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Skoda holds classic car tour in Sichuan

Czech carmaker Skoda held a classic car event on Thursday and Friday in Qingcheng Mountain in Sichuan province celebrating the 60th anniversary of its Octavia model. Vintage vehicles present included the original Octavia, the Octavia Combi and the Felicia convertible. They were joined by the latest models produced in China, which is Skoda's largest market. Ralf Hanschen, president of Skoda China, said the Octavia was named after the Latin word for "eight" because it was Skoda's eighth model produced after World War II. It has since been the carmaker's most popular model, with over 6.5 million sold so far globally.

Lincoln models start localization in China

Ford Motor plans to start production of Lincoln models in China, beginning with the new Corsair later this year, Chief Financial Officer Bob Shanks said on Monday. That decision came as a result of the United States-based automaker wanting to benefit from lower costs and avoid the risk of tariffs. Shanks said all new Lincoln models, with the exception of the Navigator assembled in Louisville, Kentucky, will also be produced in China. Ford has lower levels of localized production than rivals General Motors or Volkswagen AG, who make more vehicles in China for Chinese consumers, benefiting from lower labor and material costs.

Car exports from South Korea grow

South Korea's car exports reached 223,235 units in April, up 3 percent year-over-year, according to the Ministry of Trade, Industry and Energy. In terms of value, the auto export increased 5.8 percent over the year to $3.76 billion last month. The growth was attributed to a robust demand for the newly launched Palisade sports utility vehicle, produced by the country's top carmaker Hyundai Motor, and another Hyundai compact SUV Kona. Demand for locally made vehicles was strong from North America, the European Union and Africa, while exports to the Middle East, Latin America and Asia declined last month.

Nissan profits record near-decade low

Nissan on Tuesday revealed full-year net profits hit a near-decade low and forecast a further decline as it battles to recover after the shock arrest of former boss Carlos Ghosn. The Japanese automaker's bottom-line profit for the fiscal year to March fell 57.3 percent to 319.1 billion yen ($2.9 billion), the lowest since 2009-10 when the company was struggling in the wake of the global financial crisis. Sales fell 3.2 percent with operating profit down for a third straight year, the company said. Through March 2020, Nissan said its net profit could further decline, to 170 billion yen, with sales projected to fall 2.4 percent.

Honda to shutter England plant

Honda confirmed its Swindon plant in southwestern England, which employs 3,500 people, will close in 2021. The Japanese automaker makes its popular Civic model at the factory, 70 miles (113 kms) west of London. Reports of the closure first emerged in February, heightening concerns about the impact of Brexit-related uncertainty on the UK economy. Honda said the closure is not Brexit-driven but "is part of Honda's broader global strategy in response to changes to the automotive industry." The company said it spoke to the British government and union consultants, but "no viable alternatives to the proposed closure of the Swindon plant have been identified."

Motoring - Agencies

(China Daily 05/20/2019 page19)