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GM to battle VW in China with $12bn investment and new plants BEIJING: US car giant General Motors Corp (GM) plans to invest $12 billion in China from 2014 to 2017 and build more plants next year as it competes with aggressive rivals in the world's largest auto market.GM expects its China sales to expand 8-10 percent this year, in line with the overall growth of the Chinese market, where foreign firms, such as Volkswagen AG, and domestic players like SAIC Motor Corp vie for more market share."We are investing wisely and accelerating our vehicle development and manufacturing to keep pace with market demand. In total we are investing $12 billion between 2014 and 2017," Matt Tsien, president of GM China, said at the Auto China show in Beijing.GM plans to build five more plants in China next year, as part of its efforts to ramp up manufacturing capacity there by 65 percent by 2020, executives said on Sunday.Rival Volkswagen's early entry ...

VW aims for double-digit growth in China BEIJING: German carmaker Volkswagen is targeting double digit sales growth in China this year and will launch two new hybrid cars in the world's leading auto market, the group's chief said on Saturday."For 2014 we have once again set our sights on double-digit growth in China and are aiming to deliver more than 3.5 million vehicles to customers for the first time in a calendar year," Martin Winterkorn, said in a statement released in Beijing. ...
Airbnb rental site raises $450mn NEW YORK: Online lodging listings website Airbnb inked a $450 million funding deal with investors led by TPG, a source close to the matter said Friday.The agreement, which also included Dragoneer Investment Group, mutual fund T. Rowe Price Group and Sequoia Capital among its investors, valued the startup at $10 billion, according to The Wall Street Journal.That figure would make the website, that lets individuals rent out their homes to travelers, one of the most ...
Fiat-Chrysler to produce iconic Jeep in China from 2015 SHANGHAI: Automaker Fiat-Chrysler said on Saturday that it would begin producing the iconic American brand Jeep in China from 2015 to meet demand in the world's largest car market.Fiat-Chrysler -- created by Italy's Fiat acquiring Chrysler of the United States -- will produce three Jeep sport utility vehicle (SUV) models in China, including one specifically designed for the Chinese market, the company said in a statement.The announcement came ahead of the Beijing auto show, which ...
India's Reliance posts flat Q4 profit, meets estimates MUMBAI: Indian energy conglomerate Reliance Industries Ltd posted a flat quarterly profit, in line with estimates, hurt by a slimmer margin in its oil refining business. Reliance, which operates the world's biggest refining complex in western India, said net profit for its fourth quarter ended March 31 rose to 56.31 billion rupees from 55.89 billion rupees a year earlier. Analysts on average expected a net profit of 56.62 billion rupees, according to Thomson Reuters I/B/E/S. ...
Kansai Elec Pres: Not presently considering a capital increase TOKYO: Japan's Kansai Electric Power Co is not presently considering seeking a capital increase, President Makoto Yagi told reporters on Friday at a monthly news conference. The comments come after Kyushu Electric Power Co and Hokkaido Electric Power Co have sought financial help to overcome the increased costs caused by not being able to restart their nuclear reactors. Kansai Electric is set to report a third year of losses in the 12-month to March 31, ...
Audi expects to sell half million cars in China this year BEIJING: Volkswagen's flagship luxury division Audi said it plans to sell half a million cars this year in China, the world's biggest auto market, and raise the number of its Chinese dealers to 500 by 2017.Audi Chief Executive Rupert Stadler made the comments to reporters on Friday ahead of the Beijing auto show, which opens on Sunday. In 2013, it sold 488,000 vehicles in China and a total of 492,000 including Hong Kong. Audi is ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln