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Emphasizing that Geely and Volvo are two independent companies though they will soon share the same owner, Li Shufu, chairman of Geely Holding Co said on Friday at the Auto China 2010 show in Beijing that there will be no Volvo plant in China before turning the car brand's losses into gains after the takeover.
With the latest models and techniques at the show, the eleventh Beijing International Automotive Exhibition, or Auto China 2010, officially kicked off in Beijing on Sunday.
Sales of passenger vehicles in China are expected to rise by more than 55 percent over the next five years, powered by the country's steady economic growth, according to a JD Power report released at the Beijing auto show.
After blistering pace in the first quarter German luxury carmaker BMW Group expects sales to surge by 30 percent for the full year.
Chinese automakers announced ambitious plans to expand abroad as global producers unveiled new models at the Beijing auto show aimed at boosting sales in China's fast-growing market.
BMW raised a sales forecast for China and Mercedes-Benz said it's targeting 43 percent growth, as the world's two biggest luxury carmakers roll out sedans developed exclusively for Chinese buyers.
Toyota Motor Corp, the world's biggest carmaker, may beat a sales target in China and plans to begin production at a new plant as early as 2011, an executive said Friday.
Major auto manufacturers displayed their confidence in the development of green cars in the world's biggest auto market by exhibiting 95 alternative-energy autos among the 990 models at the Beijing auto show, which opened on Friday. Full coverage
A government plan to encourage more mergers and acquisitions between China's automakers is expected to be released in the next few months as policymakers follow through on their avowed aim to reshape the country's highly fragmented industry.
China's light vehicle demand reached another record high in March - traditionally one of the strongest months for auto sales - up 55 percent over the same month in 2009 to 1.61 million units.
Beijing Auto Show on Friday raised its curtain on a record number of models designed to seduce increasingly affluent customers in the world's biggest vehicle market.
China Daily's auto editor reflects on the remarkable events that have shaped the nation's car industry and markets since last year.
