Archive for the ‘Industry News’ Category
GM kills Saab rescue plan
Published on November 8, 2011 by Tycho de Feyter
The owner of Saab cars are scrambling to save a rescue deal for the Swedish car brand after General Motors said it would stop supplying components and technology if two Chinese companies succeeded with their acquisition bid.
GM on track to double China sales by 2015
Published on November 7, 2011 by Tycho de Feyter
General Motors is on track to double its annual tally to 5 million vehicles in China by 2015 despite slowing growth in the world’s largest auto market, its China chief said on Monday.
GM, which competes in China with Volkswagen AG among other global brands, has been outperforming the market so far this year due in part to hot-selling Buick and Chevrolet cars made at Shanghai GM, its flagship China car venture.
Ford China sales up 9%
Published on November 6, 2011 by Tycho de Feyter
Ford China reports a 8.8% increase in sales, despite the fact that in the past months both sales and production volumes are registering results below analysts expectations.
Since the beginning of the year, specifically in January – October period, Ford sold 426,814 vehicles compared to 392,152 vehicles sold in the same period last year.
GM says difficult to support Saab ownership change
Published on November 6, 2011 by Tycho de Feyter
General Motors Co said on Friday that it would be difficult to support a sale of Saab if the transaction hurt its existing tie-ups in China or its competitive position in other markets.
China’s Pang Da Automobile Trade Co and Zhejiang Youngman Lotus Automobile have struck a deal to buy Saab from its current Dutch owner, Swedish Automobile, in what amounts to a rescue plan for the Swedish auto brand formerly owned by GM.
BMW profits beat forecasts thanks to demand from China
Published on November 4, 2011 by Tycho de Feyter
BMW expects economic conditions to remain volatile until at least 2015 but reassured investors that it had made contingency plans and would react quickly in the unlikely event that the global economy fell back into recession.
The maker of BMW, Mini and Rolls-Royce cars reaffirmed its 2011 and 2012 targets and beat consensus profit forecasts in the third quarter thanks to continued strong demand in China and brisk sales of its 5 Series saloon and X3 sports utility vehicles.
Saab-savior Pangda ‘burns’ 6 billion yuan in 6 months
Published on November 4, 2011 by Tycho de Feyter
Shareholders and securities analysts are scratching their heads over how a top automobile marketing group in China managed to “burn” a huge fund of 6 billion yuan (US$944 million) in just six months. Many have speculated that Pang Da Automobile Trade Co has shifted to financial leasing services to cope with stalling car sales caused by the government’s credit-tightening regulations.
Lotus hopes to sell more than 300 cars in China in 2012
Published on November 3, 2011 by Tycho de Feyter
China is crucial to British sports and racing car brand Lotus’ revival in the global market, with the country expected to generate more than one-fourth of its total sales within the first four years of operation, said a company executive.
“We see China as absolutely the most important market for us to further develop around the world. Although we’re just entering the market with the most potential today, we believe that within one year, China will replace Japan as our biggest market in the Asia-Pacific region.” Read more »
Overcapacity worries rising in China’s auto industry
Published on November 3, 2011 by Tycho de Feyter
Starting in 2011, China’s automotive industry will say goodbye to the era of extremely rapid development, said Wang Xia, the executive chairman of the Global Automotive Forum 2011, which was held recently.
China’s automotive market has suddenly entered an adjustment period and almost all the automotive enterprises of China were caught unprepared. Since April 2011, the automotive output and sales volume have both been declining for three successive months.
Kia Motors to Build Third Plant in China
Published on November 3, 2011 by Joey Wang
Kia Motors will build its third automobile manufacturing plant with an annual production capacity of 300,000 cars in China, the world’s largest car market. This will increase the Hyundai-Kia Automotive Group’s total production capacity in China to 1.73 million vehicles, ranking the group third after Volkswagen and GM.
Nissan may build Infiniti brand cars in China
Published on November 2, 2011 by Tycho de Feyter
Nissan Motor Co said it may build Infiniti cars in China and will locate its global headquarters for the luxury brand in Hong Kong as it targets wealthy consumers in burgeoning markets in Asia and elsewhere.
Nissan, is considering a factory in Hubei province, owned by its joint venture Dongfeng Motor Co, the Nikkei business daily reported Wednesday.
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