BEIJING, Sept 7 (Reuters) – Top Chinese automaker SAIC Motor
Corp (600104.SS: Quote, Profile, Research, Stock Buzz) sold 22.2 percent more vehicles in August than
a year earlier, its slowest gain so far this year, though up on
July’s total unit sales.
SAIC, which runs vehicle manufacturing ventures with General
Motors [GM.UL] and Volkswagen (VOWG.DE: Quote, Profile, Research, Stock Buzz), sold 286,814 vehicles
in the month, it said in a statement to the Shanghai Stock
Exchange on Tuesday.
TIANJIN (Reuters) – Nissan Motor is open to a green car alliance with Chinese automakers, a senior executive said on Saturday, as it moves to tap the fledgling industry in the world’s largest auto market.
Nissan, 44 percent held by Renault SA, is joining General Motors and others in the race for green vehicles which industry observers say could be the next industry gold mine.
TIANJIN, Sept 5 (Reuters) – China’s top economic planner and
a leading government-backed research body disagreed at an auto
industry forum over whether the world’s largest auto market is
facing excessive capacity after breakneck growth in 2009.
China’s top 30 auto groups are expected to have a combined
vehicle capacity of 31.24 million units by the end of 2015, up
from 13.95 million units as of the end of 2009, a senior
official at the National Development and Reform Commission
(NDRC) official the forum, which ended on Sunday.
TIANJIN (Reuters) – Major Chinese automaker Chongqing Changan Automobile (000625.SZ: Quote, Profile, Research, Stock Buzz) is in talks with Ford Motor (F.N: Quote, Profile, Research, Stock Buzz) to expand their partnership beyond China, a senior Chinese executive said.
Chongqing Changan, which makes Focus and Fiesta among other models with Ford and Mazda Motor (7261.T: Quote, Profile, Research, Stock Buzz), is joining SAIC Motor Corp (600104.SS: Quote, Profile, Research, Stock Buzz), seeking to expand the tie with its foreign joint venture partner beyond the current terms and conditions.
TIANJIN, Sept 4 (Reuters) – French carmaker PSA Peugeot
Citroen (PEUP.PA: Quote, Profile, Research, Stock Buzz) is on track to build a new China car plant
with Dongfeng Motor Group (0489.HK: Quote, Profile, Research, Stock Buzz), and is looking to export
from China as early as 2011, its Asia chief said on Saturday.
PSA Peugeot, a long-time partner of Dongfeng Motor, has been
speeding up expansion in the world’s biggest auto market, where
General Motors [GM.UL] and Volkswagen AG (VOWG.DE: Quote, Profile, Research, Stock Buzz) lead.
BEIJING, Sept 1 (Reuters) – China’s car sales in August rose
59.3 percent from a year earlier, bouncing surprisingly higher
after sluggish sales in the summer months, helped largely by
Beijing subsidies for fuel-efficient models.
The up-turn in demand in the world’s largest car market could
extend into September and October, the best auto sales season,
and may continue into the winter months if automakers slash
prices to drive sales, industry observers said.
BEIJING, Aug 31 (Reuters) – An online shopping joint venture
between China’s Baidu.com (BIDU.O: Quote, Profile, Research, Stock Buzz) and Japan’s Rakuten (4755.Q: Quote, Profile, Research, Stock Buzz)
may start operations in the first half of October and is aiming
for a tenfold jump in headcount over three years, its top
executive told Reuters.
China’s biggest Internet search engine and the Japanese
online mall operator formed the company, named Lekutian, for $48
million in January this year.
BEIJING, Aug 26 (Reuters) – Germany’s MAN SE (MANG.DE: Quote, Profile, Research, Stock Buzz) could
increase its stake in China’s Sinotruk (3808.HK: Quote, Profile, Research, Stock Buzz) but its focus
for now is on a joint truck project, the German industrial
group’s chief executive said on Thursday.
MAN took a 25 percent stake in Chinese truck maker Sinotruk
last year and the companies had been jointly working on a new
truck family expected to be rolled out in 2011, the companies
said in a joint statement.
BEIJING (Reuters) – Air China (601111.SS: Quote, Profile, Research, Stock Buzz) (0753.HK: Quote, Profile, Research, Stock Buzz) reported a 29 percent rise in second-quarter earnings on Wednesday as more people took to the skies in the world’s fastest growing major aviation market.
The Chinese flag carrier’s outlook remains bright for the rest of the year on strong growth in business and leisure travel in the country, which by some estimates has already overtaken Japan as the world’s second-largest economy.
BEIJING (Reuters) – Shanghai resident Jiang Qinxia is just the kind of guy that global automakers like General Motors hope will jumpstart their foray into China’s fledgling and potentially lucrative consumer auto financing business.
As an upwardly mobile junior manager, Jiang, 26, recently drove home a new 105,000 yuan Buick Excelle after taking out 50,000 yuan loan from GMAC-SAIC, a three-way tie between Ally Financial, a SAIC Motor (600104.SS: Quote, Profile, Research) affiliate and GM’s car venture with SAIC.