AUTO

The top U.S. auto safety regulator welcomed on Thursday proposals in Congress to sharply boost government powers for forcing vehicle recalls.

Shares of Magna International Inc surged 21 percent on Thursday, after it said it inked an agreement with founder Frank Stronach to eliminate the auto parts maker's dual class structure.

Honda Motor Co's chief financial officer said on Thursday automakers' need for a stable supply of steel meant negotiating prices with steelmakers every quarter was out of the question.

General Motors Co said on Wednesday it has hired Hyundai Motor Co's highly regarded former marketing chief in the fourth shake-up of GM's sales organization since the automaker exited bankruptcy.

China remains the biggest growth market for German luxury car brands, according to data released on Wednesday from Mercedes-Benz, BMW and Audi.

Toyota Motor Corp is extending heavy discounts to boost U.S. auto sales for a third month, U.S. Toyota executives said on Monday, as the automaker tries to recover from a series of damaging safety recalls.

Nissan Motor Co recalled Infiniti G35 sedans and coupes affecting as many as 134,000 cars due to a connector that could cause airbags not deploy during a crash, U.S. regulators said on Tuesday.

Auto sales rose about 20 percent in April from recession-stunted results a year earlier, reflecting a still-gradual recovery in the economy.

Ford Motor Co posted a 25 percent increase in its April U.S. sales from a year earlier, propelled by record sales of its Fusion mid-size sedan and robust demand for trucks led by the F-series pickup.

German premium carmaker Audi, the cash cow of the Volkswagen group, reaffirmed on Monday its target to grow revenue and operating profit as it sells more than 1 million vehicles for the second time in its history.

U.S. safety regulators have opened an investigation to review a potential sticky accelerator pedal problem in Chrysler Group LLC's 2007 model-year Dodge Caliber cars.

General Motors Co said on Friday that it expected to incur costs of 400 million euros ($532 million) for termination benefits covering 2,600 workers at an Antwerp, Belgium, plant it plans to close by the end of 2010.

Nissan Motor Co said on Thursday it is on track to book 25,000 U.S. orders for its Leaf electric vehicle by the end of the year and the automaker will be making money on the green car.

U.S. auto regulators would be required to establish minimum standards to prevent unintended acceleration and carmakers would pay substantially higher fines for withholding safety information from the government, according to draft legislation being circulated.

Toyota Motor Corp announced on Thursday it was resuming sales of its Lexus GX 460 sports utility vehicle that were halted for two weeks.

Volkswagen's first-quarter earnings were weighed down by a loss on its stake in iconic sports car maker Porsche AG, VW's finance chief said on Thursday.

Underwriters for Toyota Auto and Ally Master Owner Trust asset-backed offerings on Thursday launched larger-than-expected auto sales at tighter spread levels as investors chased supply, market sources said.

Car dealer Pendragon Plc said new retail car sales in the first quarter rose, outperforming the market, and forecast 2010 profitability to be line with expectations.

Auto parts maker BorgWarner Inc raised its 2010 earnings outlook after posting a stronger-than-expected quarterly profit, propelled by improving industry production and rising demand for fuel-saving components such as turbochargers.

Brilliance Auto, BMW's partner in China, has halted its car exports to Europe after its in-house designed BS4 and BS6 sedans met with a cool reception, highlighting the quality issues facing Chinese automakers eager to tap mature markets.

Toyota Motor Corp will voluntarily recall about 50,000 Sequoia sport utilities because the stability system could cause an unexpected problem with low-speed acceleration, the company said on Wednesday.

South Korea's Hyundai Motor Co and Kia Motors Corp are aiming to bump up sales in China by almost a quarter this year, heating up competition with global and local rivals.

Europe took the first steps toward a massive roll-out of electric vehicles on Wednesday, backing up past rhetoric with plans for pan-European standards that the industry has cried out for.

Honda Motor Co forecast a smaller-than-expected 10 percent rise in full-year operating profit on Wednesday, warning tough competition would dent gains from improving sales in the United States and China.

Car parts maker Continental AG believes it can increase sales by as much as 10 percent this year and perhaps be profitable on the bottom line, as it posted a better-than-expected swing to profit in the first quarter.

French carmaker Renault posted forecast-beating first-quarter sales and confirmed its target for positive free cashflow in the year as a whole, while warning of a difficult economic environment.

General Motors Co on Tuesday said it would invest about $890 million to upgrade five North American plants to build the next-generation V8 engine for its full-sized pickup trucks.

General Electric Co and Nissan Motor Co on Monday announced a three-year agreement to collectively research development of charging stations for electric vehicles.

Canadian auto parts maker Magna International said on Monday it has won contracts to supply a variety of components and systems for Volkswagen Group of America's new mid-sized sedan, expected to hit the U.S. market in 2011.