Bill Russo News
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General Motors Co., the largest carmaker in the U.S., is shifting its center of gravity to China, where it sells more cars and now invests more money.
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The Jeep store in south Beijing near the Timberland and London Fog outlets carries the season’s latest offerings of branded shirts, shoes, belts and backpacks. Not for sale here: Jeep sport-utility vehicles.
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Volkswagen AG recalled a record number of vehicles in China to replace defective gearboxes that may result in the loss of acceleration, in a move that may cost Europe’s largest carmaker more than $600 million.
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Fruit wholesaler Hao Hongfu will wait until next year to buy a car from a General Motors Co. venture in China, even though he could get a 1,545-yuan ($232) tax break for buying another vehicle now.
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After protests erupted across China last year over Japan’s nationalization of disputed islands, sales of Japanese-branded cars there plummeted. Nissan Motor Co.’s prescription for winning back Chinese drivers: a quieter ride and better gas mileage.
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Waiting lists for ultra-luxury cars in Hong Kong are getting shorter and used-car lots are cutting prices on Lamborghinis, Ferraris and Bentleys in the latest sign of China’s slowdown.
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Chery Automobile Co., the state- owned Chinese maker of the low-cost QQ mini car, hired Hakan Saracoglu from Porsche AG to head its design center in Shanghai in a bid to improve its styling.
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The Chinese auto industry is overdue for consolidation and General Motors Co., with local partner SAIC Motor Corp., is interested in acquiring ailing automakers, according to four people familiar with the companies’ thinking.
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Volkswagen AG will vie with General Motors Co. for the sales crown among foreign automakers in China next year, gaining share as Japanese carmakers led by Toyota Motor Corp. struggle to recover amid a territorial dispute.
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For the price of BYD Co.’s electric vehicle, Chinese consumers could buy a BMW and still have enough spare cash for more than one year’s worth of gas.
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