occur between IFRS and US GAAP in the consolidated financial statements primarily in the following areas:
- * Development costs
- * Equity interest in EADS
- * Pensions and similar obligations
- * ABS transactions
- * Provisions
Development costs
According to US GAAP, development costs are generally expensed in the same period that they are incurred. According to IFRS, however, some development costs are capitalized as intangible assets and amortized on a straight-line basis. In the 2006 consolidated financial statements, this change led to an increase in shareholders' equity of 5.1 billion euro compared to the US GAAP accounts. The impact on EBIT was immaterial.
EADS
The impairment of nearly 2 billion euro recognized on the book value of the Group's equity interest in EADS in 2003 according to US GAAP was not required under IFRS. Therefore, our EADS shareholding has a considerably higher valuation in the IFRS balance sheet at year-end 2006. Under both IFRS and US GAAP, EADS is shown in DaimlerChrysler's consolidated financial statements using the equity method after a three-month time lag. According to IFRS, important events such as the decisions by the EADS management in the fourth quarter of 2006 concerning the Airbus A380 and the Airbus A350 have to be reflected by DaimlerChrysler, with a resulting charge on earnings of 0.4 billion euro. Under US GAAP, there was no such effect in the fourth quarter of 2006 because the time-lag was to be observed. On balance, these two factors led to an increase in shareholders' equity of 0.8 billion euro in the IFRS consolidated financial statements for 2006 compared with the US GAAP accounts. EBIT is reduced by 0.8 billion euro primarily due to the aforementioned additional charge to earnings of 0.4 billion euro compared with US GAAP and because unlike operating profit, EBIT includes the after-tax equity-method result of EADS. Net profit is reduced by 0.5 billion euro.
Pensions and similar obligations
With regard to pension and healthcare plans, DaimlerChrysler decided in favor of the "fresh-start" option as of the date of transition to IFRS, January 1, 2005. This means that at that date, all of the actuarial gains and losses previously accumulated have been charged to equity. But this led to an only slight reduction in shareholders' equity of 0.8 billion euro in 2006, as due to a change in US GAAP, actuarial gains and losses are fully included in equity as of December 31, 2006 also according to US GAAP. However, in the 2006 IFRS income statement, this results in a positive impact on EBIT of 0.3 billion euro, because retroactive plan adjustments are always immediately entered in the income statement under IFRS, whereas under US GAAP they are distributed over the remaining service period. Earnings before taxes according to IFRS increased by 1.6 billion euro compared to US GAAP.
ABS transactions
Asset backed securities (ABS), which result mainly from the sale to institutional investors of receivables in the financial services business, are classified as "sold" under US GAAP and are not consolidated. But according to IFRS, they remain in the balance sheet. In the 2006 consolidated financial statements, this means that the balance sheet total is 21.7 billion euro higher than under US GAAP. In addition, the ABS items results in an increase in revenues of 0.9 billion euro.
Provisions
According to IFRS, long-term provisions are generally to be discounted and recognized at their present value if the effects of discounting are material. According to US GAAP, discounting is only allowed for certain types of provisions if the dates of the amounts and cash flows can be reliably determined. This changed treatment results in a reduction of 0.8 billion euro in provisions in the IFRS consolidated financial statements for 2006.
The change to IFRS also led to valuation differences concerning the early- retirement model commonly used in Germany, the so-called "Altersteilzeit". Under US GAAP, the total payments due during the non-working phase are "saved" by gradually setting up provisions during the employment phase. Under IFRS however, provisions for the payments due during the non-working phase are set up in the full amount when the "Altersteilzeit" agreements are signed. In the IFRS consolidated financial statements, this resulted in a reduction of 0.5 billion euro in both shareholders' equity while EBIT decreased by 0.5 billion euro.
These differences resulted in the following effects on key figures in 2006 under IFRS:
The substantial increase in the balance-sheet total to 218 billion euro was primarily due to consolidating the ABS transactions.
The equity of the industrial business increases to 28.6 billion euro, with a corresponding increase in the equity ratio to 27.2%. This was mainly caused by capitalizing development costs.
The net liquidity of the industrial business increases from 6.4 billion euro to 9.9 billion euro. One of the main reasons for this is that the residual-value guarantees for leased vehicles are no longer shown as financing liabilities, but under other financial liabilities due to their operating nature.
The consolidated cash flow from operating activities is slightly higher under IFRS than under US GAAP. There is a positive effect from the capitalization of development costs. On the other hand, there is a reduction in cash provided by operating activities because under IFRS the Group enters proceeds from the sale of vehicles with significant residual-value guarantees under cash provided by operating activities.
The increase in net profit to 3.8 billion euro compared with net income of 3.2 billion euro under US GAAP is primarily a result of the lower cost of pensions and similar obligations. On the other hand, there are higher expenses mainly due to the treatment of EADS, taxes and provisions for early retirement.
At the divisional level, the change to IFRS primarily affects the Mercedes Car Group and the Truck Group, whose revenues fall in 2006 compared to US GAAP. This is due to the altered allocation of effects from manufacturer leasing, that is, leasing vehicles to customers through the Financial Services division in Germany. With the use of IFRS, these vehicles are no longer regarded as being sold by the respective division. Instead, revenues are recognized on a pro-rata basis in line with the leasing payments over the period of the lease. This means that revenues and earnings are recognized within the divisions over the period of the leasing contracts. So this is only a timing difference and does not reflect any reduction in revenues from the operating business. There is no change in revenues at the Group level.
Additional information according to US GAAP
With its listing on the New York Stock Exchange, DaimlerChrysler continues to be subject to the rules of the US Securities and Exchange Commission (SEC). To the extent that is necessary, in the future the Group will therefore provide a reconciliation to US GAAP for net profit and shareholders' equity in accordance with SEC disclosure rules.
The new accounting principles according to IFRS are to be applied on the basis of an EU directive for all capital-market oriented companies domiciled in member states of the European Union for financial years beginning on or after January 1, 2005. DaimlerChrysler and other companies that are listed on a stock exchange in the United States were allowed to postpone the compulsory use of IFRS until the year 2007.
DaimlerChrysler's full consolidated financial statements for 2006 according to IFRS are available on the Internet at http://www.daimlerchrysler.com/ifrs
DaimlerChrysler will publish its interim report on the first quarter of 2007 according to IFRS on May 15, 2007.
Earnings by Segments 2006
- in billions of euro -
U.S. GAAP IFRS Change
Mercedes Car Group 2.4 1.8 -0.6
Chrysler Group -1.1 -0.5 0.6
Truck Group 2.0 1.9 -0.1
Financial Services 1.7 1.6 -0.1
Van, Bus, Other 0.9 1.3 0.4
Elimination/Reconciliation -0.4 -0.6 -0.2
DC Group 5.5 5.5 -
- in millions of euro -
December 31, 2006
U.S. GAAP IFRS Change
Group:
Equity 34,155 37,449 3,294
Financial Liabilities(2) -78,584 -98,553 -19,969
Total Assets 190,022 217,634 27,612
Industrial Business:
Equity 25,248 28,628 3,380
Equity Ratio(1) 25.1% 27.2% 2.1%
Net Liquidity 6,400 9,861 3,461
Total Assets 94,541 99,427 4,886
(1) Excluding dividend payment
(2) US-GAAP: nominal value; IFRS: hedged nominal value
- in millions of euro -
2006
U.S. GAAP IFRS Change
Revenues 151,589 152,809 1,220
Operating Profit / EBIT 5,517 5,489 -28
Net Income / Net Profit 3,227 3,783 556
EPS (euro) 3.16 3.66 0.50
Revenues by Segments 2006
- in billions of euro -
U.S. GAAP IFRS Change
Mercedes Car Group 54.6 51.4 -3.2
Chrysler Group 47.1 47.0 -0.1
Truck Group 32.0 31.8 -0.2
Financial Services 17.2 16.0 -1.2
Van, Bus, Other 13.4 13.2 -0.2
Elimination/Reconciliation -12.7 -6.6 +6.1
DC Group 151.6 152.8 +1.2
Source: DaimlerChrysler
Nissan Begins Tenth Term of the Nissan-NPO Learning Scholarship Program
Investing in Young People Through Partnerships with NPOs
Tokyo, April 25, 2007 – Nissan Motor Co., Ltd., today announced that it is accepting applications from students for the tenth term (FY 2007) of the “Nissan-NPO Learning Scholarship Program”, an annual program under the company’s corporate citizenship activities.
Under the Learning Scholarship Program, Nissan will recruit students who seek to contribute to a nonprofit organization (NPO). Based on their internship performance, Nissan will award these students with scholarships. Nissan first launched the program in 1998 as a new initiative by partnering with NPOs. The program has been successful and this year represents the tenth term.
This program offers university and graduate students the opportunity to broaden their experience through an internship experience with leading NPOs. The support for education programs is one of the three core areas of focus for Nissan’s social contribution activities, the others being environment and humanitarian related programs.
This year’s interns will be posted to nine NPOs actively engaged in environmental protection, international cooperation and child-rearing. The internship will last between seven to eight months starting from July 2007 to February 2008. The deadline for applications is May 31, 2007. Only nine successful candidates (tentative) will be selected based on their qualifications and selection-interviews.
Outline of the Tenth Term (FY 2007) of the Nissan-NPO Learning Scholarship Program
1. Sponsor: Nissan Motor Co., Ltd.
Partner: Japan NPO Center
2. Target participants:
Students currently enrolled in a university or graduate school.
