As the semiannual report of the Chinese car industry has been released, we got some hot news in this hot summer for your reference.
1.Chinese automobile companies speed up oversea takeovers, aiming for a bigger role in international auto markets.
Eight oversea deals totaling more than 5.5 million, Chinese auto companies accelerated their takeover efforts in the overseas auto industry in the first half of 2017. Tencent 腾讯, spent $1.78 billion on a 5-percent stake in Tesla in March, a move targeting the lucrative self-driving vehicles. More Info
Geely also set up a new joint venture with Volvo Cars to share existing and future car technology. Currently, the two companies have been corporately using their Compact Modular Architecture platform tech. More Info
2. Overall Auto Sales in Chinese market slow down, but premium brands are still making progress.
China Passenger Car Association pointed out that the fact of Chinese consumers getting richer will lead to a growing demand of lower-priced, entry-level premium cars. The fierce competition among BBA brands continues, meanwhile Chinese local brands, with their improving quality and rich SUV lineups, have won over customers who would otherwise purchase South Korean brands. More Info
3. Auto makers set to build Chinese Compact SUV
Jaguar Land Rover is localizing its compact SUV E-PACE and make faster inroads into the compact SUV segment in China, which is currently dominated by the Audi Q3, the BMW X1 and the Mercedes-Benz GLA. The SUV sector is a fast-growing one in the Chinese market, comparing to other segments’ sales falling, e.g. sedan. More Info