Chinese favor personalized imported cars
Shanghai, August 2 (Gasgoo.com) Despite a slow growth in the past four months, imported cars had been doing pretty well in the Chinese auto market, with sales in May increasing by 114.5% from a year earlier, media reported.
Among the imported cars, those with less than 3.0L displacement were the main force of the sales growth. Moreover, the reporters have learned from the country's dealerships that sales of the imported cars all grew better than last year, such as the Lexus RX SUV series, the new Kia Sorento, the Mercedes-Benz ML, the BMW X5 SUV and other imported SUVs.
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Jaguar Land Rover boosts China leadership
Shanghai August 2 (Gasgoo.com) Recently, with excellent performance in the Chinese auto market, the world's super luxury brands Jaguar and Land Rover decided to appoint Bob Grace as its CEO in China to strengthen its Chinese management team.
Bob Grace has joined Jaguar and Land Rover for 25 years and has served several global management positions. Prior to his new appointment, Bob served as Land Rover's overseas operations director in the UK headquarters, responsible for the global markets outside Europe and North America.
VW plans to achieve full localization in China
Shanghai, August 3 (Gasgoo.com) Owing to the rising cost of imported raw masteries, Volkswagen's Chinese unit plans to purchase all the auto parts and components locally, indicating that the German carmaker will gradually achieve full localization in China, the company said recently.
Although Volkswagen has raised the localization rate of its Jetta, Santana and other products in China to 95%, the key components of its other products, such as the Golf, the Magotan, the CC, the Skoda Superb, etc., still need to be imported from overseas at present.
China July passenger-car sales up 15.43% to 822,300 units
Shanghai, August 3 (Gasgoo.com) China's passenger-car sales grew at a faster pace in July as the government introduced subsidies for fuel-efficient models and dealers offered discounts to clear inventories in the world's biggest automobile market, Bloomberg reported yesterday.
According to data released by the China Automotive Technology & Research Center, sales of the country's passenger cars reached 822,300 units in July, up 15.43% year on year, but slightly down 3.44% month on month. The production rose 12.82% y/y and dipped 2.89% m/m to 949,100 unit in the month.
JAC, Hybrid Kinetic sign new energy JV deal
Shanghai, August 4 (Gasgoo.com) Anhui Jianghuai Automobile Co., Ltd. (JAC) and Tianjin-based HKMC Equity Investment Fund Management Co., Ltd., a wholly-owned subsidiary of Hong Kong's Hybrid Kinetic Motors Corporation (HKMC), signed a letter of intent yesterday for the no less than 2 billion yuan ($295 million) joint venture deal on new energy vehicles, JAC said in a statement today.
China's media says the new joint venture is likely to be located in Hefei city, eastern China's Anhui province. The two sides are now waiting for the Chinese government's approval to sign a formal agreement or contract.
Volvo aims to compete with BMW and Benz: Li Shufu
Shanghai August 4 (Gasgoo.com) After Geely closed its purchase of Ford Motor Co's Volvo unit on Monday, Li Shufu, chairman and founder of Geely revealed to the media that he hopes to turn Volvo to a top high-end model that can compete with Mercedes-Benz and BMW.
Volvo is known for its safety. Li said in addition to introducing more high-end vehicles to compete with Benz and BMW, Geely will enhance Volvo's brand awareness in China and boost the R&D on Volvo cars.
King Long light bus exports soar 881% in H1
Shanghai, August 5 (Gasgoo.com) Xiamen King Long United Automotive Industry Co Ltd, a major Chinese bus maker based in southeast China's Fujian province, exported 2,552 light buses in the first half of this year, up 881.54% from a year earlier, media reported.
Of which, exports of King Long's light buses to South Africa reached 1,320 units, worth $11.9 million. The company has so far exported nearly 3,000 light buses to the country for public use, inlcuding the 1,500 units exported in the past two years.
Toyota plans to import PHV Prius to China
Shanghai, August 5 (Gasgoo.com) Toyota Motor Corp., the world's biggest seller of autos powered by a combination of gasoline and electricity, now plans to import its new plug-in hybrid vehicle Prius to China, FAW Toyota's General Manager, Mao Liwu said recently.
The 2011 Toyota Prius, which retains its 50-plus-mpg rating and innovative options such as a solar-powered ventilation system, is actually a rerun of the 2010 Toyota Prius. Moreover, it is larger, more powerful, and more fuel-efficient than the previous models.
Dongfeng PSA cuts 2010 sales target
Shanghai, August 6 (Gasgoo.com) Possibly influenced by BYD's recent move on cutting 25% of its sales target for 2010, French carmaker PSA Peugeot Citroen's joint venture with Dongfeng Motor Corp, has secretly cut its sales target for the year as well, according to sources inside PSA.
PSA Peugeot aims to sell about 400,000 cars or at least 375,000 cars (to be safe) in China this year, approaching the annual capacity of 450,000 units of its current two plants jointly built with Dongfeng Motor. While it only sold 200,000 units in the first seven months and merely 24,000 units last month.
BMW Brilliance's exec to join Yang Rong's green car project
Shanghai, August 6 (Gasgoo.com) Brilliance BMW's Senior Vice President Peter Schippl will join a green car project, initiated by Yang Rong, owner of Hong Kong's Hybrid Kinetic Motors Corporation (HKMC), through a joint venture to be built by JAC and HKMC's wholly-owned subsidiary in the Chinese city of Tianjin, media reported Friday.
The Tianjin-based HKMC Equity Investment Fund Management Co., Ltd., signed a letter of intent on August 3, 2010 with Anhui Jianghuai Automobile Co., Ltd. (JAC) on establishment of a new joint venture with a total investment of at least 2 billion yuan ($295 million).
