plus 4, German carmaker Volkswagen third quarter net income falls 86 per cent - Stockhouse

German carmaker Volkswagen third quarter net income falls 86 per cent - Stockhouse
DIAS Visits the Lifan Automotive Group in Chongqing, China - MSN Money
VW 3Q net income falls 86 percent to euro172 million - WTOP Radio
German carmaker Volkswagen third quarter net income falls 86 per cent - Stockhouse
VW 3Q net income falls 86 percent to ?172 million - MLive.com

German carmaker Volkswagen third quarter net income falls 86 per cent - Stockhouse

Posted: 29 Oct 2009 05:19 AM PDT

FRANKFURT, Germany - German carmaker Volkswagen AG says net income for the third quarter fell 85 per cent as the global downturn affected demand for its cars and trucks.

Europe's biggest automotive group by sales made C172 million (US$253 million), down from C1.2 billion in the July-September period a year ago.

VW, based in Wolfsburg, said sales for the quarter fell 10.3 per cent to C26 billion from C29 billion in the third quarter of 2008.

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DIAS Visits the Lifan Automotive Group in Chongqing, China - MSN Money

Posted: 29 Oct 2009 04:57 AM PDT

The Chairman and CEO of Detroit International Auto Salon (DIAS) (OTCBB: DSHL), Mr. Eric Huang, visited Lifan Automotive Group in China on October 22, 2009. Lifan is exceptionally impressed by the DIAS business model and is very interested regarding the services that DIAS has to offer to the Lifan Automotive Group. Mr. Huang stated, "This is an excellent joint opportunity for Lifan and DIAS; our partnership will create a win-win situation for both organizations." The Chairman of Lifan Automotive Group gave a high priority to Mr. Huang's visit and he positioned his Vice Chairman, Mr. Wang Yan Hui, and top senior staff members to meet with Mr. Huang in his absence. Mr. Wang Yan Hui, the vice Chairman of Lifan Automotive Group, is very enthusiastic about a future cooperative agreement with DIAS.

Mr. Huang introduced DIAS and its business model with its innovative service and strategic position in Detroit, the Automotive Capitol of the World. Mr. Huang then proceeded to explain, in detail, the current status of the US Automotive Industry with a future trend towards a Global Automotive Industry, whereas the business opportunity and the cutting edge technology fits into the creative strategy provided by DIAS. Through the unique and highly innovative services that DIAS has created and will offer to the group, Lifan will benefit from increased business opportunity and enhanced exposure in the Global Automotive Industry community. In the very near future, DIAS will assist the Lifan Automotive Group in the promotion of their pristine organization and its products. DIAS will also add support to increase the global image for sales and exportation of Lifan products and services to the global marketplace. Additionally, DIAS will provide support with the efforts to procure state-of-the-art technology and acquire the experience to upgrade their design and manufacturing technology. DIAS will also play part in the provision and developed interests for more partners and investment opportunities with the Lifan Automotive Group.

About DIAS:

Detroit International Auto Salon (DIAS) is a creative and highly innovative platform for linking the global auto part suppliers with the local automotive industry requirements. DIAS is assisting the local automotive industry with the procurement possibilities of high quality parts by exhibiting products and samples from many worldwide qualified suppliers, here locally in Allen Park, Michigan. Visitors are able to experience the optimum quality service and technology that the suppliers have to offer, as demonstrated and displayed at DIAS. In addition, DIAS is also capable of assisting buyers with sourcing solutions for suppliers of any product that is not currently shown in house. Seminars, forums and networking programs are regularly scheduled for buyers, engineers, and suppliers to meet with each other at DIAS.

DIAS also has the capability for playing a major role in the export of automotive components from North America back to China based on the most recent trade agreements between the two countries. DIAS is involved with many organizations throughout China with cooperation agreements that will allow them to mutually benefit and compliment each other's organizations. This is generating an opportunity for clear and concise visibility and exposure with a global presence. DIAS's focus is on the Automotive Industry and the Global Marketplaces of the world.

About: LIFAN MOTORS

Founded in 1992, Lifan Industry Group Co. Ltd (hereinafter called Lifan Group) with 13,715 employees is one of the biggest private-owned enterprises in China. Over the past 16 years, specializing in research and development, manufacturing and marketing (including international trade) of automobiles, motorcycles and engines, Lifan Group has rapidly matured into a prestigious enterprise with the integration of financial sector, real estate, football industry and a R&D center. In 2007, Lifan was a market leader with statistical sales revenue of RMB12.16 billion Yuan, foreign exchange through export of USD409.60 million, and patent ownership of 4061. Lifan Group has been consecutively selected among Chinese Top 500 enterprises and ranks the first among Chongqing Top 50 private-owned enterprises.

