China's Geely Automobile has raised 1 billion yuan ($153.8 million) through a corporate bond sale aimed at financing the carmaker's development of core technologies on auto parts and auto electronic systems, company officials said Thursday.
German auto giant Daimler AG has signed an agreement with its Chinese partner Beijing Auto to invest 2 billion euros into their joint venture in the Chinese capital, allowing Mercedes to expand production of compact luxury SUVs, said the Chinese company on Wednesday.
Chinese battery and carmaker BYD Co Ltd reported an 84 percent profit decline in the first quarter in a statement filed with the Hong Kong Stock Exchange on Wednesday, a day before going public in Shenzhen.
Nissan Motor Co plans to boost production capacity in China by as much as 600,000 vehicles over the next six years as Japan's second-largest automaker expands in the world's biggest auto market.
Beijing Hainachuan Automotive Parts Co Ltd, a subsidiary of BAIC Group, said its acquisition of Inalfa Roof Systems will be completed next month after it passes antitrust scrutiny by the Chinese government.
Chrysler Group LLC is "aggressively" exploring the possibility of building more vehicles in China, where the company is on track to sell 40,000 cars and trucks this year, an executive said on Thursday.
China overtook the United States as the world's largest car market on sales of sedans. Future growth lies with sport utility vehicles (SUVs).
China surpassed the US as the world's largest car market on sales of sedans. Future growth lies with sport-utility vehicles.
Beijing Automotive Group (BAIC), the Chinese partner of Daimler AG and Hyundai Motor Co, will increase its car sales in the Southeast Asian market in coming years, when a new factory begins operations in South China, said a top company manager.
The price of private vehicle license plates in Shanghai soared to a three-year high of 48,855 yuan ($7,544) on June 18, rising 1,155 yuan from May's figure amid worries over tighter rules on car ownership.
BYD Co, the Chinese automaker backed by Warren Buffett, said it will raise 1.42 billion yuan ($219 million) in its Shenzhen, China share sale, less than the company originally sought.
Although China's automobile market is facing challenges such as the first year-on-year sales drop in April since 2009, Kevin Wale of General Motors China is optimistic about the industry's future in the country.
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