May 29, 2013 by Joey Wang
Guangzhou Automobile Group recently announced it will invest 1.7 billion yuan (277 million USD) to double the production capacity of its wholly-owned passenger car unit to 200.000 vehicles a year. The company also said it will invest another 1.15 billion yuan in product development of the Trumpchi, its own passenger car brand.
May 9, 2013 by Joey Wang
Carat Security Group, the Belgian company which specializes in providing armored limousines worldwide, plans to open its first manufacturing facility in China. Carat Security, which produces vehicles under the Carat Duchatelet and Centigon brands, has a 40-year history in the business. It has supplied vehicles to royal families in the Middle East, African leaders, and top Western government officials, said Benoit Ceulemans, its vice-president.
May 9, 2013 by Joey Wang
General Motors, the largest foreign automaker in China, said it won regulatory approval to build a Cadillac factory to boost sales of luxury vehicles in the world’s biggest automobile market.The National Development and Reform Commission has signed off on the plant, which will be located in Shanghai’s Jinqiao zone, with construction beginning in June.
April 25, 2013 by Joey Wang
China’s second-biggest auto group Dongfeng Motor Corp plans to invest heavily in its newly restructured passenger vehicle brand over the next couple of years. The partner of PSA Peugeot Citroen, Nissan, Honda and Kia said it will spend 15.65 billion yuan in research and development on its own passenger vehicle unit from 2013 to 2020.
March 14, 2013 by Tycho de Feijter
Chinese media are reporting today on a huge investment plan by First Auto Works, or FAW. Total investment in research and development over the next 5 years is 35.5 billion yuan or 5.7 billion USD. The ailing Hongqi (Red Flag) brand is the biggest benefactor with 10.5 billion yuan, showing that FAW is serious about resurrecting the once-famous brand.
May 27, 2012 by Joey Wang
BMW AG and its joint-venture partner Brilliance China Automotive Holdings Ltd. will invest €500 million ($628.6 million) to increase production capacity in China, the German car maker said Thursday, suggesting that luxury-car makers remain upbeat about growth potential in China amid economic concerns in Europe.
“China belongs to the three most important markets world-wide for BMW Group and offers great growth potential, particularly in the premium segment,” Chief Executive Norbert Reithofer said on the sidelines of the opening ceremony for BMW’s second production plant in China.
May 4, 2012 by Joey Wang
SAIC Motor, China’s biggest automaker, is planning a venture with CP Group to build passenger cars in Thailand. SAIC intends to develop the new assembly plant as a production centre for right-hand-drive vehicles to sell in the region and in other markets that drive on the right.
The partners will complete the feasibility study for the project by the fourth quarter this year, said CP vice-chairman Thanakorn Seriburi.”The study will include the cost of investment for making at least 50,000 passenger cars a year,” he said yesterday.
April 20, 2012 by Joey Wang
Ford plans to build a $760 million assembly plant in Hangzhou that will double its Chinese output to 1.2 million vehicles annually.
Ford and joint venture partner Changan Ford Mazda Automobile Co. will start construction later this year and the plant will open in 2015, initially producing 250,000 vehicles a year. The new factory, which follows other capacity expansions, brings Ford’s total investment in China to $4.9 billion.
April 9, 2012 by Joey Wang
Swedish carmaker Volvo, owned by China’s Zhejiang Geely Holding Group Co Ltd, plans to spend $11 billion on developing new products and boosting its manufacturing footprint in the next few years, a company spokesman said on Thursday.
Earlier in the day, German magazine Wirtschaftswoche said Geely would invest the money, but spokesman Per-Ake Froberg said that funding would come from Volvo itself and include financing from cash flow and borrowing. “It is not Geely investing $11 billion,” he said.
April 6, 2012 by Joey Wang
Ford’s China unit will invest about $600 million to increase the capacity of one of its passenger-car factories by almost 60 percent as it looks to expand its operations in the world’s largest auto market.
The automaker, along with joint venture partner Changan Automobile, will raise capacity at its factory in the southwestern Chinese city of Chongqing by 350,000 units to 950,000 vehicles annually by 2014, Ford said in an e-mailed statement yesterday. Construction is expected to begin immediately, it said.