Autoblog

REUTERS: China's BAIC secures $2.1B line of credit... is it for Saab?

Jonathon Ramsey — Sun, 06 Dec 2009 12:37:00 EST

Filed under: China, GM, Saab, Earnings/Financials, Koenigsegg

Beijing Automotive Industry Corporation (BAIC) could still be in the game for Saab, having secured a $2.93 billion line of credit from the Bank of China. On the other hand, BAIC could just be gearing up for its own home-grown expansion plans, with an eye on ramping up production and putting financial and technological legs underneath its partnerships with Mercedes and Hyundai.

Or... it could be doing both: trying to buy Saab and as well as remodel its business. The deal for Saab between GM and Koenigsegg was for about $1 billion: the European Investment Bank approved a loan for $615 million, and BAIC provided about $400 million by buying a minority stake in the Koenigsegg Group. If BAIC did its own deal with GM for that same amount -- although we have a feeling they could get a Christmas discount -- that would leave nearly $2 billion for BAIC to take care of Saab and invest in its own operations.

This is, of course, pure speculation -- BAIC could have something else in mind entirely. All we know right now is that they've got a lotta yuan just sitting around waiting to be spent, and aborted plans to build the new 9-5 in China. This Saab story isn't finished yet...

[Source: Reuters]

REUTERS: China's BAIC secures $2.1B line of credit... is it for Saab? originally appeared on Autoblog on Sun, 06 Dec 2009 12:37:00 EST. Please see our terms for use of feeds.

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REPORT: GM selling control of Chinese joint venture to SAIC, half of India operations

Chris Shunk — Fri, 04 Dec 2009 09:00:00 EST

Filed under: China, GM, Earnings/Financials

It has been a busy week at General Motors. The week started off with CEO Fritz Henderson's abrupt resignation, then executives converged on the LA Auto Show where Bob Lutz was the keynote speaker and then the U.S. market Chevy Cruze was revealed. Now, the General is reportedly deep in negotiations halfway around the world with its Chinese partner, SAIC, to sell its partnership stake in what is now the largest auto market in the world.

Here is how the deal will reportedly break down: According to Reuters, GM will give SAIC a scant one percent of its interest in the China venture and 50% of GM's India operations. In exchange, the General would receive what amounts to about 20% of the value of the China venture. Sounds like a pretty sweet deal considering the fact that GM isn't exactly a big player in the Indian market - but there is a very big downside. If GM cedes one percent of its joint venture with SAIC, then the Detroit, MI-based automaker would no longer control its China operations. The rumored deal will contain a proviso that the General can later buy back its lost percentage for a "premium price." That sounds a little like GM just got a loan from SAIC and put up one percent of its ownership as collateral.

While GM currently has over $40 billion in its cash coffers courtesy of its recent bailout and bankruptcy, The General is in a big hurry to pay back the money it owes the government. It also has to contend with what is still a very soft auto market - not to mention Opel restructuring costs that could tally $5 billion or more. But China is also a monster part of GM's business plan, so any money gained from this deal could come at an even greater cost. We have to wonder if this deal had anything to do with Mr. Henderson's abrupt exit stage left...

[Source: Reuters]

REPORT: GM selling control of Chinese joint venture to SAIC, half of India operations originally appeared on Autoblog on Fri, 04 Dec 2009 09:00:00 EST. Please see our terms for use of feeds.

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REPORT: U.S consortium now in lead for Volvo purchase

Jeremy Korzeniewski — Thu, 03 Dec 2009 15:40:00 EST

Filed under: China, Ford, Volvo, Earnings/Financials, Rumormill

Just about a month ago, news hit the interwebs that Chinese automaker Geely officially became Ford's preferred bidder for Volvo once concerns over intellectual property were sorted out. Today, though, we're hearing that Crown, a consortium led by former Ford director Michael Dingman, former Ford and Chrysler LLC executive Shamel Rushwin and ex-Volvo CEO Roger Holtback, is gaining momentum in its bid for the Swedish automaker after submitting a revised proposal.

If reports from The Wall Street Journal and Reuters are accurate, Crown's new bid is "on par" with Geely's $1.8 billion offer and is backed by both Swedish and Chinese investors and banks. Not surprisingly, Ford has yet to comment on the speculation, though it has said that talks with Geely are already at an advanced stage. Stay tuned.