3. Host organizations:
Children's Fund of Kanagawa, The Foundation for Child Well-being (National Children's Castle), Shapla Neer Citizens' Committee in Japan for Overseas Support, Shanti Volunteer Association (SVA), Japan NPO Center, Ecosystem Conservation Society-Japan, The Association of National Trusts in Japan, Kanagawa Information Center for Citizens' Activities (Alice Center), World Vision Japan
(9 organizations in total)
4. Program schedule:
April 25, 2007 - Recruitment begins (announcement of internship program)
May 31 Deadline for applications
Late June - Selection of scholarship recipients
Early July - Start of internships (The period varies depending on the internship; some internships will run until February 2008.)
5. Application procedure:
Applications can be submitted online via Nissan’s website:
http://www.nissan-global.com/JP/CITIZENSHIP/NPO/index.html
Information related to the program recruitment is also posted on university bulletin boards.
6. Inquiries:
Philanthropy Team, Communications and CSR Department, Global Communications, CSR and IR Division
###
Source: Nissan
Tokyo, April 25, 2007 – Nissan Motor Co., Ltd., today announced that it is accepting applications from students for the tenth term (FY 2007) of the “Nissan-NPO Learning Scholarship Program”, an annual program under the company’s corporate citizenship activities.
Under the Learning Scholarship Program, Nissan will recruit students who seek to contribute to a nonprofit organization (NPO). Based on their internship performance, Nissan will award these students with scholarships. Nissan first launched the program in 1998 as a new initiative by partnering with NPOs. The program has been successful and this year represents the tenth term.
This program offers university and graduate students the opportunity to broaden their experience through an internship experience with leading NPOs. The support for education programs is one of the three core areas of focus for Nissan’s social contribution activities, the others being environment and humanitarian related programs.
This year’s interns will be posted to nine NPOs actively engaged in environmental protection, international cooperation and child-rearing. The internship will last between seven to eight months starting from July 2007 to February 2008. The deadline for applications is May 31, 2007. Only nine successful candidates (tentative) will be selected based on their qualifications and selection-interviews.
Outline of the Tenth Term (FY 2007) of the Nissan-NPO Learning Scholarship Program
1. Sponsor: Nissan Motor Co., Ltd.
Partner: Japan NPO Center
2. Target participants:
Students currently enrolled in a university or graduate school.
3. Host organizations:
Children's Fund of Kanagawa, The Foundation for Child Well-being (National Children's Castle), Shapla Neer Citizens' Committee in Japan for Overseas Support, Shanti Volunteer Association (SVA), Japan NPO Center, Ecosystem Conservation Society-Japan, The Association of National Trusts in Japan, Kanagawa Information Center for Citizens' Activities (Alice Center), World Vision Japan
(9 organizations in total)
4. Program schedule:
April 25, 2007 - Recruitment begins (announcement of internship program)
May 31 Deadline for applications
Late June - Selection of scholarship recipients
Early July - Start of internships (The period varies depending on the internship; some internships will run until February 2008.)
5. Application procedure:
Applications can be submitted online via Nissan’s website:
http://www.nissan-global.com/JP/CITIZENSHIP/NPO/index.html
Information related to the program recruitment is also posted on university bulletin boards.
6. Inquiries:
Philanthropy Team, Communications and CSR Department, Global Communications, CSR and IR Division
###
Source: Nissan
Three Chevrolet Models to be Assembled in Kazakhstan
- Azia Avto will assemble and distribute Chevrolet Captiva, Chevrolet Epica and Chevrolet Lacetti
- First Chevrolets on display at Astana Motor Show this week
- Strong market growth expected in next five years
Astana, Kazakhstan, 2007-04-24 -- The first Chevrolets assembled by General Motors' local partner, Azia Avto, in Ust-Kamenogorsk, go on show in the Kazakh capital, Astana, today. The Chevrolet Captiva SUV, Chevrolet Epica sedan and Chevrolet Lacetti compact models are assembled from kits supplied from General Motors' South Korean manufacturing facilities (GM DAT).
The assembly of 1500 units this year and more than 3000 in 2008 will put Chevrolet in a strong position in a market with significant growth potential. Kazakhstan, with a population of 18 million, saw annual vehicle sales exceed 60,000 for the first time in 2006. Based on continued economic growth, this figure is expected to increase to 250,000 within five years. The cars produced in Ust-Kamenogorsk are to be sold exclusively within Kazakhstan.
“Kazakhstan has a prosperous future and we are very pleased to have a reliable and knowledgeable manufacturing partner to work with,” said Chris J. Lacey, Executive Director GM Central and Eastern Europe. “There is plenty of opportunity to extend General Motors' activities and model offer in Kazakhstan and, working with our ever growing dealer network, we will be able to reach out to even more prospective customers.”
“We are very proud to bring one of world’s top three brands to our country”, said Yerzhan Mandiyev, President of Azia Avto. “Chevrolet’s reliability, attractive design and strong brand image are exactly what a growing number of Kazakhstan’s new car buyers are looking for.”
In recent years, Chevrolet has been particularly successful in Europe's fastest growing markets. While the company’s sales growth in the first quarter of 2007 in all of Europe was at a considerable 33 percent, sales volume in Romania increased by 128 percent and in Russia the growth was 109 percent in the first three months of 2007 versus the same period last year. With a 90-percent growth rate, Bulgaria also contributed considerably to Chevrolet’s success in the region.
General Motors Corp. (NYSE: GM), the world’s largest automaker, has been the global industry sales leader for 76 years. Founded in 1908, GM today employs about 284,000 people around the world. With global headquarters in Detroit, GM manufactures its cars and trucks in 33 countries. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. In Europe, GM sells its Opel, Vauxhall, Saab, Chevrolet, Cadillac, Corvette and Hummer ranges in over 30 markets. It operates 10 production and assembly facilities in seven countries and employs around 60,500 people.
More information on GM can be found at http://www.gmeurope.com
Source: GM Central and Eastern Europe
This Week in Petroleum: Price Parity
Gasoline Prices, Diesel Prices Both Decrease
April 25, 2007 -- The National Football League draft scheduled for this coming weekend is designed to promote parity by giving the least victorious teams from the past season the highest draft picks, which they can either use to bring in top talent from the college ranks or trade away to bolster their squads with proven professional players. Parity has also become an issue for gas and diesel fuel consumers.
For many years, retail gasoline prices rose seasonally to levels well above diesel throughout the spring and summer months. However, as illustrated in the figure below, retail diesel prices since 2005 have challenged this pattern, moving to higher levels than gasoline for many weeks during the peak summer driving season. The situation observed in recent years reflects an underlying change in relative supply/demand balances so pronounced that summer gas prices move above diesel only when extraordinary market forces add pressure to gasoline beyond that attributable to seasonality.
This year, however, retail gasoline prices have shown extraordinary strength since late January, rising much more rapidly than diesel to stand currently in, or slightly above, virtual parity. Will, then, the 2007 summer driving season see sustained gasoline price premiums over diesel? Factors that could support such a scenario include: delays in both scheduled and unscheduled refinery maintenance programs; tight gasoline supplies in Europe, limiting Europe's ability to export significant volumes of surplus gasoline to U.S. markets; strong gasoline demand; and geopolitical tensions in Iran, Nigeria, and Venezuela that, along with OPEC production cuts, may contribute to tightening global gasoline markets. As a result of such forces to date, U.S. gas consumption has relied more heavily on product withdrawals this year to meet surging demand.
The most recent EIA Short-Term Energy Outlook (STEO), released on April 10, forecast summer 2007 (April-September) retail regular gasoline prices at an average of $2.81 per gallon. During this same period, retail diesel prices are expected to average $2.82 per gallon, implying virtual price parity. Thus, our most likely scenario foresees a relationship between diesel and gasoline prices that falls into the middle ground between that observed over the last two years and experience earlier in the decade.
Gasoline Prices, Diesel Prices Both Decrease
Gasoline saw a slight decrease for the week of April 23, 2007, falling 0.7 cent to 286.9 cents per gallon. Gas prices are 4.5 cents per gallon lower than at this time last year. East Coast gasoline prices were down 0.4 cent to 283.5 cents per gallon. The Midwest saw gas prices fall 3.2 cents to 277.5 cents per gallon. Gasoline prices for the Gulf Coast dropped 0.8 cent to 275.5 cents per gallon. Rocky Mountain gas prices increased 4.3 cents to 284.4 cents per gallon, while West Coast gasoline prices were up 2.3 cents to 321.8 cents per gallon. The average gas price for regular grade in California was up 1.1 cents to 331.6 cents per gallon, 24.8 cents per gallon above last year's price.
Retail diesel prices also fell this week, decreasing 2.6 cents to 285.1 cents per gallon. Diesel prices are 2.5 cents per gallon lower than at this time last year. All regions reported price decreases. East Coast diesel prices fell 2.5 cents to 283.7 cents per gallon. In the Midwest, diesel prices were down 3.3 cents to 283.1 cents per gallon, while the Gulf Coast saw a decrease of 3.4 cents to 281.5 cents per gallon. Rocky Mountain diesel prices were down 0.3 cent to 297.8 cents per gallon. Diesel prices on the West Coast saw a decrease of 0.3 cent to 295.3 cents per gallon. California diesel prices fell 1.1 cents to 300.4 cents per gallon, 9.9 cents per gallon lower than at this time last year.
