Jaguar Land Rover has clinched a joint venture deal with China’s Chery Automobile in a move that promises to boost sales in one of its fastest-growing markets. Sales of JLR’s sleek saloons and powerful SUVs in China have boomed in recent years as luxury cars remain in demand, even as the overall market cools.
There has never been a better time to buy a Mercedes-Benz in China. The problem for luxury carmakers such as Daimler AG is that the incentives are likely to get even bigger.
Mercedes dealers are offering record markdowns of 25 percent on high-end models such as the S300 sedan, according to data stretching back to 2009 at cheshi.com, which tracks prices at more than 3,000 Chinese dealerships. BMW 7-series and Audi A8Ls sell for 20 percent below sticker prices, waiting lists have vanished and salesmen are dangling perks ranging from free iPhones to Hermes-bag coupons.
China raised fuel prices for the second time this year, hiking gasoline and diesel by 6.5 percent to 7 percent effective on Tuesday, amid rising world crude oil prices and falling domestic inflation.
Prices went up by 600 yuan ($94.90) a metric ton, the biggest hike since June 2009. The average gasoline price went up 6.5 percent to 9,980 yuan a metric ton, while diesel prices rose 7 percent to 9,130 yuan a metric ton. Both prices are record highs.
Nissan Motor and Dongfeng Motor Group Co will spin off the heavy truck segment of their China venture to Dongfeng’s state parent, paving the way for local production of Renault and Infiniti cars as well as a possible new Dongfeng-Volvo truck tie-up, Chinese media reported on Monday.
Nissan’s passenger car business in the venture will remain intact, as will its light commercial truck production with Shanghai-listed Dongfeng Automobile Co, Sina.com said citing unspecified sources.
Volvo Cars has signed New York Knicks point guard Jeremy Lin to a global endorsement deal, the automaker announced today in New York City. Volvo is owned by China’s Zhejiang Geely Holding Group Corporation.
According to a statement from Volvo, Lin “is expected to help in the marketing efforts of Volvo in several international markets and help establish the brand with younger and performance-oriented customers.” Read more »
Katsumi Nakamura was appointed as CEO of the French carmaker’s China business operations. He reports to Carlos Tavares, COO of Renault.
Born in 1953, Nakamura joined Nissan in 1978 and was president of the Japanese carmaker’s joint venture with Dongfeng Motor Corp in China from 2003 to 2008. He then served as executive vice-president of Renault and chairman of Asia-Africa Region.
Renault’s exports to China last year jumped 65 percent to 24,275 cars. The company plans to begin local production with Dongfeng in 2014 or 2015. Via: ChinaDaily.
Prices of new license plates in Shanghai hit record high in March as enthusiasm for private-car ownership continued to grow despite government controls on new vehicle registration.
Shanghai is the only Chinese city to use an auction to control plate supply. In the monthly auction that ended this weekend, the average bid for a license plate was 58,625 yuan (9,380 U.S. dollars), up 5.37 percent from the February average, government data showed.
Geely will start sales of its Emgrand EC7 compact car at the end of 2012 through a new distribution company called Geely Auto UK. Manganese Bronze Holdings, which partners Geely in building London black cabs in England and China, will set up the distribution company and a UK dealer network.