SAIC Completes Nanjing Auto Acquitisiton
Three months after the companies signed an initial agreement, Shanghai
Automotive Industry Corporation (SAIC) has completed the acquisition of
Nanjing Auto. SAIC now owns 100 per cent of its Nanjing-based rival,
and plans to invest USD1.2 bn to further develop Nanjing Auto's
production capacity to up to 500,000 units per year by 2012.
Hyundai Opens New Beijing Plant
South Korea's Hyundai this week opened a new USD790m factory in
Beijing. The plant has an annual capacity of 200,000 units, which is
slated to rise to 300,000 units per year by 2010. At the same time,
Hyundai announced it will introduce a new sedan, the Elantra Yuedong,
to the Chinese automobile market. The carmaker hopes that the new
factory and new model will correct its downward sales trend in China,
which saw revenues decrease by 20 per cent in 2007.
Sinopec Reports RMB56.5 bn Profit China Petroleum and Chemical Corp, known as Sinopec, announced a
2007 net profit of RMB56.5 bn, up 5.5 per cent year on year. This
figure was reached despite company claims that its refining business
made a loss of RMB13.66 bn. During 2008, Sinopec plans to invest
RMB60.1 bn for prospecting and exploration projects, and RMB19.9 bn to
build and renovate refineries.
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