Short Torque

GM, Seoul agree to $7b bailout

The US auto giant General Motors and Seoul have agreed on a multi-billiondollar bailout for the firm's troubled South Korean unit, a government minister said Thursday. GM is the largest US automaker and one of the biggest players in the global industry but its South Korean subsidiary is loss-making and has seen production fall by almost half in the last decade Earlier this year GM Korea announced a plan to shut down Gunsan, one of its four plants in the country.

US safety agency reviews Tesla crash

The US National Highway Traffic Safety Administration said Thursday it was reviewing a Florida crash of a Tesla Inc vehicle last week that killed two teenagers. A statement said the administration was "gathering information on the tragic crash in Fort Lauderdale, Florida to understand all of the facts. The agency will take appropriate action based on its review." The National Transportation Safety Board said it was opening a probe into the crash and sending four investigators.

Mazda names new CEO to lead revival

Mazda Motor Corp named Akira Marumoto its next CEO to lead a revival in earnings growth in the face of a slowing US market and stiff competition in China. Marumoto, an executive vice-president who heads operations in the US, will replace Masamichi Kogai after the change is ratified at an annual shareholder meeting on June 26, Mazda said. Kogai will become chairman following a five-year tenure in which he orchestrated deeper ties with Toyota Motor Corp.

Diesel car owners could join VW class

Around two million diesel car owners in Germany could join class action lawsuits to seek compensation from Volkswagen. The German cabinet approved a draft law last week that paves the way for class action against the carmaker, which in 2015 admitted it had used illegal software to cheat US diesel emissions tests. The draft law aims to make it easier for people to join a legal test case, thereby avoiding high costs that might otherwise put them off bringing legal action.

Toyota reports improved profit

Toyota Motor Corp reported last week that its quarterly profit rose 21 percent as cost cuts and booming sales in some markets offset the toll from higher US incentives. January-March profit at Toyota, which makes the Camry sedan, Prius hybrid and Lexus luxury models, totaled 480.8 billion yen ($4.4 billion), up from 398 billion yen the same quarter the previous year. Quarterly sales rose nearly 2 percent to 7.58 trillion yen.

LG signs JV to make auto batteries

LG Chem, LG Group's electric battery making subsidiary, and China's Zhejiang Huayou Cobalt have set up a joint venture in the city of Wuxi in eastern China's Jiangsu province. According to the city government, the two companies signed a contract for the Automotive Battery Anode Material Project, which will be located in Wuxi's national high-tech district.

Motoring - Agencies

(China Daily 05/14/2018 page19)