In 2003, Lifan Group established Chongqing Lifan Automobile Co. Ltd (hereinafter called Lifan Automobile) through purchasing Chongqing Special Purpose Use Vehicle Manufacturing Co., Ltd, strategically realizing the expansion from motorcycle to automobile industry. In 2004, through the restructuring of Yunnan Dali Junma Automotive Company which manufactures light and heavy trucks, Lifan Automobile greatly leaped forward in production and sales.

In terms of scale, Lifan Automobile will input a total investment of RMB2.4 billion Yuan into several projects. The first phase of the passenger car project, including stamping, welding, painting and assembly lines, an engine plant and a research center, has been completed with a construction area of 200,000 square meters. The second phase of 270,000 square meters of car plant and 90,000 square meters of engine plant expansion will be finished soon. By 2010, the annual production capacity will mount up to 300,000 CBU units and 400,000 car engines respectively from present 200,000 and 100,000.

In order to complete production line and build up core competitiveness, Lifan Automobile plans to launch SUV, MPV, electric cars, and mini-cars in progression to supplement the existing passenger car models of LF520, LF520i, LF620 and LF320. The first phase of mini-van plant with 630,000 square meters is under construction and will produce as many as 100,000 units by the end of 2009. Projects for SUV, MPV and electric cars have been put on the agenda.

In terms of technology research and development, Lifan Automobile adheres to the principle of independency and innovation. It has stepped over industrial competition barriers and realized sustainable growth through combined development and technology procurement, which creates core strategic resources and broadens development horizon.

Lifan Automobile boasts patent ownership of 346 and a team of 50 technology and management experts from advanced automotive manufacturers home and abroad including Chrysler. Granted with export rights since 1998, Lifan Automobile has been dedicated to expansion on the international market. Lifan Group won the laurels of the trade in China with USD40.96 billion of foreign exchange through exportation in 2007. The sales network of Lifan products has spread across 118 countries in South-east Asia, West Asia, Europe, Africa and South America.

March 2007 saw the birth of the first Lifan 520 passenger car in Vietnam. In August Lifan passenger cars came off line in Russia and over passed crash tests under European standards in one shot, and in November of the same year, Lifan cars successfully passed E-mark homologation.

In April 2008, Lifan car successfully passed E-NCAP 64 kilometers' crash test with four stars in Russia, which is the best a Chinese car has ever achieved overseas. With the guidance of "Quality Dominates the Life of Products and Customers Are the Real Boss," Lifan car holds a strong quality guarantee system for its successful take-off on the international market. By 2007, Lifan520 has been exported to 50 countries including Russia, Ukraine, Vietnam, Iran, Algeria, Nigeria, Germany, France, Spain, Brazil and Columbia with five assembly factories built overseas. The exports of Lifan Group in 2008 are predicted to exceed USD600 million.

About DIAS Holding, Inc.

DIAS Holding, Inc. services the multi-billion dollar industry of providing automotive, trucking, railway and petroleum industries with raw, finished and assembled components. The Company's major subsidiaries include Asia Forging Supply Company, a prime contractor for a network of factories throughout Asia, and the Detroit International Auto Salon, the largest independent, year-round exhibition center for automotive products. For more information about DIAS Holding, Inc., please visit www.diasholding.com.

Forward-Looking Statement:

This news release includes comments that may be deemed forward-looking within the meaning of the safe harbor provisions of U.S. Federal Securities Laws. These include, among other things, statements about expectations of future transactions or events, revenues, sales of products and performance. Forward-looking statements are subject to risks and uncertainties that may cause the company's results to differ materially from expectations. These risks include the company's ability to complete the transactions, which remains subject to a due diligence review by both parties, obtaining any regulatory approvals, having necessary financing in time to meet contractual obligations, developing appropriate strategic alliances, raising working capital, building a functional infrastructure, and other such risks as the company may identify and discuss from time to time. Accordingly, there is no certainty that the company's plans will be achieved.

Contact: Investor Relations: Telephone: (313) 928-1254 Email Contact

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VW 3Q net income falls 86 percent to euro172 million - WTOP Radio

Posted: 29 Oct 2009 02:12 AM PDT

By GEORGE FREY
AP Business Writer

FRANKFURT (AP) - German carmaker Volkswagen AG said Thursday net income for the third quarter plunged 86 percent as the global downturn affected demand for its cars and trucks.

