Short Torque

China Daily | Updated: 2019-08-26 07:26

BAIC launches off-roader in South Africa

BAIC Group debuted its right-hand drive BJ40 Plus off-roader at an auto festival in Johannesburg, South Africa on Wednesday. The Chinese carmaker said the model is built to meet the demand of local customers and will be available in the first quarter of 2020. BAIC has built a semi-knockdown plant in the country with South Africa's state-owned Industrial Development Corp. The plant, which began production in 2018, will make passenger vehicles, SUVs, pickups and light commercial vehicles. BAIC, partner of South Korea's Hyundai and Germany's Daimler, sold 2.4 million vehicles in 2018 and ranked 129th in Fortune's Global 500 listing for 2019.

BMW, JLR team up for new tech

German high-end car giant BMW and British group Jaguar Land Rover announced on Wednesday that they are teaming up to develop a new generation of electric motors. A joint team will be based in Munich and tasked with developing the "next-generation electric drive units" which BMW will launch together with JLR. "Cooperation between car manufacturers to share know-how and resources is important" as the automotive industry tackles "the significant technological challenges" posed by the electric cars of the future, said BMW in a statement. The partnership is for research and development and the engines will be produced "by each partner in their own manufacturing facilities," BMW said. Both groups hope the partnership will reduce development costs at a time when the transition to electric vehicles weighs heavily on manufacturers' balance sheets.

Geely's profits fall 40 percent in downturn

Geely Automobile Holdings said on Wednesday that its first-half net profit skidded 40 percent amid a sustained downturn in the world's biggest auto market, and it forecast an uncertain outlook for vehicle demand for the rest of the year. Geely posted a net profit of 4.01 billion yuan ($568.5 million), compared to the 6.67 billion yuan it made in the same period a year earlier. Profit in the first half "was negatively affected by higher discounts and incentives to reduce dealers' inventories ahead of the official implementation of the State VI emission standards in some areas," Geely said in the filing, referring to a stricter vehicle emissions standard China implemented in July.

Porsche invests in Israel's TriEye

German luxury carmaker Porsche has become an investor in Israel's TriEye, whose shortwave, infrared-sensing technology enables vision in adverse weather and nighttime conditions. The amount invested by Porsche was not disclosed. Tri-Eye said on Wednesday the additional funds will be used for product development and operations as well as team growth. In May, TriEye announced an early funding round, led by Intel Capital. Other investors in the round include Israeli businessman Marius Nacht and TriEye's existing investor Grove Ventures. To date, TriEye has raised $22 million, including a seed investment of $3 million led by Grove Ventures in 2017.

BYD posts impressive results in first half

Chinese new energy car maker BYD posted a 203.6 percent rise in first-half profit on Wednesday. The Shenzhen-based company, which is backed by US investor Warren Buffett, posted a net profit of 1.45 billion yuan ($205.29 million), up from 479.10 million yuan a year earlier. BYD sold 145,653 new energy vehicles between January and June, up 94.5 percent from a year ago. Revenue rose 14.8 percent to 62.18 billion yuan from 54.15 billion. The China Association of Automobile Manufacturers estimated sales could hit 1.5 million this year from 1.25 million in 2018.

Motoring - Agencies

(China Daily 08/26/2019 page19)