Short Torque

China Daily | Updated: 2019-01-07 07:28

Ghosn may face court over custody next week

Former Nissan chairman Carlos Ghosn is likely to appear in a Japanese court next Tuesday to hear the reasons for his detention since he was arrested on his private jet at a Tokyo airport on November 19. Ghosn is being held after the court extended his detention on New Year's Eve through to January 11 on allegations of aggravated breach of trust. They also allege he under-reported his salary to the tune of four billion yen ($36.86 million) over the three fiscal years - apparently to avoid criticism that his pay was too high. They are also investigating a complex third claim that alleges Ghosn sought to shift a personal investment loss onto Nissan's books.

Hyundai and Kia aim to sell 7.6m cars

Hyundai Motor Group, composed of Hyundai and Kia, has set a "conservative target"of 7.6 million vehicle sales in 2019, up 3 percent from its sales last year, saying trade protectionism adds uncertainty and major markets such as the United States and China remained sluggish. The South Korean conglomerate sold 7.39 million vehicles in 2018, which fell short of its target of 7.55 million vehicles, marking their fourth consecutive annual sales goal miss. The duo sold 7.25 million vehicles in 2017. Morgan Stanley expects global auto production to fall 1 percent in 2019, the first drop in nine years. In that environment, the group said it would launch 13 new or face-lifted models in 2019, including a premium Genesis SUV and the Sonata sedan.

Chance to customize your Model 3

Tesla has opened up Model 3 configuration to Chinese customers, allowing them to design their own vehicles. The California-based firm also said it plans to deliver its Model 3 cars in China from March. The starting price for a Model 3 in China would be 499,000 yuan ($72,676), said Tesla in an earlier statement. Tesla is in the early stages of building a massive Gigafactory in Shanghai, in an effort to localize supply chains and escape future tariffs. The company said it expects to bring portions of Model 3 production to China during 2019 and to increase the level of localization through sourcing and manufacturing. Production in China will be for local customers only, it added.

Carmakers reveal sales figures for the year

SAIC Motor Co, China's largest automaker and partner of Volkswagen and GM, sold 7.05 million vehicles in 2018, up 1.75 percent year-on-year, according to the company on Friday. Combined sales of SAIC's brands Roewe and MG reached 701,900 units in 2018, up 34.45 percent year-on-year. Its joint ventures accounted for the majority of its total sales. SAIC Volkswagen delivered 2.06 million cars, up 0.1 percent year-on-year; SAIC GM sales totaled 1.97 million, down 1.5 percent from the same period last year; and SAIC-GM-Wuling sold 2.07 million, down 3.65 percent from 2017. In 2018, SAIC's vehicle exports and overseas sales exceeded 270,000 units, an increase of 62.2 percent year-on-year.

JAC sets up joint venture with Cummins

China's Anhui Jianghuai Automobile Co (JAC Motors) established a joint venture with US engine manufacturer Cummins in late December. The joint venture was formed after Cummins purchased Navistar's 50 percent equity of the JAC-Navistar Diesel Engine Company. The joint venture deal was signed and announced in May. The new joint venture will specialize in producing light-duty and mid-range engines and supply them to JAC Motors as well as other automakers. "The new joint venture will give new impetus to China's commercial vehicle industry," said Xiang Xingchu, general manager of JAC.

Motoring - Agencies

(China Daily 01/07/2019 page19)