Short Torque

China Daily | Updated: 2018-01-29 08:08

Daimler, BMW set to merge car-sharing

Daimler and BMW are planning to merge their rival car-sharing services, according to German daily Frankfurter Allgemeine Zeitung. The newspaper reported Wednesday that the companies could announce a merger of their car2Go and DriveNow services in February. BMW and Daimler declined to comment on the report. Car-sharing services are popular with young, urban drivers unwilling or unable to buy their own car. DriveNow, which is part-owned by rental firm Sixt, has one million registered users worldwide and operates in 13 European cities. Car2go, in which Europcar has a stake, has 2.8 million members worldwide and operates in 26 cities across Europe, North America and China.

Dongfeng Motors misses 2017 growth target

China's Dongfeng Motor Corporation said Wednesday it had fallen short of its 2017 growth target, as sales at its ventures with PSA Group and Kia Motors had slipped. Vehicle sales by Dongfeng Motor hit 4.1 million units last year, compared with its annual target of 4.5 million units, but sales revenue and profit rose year-on-year, the company said. The joint venture with France's PSA, Dongfeng Peugeot Citroen Automobile Company Ltd, sold 378,000 cars last year, a 37-percent drop year-on-year. Dongfeng's venture with Kia suffered a 45-percent fall in sales.

Hyundai Motor annual profit plunges 20.5%

South Korea's biggest automaker Hyundai saw profits slump last year, it said Thursday, as it was battered by tougher competition. Hyundai Motor's 2017 net profit plunged 20.5 percent year-on-year to 4.55 trillion won ($4.28 billion), even though sales grew 2.9 percent to 96.3 trillion. "The strong won, tougher competition with rivals in major markets such as China and increased marketing costs hit the bottom line," the company said in a statement. Hyundai Motor sales in China slumped 31 percent year-on-year to 785,006 vehicles, while Kia Motors Corp's sales plunged 44.61 percent to 360,006 units.

Toyota recalls 700,000 vehicles in South Africa

Toyota Motors has issued a notice recalling more than 700,000 vehicles in South Africa, over airbag safety concerns. It said the recall was needed to replace front airbag inflators produced by parts firm Takata that had been found to have a potential for moisture intrusion, which could cause them to burst. "In the event of an inflator rupture, metal fragments could pass through the airbag cushion material, striking and possibly injuring the occupants in the event of an accident," a statement said. The company said no injuries or fatalities had been caused by the fault.

Tesla acquires Perbix to boost production

Tesla Inc has acquired Perbix, a closely held maker of automated machines used for manufacturing, as the electric-car maker struggles to boost production of its most important new model. Perbix has been a supplier to the automaker led by Elon Musk for almost three years, according to a Tesla spokesperson, who declined to disclose the terms of the deal. James Dudley, Perbix's president, will receive about $10.5 million in Tesla stock, according to a regulatory filing. Musk last week alluded to automation challenges as among the reasons the Model 3 sedan has gotten off to a bumpy start.

Czech auto industry output hits new record

Passenger car production in the Czech Republic rose to a new record high of 1.414 million vehicles in 2017, making it Europe's fifth biggest carmaker, according to the Automotive Industry Association. The EU member is home to three large car plants - Volkswagen's Skoda Auto, South Korea's Hyundai, and TPCA, a joint venture of Japan's Toyota and France's PSA Peugeot Citroen. Skoda raised output by 12.2 percent to a record-high 858,103 units, Hyundai saw a drop of 0.5 percent to 356,700 cars and TPCA registered a 9.8-percent decline to 199,078 cars.

Motoring - Agencies

(China Daily 01/29/2018 page19)