Toyota Motor China agreed to compensate customers in Zhejiang Province affected by the recall of its RAV4 vehicles during a meeting with provincial authorities in Hangzhou on March 29. The Japanese carmaker promised to offer substitute vehicles, compensate for relevant expenses, refund deposits for undelivered cars and complete the recall
Read MoreFAW-Toyota has reportedly agreed to recall all the defective RAV4 vehicles in Zhejiang Province for repair by the end of April, and compensate affected consumers. This is the first such case of a recall in China since Toyota announced a global recall of over 8.5 million defective vehicles a few months
Read More- by Yu Mengjie The Ministry of Environmental Protection (MEP) sent out a draft of the Vehicle Environmental Impact (VEI) Measurement Standard for Light Vehicles (Standard) on March 5 to solicit comments and suggestions. The Standard evaluates the environmental impact of light vehicles in the areas of emissions and
Read MoreTHENBURG, Sweden - China's Zhejiang Geely Holding Group Co., Ltd. (Geely) signed a definitive stock purchase agreement on March 28 with Ford Motor Company to acquire 100 percent of Volvo Car Corporation (Volvo Cars) and related assets (primarily intellectual property) with a price of $1.8 billion. The agreement was
Read MoreYOKOHAMA, Kanagawa - Renault-Nissan Alliance and the Wuhan municipal government signed an agreement on March 25 to jointly promote electric vehicles in Wuhan, Nissan (China) Investment Co., Ltd., (NCIC) said in a statement in late March. According to the agreement, the French-Japanese duo will introduce 25 Nissan EVs to Wuhan
Read More- by Yang Caifang The Alliance of Beijing New Energy Automotives held a conference on its one year birthday. During the conference, Zhao Jingguang, Beiqi-Foton Motor (Foton)'s deputy Party secretary, announced that the company will increase its investment in new energy vehicles this year and further explore the
Read MoreChinese car and battery maker BYD Company Limited (BYD) is mulling over buying Daimler's Maybach brand as soon as the German automaker announces sale of the luxury car brand, according to Guangzhou Daily, citing a source close to BYD. "BYD is very interested in Maybach brand and would start the
Read MoreBYD Co., China's largest rechargeable battery maker and a well-known automobile producer, plans to buy a die factory from Japa's Ogihara Corp to enhance its competitiveness, Reuters reported over the weekend. The Shenzhen-based firm will take over the leading Japanese metal die maker's plant in Tatebayashi, Gunma Prefecture to produce
Read MoreBEIJING - Beijing-Hyundai Motor Co., Ltd. increased its UPH (Unit Per Hour) output from 48 to 66 units at its second plant on March 15, which means the Sino-Korean joint venture has reached an annual production capacity of 600,000 units through expansion of its previously 300,000-unit capacity at the second
Read MoreAutomakers are expected to suffer from the outcomes of iron ore price negotiations. Brazil's Vale, the world's largest iron ore producer, has officially signaled that it is seeking a market-based iron ore pricing system as an alternative to the current benchmark pricing system. If Vale's plan is realized, countries like
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