[Sources: The Wall Street Journal; Reuters]

REPORT: U.S consortium now in lead for Volvo purchase originally appeared on Autoblog on Thu, 03 Dec 2009 15:40:00 EST. Please see our terms for use of feeds.

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REPORT: GM could sell some Saab assets to Chinese; brand has through year's end to find buyer

Chris Shunk — Tue, 01 Dec 2009 19:26:00 EST

Filed under: China, Plants/Manufacturing, GM, Saab, Earnings/Financials

General Motors' Saab brand has been given a one month stay of execution as the Detroit, MI-based automaker has announced that it will hold off on a decision regarding the brand's fate until the end of the year. GM's apparent non-decision comes just one week after it announced that Swedish specialty car maker Koenigsegg unexpectedly pulled out of the running for Saab.

While GM isn't commenting on any potential suitors at this time due to non-disclosure agreements with the parties involved, speculation is that Beijing Automotive Industry Holding Co. and Wyoming-based Merbanco Inc are in the running for the struggling Swedish automaker. BAIC appears to make some sense considering the Chinese automaker's desire to enter the U.S. market and the fact that it was also involved in a bid to purchase Opel from GM earlier in the fall.

Beijing Auto was also reportedly involved in the original Koenigsegg deal, which fell apart for reasons we may never know. GM said in a brief statement (available after the jump) that if no deals materialized by the end of the year, it expects to begin an orderly wind down of the global Saab business at that time."

[Sources: The Detroit News; General Motors | Image: Torsten Silz/AFP/Getty Images]

Continue reading REPORT: GM could sell some Saab assets to Chinese; brand has through year's end to find buyer

REPORT: GM could sell some Saab assets to Chinese; brand has through year's end to find buyer originally appeared on Autoblog on Tue, 01 Dec 2009 19:26:00 EST. Please see our terms for use of feeds.

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New Buick Excelle debuts in China, sedan coming to America soon

Sam Abuelsamid — Mon, 30 Nov 2009 09:29:00 EST

Filed under: Budget, China, Hatchback, Buick, Misc. Auto Shows

2011 Buick Excelle XT - Click above for high-res image gallery

Back in August, when General Motors gave the media a tour of its design studios to show off pieces of its upcoming lineup, one of the cars we saw was a compact four-door Buick sedan. That sedan was essentially a re-grilled and trunked version of the recently introduced Opel Astra, but GM did not say what badging the car would receive in North America. However, the five-door hatchback version has just debuted in China at the Guangzhou Motor Show as the newest baby Buick.

In what is Buick's largest market, the compact is badged as the Excelle, and we wouldn't be surprised to see that name come to the U.S. provided there aren't any issues with the similarly named (and defunct) Hyundai Excel. The car we saw in August was identical to the Excelle shown above from the B-pillars forward. It only differs at the rear where the hatch was originally a traditional trunk.

Unlike the last Saturn Astra (and previous attempts at smaller Buicks), the inside of the new car looks much more upscale and should be more appealing to American consumers. We'll probably only get the 181-horsepower, 1.6-liter turbo four-cylinder in the Excelle in order to set it apart from the 140-hp Chevy Cruze that shares the same platform. If our version gets the 138-hp 1.8-liter at all, it will probably be paired with the automaker's new, second-generation BAS hybrid system.

Gallery: Buick Excelle XT

[Source: General Motors]

Continue reading New Buick Excelle debuts in China, sedan coming to America soon

New Buick Excelle debuts in China, sedan coming to America soon originally appeared on Autoblog on Mon, 30 Nov 2009 09:29:00 EST. Please see our terms for use of feeds.

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REPORT: China's Changan delays plan to enter North American auto market

Jonathon Ramsey — Wed, 25 Nov 2009 08:44:00 EST

Filed under: China, Plants/Manufacturing, Earnings/Financials

Changan is coming to America, just not yet. Aiming to establish a base in Mexico with which to move into the U.S. market, the Chinese automaker signed a deal last year to build a plant south of the border. The familiar story of planetary financial catastrophe has encouraged Changan to tap the brakes on its plans, however.

