The Chinese battery and car maker BYD Co Ltd, partly owned by Warren Buffett’s Berkshire Hathaway Inc, said its profit for the first quarter of the year fell as much as 90 percent as its two biggest businesses were harmed by China’s slowing economy and Europe’s debt crisis.
BYD, a Shenzhen-based company, said in a financial report filed with the Shenzhen Stock Exchange on Wednesday that it had 11.73 billion yuan ($1.9 billion) in revenue in the first quarter, up only 0.2 percent from the same period last year. Its net profit of 27 million yuan for the same period was down 89.86 percent year-on-year.
The worlds first AMG showroom opens in Beijing Mercedes Benz has swung open the doors of its subsidiary AMG’s first standalone store in Beijing. Known for its line of high-performance cars that have wooed the world before and continue to do so, Mercedes Benz AMG will debut the new G63 SUV at the store.
Also, the AMG store will provide for as a information center, allowing visitors to learn more about AMG’s products, the Driving Academy and the Motorsports Program. Also, given the fact that the Chinese are quickly turning into massive consumers of luxury brands, particularly high-end cars, Mercedes Benz decided to venture forth with its first AMG store in the China covering a whopping 370sq meters of automotive technology and luxury.
Luxury automaker Infiniti said Friday it will make cars in China for the first time starting in 2014, joining a rush by global automakers to expand production in the world’s biggest auto market even as sales growth fades.
Infiniti, owned by Nissan, said two of its models will be produced in factories run by Nissan and its Chinese joint-venture partner. It will be Infiniti’s first production outside Japan.
Ford plans to build a $760 million assembly plant in Hangzhou that will double its Chinese output to 1.2 million vehicles annually.
Ford and joint venture partner Changan Ford Mazda Automobile Co. will start construction later this year and the plant will open in 2015, initially producing 250,000 vehicles a year. The new factory, which follows other capacity expansions, brings Ford’s total investment in China to $4.9 billion.
Chinese automaker Youngman has offered to buy bankrupt Swedish carmaker Saab for 3.2 billion kronor ($470 million), according to a report in Swedish business daily Dagens Industri (DI). That’s the lowest price that the major pledgees and real estate owners will accept to settle their pledges and their property,” a source told DI.
According to the paper, the Chinese firm has also promised to invest an additional 10 billion kronor in order to restart production at Saab’s factory in Trollhättan in western Sweden, a facility which has been more or less at a standstill for a year.
Mercedes-Benz China will recall vehicles with faulty automatic gearboxes, the country’s consumer quality watchdog said on Monday.
The General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) said in a statement that the company will recall its imported A160 and B200 models, which have potential risks in their continuous variable transmission (CVT) systems.
Local car maker Holden has signed a deal to develop at least two new vehicles for China. The company has signed an agreement with Shanghai General Motors (SGM) and the Pan Asia Technical Automotive Center (PATAC) to develop new vehicles for SGM.
When the Geely Emgrand EC8 gets a facelift later this year it will also get two new engines. Both are Geely-developed ‘Getec’ powerplants: a 2.0 with 140hp and a 2.4 with 161hp. The current EC8 is powered by two Mitsubishi-sourced engines: 2.0 with 136hp and a 2.4 with 156hp. Power is up only a bit but Geely also claims better fuel economy. The Getec-line will eventually spawn ten engines, the smallest a 1.0, the biggest a 3.5. Via: Autohome.
China’s quality watchdog Wednesday advised owners of Volkswagen cars with defective direct-shift gearbox (DSG) to submit information about the problem to the government agency. People can download forms from the website of the General Administration of Quality Supervision and Quarantine (AQSIQ) and send emails to [email protected], or submit the problems at www.dpac.gov.cn. Read more »