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.
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.
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.
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.