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BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Isuzu sees profit pressure, no GM truck deal
HANOVER, Germany |
HANOVER, Germany (Reuters) - Japanese truckmaker Isuzu Motors Ltd (7202.T) will struggle to hit its full-year net profit target and has ruled out buying General Motors' (GM.N) mid-sized trucks business, President Susumu Hosoi told Reuters.
"It will be difficult to achieve the net profit target but we will do everything possible to achieve it," Hosoi said in an interview on Wednesday at the IAA truck fair in Germany. He cited an expected downturn in all major truck markets.
Isuzu has said it aims to make a net profit of 85 billion yen ($801.8 million) in its current business year that runs until March 31.
Asked about a newspaper report last Friday that Isuzu could buy GM's mid-size trucks operations, Hosoi said: "There will be no such acquisition happening."
The two companies might be able to cooperate in this field, but there had been no talks about this, he said.
Shares in Isuzu, which is a former GM affiliate, rose 11 percent on the report, even though it said it had received no such offer from GM.
Isuzu's shares ended Wednesday trade in Tokyo down 1.2 percent at 322 yen, before the release of this interview.
Hosoi also dismissed reports that Isuzu might increase its 40 percent holding in DMAX Ltd, a U.S. diesel-engine joint venture in which GM holds the rest.
"We have no plan to raise our stake in DMAX," he said.
He also said Isuzu was still studying the idea of building a plant in Saudi Arabia but had not yet made a decision.
(Edited by Simon Jessop)
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