Said the company's R&D head to Reuters, "We are still doing market research there. There won't be any big investment for the time being." As if the crisis weren't enough, Changan, like other Chinese makers, is also looking at getting into the luxury market with a vehicle developed in-house, and that will divert potential resources from overseas expansion. That means we Americans won't get to sample MPVs like the Changan Joice (shown above) for a while longer.

[Source: Reuters]

REPORT: China's Changan delays plan to enter North American auto market originally appeared on Autoblog on Wed, 25 Nov 2009 08:44:00 EST. Please see our terms for use of feeds.

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REPORT: New Chinese-market Cadillac SLS and Buick Excelle XT to debut in Guangzhou

Jonathon Ramsey — Tue, 24 Nov 2009 15:59:00 EST

Filed under: Sedan, China, Buick, Cadillac, GM, Misc. Auto Shows, Luxury

General Motors' China's sales are up 60 percent year-on-year, and The General wants to keep the momentum going at its Chinese outpost. Automotive News China reports that the Guangzhou Auto Show will play host to the unveiling of the market-specific Cadillac SLS and Buick Excelle XT, the latter described as a four-door "coupé-like sedan."

The Excelle XT will take a place between the Excelle and the new Regal. The Cadillac gets 3.0-liter and 3.6-liter engines with GM's SIDI technology that also grace Australia's new Holden Commodores. The luxury sedan, a lengthened version of our STS with a superior interior, will also be China's introduction to OnStar.

[Source: Automotive News China - Sub. Req.]

REPORT: New Chinese-market Cadillac SLS and Buick Excelle XT to debut in Guangzhou originally appeared on Autoblog on Tue, 24 Nov 2009 15:59:00 EST. Please see our terms for use of feeds.

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SEAT dominates with second consecutive World Touring Car Championship

Noah Joseph — Tue, 24 Nov 2009 15:31:00 EST

Filed under: Motorsports, China, SEAT, Diesel

SEAT World Touring Car Championship Team with the Leon TDI - Click above for high-res image gallery

If you would have told us ten or twenty years ago that diesel would come to dominate motor racing, we probably would have laughed in your face. But since Audi charted new territory by dominating Le Mans with its R10 TDI, the competition benefits of burning oil is beyond reproach. Not satisfied to let diesel power dominate endurance sportscar racing, however, sister company SEAT picked up the mantle last year in the World Touring Car Championship with the Leon TDI.

As it turns out, running on diesel came to be a liability for SEAT as the WTCC reformatted the rules to reduce diesel's advantage. But the Sociedad Española de Automóviles de Turismo (Spanish Touring Car Company) pulled together, rallied its team and went on to dominate the World Touring Car Championship for the second year in the row, clinching all three of the series titles this past weekend in Macau - China's closest approximation of Monaco and the final round in the championship.

SEAT won the manufacturers' title, outpacing rivals BMW by three small points and outshining Chevrolet (with their new Cruze-based touring car) and Lada. SEAT's main shoe, Gabriele Tarquini, clinched the drivers' title ahead of his teammate (and defending champion) Yvan Muller. As if that wasn't enough, privateer Tom Coronel drove his gasoline-powered Leon to secure the Independents Trophy as well, making it a resounding triple victory for SEAT and its WTCC crew. Details in the press release after the jump and photos in the high-res image gallery below.

Gallery: SEAT Leon TDI at WTCC Macau

[Source: SEAT]

Continue reading SEAT dominates with second consecutive World Touring Car Championship

SEAT dominates with second consecutive World Touring Car Championship originally appeared on Autoblog on Tue, 24 Nov 2009 15:31:00 EST. Please see our terms for use of feeds.

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SAIC-owned MG launches MG 6, first all-new car in 14 years

Jonathon Ramsey — Mon, 23 Nov 2009 19:00:00 EST

Filed under: China, Hatchback, Misc. Auto Shows

2010 MG 6 - Click above for high-res image gallery

The last new MG was the MGF sportscar way back in 1995, and oh, what a difference 14 years makes. The MG6 is the first new MG by the company's new owner, Shanghai Automotive Industry Corp. (SAIC), and they've chosen a four-door liftback for their coming out party. About the size of a VW Golk/Skoda Octavia, the MG6 will be powered by either a naturally aspirated 1.8-litre four-cylinder with 133 brake horsepower and 135 pound-feet of torque, or a turbocharged 1.8-liter with 160 bhp and 158 lb-ft. Shifting is said to be via five-speed automatic.

