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Hybrid Kitetic Group Ltd, a Hong Kong-listed company specializing in manufacturing environment products and automobile axles, has said it agreed to pay about 26 million US dollars to buy the Zhejiang GBS Energy.
Car dealers are starting to offer aggressive deals in an effort to halt a decline in sales, brought about largely by Auto China 2010 and an increasing stockpile.
More than 800,000 people visited Auto China 2010, which wrapped up on Sunday, making it the best-attended motor show in the world, organizers say.
California Governor Arnold Schwarzenegger announced on Friday that Chinese manufacturer BYD Auto Company Limited (BYD) will locate its North American headquarters in Los Angeles.
A plethora of all kinds of different Chinese-made cars are impressing foreign car design analysts at the 2010 Beijing International Automotive Exhibition (Auto China 2010).
About 40 luxury cars worth more than 150 million yuan have been sold at the Beijing auto show, which ends on Monday.
SAIC Motor Corp, China's biggest automaker, posted a more than quadrupling in first-quarter net profit, as government policy incentives helped drive strong growth in car sales in the world's biggest auto market.
Carmakers are anticipating that will change as China's government is set to introduce policies to encourage auto lending in the world's largest car market.
The world's biggest car makers are displaying their green and luxury credentials at this year's Beijing auto show in a bid to capitalize on China's still growing car market.
Free-spending new rich and young entrepreneurs have made China a key growth market for luxury car makers as the traditional Western markets continue to languish.
Toyota Motor Corp. recalled about 50,000 Sequoia sport utility vehicles from the 2003 model year to fix an unexpected slowing of the vehicle in the latest recall issued by the Japanese automaker.
