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Nov 28, 2011

China eyes European assets -minister

BEIJING (Reuters) – China’s Commerce Minister plans to lead an investment delegation to Europe next year, in hopes that the crisis roiling the continent will open up some plum assets for acquisition.

China has been reluctant to publically commit to buying additional European bonds, despite European pleas for help in shoring up finances there, but could be much more interested in getting hard assets for its cash.

Nov 9, 2011

In China, inland residents demand luxury cars

CIXI, China (Reuters) – Chen Beiyin bubbled with joy when she picked a $141,700 Mercedes-Benz E350 coupe for her dowry and topped off the wedding with a lavish procession that included 12 S600 sedans, the priciest cars in the fleet.

“My dad drives an S-class and my husband a C-class. So when my dad asked me what I wanted for a wedding gift, I picked Mercedes-Benz too,” recalled the 29-year-old Chen, who has an MBA degree and goes by the English name of Helly.

Nov 9, 2011

China Oct car sales up 1.4 pct, weak sentiment seen in Nov

BEIJING, Nov 9 (Reuters) – Car sales in China climbed
1.42 percent in October from a year earlier but fell 7.5 percent
from the previous month as Beijing raised the bar for
vehicles eligible for fuel-saving subsidies.

Weak market sentiment will likely spill over to November, a
traditional sluggish auto-selling months, followed by a mild
rebound in December thanks to year-end promotions that will
hopeful attract some buyers back to the showrooms.

Nov 9, 2011

In China, luxury car makers drive inland

CIXI, China (Reuters) – Chen Beiyin bubbled with joy when she picked a $141,700 Mercedes-Benz E350 coupe for her dowry and topped off the wedding with a lavish procession that included 12 S600 sedans, the priciest cars in the fleet.

“My dad drives an S-class and my husband a C-class. So when my dad asked me what I wanted for a wedding gift, I picked Mercedes-Benz too,” recalled the 29-year-old Chen, who has an MBA degree and goes by the English name of Helly.

Nov 7, 2011

GM on track to double China sales by 2015 despite market slowdown

BEIJING, Nov 7 (Reuters) – General Motors is on track
to double its annual tally to 5 million vehicles in China by
2015 despite slowing growth in the world’s largest auto market,
its China chief said on Monday.

GM, which competes in China with Volkswagen AG
among other global brands, has been outperforming the market so
far this year due in part to hot-selling Buick and Chevrolet
cars made at Shanghai GM, its flagship China car venture.

Nov 7, 2011

GM on track to double China sales by 2015

BEIJING (Reuters) – General Motors (GM.N: Quote, Profile, Research, Stock Buzz) is on track to double its annual tally to 5 million vehicles in China by 2015 despite slowing growth in the world’s largest auto market, its China chief said on Monday.

GM, which competes in China with Volkswagen AG (VOWG.DE: Quote, Profile, Research, Stock Buzz) among other global brands, has been outperforming the market so far this year due in part to hot-selling Buick and Chevrolet cars made at Shanghai GM, its flagship China car venture.

Oct 28, 2011

month net down 85.5 pct, outlook dim

BEIJING, Oct 28 (Reuters) – BYD Co Ltd
, a Chinese carmaker backed by U.S. billionaire
Warren Buffett, reported an 85.5 percent plunge in earnings for
the first nine months as it struggles to revamp its
over-stretched dealer network amid a slowing market.

The outlook for the remainder of the year remains dim as
Beijing’s policy changes may further damp auto demand in a
market that has already eased to a 3.6 percent gain in the first
three quarters, after years of breakneck expansion.

Oct 28, 2011

Exclusive:Pang Da, Youngman close to Saab deal with Swedish Auto

BEIJING (Reuters) – Pang Da Automobile Trade Co (601258.SS: Quote, Profile, Research, Stock Buzz) and Zhejiang Youngman Lotus Automobile Co are close to reaching a deal with Swedish Automobile (SWAN.AS: Quote, Profile, Research, Stock Buzz) for a possible takeover of Saab, a source with knowledge of the matter said on Friday.

The comments mark the latest twist in a long campaign to keep Saab afloat and come on the same day that a court could decide to pull the plug on its bankruptcy protection.

Oct 28, 2011

Exclusive – Pang Da, Youngman close to deal with Swedish Auto

BEIJING (Reuters) – Pang Da Automobile Trade Co (601258.SS: Quote, Profile, Research) and Zhejiang Youngman Lotus Automobile Co are close to reaching a deal with Swedish Automobile (SWAN.AS: Quote, Profile, Research) for a possible takeover of Saab, a source with knowledge of the matter said on Friday.

The comments mark the latest twist in a long campaign to keep Saab afloat and come on the same day that a court could decide to pull the plug on its bankruptcy protection.

Oct 25, 2011

Pang Da, Youngman say JV deal with Saab still valid

BEIJING, Oct 25 (Reuters) – Pang Da Automobile Trade Co
and Zhejiang Youngman Lotus Automobile Co said on
Tuesday their equity agreement with Saab’s owner was still
valid, a response to the Swedish company’s move to end the deal.

Swedish Automobile said late on Sunday that it was
cancelling a provisional agreement, signed in June, in which
Pang Da and Youngman would each take a stake in Swedish
Automobile for a combined 245 million euros ($340 million),
because they had failed to confirm their commitments.