SAIC to Spend USD1 bn on Brand Development
SAIC, the Shanghai Automotive Industry Corporation, said it has
allocated RMB7.35 bn for developing its own brand. This amount is
almost half of the company's total investment volume, the Beijing
Morning Post reports. SAIC says it wants to keep its existing joint
ventures with Volkswagen, General Motors and Italy's Iveco. In March,
the company announced a net profit of RMB4.63 bn for 2007, compared to
RMB1.35 bn in 2006.
China Vehicle Imports Up 120 Per Cent
China imported 33,000 foreign vehicles in February, an increase of 120
per cent year-on-year and an 11.19 per cent rise compared to January,
according to the China Association of Automobile Manufacturers. The
total value of the 33,000 cars reached USD1.26 bn according to
Gasgoo.com.
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