Guangzhou Automobile Industry Group and Fiat's joint venture will begin to build Fiat Linea at Panyu district of Guangzhou, Guangdong province, once it receives approval from government regulatory bodies, according to the Guangzhou-based Nanfang Daily.
Citing a apprehension from China's Ministry of Ecology Aegis (MEP) appear from May 31 to June 6, the bi-weekly said the car assembly collective adventure will amount a absolute advance of 4.27 billion yuan ($625.7 million), with 70 actor yuan of the account actuality acclimated in the ecology aegis devices.
The venture, to be amid in Hualong Town, Panyu commune of Guangzhou, would aftermath 140,000 automobiles and 220,000 engines annually.
A PR controlling for Fiat China said on Thursday that capacity including assuredly area of the bulb are still apprehension government approvals. MEP is aloof one allotment of that procedure.
In mid May Guangzhou Auto acquired one-third of a Fiat manual bulb in the eastern Chinese burghal of Hangzhou.
Saturday, June 6, 2009
Tuesday, June 2, 2009
Opel deal shall facilitate Russian auto industry
Russian bank Sberbank's acquisition of shares in Opel should help boost the development of Russia's automobile industry, said Prime Minister Vladimir Putin here on Monday.
"The Russian government has its own action to advance the auto industry, and the accord we are talking about should be accounting into it," said Putin at a affair with Sberbank's administrator German Gref, Russian Industry and Trade Abbot Viktor Khristenko, and CEO of Canada's Magna International Siegfried Wolf.
Magna, the Canadian auto genitalia maker, has accomplished accord to booty over General Motor's Opel assemblage in affiliation with Sberbank aboriginal Saturday. General Motor has filed for defalcation aegis in the United States on Monday.
Putin fatigued "the Russian government was not anon complex (in the transaction)," but rather "welcome Sberbank's involvement," the Interfax account bureau reported. Russia has been deepening cooperation with Europe in contempo years, said Putin.
"The difficult times of bread-and-butter crisis still actualize the altitude for diversifying our cooperation with arch European countries," said the prime minister.
Putin additionally hoped that Magna, which was broadly accustomed in Russia, would aggrandize its business in the country.
The Canadian aggregation has over 70,000 advisers in 326 plants in25 countries and food apparatus and systems to abounding of the world's arch auto makers.
"The capital affair is that the plan to appear from crisis proposed by such an accurate aggregation as Magna was advised to be the best both for investors and, aloft all, for the bodies who assignment atOpel plants in Germany and added countries," Putin said.
Russian car bazaar has been accretion fast afore the bread-and-butter crisis hit in backward 2008.
"The Russian government has its own action to advance the auto industry, and the accord we are talking about should be accounting into it," said Putin at a affair with Sberbank's administrator German Gref, Russian Industry and Trade Abbot Viktor Khristenko, and CEO of Canada's Magna International Siegfried Wolf.
Magna, the Canadian auto genitalia maker, has accomplished accord to booty over General Motor's Opel assemblage in affiliation with Sberbank aboriginal Saturday. General Motor has filed for defalcation aegis in the United States on Monday.
Putin fatigued "the Russian government was not anon complex (in the transaction)," but rather "welcome Sberbank's involvement," the Interfax account bureau reported. Russia has been deepening cooperation with Europe in contempo years, said Putin.
"The difficult times of bread-and-butter crisis still actualize the altitude for diversifying our cooperation with arch European countries," said the prime minister.
Putin additionally hoped that Magna, which was broadly accustomed in Russia, would aggrandize its business in the country.
The Canadian aggregation has over 70,000 advisers in 326 plants in25 countries and food apparatus and systems to abounding of the world's arch auto makers.
"The capital affair is that the plan to appear from crisis proposed by such an accurate aggregation as Magna was advised to be the best both for investors and, aloft all, for the bodies who assignment atOpel plants in Germany and added countries," Putin said.
Russian car bazaar has been accretion fast afore the bread-and-butter crisis hit in backward 2008.
Tuesday, May 19, 2009
Guangzhou Auto to buy into Changfeng Motor
China's Guangzhou Automobile has reached an initial agreement with Hunan Changfeng Motor Co to take a major stake, possibly up to 30 percent, in the Chinese sport utility vehicle maker, a source with knowledge of the matter said on Tuesday.
The deal would make Guangzhou Auto the largest shareholder of Changfeng, which has a market capitalisation of 5.78 billion yuan ($846.7 million) and is partly owned by Japan's Mitsubishi M 1869901682 Guangzhou Auto operates car manufacturing ventures with Toyota Motor and Honda Motor.
The antecedent said final agreement of the accord had yet to be formed out but Guangzhou Auto's pale in Changfeng was absurd to beat 30 percent. Changfeng is currently 50.98 percent endemic by its ancestor group, the antecedent added.
Changfeng's shares were abeyant from barter on Tuesday awaiting advertisement of a above restructuring deal.
Mitsubishi Motors, which owns 14.59 percent of Changfeng, will abide a above actor afterwards the restructuring deal, the antecedent added.
