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US auto giant General Motors, struggling to boost sales at home after emerging from bankruptcy, said on Friday that sales in China, the world's biggest car market, hit a record high in September.
US auto giant General Motors, struggling to boost sales at home after emerging from bankruptcy, said on Friday that sales in China, the world's biggest car market, hit a record high in September.
The booming Chinese auto market remains one of the few bright spots for German luxury carmakers, which have drawn few benefits from a flurry of subsidy programs such as the US "cash for clunkers" scheme.
No new progress has been made in the acquisition of Volvo by Geely as the two parties are still in negotiation, said Ford's CEO Allan Mulally Friday.
Ford Motor Co began work on a third Chinese car plant as it strives to challenge General Motors Co and Volkswagen AG in a country set to pass the US as the world's biggest auto market.
Ford Motor Co is boosting its bet on China with a new factory and models as it tries to catch General Motors Co.
Goldman Sachs' HK$2.59 billion investment in Geely Automobile Holdings boosted the latter's shares by 18.99 percent yesterday on the Hong Kong Stock Exchange, its highest since 2000.
China's auto exports have been declining for 12 months since last August, the Information Times reported today, citing a senior official from the Ministry of Commerce.
China's Geely Automobile Holdings said on Wednesday it plans to raise $334 million in convertible bonds and warrants to an affiliate of Goldman Sachs.
The 12th Chengdu International Motor Show, China's fourth largest auto exhibition, has attracted more than 200 global and domestic automakers who are displaying over 500 models this year.
US president Barack Obama does not want to take a protectionist policy against China and the tire tariff will be an isolated issue, said Martin Walker.
About 2,000 cars are being purchased in Beijing every day, new figures show.
