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Business - GM to battle VW in China with $12 billion investment and new plants


U.S. car giant General Motors Corp (GM) plans to invest $12 billion in China from 2014 to 2017 and build more plants next year as it competes with aggressive rivals in the world`s largest auto market. GM expects its China sales to expand 8-10 percent this year, in line with the overall growth of the Chinese market, where foreign firms, such as Volkswagen AG , and domestic players like SAIC Motor Corp vie for more market share. In total we are investing $12 billion between 2014 and 2017,` Matt Tsien, president of GM China, said at the Auto China show in Beijing. GM plans to build five more plants in China next year, as part of its efforts to ramp up manufacturing capacity there by 65 percent by 2020, executives said on Sunday.


Sunday, April 20, 2014  17:19

CNN

Market - Stocks: It`s report card time on Wall Street


Welcome to a very important week for corporate earnings including Netflix and Facebook.


Sunday, April 20, 2014  18:41

Yahoo

Business - Mercedes, BMW chase ultra rich clients with new high end cars


Premium auto maker BMW unveiled a luxury concept sedan in Beijing on Sunday, to gauge customer appetite for a car that would cost more than German manufacturer`s current flagship 7 series limousine. Ian Robertson, BMW Group`s board member responsible for sales and marketing said the car is being presented the Auto China show in Beijing as a way to test customer opinion in the world`s largest car market. Around half of tall the 7-series flagship models made by BMW end up being sold in China, Robertson said. BMW Group`s sales in China are up 25 percent in the first quarter.


Sunday, April 20, 2014  16:55

Yahoo

Business - GM to invest $12 billion in China and plans more plants


U.S. car giant General Motors Corp (GM) plans to invest $12 billion in China from 2014 to 2017 and build more plants next year as it steps up its presence to compete with aggressive rivals in the world`s largest auto market. GM expects its China sales to expand 8-10 percent this year, in line with the overall growth of the Chinese market, where foreign firms, such as Volkswagen AG , and domestic players like SAIC Motor Corp vie for more market share. In total we are investing $12 billion between 2014 and 2017,` Matt Tsien, president of GM China, said at the Auto China show in Beijing. GM plans to build five more plants in China next year, as part of its efforts to ramp up manufacturing capacity there by 65 percent by 2020, executives said on Sunday.


Sunday, April 20, 2014  13:33

Yahoo

Business - China set to replace U.S. as Volvo`s biggest market this year


China is set to surpass the United States to become Volvo Car Group`s biggest market in 2014 with sales of at least 80,000 cars in the world`s largest auto market. Its car sales target for 2014 is around a third higher than the 61,146 cars sold in 2013, while sales in the United States in 2014 are expected to increase only in line with the broader market, it said in a statement on Sunday. In the first quarter of this year, it sold 17,286 cars in China, up 25.4 percent from a year earlier. Volvo, whose XC60 SUV is its best-selling model in China, expects the Chinese market to help boost its global sales in coming years, though it faces competition from foreign firms, such as General Motors Co , and domestic players such as SAIC Motor Corp .


Sunday, April 20, 2014  04:35

Yahoo

Business - GM aims to boost Cadillac sales in China by 2015


General Motors Corp is aiming to sell 100,000 of its flagship Cadillac sedans by 2015 in China, rising from roughly 50,000 last year, as the U.S. car giant taps rising demand in the world`s largest auto market. `Cadillac`s growth is on the launch of new products. This year, we will launch another significant product and next year, we will launch another,` Matt Tsien, GM`s China chief, said during the Auto China show in Beijing. China, the world`s largest auto market, is set to expand 8-10 percent this year, slightly slowing from 2013 when it sold 21.98 million vehicles, up 13.9 percent from a year earlier.


Sunday, April 20, 2014  11:58

Yahoo

World - West Africa`s Ebola outbreak prompts changes in I.Coast cuisine


Bouak (Ivory Coast) (AFP) - West Africa`s first outbreak of Ebola fever is bad news for gourmets in Ivory Coast, but brings respite from the hunter to species sought out for tasty meat but feared to carry the disease. Hunters and restaurant owners in the central Ivorian town of Bouake are upset that clients have begun to steer clear of the strong taste of the agouti, a beast with a long snout and brown fur that can reach half a metre (1.6 feet) in length. Last week, the minister`s recommendation was still going unheeded or ignored by some traders and hunters in Bouake`s main bushmeat market. An official ban on bushmeat -- including antelopes, chimpanzees and porcupines as well as agoutis -- has been enforced and a week later, the Bouake market was empty.


Sunday, April 20, 2014  10:35

Yahoo

Business - Hyundai Motor unveils small SUV concept for China, to launch this year


By Hyunjoo Jin SEOUL (Reuters) - South Korea`s Hyundai Motor on Sunday unveiled its small sport utility vehicle (SUV) concept targeted at the Chinese market, planning to join a flurry of rivals in tapping the growing segment in the world`s biggest market. Hyundai said it had picked popular Korean actor Kim Soo-hyun to promote the subcompact SUV ix25, to capitalize on the Korean pop culture boom in wooing Chinese customers aged between 25 and 35. Small SUVs are a bright spot in key markets from China and India to the United States and Europe, offering the functionality and space of SUVs in an affordable small vehicle. In China, General Motors and Ford Motor are offering small SUVs Trax and EcoSport, respectively, among other carmakers.


Sunday, April 20, 2014  07:36

Yahoo

Business - In the driving seat: China`s yuppies are new market force for global automakers


By Samuel Shen and Norihiko Shirouzu SHANGHAI/BEIJING (Reuters) - Global automakers are scrambling to meet the demands of China`s young urban professionals, who want a car that makes them stand out, yet don`t always have the money to splurge on a top-end model. After nearly two decades of frenzied growth driven mainly by the very wealthy, China`s auto market is maturing, yet remains ferociously competitive with manufacturers having to react quickly to shifting consumer trends. People like Zhou Wenxi, a 32-year-old Shanghai cram-school owner, and Guo Yetao, 23, a software salesman from Hangzhou, are fuelling two trends: hot demand for smaller crossover sport utility vehicles like Ford Motor Co`s EcoSport; There is a potential `seismic shift` in the influence these young urban professionals will have on China`s auto market, says Yale Zhang, head of Automotive Foresight, a Shanghai-based consultant.


Sunday, April 20, 2014  13:33

Yahoo

Business - Premium car brands eye China`s secondhand market


By Edward Taylor and Jan Schwartz BEIJING (Reuters) - Strong demand for new automobiles in China has laid the foundations for the next leg of business for carmakers BMW , Audi and Mercedes-Benz: the second-hand premium car market. China`s auto market is the world`s biggest and is set to grow between 8 percent and 10 percent this year, fuelled by increasingly affluent buyers, who use them for the daily commute, with some opting for luxury brands as a status symbol. We have 290 dealers who offer certified pre-owned Audis,` Rupert Stadler, chief executive of Volkswagen`s premium brand, Audi, said during the Auto China show in Beijing. `In China, we have some dealers that sell between 1,500 and 3,000 cars.` Audi, which expects China to contribute 40 percent of its sales by 2020, plans to train 40,000 to 50,000 new sales staff a year by 2017 to meet growing demand for brand-new and used cars, he said.


Sunday, April 20, 2014  11:58

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