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When President Xi Jinping announced measures to further open up China’s auto industry to foreign automakers, the global industry initially cheered. Now the cheering has stopped. As details are emerging, foreign auto executives said that this initiative was too narrow and vague to change business on the ground. Central to Mr. Xi’s plan is that it will allow foreign automakers to own Chinese factories, instead of working through a 50-50 Chinese partner, as is currently required. But it turns out that auto executives were comfortable with the current system. Ford’s vi...
The Chinese government made a surprising announcement that it plans to eradicate the protectionist rules that stop foreign car makers from selling their cars in the country, opening its markets to the capitalist vehicle manufacturers from 2020. Today’s rules state that to sell cars in China without big taxes, car makers need to establish joint venture companies with local firms and can’t own more than 50 percent of its Chinese partner. These measures were introduced by the Chinese government in 1994 trying to promote local companies and limit the already-rich Western aut...
The new Star Wars movie will hit the theaters in a month and a half, but its carmaker partner Nissan is already seizing on the hype. The automaker on Friday will debut the first TV ad in what will be an aggressive campaign that links its driver-assistance technology to the droids that help steer the spaceships in the movie. This year the automaker will not enjoy the coincidental benefit of sharing a vehicle model name with the movie title, as it did with Nissan Rogue. But Nissan sees an opportunity in tying Star Wars' sci-fi and pop culture credentials to its driver assist...
Even though the shares of US car retailers rose this September, analysts predict that longer-term concerns over the threat of eccomerce and weak demand in the sector remain. O’Reilly Automotive rose on Monday, up 2.7 per cent to $215.15. It outperformed the broad S&P 500 index which weakened 0.2 per cent to 2,496. The Dow Jones Industrial Average also traded down 0.2 per cent at 22,296 on Monday in New York, while the Nasdaq Composite shed 0.9 per cent to 6,370. Genuine Parts, which distributes replacement car parts, saw the biggest gains of any stock in the S&P 500 on Monday, ri...
Fiat Chrysler Automobiles said Tuesday it is recalling 494,000 medium and heavy-duty Ram pickup trucks, model years 2013-2017. The issue which caused this recall is that they could overheat and potentially cause a fire. The 2013-2017 model year Ram 2500 and 3500 pickups recalled have 6.7-liter diesel engines, including 443,000 vehicles in the United States. Fiat Chrysler said it is not aware of any injuries related to the issue, but has reports of a small number of fire-related incidents. The company will inspect and potentially replace the water pump. Shares of ...