Europe's biggest automotive group by sales reported net income of euro172 million ($253 million), down from euro1.2 billion in the July-September period a year ago.

VW, based in Wolfsburg, said sales for the quarter fell 10.3 percent to euro26 billion from euro29 billion in the third quarter of 2008.

The company said full year revenue would be lower than in 2008. Rising refinancing costs and the deterioration of sales for some brands would drag on the company's earnings. VW said it would attempt to counter the trend with cost and investment management and better efficiency.

VW said it would also continue to exploit opportunities on the market. Earlier this week, Volkswagen confirmed it was considering making an offer for bankrupt German contract automaker Karmann, which made the classic VW Karmann Ghia two-seater from the 1950s to the 1970s. Volkswagen, however, did not mention Karmann in its reports on Thursday.

"The Volkswagen group is holding its own extremely well despite the adverse conditions," Martin Winterkorn, the chief executive said.

"While the global market is contracting by 12 percent, we are recording stable delivery levels. This proves that _ even in difficult times _ we are well positioned with our multi-brand strategy."

Shares of VW were unchanged at euro110.24 in Frankfurt morning trading.

Volkswagen's brands include Audi, Lamborghini, Seat and Skoda. It recently started a merger process with Porsche AG and the company is also a major shareholder in MAN SE and Scania AB, two of Europe's biggest truck builders.

Nine-month net income fell 81 percent to euro719 million from euro3.8 billion in the same period of 2008. Group revenue fell nearly 10 percent to euro77.2 billion from euro85.4 billion in the January-September period of 2008.

The VW brand cars division saw revenue fall 16 percent to euro47.5 billion from euro56 billion in the first nine months. Revenue at Audi fell 15 percent to euro22 billion from euro26 billion in the January-September period of 2008.

Despite the drop in revenue and earnings, the company said it saw comparatively strong demand for its products. Worldwide deliveries in the first nine months of the year were almost unchanged from the year-ago period, while the overall passenger car market fell 12 percent.

China reported a 37 percent increase in nine month deliveries, while Brazil booked a 6.4 percent increase.

German deliveries in the January-September period were 21 percent higher largely due to the country's car scrapping program. However, overall deliveries in Europe fell nearly 9 percent in the January-September period.

North America showed a near 9 percent decline in January-September deliveries.

"VW has many attributes, including an enviable balance of mainstream and premium brands, wide geographical exposure and industry leading technology," Max Warburton at Bernstein Research said in a note to clients.

"We continue to see the company as well placed and well capitalised. We maintain our euro75 price target and 'Market Perform' rating," Warburton said.

___

On the Net:

http://www.volkswagen.com

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German carmaker Volkswagen third quarter net income falls 86 per cent - Stockhouse

Posted: 29 Oct 2009 05:19 AM PDT

FRANKFURT, Germany - German carmaker Volkswagen AG says net income for the third quarter fell 85 per cent as the global downturn affected demand for its cars and trucks.

Europe's biggest automotive group by sales made C172 million (US$253 million), down from C1.2 billion in the July-September period a year ago.

VW, based in Wolfsburg, said sales for the quarter fell 10.3 per cent to C26 billion from C29 billion in the third quarter of 2008.

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VW 3Q net income falls 86 percent to ?172 million - MLive.com

Posted: 29 Oct 2009 02:48 AM PDT

(AP) — FRANKFURT - German carmaker Volkswagen AG said Thursday net income for the third quarter plunged 86 percent as the global downturn affected demand for its cars and trucks.

Europe's biggest automotive group by sales reported net income of ?172 million ($253 million), down from ?1.2 billion in the July-September period a year ago.

VW, based in Wolfsburg, said sales for the quarter fell 10.3 percent to ?26 billion from ?29 billion in the third quarter of 2008.

"The Volkswagen group is holding its own extremely well despite the adverse conditions," Martin Winterkorn, the chief executive said.

"While the global market is contracting by 12 percent, we are recording stable delivery levels. This proves that-even in difficult times-we are well positioned with our multi-brand strategy."

Shares of VW were unchanged at ?110.24 in Frankfurt morning trading.

Nine-month net income fell 81 percent to ?719 million from ?3.8 billion in the same period of 2008. Group revenue fell nearly 10 percent to ?77.2 billion from ?85.4 billion in the January-September period of 2008.

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