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Mitsubishi Motors buys ex-Ford plant in Philippines in SE Asia growth push

By Yoko Kubota TOKYO (Reuters) - Japan's Mitsubishi Motors Corp <7211.T> said it has bought the site of a former auto plant in the Philippines from Ford Motor Co <F.N>, beefing up production as it targets a near-50 percent sales boost in fast-growing Southeast Asia markets.

Mitsubishi Motors buys Ford's shuttered plant in the Philippines to grow in key Asian market

TOKYO - Japanese automaker Mitsubishi Motors Corp. said Monday it is buying Ford's shuttered plant in the Philippines to grow in market where car ownership is on the rise. Mitsubishi Motors said it was acquiring the plant in Laguna, south of Manila, from Ford Motor Co. to boost production and sales. Ford closed that plant in 2012. The Tokyo-based automaker did not give a price.

Volvo announces 2,400 more job cuts as truck sales drop

Swedish truck maker Volvo is cutting 2,400 jobs in addition to 2,000 cuts the group announced in October, hoping to boost falling profitability it said on Thursday. The group faced a tough 2013, with sales falling by 9.0 percent from the 2012 level to 272.6 billion kronor (30.9 billion euros, $41.7 billion), the truck market being closely linked to economic activity. Annual net profit fell by two thirds to 3.80 billion kronor. Volvo is the second-biggest truck maker in the world after Daimler of Germany.

Honda Motor quarterly profit up 46 per cent on car sales to US, motorcycle sales in Asia

TOKYO - Honda's quarterly profit rose 46 per cent in the latest quarter as higher car sales in the U.S. and motorcycle shipments to Asia offset costs from plant openings. Revenue rose 27 per cent in the July-September quarter to 2.89 trillion yen ($29.4 billion), with net income at 120.3 billion yen ($1.2 billion), the Tokyo-based company said Wednesday. Honda Motor Co. maintained most of its forecasts for the fiscal year that ends next March, though it cut its target for motorcycle sales to 17.3 million units from 17.4 million.

EU new car sales rebound by 5.4% in September

Registration of new cars jumped by 5.4 percent last month in the EU, the European Automobile Manufacturers' Association (ACEA) said Wednesday, the second time sales have jumped in the past three months. Some 1.16 million vehicles were registered last month across the European Union -- with the exception of Malta, with gains for most major markets except Italy and Germany. Despite the gain, registrations -- a proxy for sales -- still came in at "the second lowest level for a month of September" since the ACEA began collecting data a decade ago.

Car buyers' incentive plan backfires in Southeast Asia's Detroit

By Amy Sawitta Lefevre BANGKOK (Reuters) - An incentive program for first-time car buyers in Thailand has backfired with more than 100,000 indebted consumers defaulting, leaving the big global manufacturers that dominate Southeast Asia's largest auto market struggling to defend their margins. The tax breaks, which the World Bank estimates cost Thailand $2.5 billion, were intended to revive auto manufacturing in the region's biggest car-making hub following devastating floods in 2011.

Mitsubishi Motors shares tumble 8 percent on fundraising report

TOKYO (Reuters) - Shares in Japanese carmaker Mitsubishi Motors Corp <7211.T> fell as much as 8.1 percent to 1,027 yen on Thursday, their lowest in more than a week, after a media report it plans to offer about 200 billion yen ($2 billion) in shares to the public. The Nikkei newspaper said Mitsubishi would use the proceeds to buy back preferred shares it had issued to four group firms in exchange for capital infusions. ($1 = 99.9850 Japanese yen) (Reporting by Dominic Lau; Editing by Paul Tait)

Few speedbumps on Asian carmakers' road to Europe

The economic crisis in Europe has a silver lining for Asian carmakers which are gaining sales and market share on the continent at the expense of ailing European competitors, observers said on Wednesday. Last year, just 12 million new cars were sold throughout the European Union -- the lowest number since 1995 -- and 2013 has gotten off to a bleak start as well. But as European automakers like PSA Peugeot Citroen, Renault, Fiat and Opel struggle to bounce back, Asian rivals have expanded their traditionally far smaller presence on the continent.

Mitsubishi Electric pays $810 mn in overcharge penalties

Mitsubishi Electric said Wednesday it has paid the Japanese government about $810 million after it inflated fees for defence and other contracts, the latest in a wider overcharging scandal. The company, which makes everything from batteries to nuclear plants, had been barred from bidding on government contracts until it paid the defence ministry some 60.28 billion yen ($645 million) in penalties, interest and reimbursements for jacking up its rates.

Mitsubishi Motors says April-Dec profit jumps 27%

Mitsubishi Motors said Tuesday its net profit for the nine months to December jumped 27.3 percent from a year earlier to 17.3 billion yen ($187 million), largely thanks to cost-cutting efforts. The Japanese automaker said sales edged down 0.8 percent to 1.28 trillion yen, while operating profit rose 6.2 percent to 40.9 billion yen. Mitsubishi said the profit gain was mainly due to brisk sales in Southeast Asia as well as lower fixed expenses, although gains were pared by losses tied to the sale of its Netherlands-based plant, NedCar.
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