Posts Tagged ‘joint venture’
Published on February 18, 2013 by Joey Wang
General Motors said it had repurchased a 1 percent stake in its joint venture with Chinese partner SAIC Motor Corp, which it had sold ahead of its 2009 bankruptcy filing. The move will increase GM’s ownership of Shanghai General Motors Co Ltd back to 50 percent, according to a filing with the US Securities and Exchange Commission on Friday.
Published on February 6, 2013 by Joey Wang
Shanghai Maple Guorun, a subsidiary of Zhejiang Geely, said that it has signed an agreement with Kandi Vehicles to set up a 50-50 joint venture for electric vehicles.
With registered capital of 1 billion yuan ($160 million), the joint venture will engage in the investment, research and development, production, marketing and sales of electric vehicles on the Chinese mainland.
Published on November 28, 2012 by Joey Wang
Renault is planning to launch a joint venture to build cars in China with Dongfeng Motor Group, the country’s second-largest automaker, a local newspaper reported.
The two firms plan to invest a combined 6.5 billion yuan ($1.0 billion) in a plant in the central province of Hubei with an initial capacity of 200,000 cars a year, China Business News said, citing unnamed sources at Dongfeng.
Published on August 27, 2012 by Joey Wang
A joint venture between Navistar International Corp and China-based truck maker Anhui Jianghuai Automobile Co Ltd was launched Thursday in Beijing. The move signals the official start of the companies’ cooperation in China’s market for truck engines.
“Engine production is an area with a considerable amount of profits,” JAC president An Jing told the China Securities Journal. “The best engines can be sold for more than 100,000 yuan ($15,792), while the price of a heavy-duty truck is around 300,000 yuan.”
Published on May 18, 2012 by Tycho de Feyter
More details have emerged on the Chery-Jaguar-Land Rover joint venture. Chery and JLR reached an agreement on the joint venture in March and are now waiting for the final approval by the Chinese government. The plans are impressive and include an engine plant which will make engines especially for the Chinese market.
Production will start in 2014. Initial capacity of the car factory will be 130.000 cars annually, by 2020 capacity will reach 250.000 cars. In 2014 the joint venture plans to build 34.000 Range Rover Evoques, 43.000 Range Rover Freelanders and 23.000 Jaguar ‘sedans’, which type or types is yet unclear.
Published on April 5, 2012 by Joey Wang
The Brilliance-BMW joint venture plans to sell 150,000 BMW sedans in 2012, up 40% compared to 2011. Brilliance-BMW sold 108,190 BMW sedans in 2011, up 53,5%, outclassing China’s passenger car sales rise of 5.2%.
“I believe sales in China’s luxury car market should rise 15 to 20 percent this year as this segment is still small in China and more consumers are chasing for premium brands,” chairman Wu Xiaoan told reporters at a results briefing. “We will grow faster than the market.”
Published on April 5, 2012 by Joey Wang
Fiat and Guangzhou Automobile will begin selling the first car made under their joint venture in China in the second half of 2012 at a plant with a capacity to make up to 170,000 units a year, the head of the Italian automaker said Wednesday.
“That will be the first phase,” Fiat Chief Executive Sergio Marchionne said at the automaker’s annual shareholders assembly in its hometown in northwestern Italy, referring to the number of vehicles to be produced.
Published on March 23, 2012 by Joey Wang
Zhejiang Geely Holding Group Co Ltd, parent of Geely Automobile Holdings Ltd, hopes to receive government approval for its joint venture with Volvo Car in the first half of 2012 so production can start next year, Vice President Daniel Li said.
“We believe the joint venture will be approved,” Li told reporters on Thursday after Geely Automobile’s results briefing. Li, who is also a board member of Volvo Car, said he hoped sales of China-made Volvo cars could be launched in 2013.
Published on March 22, 2012 by Joey Wang
Jaguar Land Rover has clinched a joint venture deal with China’s Chery Automobile in a move that promises to boost sales in one of its fastest-growing markets. Sales of JLR’s sleek saloons and powerful SUVs in China have boomed in recent years as luxury cars remain in demand, even as the overall market cools.
Published on March 12, 2012 by Joey Wang
British off-road icon Land Rover plans to join the ranks of global automakers making vehicles in China by partnering with Chery Automobile Co Ltd in a joint venture. Local media reports said the partnership will be based in the Changshu Economic and Technological Development Area in Jiangsu province.
Both sides have reached agreement on the new venture and are now awaiting approval from the National Development and Reform Commission, China’s top economic planner, sources familiar with the issue told reporters.