Propane Inventories Slightly Lower
Propane inventories continue to show only modest activity for this time of year, as propane stockholders begin to gear up for more robust re-stocking in the weeks ahead. Last week, total propane inventories moved slightly lower by 0.1 million barrels and settled at an estimated 25.9 million barrels as of April 20, 2007. Regionally, only the Gulf Coast reported strong activity with a weekly stockdraw measuring 0.5 million barrels. At the same time, East Coast and Midwest inventories moved up by 0.1 million barrels and 0.2 million barrels, respectively, while the combined Rocky Mountain/West Coast region remained relatively unchanged. Propane non-fuel use inventories slipped lower by 0.1 million barrels last week to account for a smaller 8.6 percent share of total propane/propylene inventories, compared with the prior week's 8.9 percent share.
Source: US Dept. of Energy
April 25, 2007 -- The National Football League draft scheduled for this coming weekend is designed to promote parity by giving the least victorious teams from the past season the highest draft picks, which they can either use to bring in top talent from the college ranks or trade away to bolster their squads with proven professional players. Parity has also become an issue for gas and diesel fuel consumers.
For many years, retail gasoline prices rose seasonally to levels well above diesel throughout the spring and summer months. However, as illustrated in the figure below, retail diesel prices since 2005 have challenged this pattern, moving to higher levels than gasoline for many weeks during the peak summer driving season. The situation observed in recent years reflects an underlying change in relative supply/demand balances so pronounced that summer gas prices move above diesel only when extraordinary market forces add pressure to gasoline beyond that attributable to seasonality.
This year, however, retail gasoline prices have shown extraordinary strength since late January, rising much more rapidly than diesel to stand currently in, or slightly above, virtual parity. Will, then, the 2007 summer driving season see sustained gasoline price premiums over diesel? Factors that could support such a scenario include: delays in both scheduled and unscheduled refinery maintenance programs; tight gasoline supplies in Europe, limiting Europe's ability to export significant volumes of surplus gasoline to U.S. markets; strong gasoline demand; and geopolitical tensions in Iran, Nigeria, and Venezuela that, along with OPEC production cuts, may contribute to tightening global gasoline markets. As a result of such forces to date, U.S. gas consumption has relied more heavily on product withdrawals this year to meet surging demand.
The most recent EIA Short-Term Energy Outlook (STEO), released on April 10, forecast summer 2007 (April-September) retail regular gasoline prices at an average of $2.81 per gallon. During this same period, retail diesel prices are expected to average $2.82 per gallon, implying virtual price parity. Thus, our most likely scenario foresees a relationship between diesel and gasoline prices that falls into the middle ground between that observed over the last two years and experience earlier in the decade.
Gasoline Prices, Diesel Prices Both Decrease
Gasoline saw a slight decrease for the week of April 23, 2007, falling 0.7 cent to 286.9 cents per gallon. Gas prices are 4.5 cents per gallon lower than at this time last year. East Coast gasoline prices were down 0.4 cent to 283.5 cents per gallon. The Midwest saw gas prices fall 3.2 cents to 277.5 cents per gallon. Gasoline prices for the Gulf Coast dropped 0.8 cent to 275.5 cents per gallon. Rocky Mountain gas prices increased 4.3 cents to 284.4 cents per gallon, while West Coast gasoline prices were up 2.3 cents to 321.8 cents per gallon. The average gas price for regular grade in California was up 1.1 cents to 331.6 cents per gallon, 24.8 cents per gallon above last year's price.
Retail diesel prices also fell this week, decreasing 2.6 cents to 285.1 cents per gallon. Diesel prices are 2.5 cents per gallon lower than at this time last year. All regions reported price decreases. East Coast diesel prices fell 2.5 cents to 283.7 cents per gallon. In the Midwest, diesel prices were down 3.3 cents to 283.1 cents per gallon, while the Gulf Coast saw a decrease of 3.4 cents to 281.5 cents per gallon. Rocky Mountain diesel prices were down 0.3 cent to 297.8 cents per gallon. Diesel prices on the West Coast saw a decrease of 0.3 cent to 295.3 cents per gallon. California diesel prices fell 1.1 cents to 300.4 cents per gallon, 9.9 cents per gallon lower than at this time last year.
Propane Inventories Slightly Lower
Propane inventories continue to show only modest activity for this time of year, as propane stockholders begin to gear up for more robust re-stocking in the weeks ahead. Last week, total propane inventories moved slightly lower by 0.1 million barrels and settled at an estimated 25.9 million barrels as of April 20, 2007. Regionally, only the Gulf Coast reported strong activity with a weekly stockdraw measuring 0.5 million barrels. At the same time, East Coast and Midwest inventories moved up by 0.1 million barrels and 0.2 million barrels, respectively, while the combined Rocky Mountain/West Coast region remained relatively unchanged. Propane non-fuel use inventories slipped lower by 0.1 million barrels last week to account for a smaller 8.6 percent share of total propane/propylene inventories, compared with the prior week's 8.9 percent share.
Source: US Dept. of Energy
OPEC Daily Basket Price Stood at $63.50 a Barrel Wednesday, 25 April 2007
Vienna, Thursday, 26 April 2007 -- The price of OPEC basket of eleven crude oils stood at 63.50 dollars a barrel on Wednesday, compared with 63.76 dollars the previous day, according to OPEC Secretariat calculations.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and BCF 17 (Venezuela).
Source: Organization of the Petroleum Exporting Countries
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and BCF 17 (Venezuela).
Source: Organization of the Petroleum Exporting Countries
Nissan's Production, Sales, Export Results for March 2007 and the Twelve Months Ending March 31, 2007
TOKYO (Apr. 24, 2007)-Nissan Motor Co. Ltd., today announced production, sales and export figures for March 2007 and the twelve months ending March 31, 2007.
1.Production
March
Nissan's global production in March decreased 9.8% year-on-year to 308,729 units. In Japan, products such as the Infiniti G35 sedan (new Skyline in Japan), Teana and Cube were positive contributors. However, the reduced output of other models has impacted net production.
Overseas production fell 3.2% year-on-year to 199,147 units.
In the US, overall production totaled to 65,382 units, down 14.1% compared to the previous year, despite the recorded increase in the production of the new Altima.
In the UK, net production fell 1.9% from the previous year to 31,478 units, despite positive contributions from the Qashqai. Buoyed by the robust sales of the Navara and Primastar commercial vehicles, production in Spain climbed 7.7% year-on-year to 22,255 units.
In other global markets, production grew 11.5% year-on-year to 40,749 units, due to products such as the new Frontier Navara pickup truck in Thailand and the Livina Geniss minivan, Tiida and Bluebird Sylphy compact sedan in China.
March 2007 and the 12 months ending March 31, 2007
Global production for March 2007 and the 12 months ending March 31, 2007 decreased by 6.8% year-on-year to 3,205,496 units.
Domestic production totaled 1,191,937 units, down 12.7%. The new Skyline and refreshed Presage models saw increase in production but net production was down due to the reduced outputs of other models.
Overseas production fell 2.9% year-on-year to 2,013,559 units.
US production fell 11.4% year-on-year to 716,211 units. In Mexico, increased production of the new Versa hatchback and Versa sedan (Tiida in Japan) boosted production 13.0% year-on-year to 427,917 units.
In the UK, both the new Qashqai and Note were positive contributors, although overall production dropped 4.6% from the previous year to 302,634 units, resulting from the reduced output of other models. Production in Spain climbed 4.1% year-on-year to 213,479 units, supported by robust sales of the Navara pickup truck.
In other global markets, overall production recorded a drop of 2.9% from the previous year to 353,318 units, with the exception of China and South Africa which saw increased production.
2.Sales
March
In Japan, Nissan's registrations in March dropped 15.6% year-on-year to 87,385 units. The new Skyline, launched in November, and Presage increased sales, but failed to offset declining sales of other models. The company's share of the domestic market dropped 0.7 percentage points year-on-year to 17.9%.
Including mini-vehicles, Nissan sold 111,847 units in Japan, down 10.2% from the previous year, despite strong sales of the new Pino and Otti. Market share including mini-vehicles was down 0.3 percentage points year-on-year to 14.6%.
Nissan sales in the US grew 7.8% to 111,119 units, rising year-on-year for the fourth consecutive month, boosted by sales of the new Altima, new Versa, and new Infiniti G35.
In Europe, Nissan's sales totaled 56,563 units, down 2.4% year-on-year. The new Qashqai, launched in January 2007, recorded strong sales of 10,474 units.
March 2007 and the 12 months ending March 31, 2007
Nissan's domestic registrations in March 2007 and the 12 months ending March 31, 2007 fell 17.0% from the previous year to 596,119 units. Nissan's share of domestic registrations was 16.6%, down 1.8 percentage points year-on-year.
Nissan's domestic sales, including mini-vehicles, decreased 12.1% year-on-year to 739,925 units. Sales of the mini-vehicles range including the new Moco, Otti and Pino increased, but failed to offset falling registrations of other models. Nissan's share of the domestic market, including mini-vehicles for March 2007 and the 12 months ending March 31, 2007, was 13.2%, down 1.2 percentage points.
US sales were down 3.7% year-on-year, to 1,035,003 units. Positive results from the new Versa, Murano and new Infiniti G35 sedan contributed to total sales exceeding the one-million mark for the third consecutive year.
In Europe, sales increased 0.7% year-on-year to 534,945 units.
3. Japan Exports
March
Nissan's exports in March fell 20.3% to 48,580 units compared to the same month in the previous year. Exports to North America dropped 40.4% to 15,297 units. Exports to Europe totaled 8,478 units, up 16.8%.
March 2007 and the 12 months ending March 31, 2007
Nissan's exports for March 2007 and the 12 months ending March 31, 2007 decreased 8.4% year-on-year to 617,384 units. Exports to North America dropped 7.1% from the previous year to 238,034 units. Exports to Europe fell 16.6% from the year prior to 76,978 units.
