Zhejiang Geely Holdings Group Co said on Wednesday that it plans to set up a joint venture with unit Volvo Car Corp in China and hopes to announce a project to develop and produce an indigenous brand of cars with Volvo in two months.
Geely, which bought Volvo Car in 2010 and controls Hong Kong-listed Geely Automobile Holdings Ltd, would set up a 50/50 joint venture with Volvo, spokesman Yang Xueliang quoted Chairman Li Shufu as saying.
‘Dianyue’ is a new sub-brand from the Dongfeng-Yueda-Kia joint venture. Logo is a rather cool-shaped ‘X’ and the old rebadged first-gen Kia Cerato on pic is their first yet nameless car. There will be patrol engines and an electric powered version that has a 110 km/h top speed. An that, is all we know for now. More news on Dianyue when we get it… Via: Autohome.
Economic growth is slowing in China and Western markets are a tough sell, so Geely is turning to emerging markets and most recently to Egypt.
Geely and an Egyptian car-assembly company said Wednesday they plan to start assembling Geely cars this year for sale across North Africa. The Chinese auto maker and Egypt’s GB Auto SAE plan to produce up to 30,000 cars annually in a few years and eventually hit 50,000 cars a year, a person close to Geely said.
Ford expects China’s vehicle sales to rise “about 5%” in 2012, the auto maker’s regional head said, forecasting a second year of relatively moderate growth for the world’s largest car market after years of double-digit surges.
But Joseph Hinrichs, president of Ford Asia-Pacific and Africa, said the U.S.-based company expects its own sales to exceed the industry average, despite a weak start, as it expands production facilities and introduces new models.
Businessweek reports that Lamborghini will unveil a SUV concept at the Beijing Auto Show in April. The production version ‘may be’ available by 2016. Businessweek got the news from ‘a person familiar with the Sant’Agata Bolognese-based company’s plans who declined to be identified’.
L-R: Chinese Ambassador to Bulgaria Guo Yezhou, Litex Motors owner Grisha Ganchev, Great Wall CEO Wang Feng Ying, Bulgarian PM Borisov, Bulgarian EconMin Traikov at the Litex Motors factory opening.
Bulgaria has formally launched of mass production of cars under the Chinese Great Wall badge by Litex Motors near the northern city of Lovech.
The car manufacturing plant near Lovech comes to life seventeen years after Bulgaria’s last failed attempt to revive its automobile industry. The first car of the Chinese company Great Wall assembled near Bulgaria’s Lovech was rolled out in the middle of November 2011.
Great Wall Motor has become the first Chinese carmaker to open an assembly plant in Europe as it aims to lift sales in the region. The factory, in the northern village of Bahovitsa in Bulgaria, will eventually produce 50,000 vehicles a year.
The facility was built together with Great Wall’s Bulgarian partner Litex Motors. It will manufacture Great Wall’s Hover SUV, Steed pick-up and Voleex city car models.
Volvo Car will form a carmaking venture with majority shareholder Zhejiang Geely Holding Group Co., as part of plans to expand in the world’s largest vehicle market. Volvo will announce “concrete details” about the joint venture in about two months, Michael Ning, a Beijing-based spokesman for the company, said in a phone interview today.
Lamborghini, maker of the $1 million Aventador LP 700-4, said industry sales of ultra-luxury sports cars may slow as signs that China’s economy is weakening puts off some buyers.
“If you look at the economy right now, there may be some uncertainty to make people wait a little,” Christian Mastro, Lamborghini’s Asia Pacific general manager, said in a phone interview on Feb. 16. “The number of people able to spend this kind of money is limited, it’s not unlimited.”
Chinese carmaker Zhejiang Youngman Lotus Automobile has made a 3 billion crowns ($446 million) offer for bankrupt Swedish carmaker Saab which has drawn a cool response from receivers, a source with knowledge of the situation said on Friday.
The receivers want bids for parts of Saab rather than the whole business as that would raise more for creditors, the source said. Saab was declared bankrupt last December after months of efforts to keep it afloat by owner Swedish Automobile.