China Revamps Rules
China, the world’s third-largest vehicle market, has unveiled a new policy that prods carmakers to merge into fewer, bigger groups and protects China FAW Group Corp . and other large producers. The policy, which took effect Tuesday, requires companies to provide from their own funds at least 40 percent of the 2 billion yuan ($241 million) of investment needed before they are allowed to make cars, according to a copy of the policy placed on the Web site of China’s State Development and Reform Commission. The new rules will also grant speedier approval for expansion to automakers with at least 15-percent market share.
From the Inside: Executive Interview with Craig Anderson, President, Hercules Tire & Rubber Co.
Our latest edition of “Executive Interview” features Craig Anderson, president of Hercules Tire & Rubber Co. While Hercules has grown quietly, preferring to remain out of the spotlight, every year brings line expansions, new products and other enhancements designed to help its members and dealer customers grow their businesses. Even after selling off its core retreading business, Hercules posted its best sales year ever in 2002, and again in 2003, and saw each of its divisions turn a profit in 2003. Craig Anderson, president, sat for an interview with Jim Smith, editor of Tire Review magazine in April. The two discussed how the changes impacted Hercules, the company’s plans in the future, and how he sees the market moving in the near-term.
Bendix to Add More Than 30 New Jobs at Ohio Headquarters
Bendix Commercial Vehicle Systems LLC, said it will add more than 30 engineers, information technology specialists and supply chain professionals to support its staff. The company said surging demand for its medium- and heavy-duty truck products has resulted in the need for additional staff. Bendix currently employs 1,800 in North America, including 450 at its Elyria, Ohio, headquarters.
IBM: China’s Auto Suppliers Could Face Bumpy Road
China is the world’s fastest growing automotive market, but a new study suggests the auto suppliers fueling that expansion may be growing too fast. In fact, says the report, there could be over capacity and a resulting shakeout in the supplier market within five years.
Appearance Accessories Capture More of Market
Over the past eight years, appearance/body accessory products have shown the largest growth of any product group in the industry, increasing 96.4 percent. Following closely is custom wheels, with performance chemicals in third place.
Uni-Select Inc. Net Profits Increased by 20.8 Percent in the First Quarter of 2004
Uni-Select Inc. recorded an increase in net profits of 20.8 percent this year to attain U.S. $4.14 million or $0.23 per share compared to $3.43 million or $0.19 per share for the corresponding period a last year. Sales improved to $175.8 million in the first quarter of 2004, an increase of 6.2 percent versus sales of $165.6 million in the first quarter of 2003.
Bosch Expands Corporate Affairs VP Position
Bosch Group has announced the expansion of Sylvia Vogt’s current position — vice president, corporate affairs for North America — to include corporate affairs activities for South America. In this new role, Vogt is responsible for strategic planning and regional reporting, select cross-divisional and cross-regional projects, communications and public image management for the Americas region. She also will maintain her current responsibilities for communications activities, government and community relations and charitable contributions in North America.
Visteon Aftermarket Launches New GlassVantage Network
Visteon has taken a major step forward in the growth of its aftermarket division with the launch of the GlassVantage Auto Glass Professional Network. The Visteon GlassVantage Network is comprised of a select network of high-quality auto glass replacement professionals offering and installing Visteon Performance Windshields in assigned geographic territories.
Pickups Plus Appoints New COO
Pickups Plus, a leading retailer and national franchiser in the $38 billion truck and SUV aftermarket accessory industry, has appointed Sean Hayes COO. Hayes who joined Pickups Plus, in April 2003, will lead the integration of the company’s new acquisition, Auto Preservation, into the company’s corporate structure and expansion plans. Hayes will also be in charge of disseminating appropriate information to shareholders and the expansion of the company’s franchising business.
Alcan Opens First of Two North American Automotive Facilities
Automotive aluminium supplier Alcan Automotive has opened a new manufacturing facility in Novi, Mich. The new plant is first phase of Alcan’s North American expansion. A sister facility is also under construction in Saguenay, Quebec. Automotive aluminium supplier Alcan Automotive has opened a new manufacturing facility in Novi, Mich. The new plant is first phase of Alcan’s North American expansion. A sister facility is also under construction in Saguenay, Quebec. The two plants represent a $30-million investment to serve the growing lightweight structural sub-system market in North America, said Dale Ewing, general manager for Automotive Structures North America — part of Alcan’s Engineered Products group.