Source: Nissan
1.Production
March
Nissan's global production in March decreased 9.8% year-on-year to 308,729 units. In Japan, products such as the Infiniti G35 sedan (new Skyline in Japan), Teana and Cube were positive contributors. However, the reduced output of other models has impacted net production.
Overseas production fell 3.2% year-on-year to 199,147 units.
In the US, overall production totaled to 65,382 units, down 14.1% compared to the previous year, despite the recorded increase in the production of the new Altima.
In the UK, net production fell 1.9% from the previous year to 31,478 units, despite positive contributions from the Qashqai. Buoyed by the robust sales of the Navara and Primastar commercial vehicles, production in Spain climbed 7.7% year-on-year to 22,255 units.
In other global markets, production grew 11.5% year-on-year to 40,749 units, due to products such as the new Frontier Navara pickup truck in Thailand and the Livina Geniss minivan, Tiida and Bluebird Sylphy compact sedan in China.
March 2007 and the 12 months ending March 31, 2007
Global production for March 2007 and the 12 months ending March 31, 2007 decreased by 6.8% year-on-year to 3,205,496 units.
Domestic production totaled 1,191,937 units, down 12.7%. The new Skyline and refreshed Presage models saw increase in production but net production was down due to the reduced outputs of other models.
Overseas production fell 2.9% year-on-year to 2,013,559 units.
US production fell 11.4% year-on-year to 716,211 units. In Mexico, increased production of the new Versa hatchback and Versa sedan (Tiida in Japan) boosted production 13.0% year-on-year to 427,917 units.
In the UK, both the new Qashqai and Note were positive contributors, although overall production dropped 4.6% from the previous year to 302,634 units, resulting from the reduced output of other models. Production in Spain climbed 4.1% year-on-year to 213,479 units, supported by robust sales of the Navara pickup truck.
In other global markets, overall production recorded a drop of 2.9% from the previous year to 353,318 units, with the exception of China and South Africa which saw increased production.
2.Sales
March
In Japan, Nissan's registrations in March dropped 15.6% year-on-year to 87,385 units. The new Skyline, launched in November, and Presage increased sales, but failed to offset declining sales of other models. The company's share of the domestic market dropped 0.7 percentage points year-on-year to 17.9%.
Including mini-vehicles, Nissan sold 111,847 units in Japan, down 10.2% from the previous year, despite strong sales of the new Pino and Otti. Market share including mini-vehicles was down 0.3 percentage points year-on-year to 14.6%.
Nissan sales in the US grew 7.8% to 111,119 units, rising year-on-year for the fourth consecutive month, boosted by sales of the new Altima, new Versa, and new Infiniti G35.
In Europe, Nissan's sales totaled 56,563 units, down 2.4% year-on-year. The new Qashqai, launched in January 2007, recorded strong sales of 10,474 units.
March 2007 and the 12 months ending March 31, 2007
Nissan's domestic registrations in March 2007 and the 12 months ending March 31, 2007 fell 17.0% from the previous year to 596,119 units. Nissan's share of domestic registrations was 16.6%, down 1.8 percentage points year-on-year.
Nissan's domestic sales, including mini-vehicles, decreased 12.1% year-on-year to 739,925 units. Sales of the mini-vehicles range including the new Moco, Otti and Pino increased, but failed to offset falling registrations of other models. Nissan's share of the domestic market, including mini-vehicles for March 2007 and the 12 months ending March 31, 2007, was 13.2%, down 1.2 percentage points.
US sales were down 3.7% year-on-year, to 1,035,003 units. Positive results from the new Versa, Murano and new Infiniti G35 sedan contributed to total sales exceeding the one-million mark for the third consecutive year.
In Europe, sales increased 0.7% year-on-year to 534,945 units.
3. Japan Exports
March
Nissan's exports in March fell 20.3% to 48,580 units compared to the same month in the previous year. Exports to North America dropped 40.4% to 15,297 units. Exports to Europe totaled 8,478 units, up 16.8%.
March 2007 and the 12 months ending March 31, 2007
Nissan's exports for March 2007 and the 12 months ending March 31, 2007 decreased 8.4% year-on-year to 617,384 units. Exports to North America dropped 7.1% from the previous year to 238,034 units. Exports to Europe fell 16.6% from the year prior to 76,978 units.
Source: Nissan
Honda Sets 10th Straight All-Time Fiscal Year Record for Worldwide Production
TOKYO, Japan, April 24, 2007– Honda Motor Co., Ltd., announced a summary of automobile production, Japan domestic sales, and export results for the fiscal year ended March 31, 2007, (Fiscal Year 2007) as well as for the month of March. Honda set new all-time fiscal year records for production in North America, the U.S., Europe, Asia, and China, resulting in the 10th consecutive all-time record for overseas and worldwide production.
Production
Fiscal Year 2007 (fiscal year ended March 31, 2007)
Due to an increase in production for domestic and overseas markets, total Japan domestic production for Fiscal Year 2007 experienced a year-on-year increase for the first time in two years (since Fiscal Year 2005).
Due mainly to increased production in Asia, overseas production for Fiscal Year 2007 experienced a year-on-year increase for the tenth consecutive year (since Fiscal Year 1998).
Due mainly to an increase in overseas production, worldwide production for Fiscal Year 2007 experienced a year-on-year increase for the tenth consecutive year (since Fiscal Year 1998).
Honda set all-time fiscal year records for overseas and worldwide production, as well as for production in North America, the U.S., Europe, Asia, and China.
March 2007
Due to increased production for the domestic market and overseas market, domestic production experienced a year-on-year increase for the tenth consecutive month (since June 2006).
Due mainly to increased production in Asia, overseas production experienced a year-on-year increase for the twentieth consecutive month (since August 2005).
Due to an increase in both domestic and overseas production, worldwide production experienced a year-on-year increase for the twentieth consecutive month (since August 2005).
Honda set an all-time monthly record for overseas production, worldwide production, as well as production in North America, the U.S., Europe, Asia and China.
Japan Domestic Sales
Fiscal Year 2007 (fiscal year ended March 31, 2007)
Due to a decrease in new vehicle registrations, total domestic auto sales for Fiscal Year 2007 experienced a year-on-year decline for the fifth consecutive year (since Fiscal Year 2003).
Though sales of the all-new Stream (introduced in July 2006) and CR-V (introduced in October 2006) increased, due mainly to a decrease in sales of Step Wagon and Fit, new vehicle registrations in Fiscal Year 2007 experienced a year-on-year decline for the first time in three years (since Fiscal Year 2004).
Despite a drop in sales of Life, due to strong sales of Zest (introduced in February 2006), sales of mini vehicles experienced a year-on-year increase for the first time in six years (since Fiscal Year 2001).
Fit was the industry’s third best selling car among new vehicle registrations for Fiscal Year 2007, with sales of 96,599 units and ranked as Honda’s best selling car for Fiscal Year 2007. The sales result for Step Wagon was 70,517 units.
Life was the industry’s fifth best selling car among mini-vehicles for Fiscal Year 2007, with sales of 99,205 units. The sales result for Zest was 74,697 units.
March 2007
Due to a decrease in new vehicle registrations and mini vehicles, total domestic sales experienced a year-on-year decline for the third consecutive month (since January 2007).
Though sales of the all-new Crossroad and Stream increased, due mainly to a decrease in sales of Step Wagon and Fit, new vehicle registrations in March experienced a year-on-year decline for the twelfth consecutive month (since April 2006).
Though sales of That’s and Vamos increased, due mainly to a decrease in sales of Zest and Life, sales of mini-vehicles in March experienced a year-on-year decline for the first time in five months (since October 2006).
Fit was the industry’s third best selling car among new vehicle registrations for the month of March, with sales of 12,787 units. The sales result for Stream was 8,307 units.
Life was the industry’s fourth best selling car among mini-vehicles for the month of March, with sales of 13,966 units and ranked as Honda’s best selling car for the month of March. The sales result for Zest was 6,894 units.
Exports from Japan
Fiscal Year 2007 (fiscal year ended March 31, 2007)
Due mainly to increased exports to North America, total exports from Japan for Fiscal Year 2007 experienced a year-on-year increase for the third consecutive year (since Fiscal Year 2005).
March 2007
Due mainly to increased exports to Europe, total exports from Japan in March, experienced a year-on-year increase for the tenth consecutive month (since June 2006).
Source: Honda Motor Co., Ltd.
Production
Fiscal Year 2007 (fiscal year ended March 31, 2007)
Due to an increase in production for domestic and overseas markets, total Japan domestic production for Fiscal Year 2007 experienced a year-on-year increase for the first time in two years (since Fiscal Year 2005).
Due mainly to increased production in Asia, overseas production for Fiscal Year 2007 experienced a year-on-year increase for the tenth consecutive year (since Fiscal Year 1998).
Due mainly to an increase in overseas production, worldwide production for Fiscal Year 2007 experienced a year-on-year increase for the tenth consecutive year (since Fiscal Year 1998).
Honda set all-time fiscal year records for overseas and worldwide production, as well as for production in North America, the U.S., Europe, Asia, and China.
March 2007
Due to increased production for the domestic market and overseas market, domestic production experienced a year-on-year increase for the tenth consecutive month (since June 2006).
Due mainly to increased production in Asia, overseas production experienced a year-on-year increase for the twentieth consecutive month (since August 2005).
Due to an increase in both domestic and overseas production, worldwide production experienced a year-on-year increase for the twentieth consecutive month (since August 2005).
Honda set an all-time monthly record for overseas production, worldwide production, as well as production in North America, the U.S., Europe, Asia and China.
