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Filed under: China , Cadillac , Chevrolet , Ford , GM , Earnings/Financials , By the Numbers While domestic sales continue to slide, the auto market in China is thriving. Both General Motors and Ford have reported double-digit sales growth for the first-half of 2008 in the world's most populace country, with GM moving 590,126 Buick, Chevrolet, and Cadillac vehicles for a total sales increase of 12.7 percent, while Ford sold 172,411 units for 21 percent jump in growth. With China recognized as the second-largest vehicle market outside the United States, and with their economy forecasted to grow by at least nine percent this year, automakers in Europe, Japan, and the U.S. are investing heavily to expand sales and production in the Chinese market. It is worth noting that vehicle sales in China have been nearly immune to the increase in global oil prices as governmental controls keep diesel and gasoline prices among the world's lowest. [Source: Detroit News ] Permalink | Email this...
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Filed under: China , Government/Legal , Plants/Manufacturing , Chrysler , Ford , GM , Earnings/Financials American automotive companies have been doing rather well for themselves these last few years in China. Still, the majority of manufacturing those vehicles is done in China using locally sourced parts. For this reason, the Chinese government has been facing pressure to ink more deals with American companies for the export of goods there, which is apparently now beginning to take place. Ford, for instance, has announced that it will be sending 30,000 complete vehicles (no word on which ones) to China along with other various auto parts. General Motors has also signed on with about $1 billion in vehicles and parts for export to China. Chrysler too will get in on the trading, though its deals will likely be smaller than either Ford's or General Motors'. All in all, the automotive sector will make up about $2 billion of the recently announced deals, which total more than $8.3 billion...
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Filed under: China , Plants/Manufacturing , Earnings/Financials , FIAT , India , Tata When Fiat reorganized its divisions into independent companies, it appeared that the brands were being separated, when in fact, Fiat, Lancia and Alfa Romeo have been working closer together than ever. The so-called "separation" has also led to the centralization of certain shared operations, including design , marketing, engine development and purchasing. The latter division was reorganized at the beginning of this year, with Gianni Coda as its head. Coda has now revealed an ambitious plan to cut the company's overhead by outsourcing to "best-cost countries". Of Fiat's €34 billion purchasing budget, components alone accounted for €25 billion last year, which is set to rise to €32 billion this year. 8% of those components were purchased from countries outside the European Union, which Coda intends to raise to 11 percent. All in all, Fiat wants to increase the €2...
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Filed under: China , Earnings/Financials , Celebrities Whether you like his music or not, Robbie Williams is a highly successful recording artist. After selling 25 million records as part of Take That , he went solo in 1995 and has sold 70 million records worldwide since. His latest album, Rudebox , didn't do so well, and his cash-strapped recording label EMI was left with millions of unsold CDs. The solution: use them to pave roads in China. EMI, headed by the appropriately-named Terry Firma, announced that it is shipping over one million silicon copies of Rudebox to China for use in street-lighting and road-surfacing projects. This isn't the first time Williams (no relation to F1 team owner Sir Frank) has popped up in the automotive media, having shot the innovative Love Supreme video that splices himself into vintage grand prix racing footage alongside Jackie Stewart, which, we've placed after the jump for your viewing pleasure. [Source: contactmusic.com via Carscoop ] Continue...
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Filed under: China , Euro , Plants/Manufacturing , Earnings/Financials , Chery , Alfa Romeo , FIAT Hot on the heels of Nanjing Auto's merger with SAIC , Fiat has announced it has pulled out of the automotive joint venture it had embarked upon with Nanjing. The Sino-Italian operation had been a money-losing enterprise for years. Fiat says that Nanjing failed to live up to its commitments to the joint venture after the Chinese auto group took over MG Rover, and that the divorce will enable the Italian automaker to re-strategize its business in China. Fiat is expected to partner instead with Chery Automobiles, which just announced another joint venture with Israel Corp . Fiat and Chery are in the process of setting up another joint venture to produce 175,000 cars annually starting in 2009, and leading to the introduction of Fiat Group division Alfa Romeo to the Chinese market. The separation affects only the cooperation between Fiat and Nanjing on the production of passenger cars, and...
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Filed under: China , Plants/Manufacturing , Earnings/Financials Israel develops and produces a lot of things, from microchips to cosmetics. But, discounting the odd dune-buggy or army jeep, cars aren't one of them. So it came as a bi t of a surprise when Quantum, an American subsidiary of (the imaginatively named) holding company Israel Corp ., announced it was embarking on a joint venture with an unnamed Asian automaker back in the spring . Israel Corp. has now won approval from China's still heavily centralized government to set up shop in partnership with Chery Automobile. The Israeli partner will take a 45% stake in the venture, worth about $225 million, with Chery presumably taking the other 55%. The news of the deal hit the wire shortly after the now-refuted reports of an ambitious plan to put 10,000 electric cars on Israeli roads by 2010. Chery was the first of a plethora of Chinese automakers that now manufactures outside of China, operating its own plants in Iran, Malaysia...
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Filed under: China , Earnings/Financials Industry analysts widely agree that one of the principal factors preventing Chinese automakers from succeeding outside of China is the local industry's fragmentation, with over 100 automakers vying for their slice of the proverbial pie. However, a merger announced Wednesday between two major Chinese automakers, Shanghai Automotive Industrial Corp (SAIC) and Nanjing Automotive Group, stands a stronger chance of succeeding in the international car market as a larger group. The merger, which has been long anticipated, involves SAIC paying $285.7 million for Nanjing. In return, Nanjing's parent company acquires 4.9 percent of SAIC Motor Corp. The products of SAIC's joint ventures with GM and Volkswagen Group account for 14% of the domestic market in China, selling 1.25 million vehicles in the first ten months of 2007. Nanjing, meanwhile, sold less than 80,000 over the same period, making the acquisition a merger in the same sense as Mercedes...
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