CHINA NEWSLETTER December 5 2017
 
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Hyundai deliveries plummet but the bottom may be near
Automotive News China
Beijing Hyundai Motor Co.'s November deliveries slumped 25 percent year on year to 95,012 but the company's sales may be starting to stabilize. Hyundai's November sales were 18 percent higher than the company's October results -- a sign that anti-Korean tensions in China are easing.

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FAW, Dongfeng, Changan form tech venture
Automotive News China
China FAW Group Corp., Dongfeng Motor Co. and Chongqing Changan Automobile Co. are forming a broad partnership to jointly develop vehicles and electric-vehicle technologies, and coordinate expansion overseas.The three state-owned automakers will jointly develop vehicle platforms and powertrains, and coordinate purchasing, vehicle production and shipments.
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China will extend tax rebate to spur EV sales
Bloomberg
China plans to extend a tax rebate on the purchase of electric vehicles, according to people with direct knowledge of the matter. China's government will continue to exempt the 10 percent purchase tax on EVs at least through 2020, the sources said. The current tax rebate policy is due to expire at end of this year.
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Faraday Future struggles to raise cash
Bloomberg
The dwindling empire of billionaire Jia Yueting, who once boasted he would leapfrog Tesla, faces a new hurdle as his U.S. electric car startup struggles to raise $500 million (3.2 billion yuan).A convertible note of $400 million, with a 12 percent interest rate, becomes payable immediately if Faraday Future can't raise the funds by December, sources said.
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GM recalls 939,000 cars to fix faulty fuel tanks
Reuters
One of General Motors' Chinese ventures will recall nearly a million vehicles due to fuel tank problems, the country's quality watchdog said. It is the latest of a spate of major recalls in China over the last few months.SAIC-GM-Wuling Automobile Co. is a three-way partnership of SAIC Motor Corp., General Motors and Guangxi Automobile Group, formerly known as Wuling Motors.
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IAC names new China chief
Automotive News China
International Automotive Components named Daniel Linder vice president of the U.S. supplier's China operations. Linder will be based in IAC's regional headquarters in Shanghai.Linder succeeds Brian Pour, who was appointed CEO of Auria, a joint venture between IAC Group and Shanghai Shenda.
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Faurecia partners with local supplier to supply GM Wuling
Automotive News China
French supplier Faurecia established a joint venture with Wuling Industry Co. to supply interior components to SAIC-GM-Wuling Automobile Co. and other customers.The joint venture will produce instrument panels, center consoles, door panels and acoustic parts for Baojun passenger vehicles and Wuling microvans.

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BYD delivers 10 electric buses to Japan's Okinawa island
Automotive News China
BYD Co., China's largest electric vehicle maker, delivered 10 electric buses to the Japanese island Okinawa last week.
The buses will be used as shuttle buses in Okinawa's Naha port, BYD said. It is the second time that BYD has shipped K9 electric buses to the Japanese market.

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 TOP 10 HEADLINES
OF THE LAST WEEK

Why investors search for a Chinese Tesla

Daimler rejects Geely's offer to buy 5% stake

Tesla forms r&d subsidiary in Beijing

Infiniti to build new crossover in China next year

Volvo may build Lynk & CO vehicles in Belgium, U.S.

PSA boosts Chinese engine shipments to Europe

NIO Capital to raise $500 million for auto investments

Ford launches vehicle test center in Nanjing

Volvo builds Polestar assembly plant in Chengdu

Volkswagen, JAC consider joint production of MPVs



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