Canadian auto parts provider Magna International stated on Monday it would set up two joint ventures with Beijing Electric Vehicle for constructing electric cars in China. The ventures are anticipated to take over a present manufacturing plant in Zhenjiang, Jiangsu, belonging to the BAIC Group, the parent of Beijing Electric Vehicle. Magna and Beijing Electric
Daimler and its Chinese partner BAIC plan to invest nearly $2 billion in a cutting edge factory in China, highlighting their relationship as competing Geely makes a surprise swoop on the German automaker. The two will invest over 11.9 billion yuan ($1.88 billion) in improving a plant to develop premium Mercedes-Benz vehicles consisting of electric
Daimler plans to invest 5 billion yuan ($755 million) in China, with its Chinese joint-venture partner, for capability to produce electric cars and the batteries that power them – part of attempt to help its China operations adhere to the nation’s green automobile production and sales quotas. Hubertus Troska, head of Daimler’s greater China operations,
South Korean automaker Hyundai Motor stated on Friday it will carry on its Chinese joint venture with BAIC Motor, brushing off investor concerns about soured relationships between the partners. China’s state-run Global Times newspaper has reported BAIC may risk losing the joint venture if disagreements over suppliers were not resolved, pointing out an industry insider.
Chinese company Baidu announced 2 different partnership deals with leading German suppliers Robert Bosch and Continental AG to co-develop the self-driving technology and smart mobility services. The two deals underscore the wave of international partnerships being formed in the fast-moving autonomous car sector, which needs both the competencies of standard auto providers and those of
The China joint venture of Hyundai Motor is dealing with extreme difficulties due to a complex political, financial and competitive environment, its chairman stated on Wednesday, admidst of a political stand-off in between China and South Korea. The automaker has seen its sales struck in the nation and has dramatically cut production amid anti-Korean sentiment
U.S. President Donald Trump’s push to require U.S. market to bring jobs to the nation is opening investment opportunities for Chinese companies in Mexico, an executive with Industrial and Commercial Bank of China (ICBC), the nation’s largest lender, stated on Friday. Worries of a hit to foreign investment ran high when Ford Motor canceled a
As it is said that tomorrow the automobiles will be all-electric, self-driving, linked to high-speed communication.. and plausibly Chinese. That’s the vision of Jia Yueting, a billionaire entrepreneur who see their innovation knowledge re-engineering the vehicle market, and taking over Tesla Motors, a United States pioneer in premium electrical automobile (EV) making. “Tesla’s a fantastic