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Updated Golf family launched in Foshan

FAW-Volkswagen held a themed carnival on Saturday in Foshan, Guangdong province, attracting more than 1,000 fans to celebrate the launch of the new Golf family: the new Golf, the new Golf GTI and the new Golf R-Line. The models, with 11 variants available, range from 121,900 yuan ($18,400) to 239,900 yuan. There are four engine options and the cars feature a number of upgrades, including the 12.3-inch digital dashboard. One of the most popular Volkswagen cars, some 33 million Golf cars have been sold worldwide since the model was developed 43 years ago.

France sells 14 million Renault shares

France gave up some of its control over Renault SA with the sale of a 4.7 percent stake in the carmaker that was acquired in a contentious power struggle two years ago. The government sold 14 million Renault shares for 1.21 billion euros ($1.4 billion), reducing its stake back to its historical level of 15 percent, the state's investment agency APE said.

Ferrari meets key profit goal two years early

Ferrari NV raised its 2017 profit target as rollouts of limited-edition supercars helped the Italian automaker achieve a long-held goal two years ahead of schedule. Adjusted earnings before interest, taxes, depreciation and amortization will total about 1 billion euros ($1.17 billion), the manufacturer said on Thursday in a statement. That's a 14 percent rise from the 2016 figure and in line with analyst estimates.

Guazi expands into new cars business

Leading online used car trading website Guazi has expanded its business into new cars after receiving a $600 million investment in B-round financing. On Oct 31, Guazi announced that it had upgraded into a group called CARS, which now has two units: Guazi, specializing in secondhand cars and Maodou, focusing on new cars. Maodou will mainly conduct its business by leasing, which is the main method of car sales in developed countries, but remains in its earliest stages in China.

Big names see big gains in October

Ford, Honda, Nissan, Toyota and Volkswagen all reported sales gains for October, defying expectations that buyers would pull back and that fewer people than expected would replace hurricane-damaged vehicles. At Ford, sales rose 6 percent due to a big gain in F-Series pickup demand and an increase in sales to fleet buyers such as governments and rental car companies. Nissan sales were up 8 percent overall on record sales of the Nissan Rogue which saw a 43 percent increase.

Global brands stronger draw for China's youth

Young Chinese car enthusiasts prefer foreign brands to Chinese ones, according to a survey by consulting firm TurboInsight and car website Niuche. More than 70 percent of the respondents born in the 1990s chose cars from foreign brands, with Volkswagen, GM and Hyundai topping the list. All of the 10 most popular models for the specific customer group were from foreign carmakers' joint ventures in China. Those born in the 1990s also preferred personalized cars.

Motoring - Agencies

(China Daily 11/06/2017 page19)