Even though it was sold to a Chinese automaker in 2010, Volvo Cars will have to form a 50-50 joint venture with new owner Geely to meet government requirements on local production, according to a senior executive of the Swedish carmaker.
Volvo has applied as a foreign brand for permission to build cars locally, so it must meet prerequisites that include a local partner, R&D facilities and developing a new brand owned by the joint venture, said Freeman Shen, senior vice-president of Volvo Cars and chairman of Volvo’s China operations.
Chinese automaker Lifan will build a $150-million engine plant in Uruguay, Argentina’s news website Infobae reported. The website cited Roberto Kreimerman, Uruguay’s industry minister, saying the plant will create 500 jobs at the facility making engines for sale in Brazil and other South American countries.
Lifan also plans to build a car assembly plant in the country that will produce 10,000 vehicles a year by 2014. That plant may export the Lifan 320 and 620 models to Brazil and other members of the Mercosur trading bloc.
Ford Motor Co. on Friday opened its fourth passenger-vehicle assembly plant in China, as it bets that aggressive expansion and new-model introductions will help it overcome strong competition in a moderating vehicle market.
The new $490 million factory in the southwestern city of Chongqing will initially produce the latest Focus compact model. Able to churn out up to 150,000 a year, it will take the annual capacity of Ford’s Chinese passenger-vehicle joint venture, Changan Ford Mazda Automobile, to 600,000 vehicles, and Ford’s global capacity in “C-segment” vehicles—the class to which the Focus belongs—to two million. Read more »
Luxury carmaker Porsche (China) will recall 20.826 vehicles on the Chinese mainland starting from March 23, China’s consumer quality watchdog said Friday.
The vehicles, including Cayenne, Cayenne S, Cayenne S Hybrid, Cayenne Turbo and Cayenne Turbo S models, are being recalled because of a design defect in the vehicles’ headlights, the General Administration of Quality Supervision, Inspection and Quarantine said in a statement on its website.
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.