Pending acquisition to boost presence
April 24, 2010, Saturday
|
Print Edition
Print Edition
GUANGZHOU Automobile Industry Group Co is close to acquiring smaller home rival Gonow Automobile Co, a privately owned car maker, to expand its presence in the east China region.
After one year of talks, a signing ceremony is expected to be held as early as the end of this month, according to Zeng Qinghong, general manager of Guangzhou Auto. The Guangzhou firm is reportedly to own 51 percent of the new company.
Nissan eyes rise
Japan's third-largest auto maker, Nissan Motor Co, expects sales in China to rise to 850,000 units this year, the company said yesterday at the Auto China 2010 in Beijing.
The sales would be a 12 percent increase from last year, when it recorded sales of 75,6000 units with 39 percent growth from 2008.
The Yokohama-based auto maker sold 243,000 units in the first quarter of this year, up 68 percent from the same period last year, the statement added.
Nissan partnered with Dongfeng Motor Group Co in China, producing cars such as the subcompact Tiida, Teana mid-class sedans and X-trail sport-utility vehicles.
More plants
Magna International Inc said it plans to open two more plants in China to bring its total number of factories to 19 in the country where it hopes to meet increasing demand from domestic equipment makers.
The Canadian automotive components supplier plans to set up a stamping plant in north China to make vehicle bodies. A separate plant for fuel tank systems is expected to start operating by the end of next year.
Another electric vehicle engineering center in China is also under discussion, but the company didn't disclose a specific timetable.
After one year of talks, a signing ceremony is expected to be held as early as the end of this month, according to Zeng Qinghong, general manager of Guangzhou Auto. The Guangzhou firm is reportedly to own 51 percent of the new company.
Nissan eyes rise
Japan's third-largest auto maker, Nissan Motor Co, expects sales in China to rise to 850,000 units this year, the company said yesterday at the Auto China 2010 in Beijing.
The sales would be a 12 percent increase from last year, when it recorded sales of 75,6000 units with 39 percent growth from 2008.
The Yokohama-based auto maker sold 243,000 units in the first quarter of this year, up 68 percent from the same period last year, the statement added.
Nissan partnered with Dongfeng Motor Group Co in China, producing cars such as the subcompact Tiida, Teana mid-class sedans and X-trail sport-utility vehicles.
More plants
Magna International Inc said it plans to open two more plants in China to bring its total number of factories to 19 in the country where it hopes to meet increasing demand from domestic equipment makers.
The Canadian automotive components supplier plans to set up a stamping plant in north China to make vehicle bodies. A separate plant for fuel tank systems is expected to start operating by the end of next year.
Another electric vehicle engineering center in China is also under discussion, but the company didn't disclose a specific timetable.
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