The MG 6 will go on sale in China first, but it has reportedly been engineered to meet global safety standards and is expected to be exported. SAIC hasn't given any numbers or even locations for export yet, but the company president said they plan to produce it in the UK by the end of next year.

Gallery: 2010 MG6

[Source: Autoblog China (translated)]

SAIC-owned MG launches MG 6, first all-new car in 14 years originally appeared on Autoblog on Mon, 23 Nov 2009 19:00:00 EST. Please see our terms for use of feeds.

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Spy Shots: Next-gen Buick Excelle for China snapped

John Neff — Mon, 23 Nov 2009 12:33:00 EST

Filed under: Spy Photos, Sedan, China, Buick, Chevrolet

Next-gen Buick Excelle for China - Click above for high-res image gallery

Soon Buick will have an entire lineup of competitive vehicles with the Enclave, all-new LaCrosse and soon-to-arrive-from-Europe Regal. Since the latter model is basically a direct port of the Opel Insignia, its success may help General Motors decide whether or not to snag a fourth model from another overseas market. The likely candidate is this car, the next-gen Buick Excelle that is currently sold only in China.

Recently snapped by spy photographers while undergoing testing with very little camouflage, the next-gen Excelle will adopt GM's Delta II small car platform that also underpins the new Chevy Cruze and Opel Astra. It's more closely related to later, however, as previous generations have been not much more than rebadged Astras. Just because Buick could sell the Excelle in the U.S., however, doesn't mean it should. Would the market really accept a Buick this small, especially when the Cruze is on sale across the street? Time will tell but you can let GM know what you think now in the comments.

Gallery: Spy Shots: Next-gen Buick Excelle for China

[Photos: KGP Photography]

Spy Shots: Next-gen Buick Excelle for China snapped originally appeared on Autoblog on Mon, 23 Nov 2009 12:33:00 EST. Please see our terms for use of feeds.

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Can You Hear Me Now? China reportedly developing 3G-based 'smart' car

Jonathon Ramsey — Thu, 19 Nov 2009 10:29:00 EST

Filed under: China, Technology

Chana Auto, otherwise known as Changan (that's their Benni Sports pictured), has entered into an alliance with China Mobile "to develop a smart vehicle based on 3G wireless technologies." In actuality, however, it sounds like it's not the vehicle that will be smart, but what you can do with it.

From Gasgoo's report, it sounds like Changan wants to put an iPhone on wheels. That "wireless communications package" will feature all the web content - and e-mail and videoconferencing - you've practically come to expect from a car. Beyond that, it will enable owners to perform functions remotely such as control and management of the car, diagnostics, positioning and tracking, and "technologies which emulate an office environment." Pretty soon, even in China, there'll be no such question as "Dude, where's my car?"

[Source: Gasgoo]

Can You Hear Me Now? China reportedly developing 3G-based 'smart' car originally appeared on Autoblog on Thu, 19 Nov 2009 10:29:00 EST. Please see our terms for use of feeds.

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Geely looking for 1M units from Volvo, plans Chinese factory

Jonathon Ramsey — Sun, 15 Nov 2009 16:59:00 EST

Filed under: China, Ford, Volvo, Geely

Should Geely succeed in its bid to purchase Volvo, the Chinese automaker does not plan to spend any time playing in its new Swedish sandbox. Ford moved about 380,000 Volvos around the world last year; Geely wants to sell 2.5 times that amount within five years. How so? By injecting "two or three bigger, more luxurious cars" into the lineup and working its home market of China, which Geely feels could be unlocked for 200,000 vehicles alone. Those units could be supplied by a Chinese factory capable of making 300,000 cars per year and would presumably be larger than the upcoming redesigned S60 (above).

Ford has designated Geely its preferred bidder for Volvo. However, in an echo of the tensions between General Motors and Magna's Russian bidding partner Sberbank, Geely will need to address Ford's intellectual property concerns among other issues to complete a sale. Volvo's technologies and reputation for safety are probably worth as much as the company's physical assets, so it's not surprising that Ford wants to negotiate the technology transfer. Assuming they can come to terms, closing the deal is expected to cost Geely $2 billion.

