Inside the industry with Michael McAleer
SUBARU STUTTERS: Subaru, the marque that brings you every boy racer's favourite, the Impreza, has recorded a fall in first-half operating profits. Its parent, Japan's Fuji Heavy Industries, blamed development costs. It joined another Asian marque, Suzuki, which said its first half net profits fell after it bought an Indian automaker, but sales rose due to solid demand for motorbikes and cars. Its net profit in the six months to September was down 8.4 percent from a year earlier at 10.2 billion yen (€84 million). The Japanese maker, 20 per cent owned by GM, said it booked an extraordinary loss of 26.1 billion yen, paid as a premium to the Indian government when it bought shares in Maruti Udyog, India's largest carmaker.
HYUNDAI JOINS CHORUS: South Korea's Hyundai joined the chorus of downturned profits, reporting that its third quarter net profit fell 2.4 per cent from a year ago to below market expectations due to higher taxes. Net profits in the three months to September stood at 296.3 billion won (€245 million). "An increase in tax rates to 28 per cent in the third quarter from 24 per cent in the second quarter hit the net profit base," a Hyundai official said. Hyundai's Kia subsidiary said its third-quarter net profit dropped 13.4 per cent.
MAYBACH DEALERSHIP: Attention all those who want to take an early exit from the special savings scheme. The only Maybach dealership on these islands has opened its doors in Wigmore Street, London. Arriving late spring, the sterling price the Maybach 57 is £243,780 on the road, and its longer sibling, the 62 will sell for £281,380. For the rest of us who can just dream, try visiting www.maybach-manufaktur.com/
€10,000 PRIZE: As dealers try to shift their 2002 stock, Michael Barrable, managing director of the Swords-based Fiat Dealership, is offering a €10,000 prize draw to the 50 people who buy his 02 cars. So far 28 have been sold and buyers will attend a special evening this Christmas at the premises on Feltrim road, Swords, where the draw will take place.
MURRAY'S BASH: Attention motorsport fans - tickets for the Murray Walker dinner at the Berkeley Court Hotel on November 28th are still available. Call Jane Stephenson on 2875524 or Cherrie Lowe on 086317 8142.
VW DATE: Volkswagen recently marked the 25th anniversary of its presence in Enniscorthy, Co Wexford, with a presentation at the K Club to owners Liam and Magaret O'Leary. The couple received an engraved plaque at a gala banquet in the presence of their fellow Volkswagen dealers from across Ireland. The plaque, designed by the VW organisation in Germany, was presented to by Nigel O'Flaherty, chairman, Motor Distributors, importers and distributors of VW products in Ireland.