Short Torque

China Daily | Updated: 2018-07-02 07:25

Investment in UK industry falls

Britain's leading car manufacturing trade association said investment in the UK auto production has fallen by half in the last year due to worries over the country's upcoming exit from the European Union. The Society of Motor Manufacturers and Traders said only 347 million pounds sterling ($460 million) was invested in new models and facilities during the first half of 2018, compared with 647 million pounds in the same period the year before. Chief Executive Mike Hawes said on Tuesday the current government position on Brexit "goes directly against the interests of the UK automotive sector".

Mercedes invests big in South Africa

German luxury car giant Mercedes-Benz has thrown South Africa an important foreign investment lifeline with a pledge to plough 600 million euros ($692 million) into the country. The Stuttgart-based marque will make its next generation C-Class sedan in the south eastern city of East London, which will safeguard existing jobs at the factory and contribute to growth in the region. The plant, opened in 1958, currently employs 3,300 people and will be extended by two-thirds to accommodate new manufacturing capacity.

VW inaugurates Rwanda plant

German automaker Volkswagen on Wednesday formally inaugurated a car assembly plant in Rwanda, which will see $20 million invested in the first phase of its operations. The German carmaker will begin assembling up to three models at the plant: the Hatchback Polo, the Passat and possibly the Teramont, a large sports utility vehicle, according to Michaella Rugwizangoga, CEO of Volkswagen Mobility Solutions Rwanda. The launch saw the unveiling of the first Volkswagen car that was assembled in Rwanda.

Nasdaq debut for China car platform

Chinese used-car e-commerce platform Uxin Limited started trading on the Nasdaq Stock Market on Wednesday. The company, trading under the ticker symbol of UXIN, announced it had priced its IPO of 25 million American depositary shares to the public at $9 per ADS. Concurrent with a private placement of $175 million of convertible bonds, Uxin planned to raise a total of about $400 million, assuming underwriters do not exercise their option to purchase additional ADSs. Each ADS represents three Class A ordinary shares of the company.

English option for hailing service

Shouqi Chauffeured Car said it has started an English language hailing service to expats in China, using bilingual drivers. When a customer switches their cellphone app interface to English, the order is sent to nearby bilingual drivers, and the driver confirms the booking with a phone call. In addition, an English speaking customer service hotline is also operating, offering a "gold medal service", according to the unicorn company.

Dongfeng opens safety test center

Dongfeng Renault Automobile Co opened its safety test facilities at its Wuhan plant in Hubei province for the first time to visitors on Wednesday, after its Koleos and Kadjar models recently won five-star crash test results - the highest safety level - during the Chinese New Car Assessment Program. Safety and quality are key elements that help differentiate Renault from other makes, said Francois Provost, president of the joint venture. He added that the two models are made in strict accordance with Renault's global standards.

Ford, Baidu agree to join forces

On Wednesday, Ford Motor China and Baidu agreed to join forces to work on the development of the Internet of Vehicles, artificial intelligence and digital marketing. The move aims to provide smart and personalized in-vehicle information systems and digital solutions for Chinese customers and enhance the user experience in an innovative way, they said. The two sides added that they plan to establish a joint laboratory for the Internet of Vehicles and develop AI technology, cloud computing and big data together.

(China Daily 07/02/2018 page18)