Japan Domestic Sales
Fiscal Year 2007 (fiscal year ended March 31, 2007)
Due to a decrease in new vehicle registrations, total domestic auto sales for Fiscal Year 2007 experienced a year-on-year decline for the fifth consecutive year (since Fiscal Year 2003).
Though sales of the all-new Stream (introduced in July 2006) and CR-V (introduced in October 2006) increased, due mainly to a decrease in sales of Step Wagon and Fit, new vehicle registrations in Fiscal Year 2007 experienced a year-on-year decline for the first time in three years (since Fiscal Year 2004).
Despite a drop in sales of Life, due to strong sales of Zest (introduced in February 2006), sales of mini vehicles experienced a year-on-year increase for the first time in six years (since Fiscal Year 2001).
Fit was the industry’s third best selling car among new vehicle registrations for Fiscal Year 2007, with sales of 96,599 units and ranked as Honda’s best selling car for Fiscal Year 2007. The sales result for Step Wagon was 70,517 units.
Life was the industry’s fifth best selling car among mini-vehicles for Fiscal Year 2007, with sales of 99,205 units. The sales result for Zest was 74,697 units.
March 2007
Due to a decrease in new vehicle registrations and mini vehicles, total domestic sales experienced a year-on-year decline for the third consecutive month (since January 2007).
Though sales of the all-new Crossroad and Stream increased, due mainly to a decrease in sales of Step Wagon and Fit, new vehicle registrations in March experienced a year-on-year decline for the twelfth consecutive month (since April 2006).
Though sales of That’s and Vamos increased, due mainly to a decrease in sales of Zest and Life, sales of mini-vehicles in March experienced a year-on-year decline for the first time in five months (since October 2006).
Fit was the industry’s third best selling car among new vehicle registrations for the month of March, with sales of 12,787 units. The sales result for Stream was 8,307 units.
Life was the industry’s fourth best selling car among mini-vehicles for the month of March, with sales of 13,966 units and ranked as Honda’s best selling car for the month of March. The sales result for Zest was 6,894 units.
Exports from Japan
Fiscal Year 2007 (fiscal year ended March 31, 2007)
Due mainly to increased exports to North America, total exports from Japan for Fiscal Year 2007 experienced a year-on-year increase for the third consecutive year (since Fiscal Year 2005).
March 2007
Due mainly to increased exports to Europe, total exports from Japan in March, experienced a year-on-year increase for the tenth consecutive month (since June 2006).
Source: Honda Motor Co., Ltd.
Mitsubishi Motors Announces Production, Sales and Exports for March 2007, Fiscal Year 2006
Tokyo, April 24, 2007 — Mitsubishi Motors Corporation today announced global production, as well as domestic sales and export results, both for March 2007 and fiscal year 2006.
March 2007
Total global production came in at 140,584 units, 5.4 percent increase from the year ago period. Japanese production increased 6.3 percent year-on-year to 86,240 units, making the sixth consecutive months of year-on-year production volume increases. Overseas production increased for the first time in sixteen months by 4.0 percent year-on-year to 54,344 units.
Total vehicle sales in Japan reached 38,451 units, 79.1 percent of the March 2006 total. Registered vehicle sales declined to 13,941 units, or 95.1 percent of the year ago figure due to slower sales of Outlander and the Colt series. Minicar sales came in at 24,510 units, 72.2 percent year-on-year. Total sales for passenger cars were 30,383 units, 84.4 percent of March 2006 level, and commercial vehicle sales were 8,068 units, 64.0 percent of the same period last year.
Overseas production for the month totaled 54,344 units, 104.0 percent of the year ago period figure. European production was 5,836 units, or 73.4 percent of last year's total. North American production came in at 8,135 units, a 96.2 percent year-on-year. Asian production totaled 36,391 units, a 8.2 percent increase from March 2006's levels due to increase in export of Triton (L200) pickups from Thailand.
Total exports from Japan were 59,816 units, 24.2 percent increase over the pervious period making the fifth consecutive months of year-on-year volume increases. Exports to Europe increased to 21,093 units, 118.2 percent of the same period last year. Exports to Asia were 4,239 units, 82.3 percent of March 2006 levels. Exports to North America came in at 13,515 units, 1676.8 percent increase from last year's figure due to favorable sales of Outlander and increased shipments of new Lancer.
Fiscal Year 2006 (April '06 - March '07)
In fiscal year 2006, global production totaled 1,315,789 units, 95.2 percent of the levels seen in fiscal year 2005. Japanese production came to 775,648 units, 9.9 percent increase year-on-year due to the production launch of Outlander for U.S., European and Chinese markets, strong sales of Lancer in Russia and other markets, global sales launch of new Pajero and Delica D:5 models in Japanese market.
Japanese vehicle sales in fiscal year 2006 reached 246,435 units, 3.8 percent decrease over the year ago period. Registered vehicle volume declined 11.1 percent year-on-year to 75,916 units, minicar sales were 170,519 units, 99.8 percent of levels seen last year. Passenger car volume slightly increased to 179,702 units, 101.1 percent of the total for the same period last year, meanwhile commercial vehicle volume declined to 66,733 units, down 14.9 percent over the comparable period last year.
Overseas production in the period dropped to 540,141, or 80.0 percent of the total for the pervious period. Production in Europe came in at 80,315 units, a 17.2 percent increase over the year ago total due to strong sales of the Colt CZC cabriolet model. Production in North America increased 4.6 percent year-on-year to 93,240. Even though the Asian production recovered in March 2007, total volume for FY06 was 324,974 units, a 30.9 percent decline from the same period last year due to economic recessions in countries such as Indonesia, Malaysia and Taiwan.
Exports from Japan totaled 443,535 units, a 16.8 percent increase over the total for fiscal year 2005, marking the second consecutive years of year-on-year gains. Exports to Europe increased to 147,207 units, up 9.6 percent year-on-year due to introduction of new Pajero and Outlander models, and continuous sales growth in Russia and Ukraine. Exports to North America rose to 70,036 units, 186.7 percent of the year ago total due to the contribution of new Outlander and new Lancer models. Finally, exports to Asia totaled 31,464 units, 83.6 percent of the previous period total.
Source: Mitsubishi Motors Corporation
March 2007
Total global production came in at 140,584 units, 5.4 percent increase from the year ago period. Japanese production increased 6.3 percent year-on-year to 86,240 units, making the sixth consecutive months of year-on-year production volume increases. Overseas production increased for the first time in sixteen months by 4.0 percent year-on-year to 54,344 units.
Total vehicle sales in Japan reached 38,451 units, 79.1 percent of the March 2006 total. Registered vehicle sales declined to 13,941 units, or 95.1 percent of the year ago figure due to slower sales of Outlander and the Colt series. Minicar sales came in at 24,510 units, 72.2 percent year-on-year. Total sales for passenger cars were 30,383 units, 84.4 percent of March 2006 level, and commercial vehicle sales were 8,068 units, 64.0 percent of the same period last year.
Overseas production for the month totaled 54,344 units, 104.0 percent of the year ago period figure. European production was 5,836 units, or 73.4 percent of last year's total. North American production came in at 8,135 units, a 96.2 percent year-on-year. Asian production totaled 36,391 units, a 8.2 percent increase from March 2006's levels due to increase in export of Triton (L200) pickups from Thailand.
Total exports from Japan were 59,816 units, 24.2 percent increase over the pervious period making the fifth consecutive months of year-on-year volume increases. Exports to Europe increased to 21,093 units, 118.2 percent of the same period last year. Exports to Asia were 4,239 units, 82.3 percent of March 2006 levels. Exports to North America came in at 13,515 units, 1676.8 percent increase from last year's figure due to favorable sales of Outlander and increased shipments of new Lancer.
Fiscal Year 2006 (April '06 - March '07)
In fiscal year 2006, global production totaled 1,315,789 units, 95.2 percent of the levels seen in fiscal year 2005. Japanese production came to 775,648 units, 9.9 percent increase year-on-year due to the production launch of Outlander for U.S., European and Chinese markets, strong sales of Lancer in Russia and other markets, global sales launch of new Pajero and Delica D:5 models in Japanese market.
Japanese vehicle sales in fiscal year 2006 reached 246,435 units, 3.8 percent decrease over the year ago period. Registered vehicle volume declined 11.1 percent year-on-year to 75,916 units, minicar sales were 170,519 units, 99.8 percent of levels seen last year. Passenger car volume slightly increased to 179,702 units, 101.1 percent of the total for the same period last year, meanwhile commercial vehicle volume declined to 66,733 units, down 14.9 percent over the comparable period last year.
Overseas production in the period dropped to 540,141, or 80.0 percent of the total for the pervious period. Production in Europe came in at 80,315 units, a 17.2 percent increase over the year ago total due to strong sales of the Colt CZC cabriolet model. Production in North America increased 4.6 percent year-on-year to 93,240. Even though the Asian production recovered in March 2007, total volume for FY06 was 324,974 units, a 30.9 percent decline from the same period last year due to economic recessions in countries such as Indonesia, Malaysia and Taiwan.
Exports from Japan totaled 443,535 units, a 16.8 percent increase over the total for fiscal year 2005, marking the second consecutive years of year-on-year gains. Exports to Europe increased to 147,207 units, up 9.6 percent year-on-year due to introduction of new Pajero and Outlander models, and continuous sales growth in Russia and Ukraine. Exports to North America rose to 70,036 units, 186.7 percent of the year ago total due to the contribution of new Outlander and new Lancer models. Finally, exports to Asia totaled 31,464 units, 83.6 percent of the previous period total.
