Ford Motor Co. (NYSE:F) will not give unions assurances in regards to the company’s Genk plant’s future, which creates more concern that the Belgian factory could be the next closure. On Thursday, Union officials met with managers as the automaker, along with others, plan to fight excess production capacity which has grown due to Europe’s economy. “We asked about the rumors (of plant closure),” stated ACV union official Luc Prenen following the meeting with Ford of Europe chief Stephen Odell. “They said they could neither confirm nor deny them.”
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General Motors Company (NYSE:GM): Executives in the European automotive industry have been talking more than ever about lowering its capacity to match the region’s lower demand, according to a top General Motors official. The company’s Opel unit located in Europe has lost $16 billion through the most recent 12 years, and it has pushed to change the business, which has already included the ouster of the unit’s chief executive along with lowering the amount of temporary and contract employees, and minimizing the hours of workers at a few plants.
Toyota Motor Corporation (NYSE:TM) has improved its focus on both luxury cars on the higher end and less expensive cars for those customers concerned with money on the lower end. Lexus, the which is Toyota’s premium car brand, is to reveal its new concept car at an auto show in Paris. It also plans to use this opportunity to showcase its new LS 600h F Sport for the first time in Europe.
Honda Motor Co., Ltd. (NYSE:HMC): The 2013 Honda Accord is not much of a change, but the famous mid-size sedan is really completely new and faces many more issues than four big Americans. Following losses to its sales and market share, Honda wishes to recapture its momentum with its newest Accord, which is currently a distant second to the Toyota Camry in the mid-size sedan segment.
Tesla Motors, Inc. (NASDAQ:TSLA) has plans for the production of a compact crossover similar to the the BMW X3. It also plans to release a new sports car made for the replacement of the discontinued Tesla Roadster, Tesla founder Elon Musk informed Wired magazine.
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