China Economic ReviewChinese automaker BYD (1211.HK) said profits for the first half of the year may drop as much as 95%, due in part to the end of China’s auto tax breaks, Bloomberg reported. In a preliminary forecast filed to the Hong Kong Stock Exchange, the firm, part-owned by Warren Buffett’s Berkshire Hathaway (BRK.NYSE), said that its […]
Ford Motor’s (F.NYSE) vehicle sales growth in China slowed to 11% in June, down from 14% in May, but robust demand for mid-sized passenger cars pushed up first-half sales 14% year-on-year, MarketWatch reported. Weakening sales growth is due in part to the end of incentive programs instituted by the Chinese government as part of attempts […]
AutoChina International (AUTC.NASDAQ), a company that sells and leases commercial vehicles, said it will restate financial statements from 2009 onwards in relation to an investigation by the US Securities and Exchange Commission (SEC) into its accounting methods, Reuters reported. The announcement comes amid a raft of accounting scandals and de-listings that have increased scrutiny of Chinese companies […]
Shares of Chinese auto maker BYD Co (1211.HK, 002594.SZ) rose as much as 46% on the company’s Shenzhen debut on Thursday, despite bearish market sentiment following its US$219 million initial public offering, Reuters reported. BYD shares were traded at RMB22 (US$3.40) each at the open, but surged as high as RMB26.18 (US$4.05), compared with an […]
Zhejiang Geely Holding Group has received approval from a Chinese ministry to build a second Volvo manufacturing plant in China, this one in a remote northeastern city that helped finance Geely’s purchase of the Swedish automaker, the Wall Street Journal reported. The Ministry of Environmental Protection said it had approved Volvo’s proposal to build an […]