The Chinese government handed out 6.41 billion yuan ($972.9 million) in subsidies to new car buyers under the old-for-new trade-in auto program in 2010, the Ministry of Commerce said Wednesday.
Starting Tuesday - the first working day of 2011 - vehicles that are not registered in Beijing are prohibited from entering the urban area inside the Fifth Ring Road during the two daily rush hours.
Shenzhen-based carmaker BYD Co sold a total of 519,806 vehicles last year, falling short of its revised target of 600,000 units for 2010, according to a Reuters report.
Volvo is recalling 135 units of its XC60 vehicles in China to fix seat problems that could pose safety risks, a statement from China's quality inspection authority said Tuesday.
Vehicles without local license plates will not be allowed to enter the urban area within the Fifth Ring Road starting from today - the first day back at work following the New Year holiday.
With Beijing's new traffic policies in operation and people swamping an official website to try to snag coveted approval to buy a car through the new lottery system, car dealers have seen a sharp fall in business.
The capital's transport authorities said they received three times the monthly quota for new car license plate applications in the first two days of the year, as the city has adopted measures restricting plate issuances to ease traffic.
China's automobile market is expected to end its skyrocketing growth next year. That's after the government decided to cease incentive measures and began to curb the booming auto market in big cities in a bid to ease congestion.
General Motors Co (GM), Geely Automobile Holdings Ltd and BYD Co said growing demand for cars in China will outweigh the impact from the end of tax incentives that boosted sales, Bloomberg News reported Thursday.
Chinese carmaker Jianghuai Automobile Co,Ltd (JAC) started shipping the first batch of 500 cars to Brazil on Tuesday.
The Energy Saving and New Energy Vehicle Development Plan (2011-2020), which aims to reduce environmental pollution from the booming auto production, will be formally released in January 2011, after being postponed in November, said a senior expert.
BYD Co, the Chinese automaker backed by Warren Buffett, will likely miss its 600,000 unit target for auto sales in 2010, Bloomberg News reported Wednesday, citing the company's spokesman.
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