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Portugal to Make Own Vehicles
Page 52
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DORTUGAL, one of Britain's tradi
tional markets, proposes to establish her own commercial vehicle industry. Licences to produce commercial vehicles have been granted to Ed Ferreirinha Lda., Cornpanhia Portuguesa de Motores, and Fabrica de Automoveis Portuguesa SARL. Companhia Portuguesa are backed by the Spanish Barreiros DieSel S.A.
The Portuguese Government will hold about 10 per cent, of the £3.1m. share capital of F.A.P., and the Renault and Alfa-Romeo concerns will hold 15 per cent. each. Alfa-Romeo will supply technical direction. F.A.P. must set up their plant by next year.
In the first year of production at least a fifth of the content of each vehicle must be locally supplied. The proportion must thereafter increase by 14 per cent. each year.
B.M.C. EXPORT RECORD
EXPORT deliveries by the British 1--d Motor Corporation were 30 per cent. higher last year than in 1958, said Sir LeonardLord, chairman, when he announced a record export figure of 259,011 vehicles, last week. Of these 104,304 went to North America.
Foreign currency earned totalled 1107m. This included $102m. from North America, he added.
TYRE PRICES UP
RUMOURS that commercial-vehicle Ix tyres would not be affected by a price increase were denied by the Dunlop Rubber Co., Ltd., on Tuesday. News of the rise "escaped," said a spokesman. .He stated that the 21-per-cent. advance. which will affect the complete range of the company's tyres, was not due to come into operation until Monday.