Inside the industry with Michael McAleer.
BMW AND TOYOTA MOTOR AHEAD: Despite the doom and gloom on the financial markets of late, two motor industry marques appear to be storming ahead. Toyota, Japan's largest automaker, last week reported a jump in profits for the first quarter, while BMW reported second quarter net profit increase of 11.9 per cent.
Toyota said consolidated operating profit for April-June climbed 35.4 per cent from a year earlier to 394 billion yen (€3.34 billion).Meanwhile, BMW reported sales rose between April and June with profits climbing to €397 million from €356 million in the same quarter last year.
ALL EYES ON CHINA: In this, the year of the horse, it seems the motor industry has its sights firmly fixed on the Chinese market. According to Automotive Resources Asia, with a population of 1.3 billion and sales for 2001 of 2,362,791 it offers great potential in an otherwise sluggish world market. The key figure is market growth, forecast at 12 per cent, with sales set to reach 3,700,000 by 2006.
It is hardly surprising therefore, that local firms are trying to get in on the act before the car giants get a firm footing. Kenneth Yen, chief executive of Taiwan's Yulon Group, said the conglomerate hopes to become Greater China's top carmaker by the year 2005 with an annual output of 500,000 vehicles.
HYUNDAI NOT TO COPY UK WARRANTY DEAL: Hyundai Ireland says it has no plans to follow its British counterpart, which has introduced a five-year unlimited mileage warranty as standard across its range. Sarah Hayes of Hyundai Ireland says it has instead increased AA membership from one year to three years, and changed its warranty policy from a 10,000-mile warranty to one covering unlimited warranty for three years.
CORK FINALIST IN PIRELLI COMPETITION: A young Cork woman is one of six finalists in the Rally XS Pirelli Girl of 2002 competition. Juliet Ward (21) a law graduate from UCC claims to have a serious passion for rallying and is currently working as a promotional rep. The qualifying rounds included quizzes on rallying and a test-drive in the WRC Subaru. The winner will receive a year's contract with DLP Models and will represent both Pirelli and Rally XS on the WRC circuit. Vote online at www.pirelli.co.uk or www.wrc.com