Gallery: 2010 Volvo S60

[Source: Automotive News, sub. req'd]

Geely looking for 1M units from Volvo, plans Chinese factory originally appeared on Autoblog on Sun, 15 Nov 2009 16:59:00 EST. Please see our terms for use of feeds.

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REPORT: Chinese automaker SAIC accused of hybrid tech theft by SsangYong

Jonathon Ramsey — Thu, 12 Nov 2009 18:32:00 EST

Filed under: China, Government/Legal, South Korea

In the beginning of the decade, before SsangYong got into really deep doo-doo, the Korean automaker began work on a hybrid control unit (HCU) with German engineering firm FEV. From 2004 to 2008, as the research continued, the South Korean government provided nearly half of the financial resources for the development of the technology. In 2005, as Ssangyong's stumbles began, Chinese automaker SAIC took a majority stake in the Korean company.

A year later, in 2006, SAIC saw the success SsangYong was having with the HCU and allegedly pressured SsangYong engineers to hand over the technology. And that, according to Korean state prosecutors, violated laws regarding the transfer of "homegrown technologies... without state permission." Since the Korean government paid for almost half of the tech, SAIC's rights to the HCU needed to be approved by the Korean government.

Seven indictments have been brought against SsangYong engineers, none of whom were financially compensated for revealing the HCU plans to SAIC. It appears to be a simple case of bullying. No action is planned against SAIC. Hat tip to Regular Man!

[Source: Korea Times | Image: Jung Yeon-Je/AFP/Getty]

REPORT: Chinese automaker SAIC accused of hybrid tech theft by SsangYong originally appeared on Autoblog on Thu, 12 Nov 2009 18:32:00 EST. Please see our terms for use of feeds.

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Brilliance importer for Europe goes belly up

Jonathon Ramsey — Wed, 11 Nov 2009 08:02:00 EST

Filed under: Sedan, China, Europe

When Chinese automaker Brilliance wanted to invade The Continent, it chose Germany-based importer HSO Motors to introduce models like its BS4. Brilliance kept up its end of the agreement, shipping cars to HSO; HSO, however, couldn't get the cars sold, and a little more than a year into the partnership HSO has gone bankrupt.

Three reasons are blamed for the flame-out: the crash test videos for the BS4 and BS6, along with pricing. If you'll remember, when the German ADAC tested the Brilliance BS6, the result was a horror film that would have frightened Freddy Krueger with an official rating of zero stars. After a great deal of improvements and added equipment were put on the BS4, tested two years later, the results were much more palatable -- yet the car still received just three stars. The ADAC's had raised its testing standards, so what would have earned the BS4 a three-star rating under the old methods was only good for zero this time around. That didn't make German buyers comfortable.

The ADAC's testing methods have been labeled unfair, and it's been noted that the ADAC is not a regulatory body. Yet other cars tested under the new methods, like the Skoda Yeti and Honda Jazz, earned five stars. Beyond that, the BS4 is priced at about €16,000 ($24,000 U.S.). Even though it's larger, it's priced against cars like the Focus and Golf, and well above a Skoda Octavia. As a maker trying to earn its way into the field of German car offerings, Brilliance will need to go well beyond the norm to to make its case. For now, Brilliance has taken over HSO Motors' role as importer.

[Source: Euro Car Blog]

Brilliance importer for Europe goes belly up originally appeared on Autoblog on Wed, 11 Nov 2009 08:02:00 EST. Please see our terms for use of feeds.

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REPORT: BAIC/Koenigsegg may produce Saab 9-5 in China

Michael Harley — Sat, 07 Nov 2009 14:26:00 EST

Filed under: China, Government/Legal, Plants/Manufacturing, Saab

Beijing Automotive Industry Holding Co. (BAIC), announced as a minority partner in Koenigsegg's deal to purchase Saab from General Motors two months ago, plans to produce the Saab 9-5 on Chinese soil next year. The involvement of BAIC in the Saab transaction helps Koenigsegg close the deal and gives the Chinese company leverage to re-badge the previous-generation Saab 9-5 as its own or to simply expand the brand's existing reach within the country.

