Archive for the ‘Industry News’ Category
Geely crossover set to hit Nepali roads
Published on November 2, 2011 by Tycho de Feyter
Saakha and Universal Automobiles, the exclusive distributor of Geely Vehicles for Nepal, will soon be launching the Geely LC crossover vehicles in Nepali market. The vehicle is expected to be in the market in December. Geely LC Cross is the crossover version of its Geely Panda mini car.
Volvo designer Peter Horbury moves to China’s Geely
Published on November 2, 2011 by Tycho de Feyter
Volvo Car Corporation’s styling chief Peter Horbury is moving to the Swedish automaker’s sister brand, Geely Group, as senior vice president design. A decision on who will succeed Horbury as Volvo head of design has not been made.
Geely will develop two new Volvo’s in China
Published on November 1, 2011 by Tycho de Feyter
Volvo’s future under Geely is getting more and more clear and things are looking good. For the brand that is, not so much for the development center back in old Sweden. Geely has established a brand-new Volvo development center in Shanghai which will develop two new Volvo’s: a small car and a mid-sized car.
FAW reports $7.88m net loss in Q3
Published on November 1, 2011 by Tycho de Feyter
FAW Car Co, a unit of one of China’s three largest auto makers, reported Sunday a net loss of 49.86 million yuan ($7.88 million) in the third quarter of this year because of slowing sales in the world’s largest auto market.
General Motors sees 7-10 % growth in China car market
Published on October 30, 2011 by Tycho de Feyter
General Motors Co sees growth of between 7 percent to 10 percent in the China car market this year, its chief executive said on Sunday.
“In 2009 it grew 50 percent, 2010 it grew roughly 30 percent, that’s not all good either. You can’t have totally unbridled growth in a country evolving as quickly as China,” Daniel Akerson told reporters in Shanghai.
Beiqi Foton Motor profits down 60 %
Published on October 30, 2011 by Tycho de Feyter
Beiqi Foton Motor Co., a brand from BAIC and China’s largest commercial vehicle manufacturer, said Sunday that its third-quarter profits slid 59.9 percent from one year earlier because of falling sales.
The car maker’s profits dropped to 211 million yuan (33.28 million U.S. dollars) for the third quarter of 2011, according to a statement filed with the Shanghai Stock Exchange.
Audi’s share of China’s luxury-car sales Down 25%
Published on October 29, 2011 by Tycho de Feyter
Audi’s status as the carmaker of choice for Chinese bureaucrats has emerged as an obstacle in the world’s biggest automobile market as BMW and Mercedes-Benz gain traction with a generation of rich young buyers.
Audi’s share of China’s luxury-car sales has tumbled by 25% in less than two years as state agencies and executives tighten budgets and younger buyers seek alternatives to sedans traditionally used by the government. The automaker supplied an estimated 70% of cars used by the government and state-held enterprises during the 1980s. Read more »
BYD 9-month earnings down 85.5%
Published on October 29, 2011 by Tycho de Feyter
BYD Co Ltd , a Chinese carmaker backed by U.S. billionaire Warren Buffett, reported an 85.5 percent plunge in earnings for the first nine months as it struggles to revamp its over-stretched dealer network amid a slowing market.
The outlook for the remainder of the year remains dim as Beijing’s policy changes may further damp auto demand in a market that has already eased to a 3.6 percent gain in the first three quarters, after years of breakneck expansion.
Saab Auto Sets Sale to Panda and Youngman
Published on October 29, 2011 by Tycho de Feyter
STOCKHOLM—Swedish Automobile NV, the owner of Saab Automobile, said Friday it agreed to sell the stricken car maker to Chinese companies Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. for €100 million ($141.9 million), conceding defeat in a two-year struggle to turn the company around after decades of losses.
SAIC Third-Quarter Profit up 27%
Published on October 27, 2011 by Tycho de Feyter
SAIC Motor Corp., China’s largest domestic automaker, said third-quarter profit rose 27 percent as it sold more cars with partners General Motors Co. and Volkswagen AG in the world’s biggest automobile market.
Net income for the quarter climbed to 4.7 billion yuan ($740 million) from 3.7 billion yuan a year earlier, the Shanghai-based company said in a statement to the city’s stock exchange today. Sales rose 19 percent to 97.4 billion yuan.
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