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U.S. car sales jump 20% in August

UPDATED -- U.S. auto sales--led by Honda Motor Co., the Volkswagen Group and Toyota Motor Corp.--jumped 20 percent last month for the strongest monthly pace in three years. The Detroit 3 also posted double-digit sales gains for August, signaling the auto industry's recovery remains solidly on track despite sluggish economic growth, rising gasoline prices and widespread consumer uncertainty.

Ford cuts CEO's compensation 37%

Ford Motor Co. CEO Alan Mulally earned $13.57 million in total compensation in 2008, a 37 percent decline, as the automaker avoided seeking a federal bailout while posting a record loss. Mulally will take an additional 30 percent cut in salary this year and next as he battles a global financial crisis and the worst U.S.

Hyundai rules out separate premium brand

Hyundai Motor Co. has ruled out spinning off the Genesis or Equus nameplates to create an independent premium brand along the lines of Lexus or Infiniti, partly because of the enormous cost involved and possible image damage to sibling nameplates. "There are no plans for Hyundai to make a separate brand," Vice Chairman Shin Jong-Woon said in an interview Friday at the carmaker's headquarters in Seoul, South Korea.