Jaguar Land Rover and Chery Automobile Co are seeking regulatory approval for a 17.5 billion yuan ($2.78 billion) car venture in eastern China, two people with direct knowledge of the deal told Reuters on Monday.
The deal marks Jaguar Land Rover’s latest effort to expand its appeal in the world’s largest auto market where luxury sedans and SUVs remain in hot demand even as the overall car market cools.
At a press conference surrounding the launch of the China-made BMW X1 Mr. Olaf Kastner, president and CEO of Brilliance-BMW, also said that the joint venture would launch a new sub-brand within this year. The sub-brand will focus on new energy vehicles. Read more »
Toyota aims to sell as many as 1.8 million cars annually in China in 2015, more than doubling its 2011 level. The top Japanese automaker has set a target to sell 1 million cars in the country in 2012, up 13.3 per cent from the 2011 level, it said in a statement.
Geely’s Chairman Li Shufu said he “enthusiastically” supports the Chinese government’s plan to limit its car purchases to only domestic brands. At the same time, Li said he hoped the opportunity that this policy provides won’t stop Chinese carmakers from working to improve the quality of their vehicles.
Promoting environmentally friendly products and technologies will be a core focus of Toyota’s future development for the Chinese car market, according to its new strategy unveiled on March 1 in the capital city. The plan called Yundong, or Cloud Action, is Toyota China’s first-ever strategic plan for its business in the country.
Global sales at luxury-car maker Bentley are up almost 50 per cent so far this year. The Crewe-based firm said it delivered 894 cars to customers all over the world during the first two months of 2012 – up 47 per cent compared with the same period last year.
China and the U.S. are battling to become the company’s biggest market. So far this year Bentley has delivered 324 cars to customers across China, up 66 per cent, while deliveries to U.S. customers rose 29 per cent to 251.
Audi, which outsold Mercedes Benz for the first time last year to become the world’s second largest luxury carmaker by selling more than 1.3 million cars, bets on China, which is now its largest market ahead of Germany.