After seven years living in the U.S. “in exile,” former Brilliance China chairman Yang Rong has recently made public his grand scheme of creating a new automobile group with a goal of annually making 3 million vehicles in the U.S. and another 3 million in China with a total investment of at least $20 billion.
On June 2, a day after it filed for bankruptcy protection, General Motors Corp. said it reached a memorandum of understanding (MOU) to sell its Hummer brand to a privately held Chinese company – Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd. (Tengzhong).
According to the MOU, Tengzhong will acquire the rights to the Hummer brand, retain [...]
CHANGESHA, Hunan – BYD (01211.HK), China’s largest rechargeable battery maker and an ambitious automaker, sign an agreement on July 24 to take over Midea Coach Manufacturing Co., Ltd. at a price of ¥60 million ($8.8 million) from its owner Midea Group, one of the largest home appliances manufacturers in China, according to a company press [...]
Reuters – Warren Buffett’s Berkshire Hathaway Inc has realized a $1.02 billion paper profit on a 10-month-old investment in BYD Co after shares in the Chinese car and battery maker quintupled.
Berkshire’s MidAmerican Energy Holdings Co unit had agreed last September 26 to buy 225 million BYD shares at HK$8 each, a transaction then worth about [...]
By Linda Luo and Wayne Xing
In the first half of 2009, China’s auto sales rose 17.69 percent to hit the 6 million mark, posting record 6.10 million units, according to statistics released by China Association of Automobile Manufacturers (CAAM). That has made China replace the U.S. to become the world’s largest auto market in the [...]