Auto News

Seating and electronics parts maker Lear Corp. today said it swung to a loss in the fourth quarter due to sharply lower vehicle production in North America and Europe. The supplier posted a net loss of $688.

The billionaire owner of German supplier Schaeffler Group rejected speculation she could use her own fortune to bail out the heavily indebted company rather than seek help from German taxpayers. “Our wealth is bound up in the company.

Amid an estimated 25 percent drop in the global car market in January, Volkswagen’s vehicle sales fell by only 15 percent, VW’s chief executive told the Financial Times.

A top supplier executive was among 13 business leaders who met with President Barack Obama at the White House today and endorsed the administration’s economic stimulus plan. Later at a public event, Honeywell International Inc.

Chrysler LLC’s purchasing chief is demanding a new round of price cuts from suppliers as the automaker faces a Feb. 17 deadline to justify its federal bailout money. Scott Garberding has ordered price cuts from all suppliers effective April 1.

Nobody is about to deny Schaeffler Group CEO Juergen Geissinger’s recent statement that, “both companies are facing great challenges and have no time to lose,” in referring to Schaeffler’s merger with Continental.

UK supplier GKN announced a further 1,400 layoffs on Wednesday and said it plans more cuts in 2009.

The downturn in the global automotive industry hit German supplier Robert Bosch as it recorded a slump in 2008 earnings before tax, missing its margin target.

German supplier Continental had its rating lowered to junk status by Standard and Poor’s credit rating company. Analysts at SandP called Continental’s liquidity weak, mainly due to “substantial” refinancing needs in the medium term.

Parts suppliers this week intend to request $10 billion in federal aid to try to avert a rash of bankruptcies and possible liquidations, a supplier association chief said today.