Fed Pessimism Fuels Asia Losses; Nikkei Up
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*Ford to end Australia production by 2016- reports. CANBERRA, May 23- Ford Motor Co is set to announce it is closing its two Australian auto plants and will cease production in the country by 2016 as it struggles with sliding sales, high costs and a strong Australian dollar, local media reported on Thursday.
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*Ford to end Australia production by 2016- reports. CANBERRA, May 23- Ford Motor Co is set to announce it is closing its two Australian auto plants and will cease production in the country by 2016 as it struggles with sliding sales, high costs and a strong Australian dollar, local media reported on Thursday.
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May 22- General Motors Co is recalling worldwide more than 27,000 Cadillac crossover vehicles whose wheels could fall off due to potentially loose wheel nuts. GM said on Wednesday it knows of no crashes or injuries due to the issue and that no wheels have separated from the sport utility vehicles built on car-based platforms.
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The company became the first automaker to repay money borrowed under the Advanced Technology Vehicle Manufacturing program.
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DETROIT, May 22- Electric carmaker Tesla Motors Inc on Wednesday said it has paid off its U.S. Department of Energy loan, using money raised last week in a stock and notes offering.
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The executives, now in their 80s, have been charged with crimes against humanity for targeting Argentine union workers for kidnapping and torture after the 1976 military coup.
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DETROIT, May 22- China's largest auto parts maker and a boutique car company led by former General Motors Co executive Bob Lutz have offered $20 million to buy "green" carmaker Fisker Automotive, people familiar with the matter said on Wednesday.
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The man who once called global warming a "crock of you know what" now wants to buy an electric car company, reports CNBC's Phil LeBeau.
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DETROIT, May 22- Ford Motor Co is adding a week of production at most of its North American factories this year to build an additional 40,000 vehicles and help sustain its gains in U.S. market share. Ford's U.S. rivals, General Motors Co and Chrysler Group LLC, are also limiting downtime this year.
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CNBC's Phil LeBeau reports that former GM chair Bob Lutz is teaming up with a Chinese firm to bid for Fisker Automotive, among other auto news.
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The former Vice Chair of GM, who holds a leadership role with VL Automotive, is teaming up with Wanxiang Group, a Chinese auto parts supplier, in a bid to buy the ailing Fisker.
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The Raechel and Jacqueline Houck Safe Rental Car Act of 2013 would ban companies from renting a recalled vehicle until the safety hazard is fixed.
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The Detroit automakers are largely forgoing the traditional two-week summer break and speeding up production to meet buyers' growing demand for new cars and trucks.
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The answer, in the luxury carmaker's German showrooms, is more than it takes to shift an Audi- just part of the cost gap Daimler wants to close with its premium rivals. Among the top three, Mercedes depends on its unprofitable company-owned dealerships for a bigger share of domestic sales than either Volkswagen's Audi or BMW, which rely more on franchises.
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HONG KONG, May 22- China shares were headed for a sixth-straight daily gain on Wednesday, with most automakers strong after the official China Securities Journal cited an industrial association as saying that May car sales could stay strong.
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DETROIT, May 21- A boutique carmaker led by former General Motors Co executive Bob Lutz and China's largest auto parts supplier made an offer this month to buy cash-strapped "green" car company Fisker Automotive, people familiar with the matter said. VL Automotive and China's Wanxiang Group are looking to gain control of Fisker through a prepackaged bankruptcy.
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Among the stock activity stories for Tuesday, May 21, from AP Business News:. _ Shares of Tesla Motors Inc. fell, a brief decline amid huge gains this month after the electric car maker posted its first quarterly profit.
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DETROIT-- Tesla Motors fell more than 5 percent in early trading Tuesday, a brief decline amid huge gains this month after the electric car maker posted its first quarterly profit. Tesla's stock price had jumped 74 percent between May 8, when first-quarter earnings were announced, and May 14, when it hit a 52- week high of $97.12.
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DETROIT, May 21- A boutique carmaker led by former General Motors Co executive Bob Lutz and China's largest auto parts supplier made an offer to buy cash-strapped "green" car company Fisker Automotive this month, people familiar with the matter said.
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DETROIT, May 21- A boutique carmaker led by a former General Motors Co executive Bob Lutz and China's largest auto parts supplier submitted an offer to buy cash-strapped "green" car company Fisker Automotive, people familiar with the matter said.
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Tesla CEO is expected to use the potentially $1 billion windfall from a new stock offering to pay off the maker's $465 million in DOE loans, and to help fund additional products.
Behind the Wheel with Phil Lebeau
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The company became the first automaker to repay money under Advanced Technology Vehicle Manufacturing program.
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Bob Lutz is teaming up with Wanxiang Group, a Chinese auto parts supplier, in a bid to buy the ailing Fisker
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Mercedes-Benz is digging in and putting more features into its redesigned flagship S-Class sedan.