China Auto News of the Week (Apr. 27 - Apr. 30, 2009)

Mazda ups stake in China sales venture with FAW

Mazda Motor Corp said on Thursday it had lifted its stake in a Chinese sales company to 40 percent from 25 percent for 49.5 million yuan ($7.26 million) in a move that would give it bigger dividends from its profitable Chinese business.

The Japanese automaker raised its stake through a third-party allocation of new shares by the venture, FAW Mazda Motor Sales Corp, Mazda said in a statement.

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Audi launches new China division in Beijing

Shanghai, April 30 (Gasgoo.com) Audi AG said in a statement on Thursday that it had established a wholly owned subsidiary, the Audi (China) Enterprise Management Co. Ltd, in Beijing on April 18, 2009.

The main business of the new division is to coordinate all Audi activities in China through cooperation with the Changchun-based joint venture FAW-VW. Its activities will include operating a test center for infotainment systems in Beijing.

Chery set to mass-produce new-energy cars

Shanghai, April 29 (Gasgoo.com) Chery Automobile will mass produce all its new-energy vehicles by 2010, said Yin Tongyue, director of the automaker to Xinkuai Newspaper.

The Anhui-based automaker showcased four new-energy vehicles -- Tiggo 3, Riich M1 EV, A3 hybrid and Futwin Coupe II -- at the 2009 Shanghai auto show which had curtains fall yesterday.

Sinopec profit soars 85% on new oil pricing rule

Shanghai, April 29 (Gasgoo.com) China Petroleum & Chemical Corp (Sinopec), Asia's biggest refiner, said its net profit jumped 85 percent in the first quarter largely due to improvements in refining margins, reported Xinhua on Wednesday.

Net profit totaled 11.219 billion yuan ($1.64 billion) in the first quarter, thanks to the country's adjusted refined oil pricing mechanism since the beginning of this year, the company said in a statement to the Shanghai and Hong Kong stock markets.

Changan Suzuki plans to build second plant

Shanghai, April 29 (Gasgoo.com) Changan Suzuki Automobile Co., a minicar joint venture between Chinese automaker Changan Auto and Japan's Suzuki Motor, is planning to build a second plant in China, reported Xinhua News Agency.

Though the company has not chosen a site for the new plant, it is expected to be situated in Southwest China's Chongqing municipality.

SAIC Motor Q1 net profit falls 50 pct

Shanghai, April 28 (Gasgoo.com) SAIC Motor Corp, China's biggest automaker, said on Tuesday its first quarter net profit dived nearly 50 percent from a year earlier due in part to lower investment returns, according to a Reuters report.

The Shanghai-based automaker said its net profit in the first three months ended March has fallen 49.46 percent to 626.94 million yuan ($91.82 million), down from 1.24 billion yuan a year earlier.

Beijing Hyundai unveils i30, BT01 in Shanghai

Shanghai, April 27 (Gasgoo.com) Beijing Hyundai unveils its first own-developed model, the BT01, as well as i30 hatchback, at the Shanghai auto show. It also brought with it two hybrid vehicles, IX-onic concept and several existing models.

The BT01 was developed by the technical centre of Beijing Hyundai, with its design and most of R&D tests completed in China, according to the company.

VW announces price of Passat New Lingyu

Shanghai, April 27 (Gasgoo.com) Volkswagen, along with its two joint ventures Shanghai Volkswagen and FAW-Volkswagen, presented 25 latest models, including the Passat New Lingyu and new Golf, at Auto Shanghai 2009.

The German auto giant has announced that pricing of the Passat New Lingyu will range from 169,800 yuan ($24,860) to 303,800 yuan depending on equipment and trim level. Power will come from a 1.8T, 2.0L or a 2.8LV6 engine.