China Economic ReviewChina approved applications by Volkswagen, General Motors and Toyota to establish automobile finance operations on the mainland. The China Banking Regulatory Commission's website said that the three foreign auto makers will likely begin offering car loans around the middle of the year. GM will enter China's auto finance market via its JV with Shanghai Automotive […]
Beijing Hyundai, a JV between South Korea's biggest automaker, Hyundai Motors, and Beijing Automotive Investment, announced plans to almost triple output in 2004, despite government moves to slow down expansion in the sector. In 2004 the JV plans to expand annual production capacity of its existing plant from 150,000 vehicles to 300,000 and begin work […]
Creditors of South Korea-based Ssangyong Motor Co signed a memorandum of understanding to sell the company to China National Bluestar Group. Bluestar will purchase a 49 percent share in the car maker for an undisclosed sum under the agreement. Bluestar and Ssangyong creditor Chohung Bank both indicated their certainty that a final contract would be […]
China Blue Star Group, a state company which does not produce cars, said it had defeated major foreign manufacturers to buy 55.4% of Ssangyong Motor, South Korea's fourth-largest car company. Blue Star was established in 1984 as an industrial cleaning company but now owns factories making car parts and components and runs a chain of […]
Hunan Jiangnan Auto, a military-backed car manufacturer, said it was investing RMB 2.88 billion in a factory that would turn out 260,000 cars a year from 2008 despite a soon-to-be-issued government policy that warns China is facing the threat of chronic overcapacity. The policy says that RMB 200 billion to be invested over the next […]