GM China aims to sell over 2 mln vehicles this year
Shanghai, February 20 (Gasgoo.com) Kelvin Wale, president of General Motors China operations, has said the company expects to sell more than two million vehicles in China in 2010, up at least 13% from last year's sales, media reported.
Mr. Wale hopes that GM's sales in China would grow faster than the overall Chinese market. Analysts have projected a year-on-year increase of at least 10% for the Chinese auto market to achieve sales of more than 15 million vehicles for this year.
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GM may build new plant in China to meet growth
Shanghai, February 21 (Gasgoo.com) General Motors expects to build a new plant in China in the near future to accommodate strong growth in the world's largest auto market, Reuters reported, citing the company's top executive in China.
GM and its local ventures sold a record 1.83 million vehicles in China last year, up 66.9% from 2008, and it anticipates sales of more than 2 million units this year. Last month, GM China sold 219,192 vehicles, up 97% from a year earlier.
Changan-PSA venture may be based in Shenzhen
Shanghai, February 21 (Gasgoo.com) Earlier this month PSA Peugeot-Citroen was in deep talks with China's No. 4 automaker Changan Auto Group to form the French car company's second Chinese venture, which may be based in south China's Shenzhen city, media reported.
PSA Peugeot-Citroen already has a Chinese partnership with Dongfeng Motor Corp, the third-biggest Chinese automaker, in central city of Wuhan. But the JV, established in 1992, has been underperformed and PSA has been seeking a second partner in China since 2004.
Chery Auto plans to build $2.9B plant in north China
Shanghai, February 22 (Gasgoo.com) Chinese carmaker Chery Auto plans to invest 20 billion yuan ($2.93 bln) to set up a new plant in northern China's Inner Mongolia autonomous region, China Daily reported today.
Chery spokesman Jin Yibo has confirmed that the company and Erdos city of the region have been in talks. Judging by the reported large investment, analysts estimate that the Erdos plant could have an annual capacity of about 500,000 vehicles.
China outlines plans to boost auto industry
China has been the 'one to watch' in the automotive industry for some time, having already established itself as the largest car market in the world ahead of the USA. However, now the central government plans to implement a new policy to encourage consolidation and to push Chinese-brand passenger vehicles into the mainstream.
According to an official from the Ministry of Industry and Information technology, it is hoped that Chinese-brand passenger vehicles will comprise "at least" half of vehicles sales by 2015 and that saloon cars made by domestic automakers will comprise around 40 per cent of the nation's car market.
China demand boosts Honda's global production
Shanghai, February 23 (Gasgoo.com) Honda Motor raised its global auto production in January as demand surged in China's auto market, now the world's largest, Bloomberg reported today.
Honda Motor, the second-largest Japanese carmaker, produced 290,752 vehicles last month, up 28% year on year. Like Nissan Motor, Honda has been expanding capacity in Chinese ventures to meet surging demand in the nation, which surpassed the U.S. as the world's biggest auto market in 2009.
Geely to launch 21 models this year to boost sales
Shanghai, February 23 (Gasgoo.com) Zhejiang Geely Holding Group, the preferred buyer of Ford's Volvo unit, plans to launch 21 models in 2010 to boost this year's sales for the target of 412,000 vehicles, SinoCast reported today.
The 21 new vehicle models will include six brand-new models, over 10 upgraded models, new-energy models, and products with different powertrains. They will be sold under the three new sub-brands, Global Eagle, Emgrand, and Shanghai Englon, with Geely as the parent brand.
SAIC to be GM car JV's majority shareholder
Shanghai, February 24 (Gasgoo.com) China's biggest automaker SAIC Motor Corp has won regulatory approval to acquire an additional 1% stake in Shanghai GM to control more than half of its currently 50:50 car venture with General Motors, Shanghai Daily reported today.
SAIC would pay about $85 million for the added 1% share boost its total stake in Shanghai GM to 51%, enabling it to consolidate the venture's accounts onto its balance sheet, the company said in its filing to the Shanghai Stock Exchange yesterday.
Guangzhou Auto seeks backdoor listing in Hong Kong
China's sixth largest automaker, Guangzhou Automobile Group, is seeking a backdoor listing on the Hong Kong stock exchange through its Hong Kong-listed subsidiary Denway Motors. The group, which holds a 37.9 percent interest in Denway Motors, has filed an application to trade on the Hong Kong stock exchange by way of introduction, which means that the group will not offer shares for public subscription, according to a statement from Denway Motors.
GM to shut Hummer after China deal fails
General Motors Co will wind down its iconic but tarnished Hummer brand after Chinese regulators rejected a $150 million bid by Chinese machinery maker to buy the money-losing SUV line.
GM had been trying to complete the deal by the end of February after reaching a definitive agreement in October to sell Hummer to Tengzhong, a little-known heavy machinery company based in Sichuan province.
BYD targets U.S., European markets for export growth
Shanghai, February 25 (Gasgoo.com) BYD Co, a Chinese battery and electric car maker backed by U.S. billionaire Warren Buffett, aims to boost its car exports by targeting the U.S. and European markets where demands are improving with economic recovery, media reported.
BYD aims to export as much as 10% of the 800,000 vehicles it expects to produce and sell this year. Last year, its overseas sales were just 2.2% of the 450,000 vehicles it sold, said BYD Marketing Manager Paul Lin, Reuters reported.
China-made VW Passat CC car set for launch in June
Shanghai, February 25 (Gasgoo.com) Volkswagen's China venture FAW-VW is expected to launch the Chinese made VW Passat CC to the local market in June 2010, China Car Times said yesterday.
Earlier reports said the Passat CC might have its name only known as CC or Magotan CC to Chinese buyers and would be equipped with the locally built 1.8TSI or 2.0TSI engine shared by the regular Magotan sedan line-up of FAW-VW, who uses the Magotan to avoid name overlap with Shanghai-VW's Passat products.
Tengzhong cancels deal for Hummer acquisition
Shanghai, February 26 (Gasgoo.com) Sichuan Tengzhong Heavy Industrial Machinery and General Motors announced yesterday that the deal for the Chinese company to buy GM's Hummer unit has been canceled as the purchase failed to get China's regulatory approval within the deal timeframe, media reported.
Unable to meet the extended deadline of Feb. 28 for closing the deal, both sides have decided to discontinue discussions on the $150 million transaction and terminate their agreement. Tengzhong said it was disappointed that the deal could not be further pursued, but "respected the outcome."
China's private cars up 34% to 26 mln units in 2009
Shanghai, February 26 (Gasgoo.com) Last year China's private car ownership increased 34% year on year to 26 million units, Xinhua News reported yesterday, citing data from the National Bureau of Statistics.
China overtook the United States to become the world's largest auto market in 2009 with annual sales reaching 13.64 million units (with passenger cars at 10.3 mln units). Output reached 13.79 million units last year, making the country surpass Japan as the world's top auto producer.