Source: Mitsubishi Motors Corporation
Nissan Offers Voluntary Retirement Program in Japan
Tokyo (April 24, 2007) - Nissan Motor Co. Ltd., today announced it will offer a Voluntary Retirement Program (VRP) to eligible employees in Japan. The VRP is open to salaried employees that meet the set criteria.
The VRP is one of several actions taken by Nissan to boost its competitiveness and performance in 2007. The Japan offering follows a similar VRP completed in Nissan North America, where more than double the expected number of employees accepted the package.
The VRP is primarily designed to balance staffing levels with assembly requirements, taking into account production mix and productivity gains.
The program will be offered to employees under the following criteria:
1. Eligible employees
Full-time salaried employees over 45 years old with more than 5 years of service (*Manager-level employees are not eligible.)
2. Application period
From June 1st 2007 to end of March 2008
3. Compensation
A retirement compensation package based on years of service
Source: Nissan
The VRP is one of several actions taken by Nissan to boost its competitiveness and performance in 2007. The Japan offering follows a similar VRP completed in Nissan North America, where more than double the expected number of employees accepted the package.
The VRP is primarily designed to balance staffing levels with assembly requirements, taking into account production mix and productivity gains.
The program will be offered to employees under the following criteria:
1. Eligible employees
Full-time salaried employees over 45 years old with more than 5 years of service (*Manager-level employees are not eligible.)
2. Application period
From June 1st 2007 to end of March 2008
3. Compensation
A retirement compensation package based on years of service
Source: Nissan
Phoenix Motorcars Exhibits All-Electric Mid-Size Truck at Inland Empire Auto Show
ONTARIO, Calif. – April 23, 2007 – Ontario-based all-electric vehicle manufacturer, Phoenix Motorcars, will be one of the alternative fuel displays on “Green Street” during the Inland Empire Auto Show scheduled for April 26-29, 2007 at the Ontario Convention Center.
Attendees are encouraged to stop by Phoenix Motorcars’ booth to see its five-passenger, zero-emission, all-electric sport utility truck (SUT). During the show, attendees will have the ultimate green experience when they get behind the wheel to test-drive the Phoenix SUT during the Ride and Drive Activity on Saturday and Sunday from 11:00 a.m. to 3:00 p.m.
“We are thrilled to participate in an event that is right in our own backyard,” said Bryon Bliss, vice president of sales and marketing for Phoenix Motorcars. “It is an opportunity to be involved locally and to support our local economy.”
The SUT can travel at freeway speeds while carrying five passengers and a full payload. It exceeds all specifications for a Type III Zero Emission Vehicle, having a driving range of over 100 miles, can be recharged in less than 10 minutes and has a battery pack with a life of 12 years or more.
The SUT is powered by UQM Technologies Inc.’s (AMEX: UQM) propulsion system, utilizes Boshart Engineering’s homologation process and is equipped with a non-toxic, revolutionary Altairnano NanoSafe™ (NASDAQ: ALTI) all-battery pack.
A limited number of Phoenix Motorcars all-electric sport utility trucks will be available to consumers in 2007 with an expanded consumer launch scheduled for 2008. Phoenix Motorcars will also introduce an SUV model in late 2007.
The Inland Empire Auto Show is San Bernardino and Riverside counties’ largest auto show. Show hours are Thursday, 6:00 p.m. to 9:00 p.m., Friday and Saturday 10:00 a.m. to 9:00 p.m., and Sunday 10:00 a.m. to 5:00 p.m.
For event information, visit www.ieautoshow.com
ABOUT PHOENIX MOTORCARS, INC.
Phoenix Motorcars Inc., a privately-held company headquartered in Ontario, Calif., has been an industry leader in the development of battery-electric, freeway-speed vehicles since 2001. The mission of Phoenix Motorcars is to manufacture zero-emission vehicles including Sport Utility Trucks and Sport Utility Vehicles to reduce the toxic emissions from the largest contributor to air pollution, personal automobiles. Phoenix Motorcars has strategic alliances with UQM Technologies, Inc. (AMEX: UQM), Altair Nanotechnologies, Inc. (NASDAQ: ALTI) and Boshart Engineering.
For additional information, visit www.phoenixmotorcars.com
Source: Phoenix Motorcars Inc.
Attendees are encouraged to stop by Phoenix Motorcars’ booth to see its five-passenger, zero-emission, all-electric sport utility truck (SUT). During the show, attendees will have the ultimate green experience when they get behind the wheel to test-drive the Phoenix SUT during the Ride and Drive Activity on Saturday and Sunday from 11:00 a.m. to 3:00 p.m.
“We are thrilled to participate in an event that is right in our own backyard,” said Bryon Bliss, vice president of sales and marketing for Phoenix Motorcars. “It is an opportunity to be involved locally and to support our local economy.”
The SUT can travel at freeway speeds while carrying five passengers and a full payload. It exceeds all specifications for a Type III Zero Emission Vehicle, having a driving range of over 100 miles, can be recharged in less than 10 minutes and has a battery pack with a life of 12 years or more.
The SUT is powered by UQM Technologies Inc.’s (AMEX: UQM) propulsion system, utilizes Boshart Engineering’s homologation process and is equipped with a non-toxic, revolutionary Altairnano NanoSafe™ (NASDAQ: ALTI) all-battery pack.
A limited number of Phoenix Motorcars all-electric sport utility trucks will be available to consumers in 2007 with an expanded consumer launch scheduled for 2008. Phoenix Motorcars will also introduce an SUV model in late 2007.
The Inland Empire Auto Show is San Bernardino and Riverside counties’ largest auto show. Show hours are Thursday, 6:00 p.m. to 9:00 p.m., Friday and Saturday 10:00 a.m. to 9:00 p.m., and Sunday 10:00 a.m. to 5:00 p.m.
For event information, visit www.ieautoshow.com
ABOUT PHOENIX MOTORCARS, INC.
Phoenix Motorcars Inc., a privately-held company headquartered in Ontario, Calif., has been an industry leader in the development of battery-electric, freeway-speed vehicles since 2001. The mission of Phoenix Motorcars is to manufacture zero-emission vehicles including Sport Utility Trucks and Sport Utility Vehicles to reduce the toxic emissions from the largest contributor to air pollution, personal automobiles. Phoenix Motorcars has strategic alliances with UQM Technologies, Inc. (AMEX: UQM), Altair Nanotechnologies, Inc. (NASDAQ: ALTI) and Boshart Engineering.
For additional information, visit www.phoenixmotorcars.com
Source: Phoenix Motorcars Inc.
Tuesday, April 24, 2007
BorgWarner Showcases Technology at 2007 Shanghai Auto Show
BorgWarner Expects Significant Growth in China in Next 5 Years
AUBURN HILLS, Mich., April 23 /PRNewswire-FirstCall/ -- BorgWarner (NYSE:BWA) will share its technical expertise in all-wheel drive, dual clutch technologies and diesel exhaust gas recirculation (EGR), during seminars at the 12th international Shanghai Auto Show held in the Shanghai New International Exhibition Center from April 22 - 28. The company will also display its leading technologies at the exhibition, including regulated 2- stage turbocharger (R2S(TM)) systems, dual-clutch transmission modules (known as DualTronic(R)), and chain timing systems, all wheel drive systems, and diesel cold start technologies from BERU AG, a majority-owned subsidiary of BorgWarner.
"The explosive growth in China's auto industry provides BorgWarner's advanced engine, transmission and all-wheel-drive technology with a wealth of opportunities to benefit drivers," said Tim Manganello, BorgWarner Chairman and CEO. "In the next five to seven years, we expect our sales in China to grow five to six-fold. We are committed to driving product leadership for our customers and partners in this region." BorgWarner currently has four plants in China and a regional office in Shanghai.
Founded in 1985, the International Automobile & Manufacturing Technology Exhibition (Auto Shanghai 2007) is held every two years. Organizers expect over 1,500 exhibitors from 30 countries and 400,000 visitors to attend this year's event, which will feature a wide range of exhibits including passenger cars, commercial vehicles, auto parts and accessories as well as design, technology and new product concept displays and seminars.
Auburn Hills, Michigan-based BorgWarner Inc. (NYSE:BWA) is a product leader in highly engineered components and systems for vehicle powertrain applications worldwide The FORTUNE 500 company operates manufacturing and technical facilities in 64 locations in 17 countries. Customers include Ford, VW/Audi, DaimlerChrysler, General Motors, Toyota, Renault/Nissan, Hyundai/Kia, Honda, BMW, Caterpillar, Navistar International, and Peugeot.
The Internet address for BorgWarner is: http://www.borgwarner.com/
Statements contained in this news release may contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act that are based on management's current expectations, estimates and projections. Words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed, projected or implied in or by the forward-looking statements. Such risks and uncertainties include: fluctuations in domestic or foreign automotive production, the continued use of outside suppliers by original equipment manufacturers, fluctuations in demand for vehicles containing the Company's products, general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission, including the Risk Factors identified in its most recently filed annual report or Form 10-K. The Company does not undertake any obligation to update any forward-looking statement.
Source: BorgWarner Inc.
AUBURN HILLS, Mich., April 23 /PRNewswire-FirstCall/ -- BorgWarner (NYSE:BWA) will share its technical expertise in all-wheel drive, dual clutch technologies and diesel exhaust gas recirculation (EGR), during seminars at the 12th international Shanghai Auto Show held in the Shanghai New International Exhibition Center from April 22 - 28. The company will also display its leading technologies at the exhibition, including regulated 2- stage turbocharger (R2S(TM)) systems, dual-clutch transmission modules (known as DualTronic(R)), and chain timing systems, all wheel drive systems, and diesel cold start technologies from BERU AG, a majority-owned subsidiary of BorgWarner.
