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Posts Tagged ‘China auto news’

China’s Newest EV Looks to be World Champion

WM Motor's Weltmeister is the first of many.

by on Dec.11, 2017

WM Motor's founder Freeman Shen introduced the company's first sport-utility EV in Shanghai.

The electric vehicle market in China is quickly becoming highly competitive and this is before Tesla has been given the all clear from the government to build vehicles there without a local partner.

The competition got a little stiffer today as new player in the market to borrow a phrase, announced its presence with authority: WM Motor’s Weltmeister.

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Borrowing the German phrase, “world’s best” or “world champion” the new company showed off its new electric sport-utility vehicle at an event in Shanghai that also unveiled the logo for the company. (more…)

China Cracking Down on Smaller Automakers

New policies aim to increase production of electric vehicles.

by on Jun.13, 2017

China is looking to increase is EV sales to 30% of all new car sales by 2030 and is using new policies to get there.

China’s top economic planning agency said it plans to tighten regulations for construction of new factories for vehicles using internal combustion engines and gasoline for fuel.

The new rules apparently have two goals. First, they will reduce the potential for the kind of overcapacity that plagues automobile industries in North America, Europe and other parts of Asia such as Japan where sales of new vehicles appear to have peaked as the country’s population ages.

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Additionally, China’s new policies indicates the government wants to cut down on small “zombie” type car and truck makers that have been supported by provincial governments across China and helps promote Chinese efforts to promote the wider use of electric vehicles.   (more…)

Buyers in China Pushing Ford, GM to Record Sales

Automakers surpassing record sales from 2015.

by on Dec.08, 2016

Ford eclipsed its record sales total from last year in China as buyer continue to support American brands.

General Motors and Ford set new sales record in China during November as Chinese customers continue to show a preference for American brands.

Ford sales hit an all-time November high of 124,113 vehicles, up 17% compared with November 2015. In addition, its joint ventures in China have sold more than 1 million vehicles in 2016, reaching the milestone one month faster than in 2015

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“Ford is gaining more momentum in China each month and we are on pace for a record year in China,” said Peter Fleet, vice president of Marketing, Sales and Service, Asia Pacific. “We are seeing increasing demand across our line-up, particularly our full family of SUVs.” (more…)

GM Expecting More Growth in China

Maker plans to unveil 60 new products in next five years.

by on Mar.22, 2016

General Motors opened its new plant in Shanghai that will build the Cadillac CT6 for China.

Despite the softness in the Chinese economy, General Motors announced plans to introduce 60 new products in the China during the next five years, GM executives said this week.

During a visit to Beijing, GM President Dan Ammann announced the GM strategic plan for the next five years to fuel its growth momentum in China, where it now is the second-largest carmaker just behind Volkswagen.

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The strategy will provide an even stronger product mix, greener technologies and smarter solutions for personal mobility in the world’s largest vehicle market, according to Ammann. (more…)

GM Enjoys Banner November Sales in China

SUV sales rise 231% during the month.

by on Dec.04, 2015

GM’s sales of utility vehicles surged 231% on an annual basis, led in part by the Buick Envision.

The pace of economic growth in China has slipped below 7%, but General Motors has managed to eke out monthly sales increases despite selling environment marked by prices cuts, rising inventories and intense competition from indigenous Chinese brands.

Despite concerns over the Chinese economy, GM and its joint ventures, with the help of an aggressive schedule of new product launches that started last summer, had their best November sales ever, the automaker said.

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Sales by GM and its partners advanced 14% on an annual basis to 346,671 vehicles. During the first 11 months of 2015, retail sales by GM and its joint ventures in China have increased 4.1% on an annual basis to a record 3,166,791 units. (more…)

China Auto Sales Post Massive October Rebound

Auto sales rise 13.3% after government tax cut.

by on Nov.11, 2015

Auto sales in China were up 13.3% in October: the biggest year-over-year sales increase of 2015.

