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Ford Motor Co. (NYSE:F): Fiat (FIATY) and Volvo Car Corp are now the latest European automakers to plan new production cutbacks this fall because of falling demand for new cars in the region, according to the Wall Street Journal. The cuts come after recent similar moves by the European units of Ford (NYSE:F) and GM (NYSE:GM). Fiat is to send nearly 2,500 workers home on reduced pay for one week in September and another week in October at its plant near Naples, while Volvo is to lower its production rate to 52 cars an hour from 57 at its Gothenburg plant. The shares traded flat recently at $9.34.
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General Motors Company (NYSE:GM) intends to invest $1 billion over the next five years for the expansion of its car and component production in Russia, Reuters reports. The shares traded up $0.40 (1.91%) recently at $21.34.
Toyota Motor Corporation (NYSE:TM), who is Japan’s biggest car maker, stated on Wednesday that its domestic output saw a 30.1 percent increase in July from the previous year, with sales rising 65.8 percent due to demand for models like the Prius hybrid, the recently launched Aqua compact hybrid, as well as other small cars. The shares traded down $0.10 (0.12%) recently at $80.99.
Honda Motor Co., Ltd.’s (NYSE:HMC) profit from its North American operations for the current fiscal year will probably see a 35 percent increase from FY11 to more than Y300 billion, reports the Nikkei. The shares traded up $0.08 (0.25%) recently at $32.62.
Tesla Motors, Inc. (NASDAQ:TSLA) CEO Elon Musk believes that 2013 will bring the company’s first operating profit since the company’s start in 2003, according to the Nikkei. Tesla intends to construct 5,000 new Model S vehicles this year and 20,000 in 2013. The shares traded down $0.37 (1.29%) recently at $28.32.
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