Short torque

Maserati, Porsche issue recalls of cars

Maserati is recalling 319 Quattroporte GTS V8 cars on the Chinese mainland because of an issue with the alternator and starter that may cause a short to ground, which in extreme conditions can stall the engine or cause a fire. The cars were manufactured from March 22, 2013, to Oct 11, 2014.

Porsche will recall 8,654 of its Macan S and Macan Turbo models on the Chinese mainland from Dec 1 because of a possible gasoline leak that may cause a fire. The cars were made from March 2014 to October 2015.

Capital to double NEV license plate quota

Beijing will double its quota of license plates for new-energy vehicles to 60,000 in 2016 as part of the capital city's plan to have 200,000 such vehicles on the road by the end of 2017, according to sohu.com.

The move will cut 30,000 license plates from the quota allocated for gasoline-powered cars next year, which will further lower the possibility of winning a license plate through the lottery system. A meager 0.51 percent of applicants won gas vehicle license plates in the latest lucky draw in October.

BMW to acquire Herald International Leasing

BMW has agreed to acquire Herald Leasing, one of the country's leading leasing providers, to strengthen its position in the growing Chinese auto market and lay the foundation for further growth. The German company and investor PAG Asia Capital will acquire 100 percent of Herald International Financial Leasing Co, in response to the increasing importance of the emerging leasing business in the world's largest vehicle market. The acquisition of Herald Leasing is expected to complement BMW Financial Services' local financing by adding leasing options. Herald Leasing, founded in 2009, is one of the largest leasing providers in China with coverage in 58 Chinese cities. The company employs around 250 people and reported revenues of 208 million yuan for the 2014 financial year.

(China Daily 11/16/2015 page19)