Short Torque

Hachigo named as new Honda CEO

Takahiro Hachigo will replace Takanobu Ito as CEO of Japan's third-largest automaker Honda Motor Co in June.

Hachigo, 55, is now vice president of Honda Motor (China) Investment Co and also vice president of Honda Motor Technology (China) Co.

Honda and its two joint ventures sold 788,276 vehicles in the Chinese market in 2014, up 4.1 percent from the previous year. China's overall auto market rose 6.9 percent last year.

Rolls-Royce plans to release SUV

Super-luxury auto brand Rolls-Royce might launch an SUV soon.

The carmaker has confirmed that it is developing a new high-bodied car with all-new aluminum architecture that can "cross any terrain".

The announcement came after months of rumors that Rolls will come up with something to compete against luxury models such as Porsche's Cayenne and Land Rover's Range Rover.

SUV sales rose 88.5 percent from 2008 through 2013, according to consulting firm IHS, which predicts that by 2016 one in every five vehicles sold in the world will be an SUV.

BYD income up, but profits show fall

Operating income for BYD, Chinese manufacturer of autos, batteries and phone components, hit 58.3 billion yuan ($1.68 billion) in 2014, up 10.26 percent from the previous year, yet its net profit for the year fell nearly 21 percent to 438 million yuan.

The company backed by Warren Buffet said that fierce competition in China's gasoline-powered vehicle segment affected sales and profits for the year.

BYD has made the development of new-energy vehicles a priority in its automotive business. Its plug-in hybrid sedan Qin was the most popular new-energy vehicle in China last year on sales of 14,747 units.

Brilliance Auto's two brands flagging

Zhonghua, an independent domestic brand by Brilliance Auto, announced it sold only 141,200 cars last year, down 33.87 percent from 2013.

Designed to compete as a top-end brand, its sales tumbled to rank 35th among all automakers in China last year.

Another sBrilliance brand, Jinbei, announced it slid from profitable in previous years to a net loss of 150 million yuan last year.

The only profitable brand for Brilliance is Brilliance BMW, which saw its sales hit 279,100 units, up 34.57 percent for the year.

Domestic oil sees price hikes

The State Development and Reform Commission announced price increases of gasoline, from 290 yuan to 390 yuan, and diesel, from 280 yuan to 375 yuan, per ton on Feb 27.

The commission attributed the hike in prices to the international market's recent 10-day average surge in crude oil.

Industry insiders said another price hike was likely in the near future.

Motoring

(China Daily 03/02/2015 page18)