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Magna Posts Record Sales, Earnings
5/10/2018Magna International Inc. reports a 21% jump to $10.8 billion in first-quarter sales and 14% increase to $660 million in net income. Both results were records.
Belgium Supplier Inks Transmission Deal for PSA Mild Hybrids
5/10/2018Punch Powertrain NV says it will supply dual-clutch transmissions for use in PSA Group hybrid vehicles starting in 2022.
Ford Appoints New CIO
5/10/2018Ford Motor Co. has named Jeff Lemmer to become its chief information officer on June 1. Lemmer currently is the company’s CEO of information technology.
Rolls-Royce Rolls Out $338,000 Crossover
5/10/2018BMW AG’s Rolls-Royce Motor Cars unit has publicly debuted the Cullinan, its first SUV/crossover vehicle, with a base price of about £250,000 ($338,000).
BMW Recalls 312,000 Cars in U.K.
5/10/2018BMW AG is calling back 312,000 cars in the U.K. that could suddenly lose all electrical power and stall, BBC News reports.
Korea Deal Forbids GM from Selling Stake in Local Unit for 5 Years
5/10/2018General Motors Co. won’t be able to sell any of its 77% stake in GM Korea over the next five years under a bailout deal for the troubled unit.
Toyota’s R&D Budget for 2018: $10 Billion
5/10/2018Toyota Motor Corp. expects to spend a record 1.1 trillion yen ($10 billion) on research and development in the current fiscal year that began April 1.
Ohio to Allow Driverless Vehicle Testing
5/9/2018Ohio Gov. John Kasich has signed an executive order allowing companies to test self-driving cars on all public roads.
UPDATE: Impact of Supplier Plant Fire Spreads Across U.S. Carmakers
5/9/2018Last week’s fire at a Michigan supplier of light-weight metal component is disrupting production for at least five carmakers in the U.S.
Kiekert Expands Michigan Operations
5/9/2018Germany’s Kiekert AG is moving production of its door latch modules from its existing facility in Wixom, Mich., to another plant that it has just opened in the city.