"The explosive growth in China's auto industry provides BorgWarner's advanced engine, transmission and all-wheel-drive technology with a wealth of opportunities to benefit drivers," said Tim Manganello, BorgWarner Chairman and CEO. "In the next five to seven years, we expect our sales in China to grow five to six-fold. We are committed to driving product leadership for our customers and partners in this region." BorgWarner currently has four plants in China and a regional office in Shanghai.
Founded in 1985, the International Automobile & Manufacturing Technology Exhibition (Auto Shanghai 2007) is held every two years. Organizers expect over 1,500 exhibitors from 30 countries and 400,000 visitors to attend this year's event, which will feature a wide range of exhibits including passenger cars, commercial vehicles, auto parts and accessories as well as design, technology and new product concept displays and seminars.
Auburn Hills, Michigan-based BorgWarner Inc. (NYSE:BWA) is a product leader in highly engineered components and systems for vehicle powertrain applications worldwide The FORTUNE 500 company operates manufacturing and technical facilities in 64 locations in 17 countries. Customers include Ford, VW/Audi, DaimlerChrysler, General Motors, Toyota, Renault/Nissan, Hyundai/Kia, Honda, BMW, Caterpillar, Navistar International, and Peugeot.
The Internet address for BorgWarner is: http://www.borgwarner.com/
Statements contained in this news release may contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act that are based on management's current expectations, estimates and projections. Words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed, projected or implied in or by the forward-looking statements. Such risks and uncertainties include: fluctuations in domestic or foreign automotive production, the continued use of outside suppliers by original equipment manufacturers, fluctuations in demand for vehicles containing the Company's products, general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission, including the Risk Factors identified in its most recently filed annual report or Form 10-K. The Company does not undertake any obligation to update any forward-looking statement.
Source: BorgWarner Inc.
Chevrolet Extends Pioneering Sponsorship of FLW Outdoors
Official tow vehicle of FLW Outdoors to sponsor all 12 tournament trails through multiyear extension
MINNEAPOLIS, April 23 /PRNewswire/ -- FLW Outdoors and Chevrolet announced today a multiyear extension of their sponsorship agreement that upholds American-built Chevy as the official tow vehicle of the world's premier tournament-fishing organization. Chevy will retain its platinum sponsor status, participating in all 12 tournament trails.
Chevy was the first nonendemic company to sponsor FLW Outdoors more than 20 years ago. The new agreement makes the newly-released 2007 Chevy Silverado the official tow vehicle for sponsor boats at all Wal-Mart FLW Tour events as well as a variety of other tournaments. Chevy will be the title sponsor of the sixth qualifying event on the FLW Tour. In 2007, the Chevy Open will be held on the Detroit River in Detroit, Mich., July 12-15. Chevy will also hold title sponsorship of the BFL Wild Card and will be the presenting sponsor of the Wal-Mart BFL All-American.
FLW Outdoors and Chevy will present "Chevy Pro Night" at local Chevy dealerships across the country where FLW Tour and Wal-Mart FLW Series BP Eastern Division events are held. In addition, Chevy will continue to sponsor a professional angling team, perhaps the most competitive group of pro fishermen ever assembled. The Chevy pro team consists of legendary anglers Jimmy Houston, Dion Hibdon, Larry Nixon, Kim Stricker, David Fritts and Luke Clausen. Among the six anglers, they have accumulated 10 tour-level victories in FLW Outdoors competition alone. This team also boasts combined FLW Outdoors earnings of more than $3 million. In Hibdon, Clausen and Fritts, Team Chevy is also home to three of only five anglers in the history of the sport to have won both the FLW Tour Championship and the Bassmaster Classic. Sondra Rankin will fish for Team Chevy from the back of the boat as their lone co-angler. In her young career, the Benton, Ky., native has already notched three top-10 finishes on the FLW Tour. Chevy also sponsors two saltwater teams that compete on the Wal-Mart FLW Redfish Series and the Wal-Mart FLW Kingfish Tour.
As a platinum sponsor, Chevy will be featured in a variety of media formats, including the Emmy-nominated "FLW Outdoors" television program on FSN, which is broadcast to approximately 81 million households in the United States plus an additional 429 million households internationally. Chevy will also benefit from prominent advertising in FLW Outdoors Magazine and on http://flwoutdoors.com/ as well as signage at tournaments and a booth in the popular Family Fun Zone. At the Family Fun Zone, Chevy will provide a simulator, offering fishing fans the experience of a virtual test drive in a Chevy-wrapped Ranger boat.
Irwin L. Jacobs, chairman of FLW Outdoors, said: "Chevy is a cherished member of our sponsor family. They first partnered with Ranger Boats roughly 25 years ago and have been a sponsor of FLW Outdoors since the beginning. Chevy has remained dedicated to the millions of anglers around the world, and these anglers have responded by proudly driving the best tow vehicles on the market.
"This has been a mutually beneficial partnership, and FLW Outdoors remains firmly committed to helping Chevy continue to grow their market share among outdoor enthusiasts."
Named after the legendary founder of Ranger Boats, Forrest L. Wood, FLW Outdoors administers the Wal-Mart FLW Tour, Wal-Mart FLW Series, Stren Series, Wal-Mart Bass Fishing League, Wal-Mart Texas Tournament Trail presented by Abu Garcia, Ranger Owners Tournament Championship Series, Wal-Mart FLW Walleye Tour, Wal-Mart FLW Walleye League, Wal-Mart FLW Kingfish Tour, Wal-Mart FLW Kingfish Series, Wal-Mart FLW Redfish Series and Wal-Mart FLW Striper Series. These circuits offer combined purses of nearly $43 million through 241 events in 2007.
Wal-Mart and many of America's largest and most respected companies support FLW Outdoors and its tournament trails. Wal-Mart signed on as an FLW Outdoors sponsor in 1997 and today is the world's leading supporter of tournament fishing.
For more information about Wal-Mart, visit http://walmart.com/
For more information about FLW Outdoors and its tournament programs, visit http://flwoutdoors.com/
Source: FLW Outdoors
MINNEAPOLIS, April 23 /PRNewswire/ -- FLW Outdoors and Chevrolet announced today a multiyear extension of their sponsorship agreement that upholds American-built Chevy as the official tow vehicle of the world's premier tournament-fishing organization. Chevy will retain its platinum sponsor status, participating in all 12 tournament trails.
Chevy was the first nonendemic company to sponsor FLW Outdoors more than 20 years ago. The new agreement makes the newly-released 2007 Chevy Silverado the official tow vehicle for sponsor boats at all Wal-Mart FLW Tour events as well as a variety of other tournaments. Chevy will be the title sponsor of the sixth qualifying event on the FLW Tour. In 2007, the Chevy Open will be held on the Detroit River in Detroit, Mich., July 12-15. Chevy will also hold title sponsorship of the BFL Wild Card and will be the presenting sponsor of the Wal-Mart BFL All-American.
FLW Outdoors and Chevy will present "Chevy Pro Night" at local Chevy dealerships across the country where FLW Tour and Wal-Mart FLW Series BP Eastern Division events are held. In addition, Chevy will continue to sponsor a professional angling team, perhaps the most competitive group of pro fishermen ever assembled. The Chevy pro team consists of legendary anglers Jimmy Houston, Dion Hibdon, Larry Nixon, Kim Stricker, David Fritts and Luke Clausen. Among the six anglers, they have accumulated 10 tour-level victories in FLW Outdoors competition alone. This team also boasts combined FLW Outdoors earnings of more than $3 million. In Hibdon, Clausen and Fritts, Team Chevy is also home to three of only five anglers in the history of the sport to have won both the FLW Tour Championship and the Bassmaster Classic. Sondra Rankin will fish for Team Chevy from the back of the boat as their lone co-angler. In her young career, the Benton, Ky., native has already notched three top-10 finishes on the FLW Tour. Chevy also sponsors two saltwater teams that compete on the Wal-Mart FLW Redfish Series and the Wal-Mart FLW Kingfish Tour.
As a platinum sponsor, Chevy will be featured in a variety of media formats, including the Emmy-nominated "FLW Outdoors" television program on FSN, which is broadcast to approximately 81 million households in the United States plus an additional 429 million households internationally. Chevy will also benefit from prominent advertising in FLW Outdoors Magazine and on http://flwoutdoors.com/ as well as signage at tournaments and a booth in the popular Family Fun Zone. At the Family Fun Zone, Chevy will provide a simulator, offering fishing fans the experience of a virtual test drive in a Chevy-wrapped Ranger boat.
Irwin L. Jacobs, chairman of FLW Outdoors, said: "Chevy is a cherished member of our sponsor family. They first partnered with Ranger Boats roughly 25 years ago and have been a sponsor of FLW Outdoors since the beginning. Chevy has remained dedicated to the millions of anglers around the world, and these anglers have responded by proudly driving the best tow vehicles on the market.
"This has been a mutually beneficial partnership, and FLW Outdoors remains firmly committed to helping Chevy continue to grow their market share among outdoor enthusiasts."
Named after the legendary founder of Ranger Boats, Forrest L. Wood, FLW Outdoors administers the Wal-Mart FLW Tour, Wal-Mart FLW Series, Stren Series, Wal-Mart Bass Fishing League, Wal-Mart Texas Tournament Trail presented by Abu Garcia, Ranger Owners Tournament Championship Series, Wal-Mart FLW Walleye Tour, Wal-Mart FLW Walleye League, Wal-Mart FLW Kingfish Tour, Wal-Mart FLW Kingfish Series, Wal-Mart FLW Redfish Series and Wal-Mart FLW Striper Series. These circuits offer combined purses of nearly $43 million through 241 events in 2007.
