China Economic ReviewKonka Group, China’s second-largest television maker, said that it would probably report a loss for 2001, its first in eight years. Rising operating costs, price cuts and a slump in sales were all cited as contributory factors. It added that the company is seeking to return to profit by making cellphones and investing in property […]
US refrigerator maker Maytag has withdrawn from its joint venture with the Chinese firm Rongshida, taking a US$42m loss, South China Morning Post said. The joint venture was set up in 1996, when Rongshida, then the country’s largest maker of washing machines, wanted to expand into refrigerators. The US firm invested US$70m in the venture. […]
German car-maker Volkswagen’s China joint venture FAW-Volkswagen planned to make about 171,000 cars this year, including 92,000 Jetta sedans, 29,500 luxury Audi A6s and 50,000 mid-sized Boras. It intends to increase annual output to up to 500,000 cars over the next three years, China Daily quoted president Qin Huanming as saying. FAW-Volkswagen said it had […]
China’s passenger car sales rose 18 per cent year-on-year in 2001 to 721,500 units, Guangzhou Daily said. Total vehicle sales gained 13.3 per cent to 2.36m units. Sales at First Automotive Works, Dongfeng Motors and Shanghai Automotive Industry Corp, the country’s three largest automakers, accounted for 47.5 percent of the total.
The Ministry of Information Industry estimates that the number of cellphone users in China will grow by 55m during 2002 to exceed 200m by the end of the year. The figure indicated a slowdown from last year’s rapid average monthly growth rate of 5.1m new users. The ministry estimated that fixedline users in China, now […]