Auto dealers in Beijing are planning to improve services, expand to markets outside the capital and speed up secondhand trade as part of efforts to adapt to the limit on license plate registrations.
The unexpected curb on China's largest vehicle market is a major bump in the road for automakers, especially as some 20 other cities with chronic congestion are watching on with keen interest. However, industry experts predict the big players will likely adapt by focusing more on smaller cities further inland.
CNHTC Jinan Truck Co Ltd, a Chinese maker of heavy-duty vehicles, said on Thursday that a subsidiary was involved in a bank fraud that could threaten repayment of 500 million yuan ($75 million) worth of deposits.
China's jaw-dropping auto sales in 2010 are a clear manifestation of the rapidly growing clout of Chinese consumers.
Even before it launches the first passenger cars under its own brand at home, China's BAIC has set its sights on expansion overseas.
Zhejiang Geely Holding Group Co, the owner of Volvo Cars, may begin building a plant in China this year that will make the Swedish brand's cars, Bloomgerg reported.
BYD Co, the Chinese carmaker backed by Warren Buffett, expects sales in China to recover from this month after the company missed targets in 2010, Bloomberg reported citing chairman Wang Chuanfu.
Chrysler has its eye on China and is counting on its iconic Jeep brand to boost global sales and help return the US automaker to profitability after a government-backed bankruptcy.
China's auto maker BYD Co Ltd presented its "Three Green Dreams" strategy on Monday at the 2011 North America International Auto Show (NAIAS).
General Motors is planning to build small battery electric vehicles in China within two years, and to increase overall production in China to meet local demand, executives said on Monday.
China's automobile market registered the highest annual sales in the history of the global automobile industry in 2010, far surpassing those of the United States for a second consecutive year.
China's 2010 auto sales up 32 percent to hit 18.06 million units, according to China Association of Automobile Manufactures (CAAM).
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