Volvo Car Corp.'s China sales declined 10 percent year on year in August to 5,574 vehicles as the weak economy and plunging stock market slowed the Swedish carmaker's ambitious growth plans. In the first eight months, Volvo's deliveries in China declined 4.1 percent to 49,698 cars and light trucks.
Beijing Benz Automotive Co., Daimler AG's joint venture with BAIC Motor Corp., plans to resume exporting long-wheelbase Mercedes-Benz C- and E-class sedans. Beijing Benz is the only plant that builds the two stretched models. The models likely will become the first batch of vehicles for export, BAIC Chairman Xu Heyi told the press last week at an event marking the joint venture's 10th anniversary.
BEIJING -- BYD Co. says it has signed an agreement to sell 10,000 passenger vehicles to Giad Motor Co. of Sudan in a deal that includes hybrid- and gasoline-powered models. Two models, the L3 sedan and S7 SUV, will account for most of the exports, BYD said Wednesday in a statement. BYD says the agreement is the largest single export deal negotiated by a Chinese automaker.
Wu Shaoming, vice general manager of China FAW Group, has been appointed secretary general of the China Association of Automobile Manufacturers, according to a Chinese media report. Wu, 53, will leave FAW to take his new role at the industry body in October, reported China Business News, a Shanghai-based daily newspaper, citing an internal document from the association.
A group of deep-pocketed China-based Internet entrepreneurs and financial investors, including Tencent and Hillhouse Capital, is backing an effort to create NextEV, a rival to U.S. electric car maker Tesla Motors Inc. Hillhouse also is an investor in Uber, the U.S. ride-sharing service. The backers have hired ex-Ford Motor Co. executive Martin Leach to build a global automaker, a NextEV spokeswoman said this week.
China's demand for luxury cars used to move in one direction: up. Now, the prospect of a sustained slump in Chinese demand, prompted by sharp declines in Chinese equity markets and a devaluation of the yuan, has global auto manufacturers scrambling to find new markets to sell goods.
BEIJING -- When China's central bank singled out auto financing companies for extra help on Tuesday, it effectively freed up more than 200 million yuan ($30 million) for Volkswagen AG's China finance unit, which it can use to boost falling car sales, said a top company official.
CW Bearing USA Inc. will spend $25.9 million (164.6 million yuan) to build a new U.S. headquarters and technical center in suburban Detroit, Michigan Gov. Rick Snyder said this week after returning from an eight-day trade mission to China. CW Bearing USA's new headquarters will house its executive, engineering and sales staffs. Its current U.S. headquarters is in Tustin, Calif., with sales offices in St. Louis, Mo.; Midland, N.C.; and Novi, Mich.
Volvo Car Co. said its China sales declined 10 percent year on year in August to 5,574 units, as the weak economy slowed the Swedish carmaker's ambitious growth plans for the country. In the first eight months, Volvo's deliveries in China have declined 4.1 percent to 49,698 units.
The news coming out of China right now is bad, and chances are, it's going to get worse. For weeks, we've been hearing about slowing sales, ever greater price discounts and increasing worries about their impact on profits. In July, vehicle sales fell 7.1 percent to a 17-month low, according to the China Association of Automobile Manufacturers. July sales of Volkswagen-branded cars declined 13 percent.