ChinaRealNews

Guangzhou Automobile Industry Group set to buy Changfeng Motor

2009-05-25 Guangzhou

Guangzhou Automobile Industry Group will acquire a 29 per cent stake in Hunan Changfeng Motor for approximately RMB1.2 billion (approx. US$176 million). After the acquisition, Guangzhou Automobile Industry Group will become the largest shareholder of Hunan Changfeng Motor, while Changfeng Group will become the second largest shareholder with a 21.98 per cent stake. The acquisition agreement is expected to be signed on Thursday at the earliest.

Shandong becomes China’s leading manufacturing base of business cars

2009-05-22 Jinan

China’s Shandong province is home to more than 750 carmakers, and production of heavy business cars in the province has accounted for over 30 per cent of the country’s total, according to Shandong Association of Automobile Manufacturers (SAMA). Production of light cars in Shandong has accounted for over 25 per cent of the country’s total.

Yuhuan, Zhejiang province’s auto parts sector records sales of RMB4,300 million in Q1 2009

2009-05-08 Hangzhou

The automobile parts sector in Zhejiang province’s Yuhuan county, the most potential auto parts manufacturing and exporting base in China, recorded sales of RMB 4,300 million (US$630 million) in the first three months of 2009, up two percent over the previous quarter.

Dongfeng Peugeot sells over 10 thousand cars in China in April

2009-05-08 Wuhan

Dongfeng Peugeot, a joint venture between France's PSA Peugeot Citroen and China's Dongfeng Motor Group, sold 10,086 cars in China in April 2009, bringing the sales volume for the first four months to nearly 33,000 units. The strong results were attributable to the benefits of the new purchase tax policy on the company’s 1.6 liter model 307, as well as the successful launch of the 207 model. The company sold some 13,000 units of 207 cars in the first four months.

Shaanxi Automobile Group posts strong exports in Q1

2009-05-07 Xi'an

Despite the ongoing financial crisis, Shaanxi Automobile Group recorded exports of US$144 million in the first quarter of 2009, making the company the best performer in China in terms of automobile exports during the same period. Fang Hongwei, Chairman of Shaanxi Automobile Group, said that the satisfactory results can be attributable to the adjustment of its development strategy and expansion of its product mix.

Jiangsu province produces 20 percent more vehicles in Q1

2009-04-30 Nanjing

Automakers from China’s Jiangsu province produced 99,000 vehicles during the first quarter of 2009, increasing 21.3 percent from 77,000 units in the same period of a year earlier. Retail sales totaled approximately RMB23 billion (US$3.37 billion), a year-on-year rise of 11.1 percent. However, profits generated from the sector in the first two months plunged 61.2 percent over the corresponding period of a year prior due to the current financial downturn, well above the average of 8 percent across the province’s entire machinery and equipment sector.

Citroen C-QUATRE hatchback makes debut in Shanghai Auto Show

2009-04-28 Shanghai

DongFeng Peugeot Citroen Automobiles showcased its new much-anticipated Citroen C-QUATRE hatchback at the 13th Shanghai Auto Show on April 20 2009. The new model, with state-of-the-art technology, high quality performance and modern dynamics, is available in three versions (fashion, comfort and luxury) and powered by 1.6-liter and 2.0-liter engines. The new addition to the carmaker’s C4 pipeline is expected to go on sale in the company’s 4S stores across the country in early June.

European automakers attend Shanghai auto show with optimistic view on Chinese market

2009-04-24 Shanghai

European, especially German, auto manufacturers are introducing their global strategies, new technology and new products the 13th Shanghai International Automobile Industry Exhibition. Executives from Volkswagen, Audi, BMW, Daimler and Peugeot have expressed their confidence in both the Chinese automobile market, one of only a few markets which see growth amid the global economic downturn, and the future of the global market.

Chongqing’s auto market sees rebound in Q1

2009-04-24 Chongqing

Chongqing city recorded production and sales of vehicles of 325,000 units and 351,000 units respectively in the first three months of this year, indicating a rebound in the city’s auto market. However, sales of private sedans remained weak in the three months, with only 98,000 units sold.

Multinational carmakers pin hopes on Chinese auto market

2009-04-22 Shanghai

While many multinational carmakers see drastic declines in sales volume in the European, American and Japanese markets due to the financial crisis, they continue to experience growth in the Chinese market. To offset their overseas declines, car giants have recently revised their sales targets for the Chinese auto market upward one after the other. With almost all the world's major carmakers attending the 13th Shanghai International Automobile Industry Exhibition (Auto Shanghai 2009), the Chinese auto show has overtaken such world-class events as the Detroit Auto Show and the Geneva Auto Show in terms of the scale.