Briefs - Ford to cut debt

• Ford to cut debt

DETROIT (AP):

Ford Motor Company plans to reduce its debt by another US$3 billion.

The action is part of the company's ongoing effort to improve its balance sheet and return to investment-grade status. Ford took out US$23.5 billion in loans in 2006 to restructure the company.

Ford cut its debt by US$14.5 billion last year. Its total debt stood at US$19 billion at the end of 2010.

In the latest action, Ford will redeem for cash all of its 6.5 per cent cumulative convertible-trust securities on March 15. Holders can take US$50.33 per trust security.

• Renault profits up

PARIS (AP):

Renault SA said last Thursday that strong demand outside Europe helped it reverse 2009's record losses last year, while it unveiled a plan to focus on small cars and developing markets to lift its sales above three million vehicles by 2013.

France's second-largest car maker reported net profit of €3.4 billion (US$4.6 billion) in 2010, compared with a net loss of €3.1 billion in 2009, as the economic downturn forced it to slash inventories, cut investment and reduce its headcount to save money.

Renault also detailed plans to entrench growth and restore profits by 2013. The car maker pledged to improve its operating margin, a key measure of profitability, to over 5 per cent by then, a level not seen since before Chief Executive Carlos Ghosn took charge in 2005.

• Ferrari bows to Ford on name of new car

ROME (AP):

Ferrari will only use the full name of its new car for the upcoming Formula One season following a trademark dispute with Ford.

Ferrari unveiled the car last month under the full name 'Ferrari F150th Italia', reflecting Italy's celebration in 2011 of the 150th anniversary of the nation's unification.

Ford Motor Company sued Ferrari in a Detroit federal court on Wednesday, contending the Italian racing car maker had violated its trademark over the pickup truck name F-150.

Ferrari said Thursday in a statement that it hasn't used the abbreviated F-150 name commercially but would now only use the full version to try and resolve the dispute.

• Electric plans for Capitol Hill

WASHINGTON (AP):

Michigan Sen Carl Levin says he plans to introduce legislation next week to create charging stations for electric vehicles on Capitol Hill.

Levin said establishing the charging stations at no cost to the federal government would help encourage electric cars in the Capitol complex.

Some lawmakers have been seeking recharging stations in parking garages and parking lots near the Capitol to promote the technology. But the changes would require legislation.

Levin has said he plans to buy a Chevrolet Volt, General Motors' rechargeable electric car.

• Toyota to boost Russia production

TOKYO (AP):

Toyota Motor Corp will join forces with Russian automobile company Sollers to boost auto production in Russia where demand for cars is growing, news reports said last Thursday.

Toyota will use Sollers' existing factory in the Russian far eastern port city of Vladivostok to produce cars, possibly sport utility vehicles, Japan's top business daily, the Nikkei, and Kyodo News agency said, citing unnamed sources.

Toyota spokeswoman Shiori Hashimoto said nothing had been decided.

Toyota, the world's biggest automaker, launched its first auto production in Russia in 2007. Its factory in St Petersburg makes the popular Camry, producing around 20,000 of the cars a year. Toyota said its sales in Russia jumped 17 per cent year-on-year to 91,000 vehicles in 2010.

• Mazda milestone

HIROSHIMA, Japan:

Total production of Mazda Motor Corporation's MX-5 sports car (known as the Mazda Roadster in Japan) reached 900,000 units on February 4.

This significant milestone was achieved 21 years and 10 months after mass production of the first-generation MX-5 commenced in April 1989. The MX-5 was initially certified by Guinness World Records as the world's "Best selling two-seat sports car" when production reached 531,890 units in May 2000.

Guinness updated the record when production passed 700,000 and, later, 800,000 units. Currently, Mazda is reapplying to Guinness World Records to have the record updated to 900,000 units.

• VW sales up

BERLIN (AP):

Volkswagen AG says its global sales were up nearly 20 per cent in year-on-year terms in January as strong demand in Asia, particularly China and India, continued to power growth.

Volkswagen - whose brands also include Audi, Skoda and Seat - said Friday the group delivered 644,200 vehicles in January. That compared with 538,600 a year earlier.

In China, the company's deliveries were up 30.6 per cent to 217,900. Sales in India, while still far smaller, nearly tripled to 7,400.

Jaguar mulls 3-series rival

Jaguar may develop a small sedan to compete with BMW's 3 series - something it tried a decade ago with little success.

Adrian Hallmark, Jaguar's new global brand director, says Jaguar is considering a small sports car that could also be offered as a sedan.

"We need different models. We need lower-priced models," said Hallmark, former head of Volkswagen, United States.

He said he envisions a small sedan below the XF that could compete against the 3-series or the Audi A4/A5.