Top Chinese automaker SAIC Motor Corp reported a 67 percent surge in quarterly earnings on Thursday, citing solid demand for German and US cars made at its Shanghai ventures as well as a $4.4 billion asset purchase from its state parent.
From October to December, SAIC’s net profit came to 6.93 billion yuan, up from 4.15 billion a year earlier and slightly higher than a consensus forecast of 6.72 billion from 14 analysts polled by Thomson One.
German luxury carmaker BMW Group will recall 120,246 vehicles in China for repairs beginning May 10 due to potential problems with a battery-cable cover, China’s quality watchdog said on Tuesday.
The recalled vehicles include the BMW 3 and BMW 5 Series models made in China as well as those imported between 2003 and 2010, according to a statement on the website of the General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ). Read more »
Dutch financial newspaper FD.nl reported yesterday that the ‘China Hi-Tech Group Company’ (CHTC) wants to buy the NedCar car factory in the Netherlands. The factory is currently owned by Mitsubishi Motors that makes the Colt and Outlander at the facility. Mitsubishi however wants to stop production in the Netherlands at the end of this year and has offered the factory for sale.
Chinese automaker Foton Motor group has opened an assembly plant in Nairobi in a bid to explore the market in Kenya and East Africa.
The plant, which cost $50 million, was officially opened Monday by Prime Minister Raila Odinga and a visiting Chinese delegation led by Liu Qi, a member of the Political Bureau of the Communist Party of China Central Committee.
The Great Wall Motor Company will become the first Chinese car brand to start volume sales in the UK market when the Steed double-cab pick-up truck goes on sale in April, priced from just £13,998. Pictured above, the Great Wall Steed gets its debut at the 2012 Commercial Vehicle Show (Birmingham NEC, 24-26 April), and is playing the value card hard.
General Motors China announced today that it has signed a memorandum of understanding with an important automotive technology organization recognized by the Chinese government. The China Automotive Technology and Research Center (CATARC) will manage GM’s fleet of demonstration Volts and will assist GM China in meeting certain objectives.
Chinese automaker Dongfeng Motor Group reported Tuesday its 2011 net profit fell 4.6 percent, due to lower prices and an overall slowdown in the world’s biggest automobile market. Net profit was at 10.48 billion yuan ($1.66 billion), down from 10.98 billion yuan from 2010, the firm said in a filing to the Hong Kong stock exchange where it is listed.
BYD, he Chinese carmaker partly owned by Warren Buffett’s Berkshire Hathaway Inc., fell to a two-month low in Hong Kong trading on Tuesday after the company forecast first-quarter profit may slump as much as 95 percent.
BYD fell by as much as 11 percent, the biggest intraday decline since Sept. 26, before closing 4.8 percent lower at HK$19.94 yuan in Hong Kong. The company’s Shenzhen-traded shares gained 1.8 percent, reversing a 3.9 percent decline.