Prices of new license plates in Shanghai hit a new record high in May as demand for private cars in the city has been growing despite local government controls on vehicle registration.
In the monthly auction ending at noon on Saturday, the average bid for a plate was 64,367 yuan ($10,000), about 2,700 yuan higher than the April average, according to official data. The previous record was 9380 USD set in March.
Chinese automotive media cite ‘rumors’ that Lincoln cars will be made in China from 2015. The rumors say the Lincolns will be produced under Ford’s existing joint venture with Chang’an Auto. The joint venture is working on a new plant in the city of Hangzhou in Jiangsu Province. This plant will come online in 2015 and, again according to the rumors, this is where the Lincoln will be made alongside several Ford-branded cars.
Japanese automaker Honda Motor Co Ltd will recall some Acura TL vehicles in China due to problems in their steering oil tubes, China’s consumer quality watchdog said Thursday. The recall involves a total of 537 vehicles produced between May 2006 and January 2007, according to a statement by the General Administration of Quality Supervision, Inspection and Quarantine.
More details have emerged on the Chery-Jaguar-Land Rover joint venture. Chery and JLR reached an agreement on the joint venture in March and are now waiting for the final approval by the Chinese government. The plans are impressive and include an engine plant which will make engines especially for the Chinese market.
Production will start in 2014. Initial capacity of the car factory will be 130.000 cars annually, by 2020 capacity will reach 250.000 cars. In 2014 the joint venture plans to build 34.000 Range Rover Evoques, 43.000 Range Rover Freelanders and 23.000 Jaguar ‘sedans’, which type or types is yet unclear.
Chinese media are reporting that Volvo will transfer the XC90 platform to Geely. Volvo is currently developing the new XC90 which will debut in 2014. Geely will use the platform to build a new ‘premium’ brand for the Chinese market.
The Chinese government has allocated 6 billion yuan ($949 million) to subsidise consumer purchases of fuel-saving cars, Xinhua News Agency reported late on Wednesday, putting a cumulative figure for the first time on the handouts as it moves to cut emissions in the world’s biggest auto market.
Beijing started offering a 3,000 yuan rebate on consumer purchases of small, fuel-efficient cars in June 2010, but has not previously indicated the total cost of the subsidy.
Domestic automaker BYD Co has signed an agreement to produce electric buses in Windsor, Canada, a city across the border from Detroit that was long involved the US auto industry. According to the deal between BYD and the Windsor government, the Chinese company will produce 500 buses annually in the city.
Fuji Heavy said it no longer expects to start building cars in China as part of a five-year growth plan that runs until March 2016, and lowered its global sales target for the final year by 50,000 vehicles.
The maker of Subaru cars had mapped out the plan in July last year, aiming to boost global sales by 40 percent to 900,000 vehicles by March 2016, driven in large part by a tripling in Chinese sales.
Eterniti Motors says it sold five of its Artemis hyper-SUV’s at the Beijing Auto Show, four for standard-specification cars and one full-bespoke, all five buyers are based in China. The standard car costs around 2.1 million yuan in China, or 332.000 USD. Read more »
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.