Nissan may produce Leaf electric car in Guangzhou
Shanghai, November 30 (Gasgoo.com) Nissan Motor and its Chinese partner Dongfeng Motor Corp have signed an agreement with the Guangzhou city government to set up a plant in the southern Chinese city for making electric cars, and Nissan's zero-emission car Leaf may be build there for the Chinese market, media reported.
Under the deal, Nissan will cooperate with Guangzhou city to promote zero-emission cars like the Nissan Leaf. The Japanese automaker has agreed to study the possibility of producing the Leaf in Guangzhou. This electric-car program is part of Nissan's strategy to speed up the use of all-electric cars worldwide.
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Changan Auto unveils hatchback of Yuexiang brand
Shanghai, November 30 (Gasgoo.com) Last week at the 2009 Guangzhou auto show, Changan Auto unveiled a hatchback variant of its popular Yuexiang brand, with three trim versions priced between 55,900 yuan ($8,200) and 71,900 yuan, Edmunds.com reported.
The Yuexiang hatchback is 11 inches shorter than the Yuexiang sedan and shares more than 75% of its components, including a Mitsubishi-sourced 97-horsepower 1.5-liter four-cylinder engine and a five-speed manual gearbox. A smaller 1.3-liter engine will be added later, along with an automatic transmission.
China plans to continue auto sales tax cuts in 2010
Shanghai, December 1 (Gasgoo.com) China plans to continue the auto sales tax cuts next year and the tax incentives will be expanded to more vehicle models to further support the country's auto industry, the Shanghai Securities News said over the weekend.
China's Ministry of Finance and top economic planner, the National Development and Reform Commission (NDRC), have both approved of carrying on with sales tax cuts on passenger cars in 2010, a policy which has boosted auto sales in the Chinese market to record monthly highs this year, the newspaper said.
Geely seeking bank loans to back $1.8 bln Volvo bid
Shanghai, December 1 (Gasgoo.com) China's homegrown automaker Geely is seeking at least $1 billion in loans from Chinese banks to finance its $1.8 billion bid to buy Ford Motor's Volvo unit, Reuters reported today, citing sources.
The banking insiders said that at least three major Chinese banks had agreed to extend loans to Zhejiang Geely Holding Group, who was picked in late October as the preferred bidder for Volvo. They banks include Bank of China, China Construction Bank and Export-Import Bank of China.
GM China Nov sales up 109.5% to 177,339 vehicles
General Motors Co said vehicle sales in China jumped 109.5 percent in November from a year earlier, boosted by strong sales of fuel-efficient models.
General Motors and its joint ventures sold 177,339 vehicles in November, a record for the month, the company said in a statement on Tuesday.
Mazda8 MPV to go on sale in China next year
Shanghai, December 2 (Gasgoo.com) Japanese automaker Mazda Motor plans to bring a large MPV model, Mazda8, to the Chinese market in 2010, to help lift the company's China sales to 200,000 units next year, SinoCast reported, citing an executive at Mazda China.
Mazda China will have no problem reaching its 2009 sales target of 170,000 vehicles, up 33% year on year, predicted the executive, who is satisfied with the company's growth in China this year.
China's Huanghai pickups to be assembled in Nigeria
Shanghai, December 3 (Gasgoo.com) BMGAUTO International and China's SG Automotive Group have been selected by the Ondo State Government of Nigeria in West Africa to build a CKD assembly plant of Chinese pickups, said a recent email from BMGAUTO International to Gasgoo.com.
Liaoning SG Automotive Group Co., Ltd. of China will supply the CKD parts for the Aurora and Plutus pickups. "We have already broken earth on this project to be completed by June 2010. The production capacity will be 10,000 units per year," BMGAUTO said in the email message.
Geely's Volvo bid rivaled by Ex-Ford execs-led group
Shanghai, December 3 (Gasgoo.com) A group led by former executives of Ford Motor has submitted a revised bid this week for Ford's Volvo unit and hopes to beat the offer by Chinese carmaker Zhejiang Geely Holding Group, Reuters reported today.
The group, called Crown consortium, is led by former Ford director Michael Dingman and former Ford and Chrysler LLC executive Shamel Rushwin. Even as a sure-to-lose bidder, Crown had been encouraged by Ford if it could find the necessary funding, the Wall Street Journal said.
BYD gets bank's support for new energy project
Shanghai, December 4 (Gasgoo.com) China's battery and electric car maker BYD Co., Ltd. has received 15 billion yuan ($2.2 billion) in credit from the Bank of China, the bank said yesterday, Reuters reported. The capital may be used for BYD's new energy project.
The two companies signed a framework agreement for strategic cooperation, involving financial support of 15 billion yuan, Bank of China said in a statement on its website (www.boc.cn), , saying the bank will support BYD's development of new energy technologies, among others.
SAIC, GM to form joint venture in India in early 2010
Shanghai, December 4 (Gasgoo.com) General Motors and its Chinese partner SAIC Motor Corp jointly announced today that they will form a vehicle manufacturing joint venture in India early next year, Xinhua News reported.
GM would transfer half of its Indian operations to SAIC Motor by setting up a 50-50 joint venture there with the Chinese partner. The deal will require Indian government's regulatory approval. Small cars and mini commercial vehicles currently made at GM and SAIC's China ventures will be produced and sold in India.
