 |
|
|
 |
|
The restructuring plan announced on Monday involving Shanghai Qiangsheng Group and Shanghai Jiushi Corporation will help Shanghai-listed Qiangsheng Holding Co Ltd become the market leader in Shanghai's taxi and car rental businesses, said analysts.
Zhejiang Geely Holding Group Co Ltd said on Monday it has completed the acquisition of the Volvo car brand from Ford Motor Co, the biggest overseas acquisition yet by a Chinese automaker. [The brand journey of Geely and Volvo]
Retail sales of China-made autos rose 17.18 percent year on year to 1.056 million units in July, the China Automotive Technology and Research Center said in a statement Monday.
Chinese car maker Geely Holdings Group Co Ltd said Monday it has completed its $1.8 billion-buyout of Ford Motor Co's Volvo unit, in a landmark foreign acquisition by a Chinese company.
Chinese auto parts makers are moving into the overseas M&A fast lane, eyeing a distressed global market to close a technology gap with world leaders to meet sizzling demand at home and eventually sell overseas.
The privately held parent of China's Geely Automobile Holdings Ltd will announce on Monday that it has closed its $1.8 billion purchase of Ford Motor Co's Volvo unit, a source with direct knowledge of the matter said, capping China's biggest purchase ever of a foreign car maker.
Dongfeng Motor Corp, one of China's top four auto groups, registered a 63 percent surge in revenue in the first half of the year to 175 billion yuan on sales of 1.28 million vehicles.
Last week little-known carmaker Zotye Auto became the first Chinese company to sell a purely electric car to an individual buyer.
Zhejiang Geely Holding Group Co is expected to complete it takeover of Swedish luxury car brand Volvo from US automaker Ford Motor Co on Monday after getting government approval for the deal.
China's Ministry of Commerce said it has approved Zhejiang Geely Holding Group Co's purchase of Ford Motor Co's Volvo Car unit.
China's Geely could complete its landmark purchase of the Swedish car brand Volvo from Ford Motor Co as soon as next week, a source familiar with knowledge of the matter said.
Beijingers now have the option of selling their old cars or looking for used autos in consignment stores after some outlets started dealing in secondhand cars in a bid to tap into the city's huge market.
