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Takata Corp., Japanese manufacturer seeks buyers for its Irvin Automotive Products unit. They want to assume the responsabilities of those 10 deaths and more than 100 injuries, and to shore up the company’s balance. They plan to sell their automotive interiors division to raise money for paying for the cost of recalling about 50 million vehicles due to exploding air bags. Takata is working with Japanese bank SMBC Nikko Securities Inc. and U.S. bank Moelis & Co. on the potential sale. It isn’t clear whether Takata is seeking strategic or financial buyers for the busin...
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Oil prices will stay low for as long as 10 years as Chinese economic growth slows and the U.S. shale industry acts as a cap on any rally, according to the world’s largest independent oil-trading house."You have to believe that there is a possibility that you will not necessarily go back above $100, you know, ever," Ian Taylor, Chief Executive Officer of Vitol Group BV, told Bloomberg. His company is the world's largest independent oil trader. Instead of any significant increase or decrease, the exec believes crude could hit $45 to $50 a barrel in the latter half of 2016 and...
BMW held on in December to top the U.S. luxury segment in 2015 for its fourth luxury-sales crown in five years.BMW won the U.S. luxury-auto sales crown even with a 17 percent drop in December deliveries, ahead of Lexus and Mercedes-Benz.BMW finished 2015 with luxury sales of 346,023 vehicles, followed by Lexus with 344,601 and Mercedes with 343,088. All three brands set annual sales records last year.The results exclude BMW’s MINI models and Daimler’s work trucks and Smart cars, which aren’t luxury vehicles.The German automakers have held the top spot in U.S. luxury sales sin...
The 47-year-old Dietmar Exler will take over as President and CEO of Mercedes-Benz USA and NAFTA effective January 1, 2016. He will take the place of Stephen Cannon, who is leaving the company but will stay on as a consultant until the end of January to help with the transition. Cannon will remain as a consultant to MBUSA until Jan. 31, 2016.Exler began at McKinsey & Co. in 1997 as part of the financial interest group in its Germany office and later in its Detroit-based Midwest office. Five years later, Exler joined DaimlerChrysler Financial as senior manager of program development and was...
