Archive for the ‘Industry News’ Category
Honda cuts 2011 China car sales target by 13%
Published on July 21, 2011 by Tycho de Feyter
Honda Motor Co said on Wednesday it was cutting its 2011 car sales target for China by 13 percent as Japan’s earthquake and tsunami in March disrupted its supply chain and forced production cutbacks, Reuters reported.
Honda lowered its sales target for China to 638,000 cars, down from its initial target of 731,500, and 2 percent lower than its 2010 sales, the report said.
Smart sales up 360% in China
Published on July 21, 2011 by Tycho de Feyter
In the first half of 2011, Mercedes sold almost 5,500 units of Smart cars in China, with a growth rate of 360 percent over the same period last year. This marks China as the third-biggest market, trailing behind Germany and Italy, for the two-seater car model.
China has been the third-largest market for the Smart brand of micro-cars by Mercedes-Benz, presenting great potential to be the No 1 market for the German automaker in the near future, said company executives. Read more »
New traffic plan to hit car owners in Beijing, China
Published on July 21, 2011 by Tycho de Feyter
The Beijing municipal government is at it again, new plans against car owners who all together cause those traffic jams. Read on:
Beijing – Private car owners might have to accept higher charges as the city’s traffic authority plans to further improve public transport and reduce the use of vehicles to ease traffic congestion.
Liu Xiaoming, director of the Beijing Municipal Commission of Transport, suggested in a report to the Beijing Municipal People’s Congress that the city adopt “both economic and administrative measures” to further reduce the use of private cars and divert private car owners to public transport.
100-km traffic jam in Northern China
Published on July 20, 2011 by Tycho de Feyter
HOHHOT – A traffic jam stretching nearly 100 km has reappeared on an expressway in north Inner Mongolia autonomous region following similar situations last year.
The severe congestion came as reconstruction and expansion of the Inner Mongolia section of the Beijing-Tibet Highway and a paralleling state-level road started on July 10. A long line of mostly trucks was seen Tuesday by Xinhua reporters crawling along the highway from Zhuozi County in the city of Ulanqab to Hohhot, the regional capital.
Beijing Auto and Russia’s AMS Auto announce joint venture
Published on July 20, 2011 by Tycho de Feyter
China’s fifth largest automotive group, Beijing Automotive Group (BAIC Group), announced the establishment of a joint venture with Russia’s AMS Auto.
The Beijing-based BAIC Group said total investment in the joint venture, BAW-RUS Automotive Co., Ltd., is about 176 million U.S. dollars, with a registered capital of 20 million dollars.
Number of motor vehicles in China hits 217 million
Published on July 20, 2011 by Tycho de Feyter
The number of motor vehicles in China hit 217 million as of the end of June, including nearly 98.46 million automobiles and 102 million motorcycles, according to a statement released by the the Ministry of Public Security on Tuesday.
The ministry’s definition of motor vehicles includes motorcycles,tractors, trucks and cars.
Chang’an-PSA joint venture officially launched in China
Published on July 19, 2011 by Tycho de Feyter
The Chinese government has approved the Chang’an-PSA (aka Chang’an-Peugeot-Citroën) joint venture. It is the second joint venture from PSA in China, the other one is Dongfeng-Peugeot-Citroën.
Mercedez-Benz has got Big Plans for China
Published on July 17, 2011 by Tycho de Feyter
Mr. Dai Si, CEO of the Beijing-Benz joint venture had a little talk with the press and so we know: local production of the GLK will start this year. Production of a new yet nameless compact SUV will start in 2013, this is likely the future BLK. The new A-class and B-class will be imported in China. Local production however is a possibility for the future. Via: Autohome.
FAW of China creates listing vehicle, closer to IPO
Published on July 14, 2011 by Tycho de Feyter
First Automobile Works Group Corp (FAW) has worked out a detailed plan to create a listing vehicle, moving a step closer to a long-awaited initial public offering(IPO), its two listed subsidiaries said on Wednesday.
FAW would inject its 53 percent stake in FAW Car Co Ltd and 47.7 percent holdings in Tianjin FAW Xiali Automobile Co Ltd into the new company, capitalised at 78 billion yuan ($12.1 billion), according a stock exchange filing. FAW would hold 99.6 percent of the listed vehicle, it added.
China’s BYD sees 95% tumble in first-half profit
Published on July 14, 2011 by Tycho de Feyter
Chinese car maker BYD has warned that its first-half profit will shrink by about 95 percent amid stiff competition and the loss of a consumer car subsidy.
The company said in a statement late Tuesday that it expects a net profit between 121.1 million yuan ($18.7 million) and 363.2 million yuan in the first six months of this year, compared with 2.42 billion yuan a year ago.
Follow us