Washington  - The investment firm Cerberus Capital Management, which owns the beleaguered car manufacturer Chrysler, plans to cut nearly 10 per cent of its worldwide staff, the Wall Street Journal reported Monday, quoting people close to the operations.

The company employs about 275 investment and operational professionals.

A Cerberus spokesman did not confirm the plans but told the Journal that any action it took would "be consistent with the best interests of our investors"

New York  - The loss-plagued Swedish car manufacturer Saab is to be split off as a separate business by owner General Motors to make it more attractive for a purchaser, the US trade magazine Automotive News reported Monday.

GM has been searching for months in vain for a purchaser for its Saab branch.

Stock market analysts have maintained ‘buy’ rating on Ashok Leyland stock with a short term target of Rs 16.5.

According to analysts, interested investors can purchase the stock on declines with a stop loss of Rs 14.3. If the stock market remains positive in the coming days, the stock pricing becomes more attractive, and reach above Rs 17.5.
 

Automobile giant, Bajaj Auto posted 22.43 per cent decline in net profit for the quarter ended December 2008. Its net profit stands at Rs 166 crore as against Rs 214 crore in the same period last year.

Decline in vehicle sales and tight liquidity conditions contributed to the decline in profit for the quarter under consideration.

Company's turnover declined 15.84 percent and currently stands at Rs 2,141 crore. It sold 493,748 units of vehicles with 31 per cent decline as compared to 713,135 units sold in the same period last year.

Aiming to emphasize its presence in the Indian luxury car market, Hyundai India, on Thursday, unveiled the advanced versions of its luxury Sedan Sonata. The new premium Sonata sedans are priced between Rs 13.9 lakh and Rs 15.9 lakh.

According to the Hyundai Motor India Ltd, the launch of its premium sedans will help to pep up the sales. The company expects to sell 1000 unit of the new sedans in the first year.

Tokyo - Fuji Heavy Industries said on Friday it expected to incur its first loss in 15 years due to the yen's advance and declining auto sales amid the slowdown of the global economy.

The automaker of the Subaru brand was to suffer a net loss of 19 billion yen (213.12 million dollars) for fiscal year 2008 that ends in March, compared to an earlier projection of 10 billion yen in profit.