Briefly

E-vouchers boost consumption in capital

Beijing Municipality distributed 39 million e-vouchers during a seven-month campaign in 2020 to spur consumption dampened by the COVID-19 epidemic. The coupons, offered via multiple online platforms such as JD and Meituan, helped generate sales of 13.52 billion yuan ($2.1 billion), according to the Beijing Municipal Commerce Bureau. The coupons were used at participating restaurants and retailers in Beijing to buy products equipped with smart technologies and also on online food delivery platforms.

Weichai acquires 60% stake in Lovol

Weichai Holding Group Co Ltd, a leading Chinese powertrain manufacturer, has acquired a controlling stake in Lovol, one of the country's major agricultural equipment makers. According to a strategic restructuring agreement, Weichai Group took a 60 percent stake in Lovol Heavy Industry Co Ltd while Tianjin Lovol holds 38.62 percent. Weichai's businesses cover power-train, commercial vehicles, construction machinery, intelligent logistics and marine transportation equipment. The acquisition marks its official entry into agricultural machinery manufacturing.

SAIC-GM-Wuling JV reports strong sales

SAIC-GM-Wuling, a joint venture between SAIC Motor, General Motors and Liuzhou Wuling Motors, reported strong annual sales in 2020, the company said. Vehicle sales of SGMW, located in Liuzhou, South China's Guangxi Zhuang autonomous region, exceeded 1.6 million units last year. The Wuling brand sold more than 1.18 million units in 2020, maintaining a year-on-year growth for nine consecutive months since April, while sales of New Baojun, another vehicle brand of the company, increased 70 percent on a yearly basis to more than 154,000 units.

Xinhua