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.
French auto giant Renault aims to produce electric cars in China and sell more luxury vehicles in the world’s biggest auto market, its chief executive says.
‘The Chinese government said recently that it is not possible to increase capacities or set up in China without bringing certain innovations,’ noted Ghosn during a conference with analysts on the group’s annual earnings.
The Dongfeng Xiao Kang, a well-known minitruck model of China, has been put into mass production in Thailand to address rising local demand, the company announced on Thursday.
The factory, located in Gateway Industrial Estate in Cha Choeng Sao province, is estimated to produce 5,000 units of minitrucks per year, Pitaya Tanadamrongsak, managing director of DFM minitruck (Thailand), Dongfeng Motor’s exclusive dealer in the country.
PSA Peugeot Citroen’s car venture in southern China said on Thursday that it is on schedule to bring its DS models to China in the second quarter, denying a media report that claimed otherwise. Changan PSA Automobile (CAPSA) plans to open 16 dealership outlets in China initially and 13 are already under construction, it said in a statement.
PSA Peugeot Citroen’s car venture in south China might have to postpone its plan to sell imported Citroen DS models as it has been unable to find any dealers, the Shanghai Securities News said on Thursday. The setback will likely also delay plans to manufacture the DS-range in China, production was scheduled to begin in 2013. Read more »
The China-made Chevrolet Sail and the Wuling Hongguang will be listed on the Indian car market this year. The Wuling will be rebadged as ‘Chevrolet’ but its name is not sure yet, for now it is simply called the ‘Chevrolet MPV’.
China’s State Administration of Taxation (SAT) said Tuesday that the recently-enacted new vehicle and vessel tax law will cut 3 billion yuan ($476.59 million) in taxes for owners of mid- and small-sized cars in 2012.
The Vehicle and Vessel Tax Law, which became effective January 1, levies moderately higher taxes on passenger vehicles with an engine size between 2 liters and 2.5 liters and much higher taxes on those with an engine size above 2.5 liters.