In September, Saab CEO Jan-Ake Jonsson told reporters he wanted to double the number of Chinese Saab dealers from 15 to 30, and that he had an interest in local Chinese production. "Beijing Auto is an opportunity for us to establish ourselves in the Chinese market with their experience," the CEO said. Under current plans, Saab imports all cars to China, where they're sold under the Shanghai General Motors network. Sales have been slow, but promoting the brand under the watchful eye of BAIC may help the brand gain traction in China's huge automotive market.

[Source: Gasgoo]

REPORT: BAIC/Koenigsegg may produce Saab 9-5 in China originally appeared on Autoblog on Sat, 07 Nov 2009 14:26:00 EST. Please see our terms for use of feeds.

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Unique porcelain-finish Ferrari 599 China raises $1.77M at auction

Noah Joseph — Thu, 05 Nov 2009 11:20:00 EST

Filed under: Coupe, Auctions, China, Ferrari

Ferrari 599 China special in cracked porcelain by Lu Hao - Click above for high-res image gallery

A Ferrari 599 GTB Fiorano is an exceptional piece of automotive art. Even more exceptional is the latest model equipped with the Handling GT Evoluzione package. More exceptional still is the limited-edition 599 HGTE made exclusively for the Chinese market. But even in this rarified territory, there exists one 599 HGTE China special that stands apart. We reported on it about a month ago, and it's now been sold at auction.

The one-off Fiorano was hand painted by Chinese artist Lu Hao with a pattern reminiscent of the sought-after Ge Liln porcelain of the Song Dynasty. This unique example was sold on Tuesday to an anonymous collector from Shanghai, who paid the equivalent of $1.77 million for the privilege. The proceeds are earmarked towards helping aspiring Chinese automotive engineers to make it to Italy for further studies and an internship opportunity at Maranello. On hand for the auction event, held at the Red Gate Gallery in Beijing, were the artist, Ferrari executives, faculty members from the participating schools and none other than Michael Schumacher himself. Follow the jump for full details in the press release, and see more in our high-resolution image gallery below.

Gallery: Ferrari 599 in cracked porcelain by Lu Hao

[Source: Ferrari]

Continue reading Unique porcelain-finish Ferrari 599 China raises $1.77M at auction

Unique porcelain-finish Ferrari 599 China raises $1.77M at auction originally appeared on Autoblog on Thu, 05 Nov 2009 11:20:00 EST. Please see our terms for use of feeds.

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SPOILER ALERT: Champion's Champions Crowned at 2009 Race of Champions

Noah Joseph — Wed, 04 Nov 2009 19:26:00 EST

Filed under: Motorsports, China

2009 Race of Champions - Click above for high-res image gallery

Every year, around the world, drivers compete wheel to wheel in all manner of racing series, from rally to F1, touring cars to Le Mans and everything in between. It gives racing fans plenty of varied action to follow, but it leaves one question ultimately unanswered: who is the world's best driver? That's where the Race of Champions comes in.

The event has been held every year since 1988 at the end of the regular racing season, giving the world's best from all manner of racing series the world over a chance to compete against one another on equal footing and common ground. And this year's Race of Champions was no less decisive. Follow the jump to read who claimed victory as the champion of champions.

Gallery: Race of Champions 2009

Continue reading SPOILER ALERT: Champion's Champions Crowned at 2009 Race of Champions

SPOILER ALERT: Champion's Champions Crowned at 2009 Race of Champions originally appeared on Autoblog on Wed, 04 Nov 2009 19:26:00 EST. Please see our terms for use of feeds.

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REPORT: Nissan working on Tata Nano-like cheap car strategy

Jeremy Korzeniewski — Mon, 02 Nov 2009 09:29:00 EST

Filed under: Sedan, China, Hatchback, Nissan, India

India's Tata Nano has seemingly shown the world's remaining automakers that it's possible to build a small, inexpensive car for emerging markets that's still profitable. You can reportedly count Nissan among the companies paying close attention and the Japanese automaker reportedly has plans to launch a new small car platform in Thailand, India and China starting in March of 2010.

