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.
CHENGDU (Reuters) – The chairman of Chinese auto dealer Pangda Automobile Trade Co Ltd (601258.SS: Quote, Profile, Research, Stock Buzz) is “confident” its planned investment in Saab will go through, clarifying earlier remarks he made suggesting the deal was void.
Pang Qinghua said the terms of the deal would still be subject to the bankruptcy administrator’s review of the Swedish company.
CHENGDU, Oct 12 (Reuters) – Pangda Automobile Trade Co
, China’s largest listed auto dealer, said on
Wednesday its investment agreement with Saab had
become void after the Swedish car maker sought bankruptcy
But the Dutch owner of the troubled firm later offered
conflicting details, saying the 245 million euro ($352
million)deal with Pangda and Zhejiang Youngman Lotus Automobile
Co was still valid.
BEIJING, Oct 11 (Reuters) – Sinopec International Petroleum
Exploration and Production Corp (SIPC), a wholly-owned unit of
state-owned Sinopec Group, has completed the purchase of an 18
percent stake in Chevron Corp’s Indonesian deep-water
project for $680 million, a Sinopec official told Reuters on
The move marks Sinopec Group’s return to Indonesia after its
withdrawal in 2006.
BEIJING, Sept 26 (Reuters) – A Ford Motor executive
said China’s car market would likely grow 5-6 percent this year,
at the low end of previous guidance from the U.S. carmaker,
after the government removed most of its policy incentives.
“What we said going into the year was that we thought China
would grow 5-10 percent. We said that back in December and in
fact it is quite closer to 5 percent,” Joe Hinrichs, president
of Ford’s Asia and Africa operations, told reporters on Monday.
BEIJING, Sept 21 (Reuters) – European aircraft maker Airbus
(EAD.PA: Quote, Profile, Research) aims to supply at least half of the over 4,000
commercial jets that China is expected to need over the next 20
years, a senior executive said on Wednesday.
Airbus, which has a little under 50 percent of the Chinese
market, also wants to take half of the market by 2015, Eric
Chen, senior vice-president of Airbus China, told Reuters on the
sidelines of an aviation forum in Beijing.
BEIJING, Sept 15 (Reuters) – Some years ago, the exact
timing is unclear since it occurred behind closed doors, policy
makers in Beijing cajoled car makers into building joint venture
brands with foreign partners that could give the Chinese side
access to much-coveted foreign technology.
Now, with a few JV brands hitting the roads, some Chinese
carmakers say they never got near the cutting-edge foreign
BEIJING, Sept 9 (Reuters) – Car sales in China rose 7.3
percent in August from a year earlier, rebounding steadily from
a decline in May as Nissan Motor and its peers resumed
production at home and eased a crunch in parts supplies at their
China car ventures.
The market was expected to continue its uptrend in September
and October, the traditional peak auto-selling season referred
to by industry insiders as the “golden and slivery” months.
BEIJING, Sept 7 (Reuters) – China will likely need 5,000
commercial aircraft worth $600 billion during the next 20 years,
a senior Boeing Co executive said on Wednesday, a 25
percent increase in value terms over the company’s previous
forecast late last year.
A significant portion of that demand will be small and
intermediate-sized jets, Randy Tinseth, vice president of
marketing for Boeing Commercial Airplanes, told reporters in
BEIJING, Sept 1 (Reuters) – SAIC Motor Corp is
ready to give up its majority ownership in a car venture with
General Motors as long as Shanghai GM’s revenue can still
be included in its books, two people familiar with the matter
said on Thursday.
Under Chinese accounting rules that came into effect in
2010, a subsidiary’s revenue can be reflected in the books of
the parent only if the parent is the majority shareholder.