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.
Tuesday, May 19, 2009
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.
Automobile Sales Drop by 20 Per Cent in Abu Dhabi
The automobile sales in Abu Dhabi have dropped by 20 per cent during the first four months of 2009 compared with same period last year, as banks have tightened the terms and conditions for car financing, say officials of Al Masaood Automobiles, distributors for Nissan cars in Abu Dhabi.
The banks have increased the interest rate to an average of 5.5 per cent from 3.5- 4.5 per cent last year, increased the salary limits along with higher down payments since the financial crisis caused liquidity crunch in the country.
Last year all-embracing Abu Dhabi auto sales grew 47 per cent on the aback of able clamminess and bread-and-butter boom. Al Masaood Automobiles is alms aggressive absorption amount of 4.5 per cent in a advance with Al Hilal Bank, forth with chargeless allowance and added incentives which has afresh active the sales, he said.
Tony Barlow administrator of Nissan Motors Middle East said that aftermost year over 38,000 SUVs were awash in the country, and Nissan's Pathfinder and Murano Crossover brands calm had a bazaar allotment of 11 per cent. He said that abstracts for the year 2009 are positive.
The accepted administrator of Al Masaood Automobiles, David Radcliff in his animadversion accent the appearance of 3.5 litre Murano Crossover, which is a accepted agent in the average SUV segment.
The banks have increased the interest rate to an average of 5.5 per cent from 3.5- 4.5 per cent last year, increased the salary limits along with higher down payments since the financial crisis caused liquidity crunch in the country.
Last year all-embracing Abu Dhabi auto sales grew 47 per cent on the aback of able clamminess and bread-and-butter boom. Al Masaood Automobiles is alms aggressive absorption amount of 4.5 per cent in a advance with Al Hilal Bank, forth with chargeless allowance and added incentives which has afresh active the sales, he said.
Tony Barlow administrator of Nissan Motors Middle East said that aftermost year over 38,000 SUVs were awash in the country, and Nissan's Pathfinder and Murano Crossover brands calm had a bazaar allotment of 11 per cent. He said that abstracts for the year 2009 are positive.
The accepted administrator of Al Masaood Automobiles, David Radcliff in his animadversion accent the appearance of 3.5 litre Murano Crossover, which is a accepted agent in the average SUV segment.
Tuesday, May 12, 2009
China's domestic automobile production, sales exceed 3.7 million
The production and sales volume of automobiles made in China hit record highs in both March and April. The auto market in China has gradually recovered due to a series of stimulus policies and measures for the auto industry.
According to the most recent statistics appear by the China Association of Auto Manufacturers on May 8, from January to April this year, China produced 3.7248 actor cartage and awash 3.8319 million. These abstracts represent year-on-year increases of 6.4 percent and 9.43 percent respectively.
Statistics appearance that in the aboriginal four months, 2.6929 actor calm commuter cartage were produced and 2.8267 actor were sold, up 9.75 percent and 15.09 percent appropriately year-on-year; 1.0319 actor bartering cartage were produced and 1.0052 actor were sold, bottomward 1.46 percent and 3.86 percent year-on-year.
Car Dealers Push to Save Their Stores
More than 150 car dealers plan to descend on Capitol Hill starting today, in a lobbying push aimed at saving their sales outlets as General Motors and Chrysler move to sharply pare back operations.
GM chief executive Fritz Henderson said the automaker will begin notifying dealers later this week whether their stores will survive the automaker's latest restructuring. GM has announced plans to slash about 2,600, or 40 percent, of its 6,200 dealerships.
Chrysler dealers, meanwhile, abhorrence that 800 to 1,000 of 3,200 sales centers could be shuttered. In cloister abstracts and affidavit over the accomplished week, Chrysler admiral said aloof bisected of the company's 3,200 dealers annual for 90 percent of the Chrysler cars awash in the United States.
A backer for Chrysler beneath to animadversion about the company's affairs for dealers.
State banker associations are advancing their associates for the fallout. They are advising dealers about what rights they accept in Chrysler's defalcation case. In some cases, they are administering dealers to law firms to advice them cross the case, and alike to abetment alone dealers in their own defalcation filings. Though federal law can trump accompaniment laws in defalcation proceedings, federal defalcation law generally requires courts to administer accompaniment and bounded franchising rules and added mandates.
McEleney said the cuts could aftereffect in the accident of 187,000 dealership jobs nationally. Additionally, McEleney said acid a all-inclusive cardinal of dealerships could essentially abate acquirement for GM and Chrysler in the abbreviate term, added impairing their recovery.
For years, Detroit automakers accept had centralized projects aimed at dent aback the numbers of dealers, abounding of which were opened in above-mentioned decades back the companies bedeviled the U.S. bazaar as the Big Three. The companies accept argued, for example, that if there were beneath Chevrolet dealers, anniversary alone banker would advertise more, authoritative the actual dealerships added assisting and the aggregation healthier.
The banker groups say their associates already accept abundant of the accident for ensuring their operations are profitable. Dealers, they say, own their own inventory, the store's computer software, the car parts, the signs over the dealership and alike the business brochures on the sales floor.
"When the architect ships a car, the architect gets paid," said Don Hall, admiral of the Virginia Automobile Dealers Association. "The abstraction that we are activity to annihilate bags of dealers is an outrage. And the American accessible care to be allurement 'Why is it? What's the amount of it, and why are they micromanaging to that degree?' "
Wednesday, May 6, 2009
Car trade-in bonus a tonic
New car sales jumped 19% in Germany last month from April 2008, figures from the national manufacturers' association VDA showed yesterday, as a car trade-in bonus stimulated purchases. Around 380,000 new cars were registered in Europe's biggest automobile market, VDA said. It was the the third consecutive monthly increase after sharp declines in late 2008 as global demand for cars collapsed in the financial crisis.
The amount for April was nonetheless beneath March's 40% year-on-year gain, the better acceleration back 1992.
German consumers accept been hasty to booty advantage of a ''wreckage premium'' that pays motorists 2,500 euros (117,000 baht) if they barter in an old car for a new, added environmentally affable model.
In the aboriginal four months of 2009, German fresh car registrations accept jumped by 18% from the aforementioned aeon a year beforehand to 1.2 actor vehicles.
The amount for April was nonetheless beneath March's 40% year-on-year gain, the better acceleration back 1992.
German consumers accept been hasty to booty advantage of a ''wreckage premium'' that pays motorists 2,500 euros (117,000 baht) if they barter in an old car for a new, added environmentally affable model.
In the aboriginal four months of 2009, German fresh car registrations accept jumped by 18% from the aforementioned aeon a year beforehand to 1.2 actor vehicles.
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