China Economic ReviewVehicle-equipment maker Zhongda International Holdings posted a net profit of Yn2.6m for 2002 compared with Yn33.5m in 2001, South China Morning Post said. Turnover dropped 3.8 per cent toYnl73m. The announcement was made two months after its deadline under listing rules. Zhongda blamed the profit fall on changes in the automobile repair and maintenance market […]
Japan's Toyota Motor has agreed with Guangzhou Auto to set up a joint venture to produce cars at a new plant in suburban Guangzhou, Asahi Shimbun said. The deal will be announced formally when it has received approval from the Chinese government.When production starts in 2005, it will initially assemble between 30,000 and 50,000 midsize […]
Volkswagen said it would invest US$6.7bn in China over the next five years to double current output to I .6m vehicles a year. This is twice the amount it had previously said it would invest. The German carmaker and its partner First Automotive Works broke ground last month on a new plant at their existing […]
US-based ear giant General Motors is planning to invest Yn2bn to double capacity at its joint venture plant in Shanghai, China Daily said. The venture's board had already approved the building of a new factory for open by 2005. GM declined to confirm details the plans until they had been approver by the central government. […]
Volvo has unveiled plans to add two new models to the range it markets in China as part of a drive to increase exports to the country, China Business Week/v said. The models are the limited- edition sports saloon 560R and the newly-upgraded SXO sedan. Earlier this year, Volvo added its XC9O sports utility vehicle […]