The new vehicle architecture is called V (as in Versatile), and it's been in development since 2005. According to drive.com.au, the car will sport 18-percent fewer parts than current Nissan compacts and as many components as possible will be sourced from local areas.

Crucial to the success of the program is a massive number of sales - a whopping one million vehicles per year by 2013, which would represent nearly a third of all Nissan's sold in the last three months. To make that goal a reality, sales in Europe and the United States are also planned, possibly as early as 2011.

[Source: drive.com.au]

REPORT: Nissan working on Tata Nano-like cheap car strategy originally appeared on Autoblog on Mon, 02 Nov 2009 09:29:00 EST. Please see our terms for use of feeds.

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2009 Race of Champions heads to Beijing

Noah Joseph — Thu, 29 Oct 2009 09:30:00 EST

Filed under: Motorsports, China, Celebrities

2008 Race of Champions at Wembley Stadium - Click above for high-res image gallery

Most of this year's major motorsport series are winding to a close. Champions are being crowned. Teams are preparing for next year. You know what that means: it's time for the Race of Champions.

The international event has been held for the past twenty years, and it always offers a real spectacle as some of the world's best drivers compete for top honors. And this year figures to be no different. Held for the first time outside of Europe at the Bird's Nest Olympic stadium in Beijing, the 2009 Race of Champions is set to take place next week, packed with an all-star roster.

Among those taking part this year will be newly-crowned Formula One World Champion Jenson Button, seven-time World Champion Michael Schumacher, recently retired F1 stalwart David Coulthard and rising star Sebastian Vettel. Although six-time World Rally Champion Sebastien Loeb - who won the RoC last year and twice before that - has apparently opted to sit this one out, perennial runner-up Mikko Hirvonen will be competing, along with Audi's multiple Le Mans winners Tom Kristensen and Emanuele Pirro; touring car champions Andy Priaulx, Mattias Ekstrom, Jamie Whincup and Yvan Muller; Dakar winner Giniel deVilliers, Monegasque single-seat racer Clivio Piccione and Australian bike racer Mick Doohan. And finally, these United States will be represented by two of our very finest showmen, Travis Pastrana and Tanner Foust.

This year, the champions will be competing for bragging rights behind the wheels of such varied machinery as the Ford Focus WRC, Volkswagen Scirocco, KTM X-Bow, Solution F Prototype Opel touring car and three different specially-equipped sprint cars. Tune in on Tuesday, November 3 - just two days after the 2009 Formula One World Championship wraps up in Abu Dhabi - for the results.

Gallery: 2008 Race of Champions

[Source: Race of Champions | Image: Mark Thompson/Getty]

2009 Race of Champions heads to Beijing originally appeared on Autoblog on Thu, 29 Oct 2009 09:30:00 EST. Please see our terms for use of feeds.

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Ford officially confirms China's Geely as preferred bidder for Volvo

Sam Abuelsamid — Wed, 28 Oct 2009 12:58:00 EST

Filed under: China, Ford, Volvo, Geely

Volvo S60 concept - click above for high-res image gallery

It's been rumored for months Chinese automaker Geely had the best shot at picking up the Volvo brand from Ford, and today, Dearborn has finally confirmed it. Geely was named as the preferred bidder this morning and the Blue Oval is proceeding with negotiations. However, this is not going to be an easy deal to close. Ford doesn't want to keep any stake in the Swedish company, although it does hope to continue some product cooperation.

In spite of the lack of shareholding, Ford doesn't want Volvo to wither on the vine and wants whoever buys it to have the resources to make it a going concern - unlike what happened when BMW dumped Rover. Perhaps the toughest nut to crack will be intellectual property concerns. Any time a sale like this happens, the seller is be concerned about leaving too much information lying around, and that concern is understandably amplified when dealing with an up-and-coming Chinese company. There is no word on when a deal might be closed, so in the meantime, busy yourself with the official release after the jump.

Gallery: Detroit 2009: Volvo S60 Concept

[Source: Ford]

Continue reading Ford officially confirms China's Geely as preferred bidder for Volvo

Ford officially confirms China's Geely as preferred bidder for Volvo originally appeared on Autoblog on Wed, 28 Oct 2009 12:58:00 EST. Please see our terms for use of feeds.

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