Category: Newswire

BAIC becomes Daimler’s third-largest stakeholder

BAIC Group has acquired a 5 percent stake in Daimler AG, a reassuring move for the State-owned carmaker concerned about profitability in a sluggish market, and with the German automotive giant under the helm of a new head seeking further success in China.In the same period, China’s passenger car market fell 14 percent year-on-year.It runs a joint venture with BYD, another new energy vehicle giant in China, to develop and produce Denza-branded electric vehicles.

State-owned carmakers join in charge onto ride-hailing scene

Backed by a list of stellar investors, T3 – an emerging car-hailing app – was launched on July 22 in Nanjing, East China’s Jiangsu province, where it’s headquartered.Of the 9.76 billion yuan ($1.42 billion) invested, 1.7 billion yuan was contributed by home appliance retailer Suning, making it the largest shareholder with 17.42 percent equity.The three automakers FAW Group, Dongfeng Motor and Changan Automobile each took 16.39 percent equity as the second-largest shareholders.

Audi invests €126m in Győr, Hungary plant

As well as bringing additional jobs, making the total around 13,000 employees, the investment could contribute to a new record in Hungarian exports.Audi Hungaria has taken a lead role in electromobility inside the Audi Group.The rapid rise in awareness amongst European consumers, as well as environmental legislation has meant that the race to bring electric vehicles into the mainstream is well and truly on.

Goodyear Reports Second Quarter, First Half 2019 Results

AKRON, Ohio, July 26, 2019 /PRNewswire/ — The Goodyear Tire & Rubber Company (NASDAQ: GT) today reported results for the second quarter and first half of 2019. “Our U.S. consumer replacement and commercial businesses continued to perform well in a challenging environment, aided by recent product launches,” said Richard J. Kramer, chairman, chief executive officer and… Continue reading Goodyear Reports Second Quarter, First Half 2019 Results