Durable Goods
BMW signs agreement about the second phase of its expansion project with Brilliance China and invests RMB 5 billion to build new factory in Shenyang
2009-11-12
In the Great Hall of the People, BMW and Brilliance China signed a memorandum stating their commitment to further development of their joint venture - BMW Brilliance Automotive Ltd. BMW Brilliance Automotive Ltd. will invest in construction of a new factory in the Shenyang Economic and Technological Development Zone. The construction program will begin in 2010 and company expects the annual output to be 100,000 units. The long-term growth plan is to have 300,000 units capacity. The investment in the new factory will be more than RMB 5 billion.
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The export target of autos and auto parts will be more than $85 billion in 2015
2009-11-11
The Ministry of Commerce and other several departments recently published a guideline saying the target for exports of autos and auto parts will be more than $85 billion in 2015. The growth rate of exports will be 20%. The export of autos and auto parts will make up 10% of the global trade in these goods.
The guideline includes six measures that will be used to promote the export of autos.
- Accelerate the base construction of national automobile and spare parts exports;
- Encourage entrepreneurs to use financial tools;
- Encourage the entrepreneurs to R&D;
- Strengthen the protection of intellectual property;
- Encourage the entrepreneurs to invest the auto industry in other countries;
- Improve service levels.
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In the first 10 months of 2009 production and sales of domestic autos both breached 10 million
2009-11-11
According to the statistics published by the China Association of Automobile Manufacturers in September, in the first 10 months of 2009, both production and sales of domestic autos breached 10 million. This is a historic breakthrough.
In October, production and sales of domestic autos were 1.2580 million and 1.2263 million respectively. The production and sales decreased compared with September, but they are still the second highest points of the year. As of October, domestic auto production and sales have both more than one million in the past consecutive 8 months. The statistics show that the total production and sales of domestic autos in the first 10 months of 2009 are 10.8732 million and 10.8914 million respectively. They increased by 36.23% and 37.71% compared with the same period last year. It is estimated in the next two month this year the auto industry will maintain rapid development.
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China's color TV industry has warmed in the third quarter of this year
2009-10-30
The research department of the China Video Industry Association (CVIA) published a report showing that in the first three quarters, LCD TV production was 49.32 million units, an increase of 66.9% compared to the same period last year. CRT color TV production was 20.56 million units, a decrease of 41.1% compared to the same period last year. The proportion of flat-panel TV production reached 71.3%. CVIA estimated that in 2010, the production of color TVs will resume this upward trend. In 2009, it’s estimated that LCD TV production will be more than 50 million units.
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Geely becomes the preferred bidder for Volvo
2009-10-29
On October 28, Ford Motor Company announced that Geely has become the preferred bidder in the negotiations for acquisition of Volvo Car Corporation. Geely has made a complete plan of acquisition. There is a good financing channel for Greely because Greely plans to introduce international investment banks into the acquisition and Greely has gotten support from domestic banks.Analysts pointed out that once the acquisition is successful it will mark Geely’s strategic transformation from low-end brands to high-end brands. Geely will pursue technology and quality of Auto instead of pursuing low price.
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China launches anti-dumping probe into US autos
2009-10-29
Steve Collins, president of the American Automotive Policy Council said on Wednesday that China has launched an anti-dumping probe into US autos. This could lead to higher import duties on America autos such as Chrysler, Ford and General Motors. He estimated that the three auto manufacturers export about 9,000 vehicles to China per year.
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China deal to help Hummer go fuel efficient
2009-10-11
Tengzhong Heavy Industrial Machinery Co, the buyer of General Motors' Hummer brand, will hopefully clear government approval of the deal as early as the end of this year, the company's CEO said Saturday. The company will try to parry the unfavorable oil-guzzling image of Hummer and cultivate markets outside the United States, according to Tengzhong CEO Yang Yi.
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China's retail sales hit US$83.5 billion during holiday
2009-10-10
China's retail sales of consumer goods totaled RMB 570 billion ($ 83.50 billion) during the National Day holiday, with average daily sales up 18 percent compared with the same period of last year, the Ministry of Commerce said Friday. The selling boom in the home appliance and car sectors was partly stimulated by a policy approved by the State Council in June this year, aiming to spur domestic consumption by subsidizing buyers of cars and household appliances, according to the ministry. Meanwhile, sales promotions in major cities also played an important role in the holiday consumption boom.
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Luxury cars get boost from China
2009-10-07
China continued to offer some relief to the world's biggest luxury-car makers in September, with sales soaring from a year earlier thanks to new models and a robust economy bolstered by government stimulus programs. BMW AG, Daimler AG's Mercedes-Benz brand and Volkswagen AG's Audi nameplate are racing to increase their footprints in China to benefit from the market's growth potential and reduce their reliance on sales in Western Europe and the U.S.
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Ford to beef up China presence with third plant in Chongqing
2009-09-24
Ford Motor Co is boosting its bet on China with a new factory and models as it tries to catch General Motors Co. The new factory in Chongqing, southwest China, will produce high-end sedans and sport-utility vehicles, Xinhua news service reported. It will have annual capacity of as much as 300,000 units.
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China will soon produce CHBD and grab the market of foreign giants
2009-09-24
China High-definition DVD industry Association (CHDA) announced that the China Blue High-definition Disc (CHBD) for which China has independent intellectual property rights has been prepared for mass production.
CHDA revealed that now Gome and Suning have been involved in the sales plan and it aims to sell 10 million CHBD players within three years.
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China says vehicle Exports tumble on protectionism
2009-09-22
China, Asia’s biggest auto market, said vehicle exporters face “a severe situation” after a 57 percent tumble in shipments partly caused by rising overseas trade barriers. China's auto exports plunged 57% in the first seven months of the year to 191,000, said Zhou Ruojun, deputy director, overseeing exports of machinery and electric products at the nation's commerce ministry. The tally has fallen for 12 straight months in a row.
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