Talks between Geely Automobile and Ford Motor over Geely’s bid for Volvo have run into trouble due to unspecified problems at Ford, according to the chairman of the Chinese firm’s parent company.
Li Shufu, who heads Zhejiang Geely Holding Group, said he still expected the sale to go through but warned that the situation is changing [...]
Zhejiang Geely Holding Group will likely spend more than $1.4 billion to breath life back into Volvo Cars after acquiring the struggling Swedish automaker from Ford.
According to Glenn Magnusson, head of the managers’ union at Volvo, the figure is described as an “an absolute minimum” necessary for research and development, along with marketing, production and [...]
Industry data has revealed that auto sales in China continued to rise last month, although the rate of sales was down from January’s figures.
Although sales growth has been put at 46.3% in February, with an estimated 1.21 million units sold, analysts believe that the February holiday contributed to lower [...]
China could overtake Germany as the biggest market for luxury car maker Audi this year, according to company sales chief Peter Schwarzenbauer.
He told reporters at Audi’s headquarters that sales volumes in Germany and China could be the same this year after the launch of new models in both countries, and a decline in sales in [...]
Automakers Daimler and BYD have agreed to develop an electric vehicle for the Chinese market.
As part of the “comprehensive” technology partnership between the companies, Daimler and BYD plan to establish a new, jointly owned auto brand.
The agreement comes after Daimler’s announcement last month that it would use clean technologies to try [...]
Toyota President Akio Toyoda will speak in China today about his company’s quality problems.
Toyoda was recently in the US, testifying to Congress about a number of product quality problems in its car models, including problems with braking systems and floor mats.
In China, Toyota announced the recall of 75,552 RAV4 sport-utility vehicles last [...]
Sichuan Tengzhong Heavy Industrial Machinery Co has withdrawn its proposed acquisition of General Motors’ Hummer unit after the deal failed to meet with approval from domestic regulators.
Tengzhong had hoped to buy Hummer for $150 million, but its application to Chinese authorities appears to have stalled within the government bureaucracy.
Tengzhong had applied for approval to the [...]
Sichuan Tengzhong Heavy Industrial Machinery Co said it was considering a number of options, including the use of an offshore investment vehicle, to secure a purchase of General Motors’ Hummer unit if the deal did not meet with regulatory approval.
A GM spokesman said GM and Tengzhong “are still working together” on [...]
Mazda Motor, in which Ford holds an 11% stake, is looking to increase China production capacity to keep up with growing domestic demand, according to the company’s chief financial officer Kiyoshi Ozaki.
The Japanese car company intends to increase China sales by 22% this year. Mazda said in January it plans to sell 220,000 [...]
China’s passenger car sales reached 1.32 million units in January, more than double the amount from a year ago.
Total vehicle sales, which include buses and trucks, also more than doubled to a record 1.66 million units, according to the China Association of Automobile Manufacturers.
The extension of purchase incentives introduced last year [...]
