Wednesday, 19 June 2013 09:58
Posted by Shoaib-ur-Rehman Siddiqui
SHANGHAI: US auto giant General Motors on Wednesday broke ground on a $1.3 billion plant in Shanghai to produce Cadillacs as it seeks a larger share of China's growing market for luxury cars.The plant will have annual output capacity of 160,000 vehicles with production to start in two years, GM officials told a news conference before the opening ceremony."We're going to bring our high-end, premium product here and we're going to see how we run against the competitors from Europe and Japan," GM chairman and CEO Dan Akerson said.Although GM is the largest foreign auto maker in China by sales, it has lagged behind in the country's luxury segment, in which German companies hold an estimated 80 percent share.But the American company has ambitious plans for the Cadillac with an aim to capture 10 percent of China's luxury car market by 2020, GM officials said.Its current market share for the ...
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SHANGHAI: US auto giant General Motors on Wednesday broke ground on a $1.3 billion plant in Shanghai to produce Cadillacs as it seeks a larger share of China's growing market for luxury cars.The plant will have annual output capacity of 160,000 vehicles with production to start in two years, GM officials told a news conference before the opening ceremony."We're going to bring our high-end, premium product here and we're going to see how we run against the competitors from Europe and Japan," GM chairman and CEO Dan Akerson said.Although GM is the largest foreign auto maker in China by sales, it has lagged behind in the country's luxury segment, in which German companies hold an estimated 80 percent share.But the American company has ambitious plans for the Cadillac with an aim to capture 10 percent of China's luxury car market by 2020, GM officials said.Its current market share for the ...
TAOYUAN: Taiwan's EVA Airways on Tuesday joined Star Alliance, the world's biggest airline grouping, in a move that could give it an edge over regional rivals like China Airlines."EVA Air has successfully completed all joining requirements and I can confirm that our chief executive board has now unanimously accepted EVA Air into our alliance," Star Alliance CEO Mark Schwab announced at a ceremony in the north of the island.The move could see an increase in ...
SHANGHAI: Chinese telecoms giant Huawei will launch a new smartphone on Tuesday to better compete with high-end rivals like Apple and Samsung overseas, a company official said.Huawei will unveil the Ascend P6 in London in one of its major smartphone launches of the year, Huawei spokesman Roland Sladek told AFP.The move is "significant" because it marks a global launch held outside Huawei's home base of China and will be a stand-alone event, unlike previous launches ...
PARIS: The EU car industry was again badly hit by weak demand in May when sales plunged even in the so-far resilient German market, monthly data from the European Automobile Manufacturers' Association showed on Tuesday.The British auto market was the only one in 26 of the 27 countries of the European Union to show an increase on a 12-month comparison.The association said that sales in the European Union in May fell by 5.9 percent to ...
TOKYO: The hedge fund that has called on Sony to list part of its profitable entertainment arm has boosted its stake in the company, a report said on Tuesday, days ahead of a shareholders' meeting.Billionaire investor Daniel Loeb, who last month proposed hiving off up to 20 percent of the division, which includes music and movies, said his Third Point LLC fund had since added another five million shares, taking its stake to seven percent.In ...
LONDON: British no-frills airline easyJet on Tuesday announced a deal to purchase 135 Airbus single-aisle A320 passenger planes, including 100 new generation neo aircraft for $11.9 billion (8.9 billion euros), after agreeing sizeable discounts.EasyJet, issuing a statement amid the Paris Air Show where European aircraft maker Airbus is battling for orders with US rival Boeing, said that is has secured an option to buy an additional 100 A320neo planes."I am delighted that easyJet is able ...
NEW YORK: The late Steve Jobs took center stage Monday in the latest twist in the Apple antitrust trial on ebooks.A federal court attempted to plumb the meaning of a series of unsent emails Jobs addressed to Eddy Cue, an Apple senior vice president assigned with negotiating ebook contracts with major publishers in late 2009 and early 2010 before the launch of the iPad.Even though the emails were never sent, government prosecutors argue that they ...