After months of reports about the slowing of auto sales in China, the country followed the lead of the U.S. enjoying a huge rush of October sales and netting a 13.3% increase over year-ago figures.

The jump to 1.9 million units comes after the government introduced cut in the sales tax on vehicles with engines with displacement of 1.6 liters and smaller to 5%, which is half of what it had been, according to the China Association of Automobile Manufacturers.

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The big driver of sales last month, much like in the U.S., was sport-utilities. Sales were up 60.6% to just more than 622,000 vehicles. Sedan sales were up slightly – 0.2% – to just over 1 million units. (more…)

Honda First to Blink as Chinese Market Slows Down

Japanese maker delaying construction of $822 mil plant; others could follow.

by on Oct.23, 2015

Honda put the brakes on construction of a proposed plant with Wuhan, which already makes the CR-V in China, due to the sluggish market there.

Automakers from around the world have been flooding the Chinese market with new products – and the plants to build them. But with the long boom in Chinese auto sales suddenly running out of momentum, automakers may be rethinking their investment options.

Honda certainly has. The Japanese maker says it will delay construction of an $822 million assembly plant it was planning to build in Wuhan – which would have been its third factory run in partnership with China’s domestic maker, Dongfeng Motor Group.

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For now, Honda still intends to eventually go ahead with the plant, but even a temporary delay comes as a sign that the industry is questioning assumptions about just how big the market will grow – and how soon. (more…)

GM, Ford Nissan All Take Sales Hits in China

Expectations low for industry’s August sales.

by on Sep.08, 2015

GM is hoping the Buick Envision will help its sales in China rebound in the second half of 2015.

Automakers are slogging through a tough auto market in China in 2015. General Motors, Ford and Nissan all posted losses in August on what is expected to be another down month overall.

GM was the most recent maker to take a hit, seeing sales drop 4.8% despite the introduction of a new SUV for its budget Baojun brand. Sport-ute sales have been hot in 2015, but GM’s new model wasn’t hot enough to offset losses in other areas.

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However, the maker’s sales through August were up slightly: 2.3%. The increase was driven by successful new product launches and an improved mix of SUVs and MPVs. (more…)

China’s Cut of Yuan Hurts Global Automakers

Government devalues currency to jump start economy.

by on Aug.13, 2015

GM saw sales of its vehicles drop 6% in July. It's stock price has dropped more than 3% since China devalued the yuan earlier this week.

The abrupt devaluation of the Chinese yuan is likely to cost global automakers dearly in the months to come.

The value of the yuan dropped by 2% so far this week, reducing the revenue and profits earned by global automakers, such as General Motors Co., Ford Motor Co., BMW AG, Volkswagen AG and others. The government-ordered depreciation of the yuan follows a general slowdown in the Chinese economy during the last six months.

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Motorists in the world’s biggest market bought 1.3 million cars, minivans and other passenger vehicles last month, according to the China Association of Automobile Manufacturers. The slump in China’s auto market worsened in July as sales contracted by 6.6%, industry figures showed Wednesday. (more…)

Ford Sales in China Dip 6 Percent in July

Automaker hit by the same forces as competitors seeing declines.

by on Aug.07, 2015

Ford sales in China were down 6% in July. The maker's results mirror those of its competition.

Ford Motor Co. and its Chinese joint ventures reported a 6% sales decline compared with year-ago results, the U.S. carmaker said, reinforcing the growing evidence of a slowdown in demand for new vehicles in what has become the world’s largest car market.

General Motors, Volkswagen, Toyota, Hyundai and BMW have all reported that sales dropped across China during July even as manufacturers were forced to deploy price cuts and other incentives to hold on to business. So far only, Mercedes-Benz, which for the past two years has been aggressively shoring up its position, reported a modest increase in sales.

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GM has insisted it will be able to maintain strong profit margin on vehicles sold in China despite the spread of discounting but BMW executive have acknowledged the downturn in the Chinese market will have an impact on the company’s finances. (more…)