Archive for the ‘Industry News’ Category
Pangda plans to raise $594m via bond sale
Published on September 17, 2011 by Tycho de Feyter
Chinese car distributor Pangda plans to raise up to 3.8 billion yuan ($594 million) by issuing bonds, it said on Sept 16. The proceeds will be used to repay bank loans and to replenish its cash flow, it said in an exchange statement.
The plan is subject to regulatory approval, it said. In May, Pangda entered into an agreement worth 110 million euros ($152 million) with the owner of troubled Swedish carmaker Saab.
Via: ChinaDaily.
Chang’an to expand into European markets
Published on September 15, 2011 by Tycho de Feyter
FRANKFURT – Chang’an Automobile (Group) Co Ltd, China’s fourth-largest automaker, intends to start selling its vehicles in Europe in 2013, with the “right products and full preparation”, a company executive said.
“Chang’an started the overseas expansion strategy five years ago, beginning exports to developing countries with light commercial vehicles, including minivans,” said Zhu Huarong, vice-president of the company. “Now we are targeting the European markets and the United States market to make Chang’an a true international automaker from China.” Read more »
BMW to develop electric car for China
Published on September 12, 2011 by Tycho de Feyter
BMW is to develop a new brand of electric cars exclusive to China, giving into pressure from the Chinese authorities. “It will be a purely Chinese brand. It will have no connection with the BMW brand,” board member Friedrich Eichiner told the Frankfurter Allgemeine Zeitung. Otherwise there would be a risk of brand dilution.
Automaker Chery sees record exports in August
Published on September 12, 2011 by Tycho de Feyter
Chery Auto, China’s largest independent automaker, said on Sept 9 that its automobile exports hit a record high in August due to a recovering global auto market and expansion at overseas plants.
Chery exported 19,017 cars last month, an annual increase of 83.6 percent, the company said in a news release posted on its website. Read more »
GM’s China sales up 13.4 percent in August
Published on September 8, 2011 by Tycho de Feyter
US auto giant General Motors said its sales in China hit 205,885 units in August — a record for the month — up 13.4 percent from a year ago due to strong growth in passenger car purchases.
The record figure comes despite government moves earlier this year to phase out incentives such as tax breaks for small engine vehicles, originally implemented to ward off the impact of the global financial crisis.
Michelin eyes China market
Published on September 8, 2011 by Joey Wang
French tire maker Michelin has become a strategic investor in Double Coin Holdings (Anhui) Warrior Tire Co Ltd, China Business News reported Sept 8.
In a statement released by Double Coin Holdings, Michelin Finance and Michelin China Invest Co Ltd will enlarge the company’s capital by 667 million yuan ($104.3 million), accounting for 40 percent stakes in the joint venture (JV). Double Coin will still be the largest shareholder.
SAIC Aug auto sales up 14% y-o-y
Published on September 8, 2011 by Joey Wang
Top Chinese automaker SAIC Motor Corp posted a 14.4 percent rise in vehicle sales in August from a year ago, it said in filing to the stock exchange late on Sept 6.
SAIC, the China partner of General Motors and one of the parterres of Volkswagen, sold 327,924 vehicles last month, up from 286,502 units a year earlier and 270,439 in July, it said.
Toyota to make hybrid car parts in China
Published on September 7, 2011 by Tycho de Feyter
Toyota is planning to manufacture key components for its hybrid cars outside Japan for the first time, in a bid to boost sales. It will start making parts at its research and development facility in China to cater for growing demand from the mainland.
China aims to slow down Car sales
Published on September 7, 2011 by Tycho de Feyter
After a decade of nurturing China’s auto industry to become the largest in the world, this country’s leaders are having second thoughts.
A succession of government officials at a weekend conference called for China’s automakers to shift their focus from making ever more cars and toward producing more fuel-efficient and more advanced models, including gasoline-electric hybrids and all-electric cars.
Ford China auto sales down 7% in August
Published on September 7, 2011 by Tycho de Feyter
Ford Motor said on Sept 6 it had shipped 34,916 vehicles to dealers in August, down 7 percent from a year earlier, marking its first monthly decline so far this year.
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