BYD to acquire Japanese die maker Ogihara's plant
Shanghai, March 29 (Gasgoo.com) Chinese automaker BYD Co has signed a deal with Japan's major metal die maker Ogihara Corp to acquire a factory from the Japanese company, Nikkei reported Saturday, citing sources familiar with the deal.
BYD will take over the Ogihara factory, including its facilities and about 80 employees, in Tatebayashi, Gunma Prefecture, about 70 km (43 miles) north of Tokyo, on April 1, to make high-precision metal dies, which will be used at BYD's its assembly plants in China.
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Chery Auto becomes China's No.5 carmaker
Shanghai, March 29 (Gasgoo.com) Chery Auto, whose 2 millionth vehicle rolled of the production line on March 26, has become the fifth largest maker of passenger vehicles in China, People's Daily reported. It is also the country's first home-grown automaker that has produced 2 million cars.
The independent automaker (with no joint venture) rolled out the self-developed Rely X5 SUV as its 2 millionth vehicle. The company also announced the launch of the new model H5 under its sub-brand Rely at an off-line ceremony.
Ford China JV plant produces 500,000th Focus car
Shanghai, March 30 (Gasgoo.com) Ford Motor's China venture Changan Ford Mazda Automobile Co. (CFMA) yesterday saw its 500,000th Ford Focus car rolling off the assembly line in Chingqing, media reported. The golobally popular Focus has become Ford Motor's best-selling model in China, and the 500,000th model is a 1.8-liter silver, 4-door sedan.
"We are proud and delighted to celebrate the 500,000th Focus produced at our CFMA Chongqing production line today," said Jeffrey Shen, president of Changan Ford Mazda. "This shows the confidence and passion that our Chinese consumers have for the Ford Focus, which is now firmly established as one of the best-sellers in China’s mid-size car segment."
Geely banks on China market for Volvo brand revival
Shanghai, March 30 (Gasgoo.com) Geely chairman Li Shufu is banking on China's auto market, now the world's largest, as a savior for Volvo, a brand that the legendary private Chinese carmaker has just signed a deal to buy for $1.8 billion from Ford Motor, Reuters reported.
Self-made entrepreneur Li built Geely from nothing into China's No. 10 carmaker in less than two decades. The charismatic founder aims to turn Volvo's loss-making into profit within two years. He is already planning a factory in Beijing that will make 300,000 Volvo cars annually, doubling its current output.
Eaton to build new engine valve plant in Shandong
Shanghai, March 31 (Gasgoo.com) Eaton Corporation (NYSE:ETN) has announced that it will expand its vehicle operations in China by investing to build a new engine valve production facility in Ji’ning city, Shandong province.
Eaton will start construction of the 10,000-square meter plant in July 2010. The new facility will assemble engine valves and valve actuation components for automotive customers in the Chinese market.
Geely to invest $900M to bring Volvo to profit
Shanghai, March 31 (Gasgoo.com) Zhejiang Geely Holding Group Co., the Chinese buyer of Volvo Cars, plans to invest $900 million in the Swedish carmaker to bring it out of loss-making to profitability, Bloomberg reported today.
Geely founder Li Shufu said yesterday that the company will draw up a series of "development plans" to revive Volvo. The private Chinese carmaker has raised about $2.7 billion to fund the Volvo purchase and operations, half of which from overseas.
BYD selling plug-in hybrid F3DM to individual buyers
Shanghai, March 31 (Gasgoo.com) China's battery and electric car maker BYD Co. started selling its F3DM plug-in hybrid car to individual customers in the city of Shenzhen on March 29, Bloomberg reported. This model will benefit from government subsidies for alternative energy-fueled vehicles.
BYD launched the F3DM in December 2008, marketing the vehicle to government and corporate buyers. Now the car's retail price for individual buyers is 169,800 yuan ($24,900), more than double the price of its cheapest gasoline-fueled F3 compact car.
Daimler to keep battery R&D, production in BYD EV tie-up
Shanghai, April 1 (Gasgoo.com) Although its luxury unit Mercedes-Benz has started the technical cooperation in developing electric vehicles with BYD Auto and the co-produced models are mainly for China’s market, Daimler still sticks to the batteries’ independent R&D and production.
Industry sources hold that the cooperation between the two strong competitors needs to be adjusted constantly. Mercedes-Benz’s “blue performance green strategy” is quite advanced and has defined the direction and development of the "zero-emissions road" and also announced the launch plan of a series of pure electric vehicles and the fuel-cell vehicles including the smart Fortwo.
Beijing Hyundai to sell its 2 mlnth vehicle this month
Shanghai, April 1 (Gasgoo.com) Hyundai Motor recently said its Beijing subsidiary will surpass sales of two million cars early this month since the joint venture (Beijing Hyundai) started production in December 2002, South Korea's donga.com reported yesterday.
Through its local car-making venture with Beijing Auto, Hyundai Motor predicted its cumulative sales in China to surpass two million units around April 8. In particular, sales of the mid-size sedan Elantra (called the Avante overseas) is expected to surpass one million units in mid-April.
SAIC's 09 net profit up 900%, sales over 2 mln vehicles
Shanghai, April 2 (Gasgoo.com) Shanghai Automotive Industry Corporation (SAIC) has announced in its annual report (600104) that its net profit for 2009 jumped 900 percent from the previous year, reaching a record of 6.6 bln yuan ($966.3 mln). Its sales goal for this year is to exceed 3 million vehicles.
The annual report shows that SAIC’s annual revenue has reached 139.6 bln yuan, up 31.87 percent year on year; net profit 659.2 mln yuan, up 904.61 percent; earnings per share was 1.006 yuan. The company plans to capitalize the capital reserve, 10 shares for every 3 shares, every 10 shares represents 0.5 yuan (including tax).
GM China March sales up 68% to 230,048 vehicles
Shanghai, April 2 (Gasgoo.com) General Motors and its local joint ventures saw their sales in China last month grow 68% from a year earlier to a new monthly record of 230,048 vehicles, bringing sales in the first quarter to 623,546 units, up 71%, media reported today.
March sales of Buick, Chevrolet and Cadillac cars made by GM's flagship car venture Shanghai GM increased 89% year on year to 86,967 units. In the Chinese market, GM has seen growing interest in its new car models, the Chevrolet Cruze, Chevrolet New Sail and Buick Excelle XT.
