Chinese carmaker BYD (1211.HK) said it will raise around US$219 million in its mainland China listing, less than the company originally sought, Bloomberg reported. The Shenzhen-based company, which has the backing of celebrity investor Warren Buffett, plans to issue 79 million shares at US$2.78 (RMB18) apiece. The automaker had previously planned to raise US$338.5 million on […]
Category: Autos
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Volvo's car sales in China up 82% in May
Swedish automaker Volvo, now owned by Zhejiang Geely Holding Group (0175.HK), said Tuesday that unit sales in China surged 82% in May, MarketWatch reported. Volvo sold 4,019 cars in China last month, compared to 7,363 in the US and 5,257 in Sweden, making China the company’s third-largest market. Growth in China was nearly double the […]
Spyker (SPYKR.Euronext), the Dutch company that owns Saab, has secured US$156 million in funding from Chinese car distributor Pang Da Automobile (601258.SH) to rescue the troubled Swedish carmaker, the Financial Times reported. For the past six weeks work at Saab’s Swedish factory has been suspended as parts’ suppliers stopped deliveries due to outstanding bills. Pang […]
Commercial auto wheel maker China Zenix International (ZX.NYSE) traded down on its first day on the New York Stock Exchange, Dow Jones reported. It opened at US$6 per share, flat with its IPO price, and went on to decline 2.7%. Its IPO pricing was already cut down from a range of US$9.50-11.50. China Zenix is […]
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Auto sales in China decline in April
Auto sales in China declined for the first time in two years, falling 0.25% in April to 1.55 million units, Dow Jones reported. The decline is attributed to the disaster in Japan’s effect on the supply chain, the cancellation of government subsidies for car purchases, and rising oil prices. The only remaining incentive for car […]