Volvo Cars, the Swedish carmaker owned by Zhejiang Geely Holding Group Co., won the approval of China’s main industry planner to begin making vehicles in the country, three people familiar with the matter said.
China, lagging behind its target to put electric vehicles on roads, should expand its subsidy program to include other types of fuel-efficient cars such as hybrids, according to Zhejiang Geely Holding Group Co.
Zhejiang Geely Holding Group Co. will invest 100 million pounds ($151.7 million) in London black cab maker Manganese Bronze Holdings Plc in the next five years as part of plans to turn the company profitable.
Baidu Inc. Chairman Robin Li, China’s third-richest man, and Yu Zhengsheng, No. 4 in the Communist Party hierarchy, were named to the country’s top political advisory body as a new generation of leaders prepares for power.
Don’t expect any breakthrough deals from this week’s meeting between the U.S. president and China’s leader-in-waiting. In an election year for Barack Obama and Xi Jinping, who is in line to replace President Hu Jintao this fall, the best outcome to hope for is good chemistry.