sales numbers, new factories, mergers, take overs, government regulations, laws

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Great Wall Steed first Chinese car for UK

March 28, 2012 by Joey Wang

Great Wall Steed

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.

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GM working with CATARC to charge Volt sales in China

March 28, 2012 by Joey Wang

Chevrolet Volt China

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.

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Dongfeng Motor profit down 4.6%

March 28, 2012 by Joey Wang

Dongfeng China

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.

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BYD says Q1 profit might fall with 95%

March 28, 2012 by Joey Wang

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.

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Volvo recalls S60, XC60 cars in China

March 25, 2012 by Joey Wang

Volvo China

The Shanghai sales branch of Volvo announced it will recall more than 12,000 imported S60 and XC60 cars in China starting Friday, the country’s consumer quality watchdog said. Read more »

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Dongfeng Honda recalls CR-V cars in China

March 25, 2012 by Joey Wang

Dongfeng Honda has announced it will recall 2,000 CR-V multi-purpose passenger vehicles in China starting Saturday, China’s consumer quality watchdog said Friday. Read more »

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China to release new government car purchase plan

March 23, 2012 by Joey Wang

Hongqi HQE

China intends to release a plan to reorganize its automobile fleet this year, according to a statement posted on the central government’s website today. China also plans to announce proposals to “reform” the cars used by the Communist Party’s central agencies this year at an “appropriate time,” the State Council said in a notice.

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Geely Auto 2011 profit up 13% on Demand for Cars in China

March 23, 2012 by Joey Wang

Geely Car China

Geely Automobile Holdings Ltd., whose parent owns Volvo cars, posted a 13 percent gain in 2011 profit on Chinese demand for new vehicles.

Net income rose to 1.54 billion yuan ($244 million), or 0.19 yuan a share, from 1.37 billion yuan, or 0.17 yuan, a year earlier, Geely said in a statement to the Hong Kong stock exchange yesterday. That beat the 1.47 billion yuan average of 21 analyst estimates compiled by Bloomberg.

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Geely hopes to get Approval for Volvo JV in H1

March 23, 2012 by Joey Wang

Volvo China

Zhejiang Geely Holding Group Co Ltd, parent of Geely Automobile Holdings Ltd, hopes to receive government approval for its joint venture with Volvo Car in the first half of 2012 so production can start next year, Vice President Daniel Li said.

“We believe the joint venture will be approved,” Li told reporters on Thursday after Geely Automobile’s results briefing. Li, who is also a board member of Volvo Car, said he hoped sales of China-made Volvo cars could be launched in 2013.

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Taxi drivers in China will get subsidy to offset hike in fuel price

March 22, 2012 by Joey Wang

China Taxi

Taxi drivers nationwide will receive a subsidy of around 300 yuan ($47.50) a month to offset the second hike in fuel prices this year, according to the National Development and Reform Commission.

The government on Tuesday raised gasoline and diesel prices by 600 yuan a ton. As a result, the retail price of mid-grade gasoline will increase by 6 percent and benchmark diesel by 7 percent.

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