Vehicle sales in China, the world’s largest auto market, rose in April but are down for the year amid tighter credit and slower economic growth.
The China Association of Automobile Manufacturers said Wednesday that April’s total vehicle sales rose 5 percent from a year earlier to 1.62 million vehicles. Sales for January-April, at 6.4 million vehicles, were down 1.3 percent.
Ford China vehicle were up 24 percent in April, evidence that the automaker is gaining a foothold in the world’s largest autos market, the company said on Tuesday. The launch of the new Ford Focus drove demand last month, Ford said. The car is the first of the 15 new vehicles Ford plans to bring to China by 2015.
Chinese carmaker Chery Automobile Co on Tuesday said it hopes to see vehicle exports hit 200,000 units this year. Jin Yibo, a company spokesman, said Chery will make efforts to export at least 170,000 units this year, and will try to achieve the 200,000-unit goal.
Chinese millionaires’ growing appetite for luxury has propelled German sports car maker Porsche to a new quarterly sales record. China has overtaken the US as Porsche’s largest market.
Porsche sales in China soared 79 percent to 7,099 cars in the first three months of 2012, leaving the sports car manufacturer’s deliveries to the US trailing at 6,671 vehicles, the company based in Stuttgart said Thursday.
SAIC Motor, China’s biggest automaker, is planning a venture with CP Group to build passenger cars in Thailand. SAIC intends to develop the new assembly plant as a production centre for right-hand-drive vehicles to sell in the region and in other markets that drive on the right.
The partners will complete the feasibility study for the project by the fourth quarter this year, said CP vice-chairman Thanakorn Seriburi.”The study will include the cost of investment for making at least 50,000 passenger cars a year,” he said yesterday.
Swedish car maker Volvo, owned by Chinese group Geely, said it was on track to meet its long-term goal of boosting sales more than four-fold in China after reporting a fall in 2011 earnings due to costs related to its expansion.
Volvo was bought by Zhejiang Geely Holding Group Co Ltd from Ford Motor Co in 2010. It plans to boost output from over 400,000 cars to more than 800,000 by 2020.
The Chinese battery and car maker BYD Co Ltd, partly owned by Warren Buffett’s Berkshire Hathaway Inc, said its profit for the first quarter of the year fell as much as 90 percent as its two biggest businesses were harmed by China’s slowing economy and Europe’s debt crisis.
BYD, a Shenzhen-based company, said in a financial report filed with the Shenzhen Stock Exchange on Wednesday that it had 11.73 billion yuan ($1.9 billion) in revenue in the first quarter, up only 0.2 percent from the same period last year. Its net profit of 27 million yuan for the same period was down 89.86 percent year-on-year.
The worlds first AMG showroom opens in Beijing Mercedes Benz has swung open the doors of its subsidiary AMG’s first standalone store in Beijing. Known for its line of high-performance cars that have wooed the world before and continue to do so, Mercedes Benz AMG will debut the new G63 SUV at the store.
Also, the AMG store will provide for as a information center, allowing visitors to learn more about AMG’s products, the Driving Academy and the Motorsports Program. Also, given the fact that the Chinese are quickly turning into massive consumers of luxury brands, particularly high-end cars, Mercedes Benz decided to venture forth with its first AMG store in the China covering a whopping 370sq meters of automotive technology and luxury.