Automotive legend may return to China unprosecuted
2010-08-15
The approval by the Anhui provincial authorities for the JAC-HKMC joint venture may be a signal that the famous "Yang Rong vs. the State" fiasco is coming to an end. The former chairman of Brilliance China Automotive Holdings fled China in mid-2002 just before he was served an arrest warrant from the Liaoning Provincial Public Security Bureau for an alleged "embezzlement of state funds.
BEIJING - Capital Steel Co, Ltd. (Capital Steel) will participate in the establishment of Beijing Automobile Co., Ltd. (BAC) by investing all the equity shares it holds in Beijing Automobile Investment (BAI) plus some fund. The estimated holding is 18.31 percent, the second biggest among all shareholders, according to an announcement released by the company on August 20.
BEIJING - Hyundai's debut of its new Verna subcompact sedan in Beijing, priced at about $10,900, is strong indication that the South Korean automaker's vehicle sales in China will outstrip those at its home market this year.
Tianjin HKMC Equity Investment Fund Management Co., Ltd. (Tianjin HKMC), the subsidiary of Yang Rong's Hong Kong-listed company HKMC (01188.HK), will manage the 20.90-percent stake of Xinchao Industrial (600777.SH) in trust, in order to boost the latter's power battery business and help it break into the new energy vehicle industry, according to an HKMC statement.
ZHEJIANG - Geely Automobile Holdings Ltd. (Geely) announced on August 25 that it saw a 42 percent growth in sales volume and a 35 percent increase in net profit in the first half of the year.
BEIJING -- China sold 1.2155 million vehicles in August, up 55.72 percent year-on-year and 15.09 over July, according to the latest data released by the China Automotive Technology & Research Center (CATARC) on September 1.
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Brilliance Auto chairman Qi Yumin voiced his concerns at a recent seminar in Shenyang about the future of China's automobile industry as well as how decision makers should approach the 12th Five-Year Plan (2011-2015), which is being drafted.
PARIS - Faurecia, like its controlling stockholder PSA Peugeot-Citroën, is counting on China for the bulk of its future growth.
According to China Association of Automobile Manufacturers (CAAM), China produced and sold 2,243,500 and 2,295,300 units of commercial vehicles in the first half of 2010, up 42 and 41 percent respectively from the same period of 2009. Sales increased 59 percent in the first quarter, and rose 37 percent in the second quarter.
Chinese auto sales rose 47.67 percent year-on-year to 9.02 million units in the first half of 2010 maintaining its unrivaled No. 1 spot in the world, according to the latest data release by China Association of Automobile Manufacturers (CAAM).
After eight years of negotiation, representatives from Beiqi-Foton Automobile (Foton) and Daimler AG (Daimler) signed a joint venture agreement at the Great Hall of the People on July 16. Chinese Premier Wen Jiabao and visiting German Chancellor Angela Merkel were present for the signing.
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