Wal-Mart and many of America's largest and most respected companies support FLW Outdoors and its tournament trails. Wal-Mart signed on as an FLW Outdoors sponsor in 1997 and today is the world's leading supporter of tournament fishing.
For more information about Wal-Mart, visit http://walmart.com/
For more information about FLW Outdoors and its tournament programs, visit http://flwoutdoors.com/
Source: FLW Outdoors
Survey Finds Fewer Motorists Checking Tire Pressure
Many U.S. Drivers 'Under Pressure'
WASHINGTON, April 23 /PRNewswire-USNewswire/ -- U.S. drivers are less attentive to their tires than a year ago, according to a nationwide survey. Just over 50 percent of drivers say they have checked their tire pressure within the past month compared to 70 percent last year at a time when fuel prices peaked.
The Rubber Manufacturers Association (RMA) urges motorist to check tire pressure each month to promote vehicle safety, improve fuel efficiency and maximize tire longevity. The National Highway Traffic Safety Administration (NHTSA) reported that low tire pressure-related crashes are to blame for 660 fatalities and 33,000 injuries every year. NHTSA estimates that about one in four cars and one in three light trucks has at least one significantly under inflated tire.
"Low tire pressure is a safety concern," said Donald B. Shea, RMA President and CEO. "Our most recent survey suggests that when gas prices began to drop last fall, so did drivers' attention to their tires. Motorists need to understand that tire pressure is more than just saving a couple of dollars at the pump."
Driver complacency may grow as mandatory tire pressure monitoring systems (TPMS) begin to be installed in vehicles. In 2008, all new cars will be equipped with a TPMS that will alert drivers when tire pressure drops 25 percent. Survey results indicate that more than two-thirds of drivers said that they would be less concerned with regular tire maintenance if their vehicle were equipped with TPMS.
"Tire pressure monitors are not a replacement for using a tire gauge every month," said Shea. "Since tire pressure monitors only issue a warning after a significant drop in tire pressure, motorists are risking tire damage by ignoring regular maintenance."
An RMA nationwide survey conducted in February found:
-- Only 55 percent of drivers say they have checked tire pressure within the past month compared to 70 percent last year when fuel prices peaked.
-- A total of 40% of drivers said that if their vehicle were equipped with a tire pressure monitoring system, they would either never check tire pressure (16%) or would only check tire pressure if they saw the dashboard warning light (24%).
-- Nearly seven in ten drivers wash their vehicle every month but barely more than half check tire pressure monthly.
-- 45 percent of drivers wrongly believe that the correct inflation pressure is printed on the tire sidewall. Another 15 percent do not know where to find the correct pressure.
-- 26 percent of drivers wrongly believe that the best time to check their tires is when they are warm after being driven for at least a few miles.
-- 63 percent of motorists cite checking tire pressure as a top fuel saving tip. (2006 survey)
These alarming statistics are a critical reason why RMA is sponsoring the sixth annual National Tire Safety Week, which runs April 22 - 28. National Tire Safety Week is an initiative of RMA's "Be Tire Smart - Play Your PART" program to educate motorists about the importance of proper tire care and promote a safer driving experience. PART stands for pressure, alignment, rotation and tread, the four key elements of tire care.
More than 17,000 tire dealers, auto dealers, AAA clubs and others throughout the country will make RMA tire care information brochures available to consumers during National Tire Safety Week. Additionally, most tire retail locations provide free tire pressure services to motorists throughout the year.
Partners in the Be Tire Smart program include tire retailers, auto dealers, safety advocates and state government agencies. Among the list of Be Tire Smart partners are: AAA, American Car Care Centers, Big 10 Tires, Belle Tire, Big O Tires, Discount Tire Co., Firestone Complete Auto Care, Goodyear Auto Service Centers, Just Tires, Kaufman Tire, Les Schwab, Merchant's Tire, National Tire and Battery (NTB), National Automobile Dealers Association (NADA), Northwest Tire, Peerless Tires, Pep Boys, ProCare Automotive Services, Sears Automotive Centers, STS Tire and Auto Centers, Sullivan Tires, Tire Factory, Tire Kingdom, Tires Plus, Town Fair Tires, VIP Parts, Tires and Service, Wal-Mart/Sam's Club and many others.
More information about the "Be Tire Smart - Play Your PART" program and National Tire Safety Week can be found at:
http://www.betiresmart.org/
The Be Tire Smart program is funded by RMA's tire manufacturer members: Bridgestone Americas Holding, Inc., Continental Tire North America, Inc., Cooper Tire & Rubber Company, The Goodyear Tire & Rubber Company, Michelin North America, Pirelli North America, Inc., Toyo Tire North America and Yokohama Tire Corporation.
The Rubber Manufacturers Association is the national trade association for the rubber products industry. Its members include more than 80 companies that manufacture various rubber products, including tires, hoses, belts, seals, molded goods, and other finished rubber products. RMA members employ over 120,000 workers and account for more than $21 billion in annual sales.
Source: Rubber Manufacturers Association
WASHINGTON, April 23 /PRNewswire-USNewswire/ -- U.S. drivers are less attentive to their tires than a year ago, according to a nationwide survey. Just over 50 percent of drivers say they have checked their tire pressure within the past month compared to 70 percent last year at a time when fuel prices peaked.
The Rubber Manufacturers Association (RMA) urges motorist to check tire pressure each month to promote vehicle safety, improve fuel efficiency and maximize tire longevity. The National Highway Traffic Safety Administration (NHTSA) reported that low tire pressure-related crashes are to blame for 660 fatalities and 33,000 injuries every year. NHTSA estimates that about one in four cars and one in three light trucks has at least one significantly under inflated tire.
"Low tire pressure is a safety concern," said Donald B. Shea, RMA President and CEO. "Our most recent survey suggests that when gas prices began to drop last fall, so did drivers' attention to their tires. Motorists need to understand that tire pressure is more than just saving a couple of dollars at the pump."
Driver complacency may grow as mandatory tire pressure monitoring systems (TPMS) begin to be installed in vehicles. In 2008, all new cars will be equipped with a TPMS that will alert drivers when tire pressure drops 25 percent. Survey results indicate that more than two-thirds of drivers said that they would be less concerned with regular tire maintenance if their vehicle were equipped with TPMS.
"Tire pressure monitors are not a replacement for using a tire gauge every month," said Shea. "Since tire pressure monitors only issue a warning after a significant drop in tire pressure, motorists are risking tire damage by ignoring regular maintenance."
An RMA nationwide survey conducted in February found:
-- Only 55 percent of drivers say they have checked tire pressure within the past month compared to 70 percent last year when fuel prices peaked.
-- A total of 40% of drivers said that if their vehicle were equipped with a tire pressure monitoring system, they would either never check tire pressure (16%) or would only check tire pressure if they saw the dashboard warning light (24%).
-- Nearly seven in ten drivers wash their vehicle every month but barely more than half check tire pressure monthly.
-- 45 percent of drivers wrongly believe that the correct inflation pressure is printed on the tire sidewall. Another 15 percent do not know where to find the correct pressure.
-- 26 percent of drivers wrongly believe that the best time to check their tires is when they are warm after being driven for at least a few miles.
-- 63 percent of motorists cite checking tire pressure as a top fuel saving tip. (2006 survey)
These alarming statistics are a critical reason why RMA is sponsoring the sixth annual National Tire Safety Week, which runs April 22 - 28. National Tire Safety Week is an initiative of RMA's "Be Tire Smart - Play Your PART" program to educate motorists about the importance of proper tire care and promote a safer driving experience. PART stands for pressure, alignment, rotation and tread, the four key elements of tire care.
More than 17,000 tire dealers, auto dealers, AAA clubs and others throughout the country will make RMA tire care information brochures available to consumers during National Tire Safety Week. Additionally, most tire retail locations provide free tire pressure services to motorists throughout the year.
Partners in the Be Tire Smart program include tire retailers, auto dealers, safety advocates and state government agencies. Among the list of Be Tire Smart partners are: AAA, American Car Care Centers, Big 10 Tires, Belle Tire, Big O Tires, Discount Tire Co., Firestone Complete Auto Care, Goodyear Auto Service Centers, Just Tires, Kaufman Tire, Les Schwab, Merchant's Tire, National Tire and Battery (NTB), National Automobile Dealers Association (NADA), Northwest Tire, Peerless Tires, Pep Boys, ProCare Automotive Services, Sears Automotive Centers, STS Tire and Auto Centers, Sullivan Tires, Tire Factory, Tire Kingdom, Tires Plus, Town Fair Tires, VIP Parts, Tires and Service, Wal-Mart/Sam's Club and many others.
More information about the "Be Tire Smart - Play Your PART" program and National Tire Safety Week can be found at:
http://www.betiresmart.org/
The Be Tire Smart program is funded by RMA's tire manufacturer members: Bridgestone Americas Holding, Inc., Continental Tire North America, Inc., Cooper Tire & Rubber Company, The Goodyear Tire & Rubber Company, Michelin North America, Pirelli North America, Inc., Toyo Tire North America and Yokohama Tire Corporation.
The Rubber Manufacturers Association is the national trade association for the rubber products industry. Its members include more than 80 companies that manufacture various rubber products, including tires, hoses, belts, seals, molded goods, and other finished rubber products. RMA members employ over 120,000 workers and account for more than $21 billion in annual sales.
Source: Rubber Manufacturers Association
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