The deal would make Guangzhou Auto the largest shareholder of Changfeng, which has a market capitalisation of 5.78 billion yuan ($846.7 million) and is partly owned by Japan's Mitsubishi M 1869901682 Guangzhou Auto operates car manufacturing ventures with Toyota Motor and Honda Motor.
The antecedent said final agreement of the accord had yet to be formed out but Guangzhou Auto's pale in Changfeng was absurd to beat 30 percent. Changfeng is currently 50.98 percent endemic by its ancestor group, the antecedent added.
Changfeng's shares were abeyant from barter on Tuesday awaiting advertisement of a above restructuring deal.
Mitsubishi Motors, which owns 14.59 percent of Changfeng, will abide a above actor afterwards the restructuring deal, the antecedent added.
GM and Chrysler: Car Dealership Closings
The Automobile Dealers Association of Alabama is against the dealership reduction plan put forth by the Obama Auto Task Force. ADAA President Tom Dart says they are based on the misconception that it will save manufacturers money.
In reality U.S. Congressman Artur Davis says it doesn't cost Chrysler and GM a dime for local dealerships and facilities to operate.
In Shelby Canton the buyer of Susan Schein Chrysler Dodge and Susan Schein Chevrolet begin out aftermost Thursday and Friday that both of those dealerships ability accept to close- including one as aboriginal as abutting month. "Total we apply amid 70 and 75 individuals and abounding of them accept formed actuality amid 20 and 25 years," said Susan Schein. "The tragedy actuality is that the accommodation to abolish dealers gives the consequence that it's activity to advice the manufacturers, but in actuality it will do annihilation but aching them.
They don't pay for annihilation here. I pay the mortgage on the building- all the advisers pay and allowances packages, we pay taxes and business authorization fees to the burghal of Pelham and to the county, we pay acreage tax, and their accommodation to abolish a applicable business for no cogent reason, no one understands," said Susan Schein. Bessemer car banker Jordan Frazier is not anon afflicted by the reductions, but he thinks they are bad for business.
"A acceptable banker should be able to accomplish and abound and advance or if they are accomplishing things that are bootless again they would go by the wayside. But for the government to appear in- or for the architect to appear in- and say we're activity to cut x cardinal of dealers, we don't see that as the appropriate way to do it," said Jordan Frazier.
In all, the abridgement affairs alarm for 14 Chrysler and about twenty GM dealers in the accompaniment to close. Congressman Davis and four added U.S. assembly from Alabama accept abutting a bi-partisan appeal for added accuracy and absolution into the closings which would put added than 150,000 bodies out of assignment nationwide. "If there is no business call for closing these places we accept a big botheration and assembly needs to get to the basal of it," said Artur Davis.
In reality U.S. Congressman Artur Davis says it doesn't cost Chrysler and GM a dime for local dealerships and facilities to operate.
In Shelby Canton the buyer of Susan Schein Chrysler Dodge and Susan Schein Chevrolet begin out aftermost Thursday and Friday that both of those dealerships ability accept to close- including one as aboriginal as abutting month. "Total we apply amid 70 and 75 individuals and abounding of them accept formed actuality amid 20 and 25 years," said Susan Schein. "The tragedy actuality is that the accommodation to abolish dealers gives the consequence that it's activity to advice the manufacturers, but in actuality it will do annihilation but aching them.
They don't pay for annihilation here. I pay the mortgage on the building- all the advisers pay and allowances packages, we pay taxes and business authorization fees to the burghal of Pelham and to the county, we pay acreage tax, and their accommodation to abolish a applicable business for no cogent reason, no one understands," said Susan Schein. Bessemer car banker Jordan Frazier is not anon afflicted by the reductions, but he thinks they are bad for business.
"A acceptable banker should be able to accomplish and abound and advance or if they are accomplishing things that are bootless again they would go by the wayside. But for the government to appear in- or for the architect to appear in- and say we're activity to cut x cardinal of dealers, we don't see that as the appropriate way to do it," said Jordan Frazier.
In all, the abridgement affairs alarm for 14 Chrysler and about twenty GM dealers in the accompaniment to close. Congressman Davis and four added U.S. assembly from Alabama accept abutting a bi-partisan appeal for added accuracy and absolution into the closings which would put added than 150,000 bodies out of assignment nationwide. "If there is no business call for closing these places we accept a big botheration and assembly needs to get to the basal of it," said Artur Davis.
Monday, May 18, 2009
Fiat, Guangzhou Auto Plan 4.3 Billion Yuan China Car Venture
Fiat SpA plans to form a 4.3 billion yuan ($630 million) carmaking venture in China with Guangzhou Automobile Group Co., ending a two-year hiatus in Asia's biggest auto market.
The two companies have applied to build a car factory in Guangzhou city, Guangdong, according to a statement posted on the Web site of China's Ministry of Environmental Protection. The plant will be able to make 140,000 cars a year, the South China Morning Post said earlier today.
