Geely acquires Chinese carmaker

Zhejiang Geely Holding Group completed its 406.8-million-yuan ($62.6 million) acquisition of Sichuan-based Dongfeng Nanchong Automobile Co, according to the Nanchong Daily. Geely will invest 7 billion yuan to turn the company into a research and production center capable of producing 100,000 new-energy commercial vehicles and 50,000 engines annually, the report said. The move is believed to be part of Geely's plan to expand the network of its new-energy vehicle production facilities. The automaker made public its ambitious new-energy vehicle plan late last year, saying that such vehicles will account for 90 percent of its total car sales by 2020.

Bentley China appoints new head

Bentley Motors China appointed Daniel San Siang Khoo as its new managing director to replace Ricky Tay, who will be heading to Volks-wagen Singapore.

Khoo, born in 1969, is currently the Bentley Motors' director of operations for the Asia-Pacific region. He has worked as the managing director for Audi Taiwan. From 2003 to 2006, he was vice-president for the Audi brand in the FAW-Volkswagen joint venture based in Jilin province.

Tay, former managing director, managed Bentley Motors China for two years from 2014.

Deliveries in China for Bentley China plummeted 37 percent to 1,615 units sold in 2015 from 2,560 units in 2014. The sales slump in China, the company's No 1 market, dragged its global sales performance by 5.6 percent, to 10,100 total units.

The Bentley Bentayga SUV is set to launch in China this year.

BJEV denies report it is seeking IPO

A BAIC Group subsidiary that produces new-energy vehicles shot down local media reports that it is seeking $460 million through a public listing on the Shanghai Stock Exchange.

Beijing Electric Vehicle Co, in which BAIC has a 60-percent controlling stake, reportedly attracted investment from technology companies including LeEco Holdings Co. The reports said BJEV plans to use the funds from the initial public offering to cut debt, make investments and use as capital, according to reports.

Sales of the automaker's electric vehicles more than doubled to 55,000 units this year from 20,000 last year. It expects to sell as many as 700,000 units annually by 2020.

Faulty pipes force Jeep, Volvo recalls

GAC Fiat Chrysler will recall 20,670 Jeep sport utility vehicles in China after finding defects in the car's oil pipes, the country's quality watchdog announced.

The imported Jeep Compass and Patriot models were manufactured between Jan 1 and May 11, 2015, said the General Administration of Quality Supervision, Inspection and Quarantine.

Chrysler said a defective pipe for steering oil may cause leaks and possibly fires. The company will replace the faulty components free of charge from March 10.

More than 1,000 units of the Volvo XC60 SUV and S60 L sedan were recalled starting from March 4 because of possible damage in fuel pipes. A free replacement is being offered.

Motoring

(China Daily 03/14/2016 page18)