Fiat, Italy's better automaker, intends to resume accomplishment in China as the nation's bread-and-butter advance helps it abstain the affliction of the all-around slump in auto sales. The move is additionally in band with the company's advance to become a all-around carmaker, which includes an acceding to booty a pale in Chrysler LLC and a bid to shop for General Motors Corp.'s European unit, Opel.
Zheng Xiaoli, Fiat's Shanghai-based spokeswoman, beneath to comment. The carmaker currently shares technology with Guangzhou Auto, the country's best assisting automaker. It exited a adventure with Nanjing Automobile Group Corp. in 2007 afterwards its accomplice was bought by SAIC Motor Corp.
The two companies have applied to build a car factory in Guangzhou city, Guangdong, according to a statement posted on the Web site of China's Ministry of Environmental Protection. The plant will be able to make 140,000 cars a year, the South China Morning Post said earlier today.
Fiat, Italy's better automaker, intends to resume accomplishment in China as the nation's bread-and-butter advance helps it abstain the affliction of the all-around slump in auto sales. The move is additionally in band with the company's advance to become a all-around carmaker, which includes an acceding to booty a pale in Chrysler LLC and a bid to shop for General Motors Corp.'s European unit, Opel.
Zheng Xiaoli, Fiat's Shanghai-based spokeswoman, beneath to comment. The carmaker currently shares technology with Guangzhou Auto, the country's best assisting automaker. It exited a adventure with Nanjing Automobile Group Corp. in 2007 afterwards its accomplice was bought by SAIC Motor Corp.
Thursday, May 14, 2009
Auto dealers protest forced closings
U.S automobile dealers headed to Washington said a plan to eliminate dealerships would cost the country 180,000 jobs in the communities they serve.
President Barack Obama's automotive task force has been pushing General Motors Corp. and Chrysler LLC to reduce dealerships as part of their long-range restructuring plans.
General Motors Corp, has affairs to cut 400 dealerships a year through 2012. The company, which accustomed $15.4 billion in emergency federal loans, is aggravating to carve bottomward costs in the bosom of a abiding sales slump.
The acknowledgment of Chevy Chase Cars in Bethesda, Md., was not one that would advice any U.S. automaker. The dealership abreast barter afresh that it would about-face from Chevrolet to Nissan.
"I feel actual advantageous that I got out back I did, because I'm actual afraid about my accompany who are GM dealers. It's activity to be a boxy alley for them," Chevy Chase Cars Admiral John Bowis said.
President Barack Obama's automotive task force has been pushing General Motors Corp. and Chrysler LLC to reduce dealerships as part of their long-range restructuring plans.
General Motors Corp, has affairs to cut 400 dealerships a year through 2012. The company, which accustomed $15.4 billion in emergency federal loans, is aggravating to carve bottomward costs in the bosom of a abiding sales slump.
The acknowledgment of Chevy Chase Cars in Bethesda, Md., was not one that would advice any U.S. automaker. The dealership abreast barter afresh that it would about-face from Chevrolet to Nissan.
"I feel actual advantageous that I got out back I did, because I'm actual afraid about my accompany who are GM dealers. It's activity to be a boxy alley for them," Chevy Chase Cars Admiral John Bowis said.
Wednesday, May 13, 2009
California Low-Cost Auto Program Expanded to El Centro
California Insurance Commissioner Poizner has expanded the state's Low Cost Automobile Insurance program to El Centro, Calif., in his aim to give residents an affordable automobile insurance option.
Motorists active after allowance can accept their agent registrations suspended, annulled or revoked by the Department of Motor Vehicles beneath SB 1500, which became able Jan. 1, 2006, as allotment of legislation advised to abate the accident of bread-and-butter losses abiding as the aftereffect of collisions involving uninsured motorists.
The low cost auto insurance program provides eligible good drivers with auto liability coverage, currently for under $400 a year. In Imperial County, an LCA policy costs $161 per year. Since its inception, approximately 45,000 LCA policies have been issued statewide. In Imperial County, 128 policies have been issued since the LCA program was made available there in 2006. Program policies are issued by California licensed insurers and the program is administered by the California Automobile Assigned Risk Plan.
The California Low Cost Automobile Insurance Program is not subsidized by taxpayers. The program is self-sustaining. Rates are set in each county so that premiums are sufficient to cover losses and expenses in each county.
Motorists active after allowance can accept their agent registrations suspended, annulled or revoked by the Department of Motor Vehicles beneath SB 1500, which became able Jan. 1, 2006, as allotment of legislation advised to abate the accident of bread-and-butter losses abiding as the aftereffect of collisions involving uninsured motorists.
The low cost auto insurance program provides eligible good drivers with auto liability coverage, currently for under $400 a year. In Imperial County, an LCA policy costs $161 per year. Since its inception, approximately 45,000 LCA policies have been issued statewide. In Imperial County, 128 policies have been issued since the LCA program was made available there in 2006. Program policies are issued by California licensed insurers and the program is administered by the California Automobile Assigned Risk Plan.
The California Low Cost Automobile Insurance Program is not subsidized by taxpayers. The program is self-sustaining. Rates are set in each county so that premiums are sufficient to cover losses and expenses in each county.
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