Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[SAIC to buy Opel Insignia platform for Roewe?]]>http://www.autoblog.com/2009/06/24/saic-to-buy-opel-insignia-platform-for-roewe/http://www.autoblog.com/2009/06/24/saic-to-buy-opel-insignia-platform-for-roewe/http://www.autoblog.com/2009/06/24/saic-to-buy-opel-insignia-platform-for-roewe/#commentsFiled under: , , ,


Chinese-spec Buick Regal - Click above for high-res image gallery

According to an unnamed source from the 21st Century Business Herald in China (via Gasgoo), Shanghai Automotive Industry Corp (SAIC) has been in talks with General Motors since last March to purchase the Eplison II platform (as used by the latest Opel Insignia and the Chinese-market Buick Regal) for its next Roewe 750 midsize sedan. The fact that SAIC is GM's Chinese partner may seem to lend a bit of credibility to these rumors, though SAIC and General Motors have both initially denied any knowledge of the platform-sharing plan.

While all of Roewe's sedans have so far been based on the aging underpinnings of the former Rover brand from the U.K., recent concepts - such as the attractive N1 from the Shanghai Motor Show earlier this year - show that the Chinese automaker is serious about designing attractive machines for its home market and beyond.


Gallery: 2009 Chinese-spec Buick Regal


[Source: Gasgoo]

SAIC to buy Opel Insignia platform for Roewe? originally appeared on Autoblog on Wed, 24 Jun 2009 14:01:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>buick regalBuickRegalgmgm epsilon 2gm epsilon IIgm epsilon platformGmEpsilon2GmEpsilonIiGmEpsilonPlatformopel insigniaOpelInsigniaroeweroewe 750roewe n1Roewe750RoeweN1saicshanghai automotiveshanghai automotive industry corpshanghai automotive industry corporationShanghaiAutomotiveShanghaiAutomotiveIndustryCorpShanghaiAutomotiveIndustryCorporationWed, 24 Jun 2009 14:01:00 EST<![CDATA[Ssangyong enters receivership]]>http://www.autoblog.com/2009/01/09/ssangyong-enters-receivership/http://www.autoblog.com/2009/01/09/ssangyong-enters-receivership/http://www.autoblog.com/2009/01/09/ssangyong-enters-receivership/#commentsFiled under: , ,

Could it be too late for Ssangyong? Shanghai Automotive Industry Corp. (SAIC) appears to have given up on Ssangyong Motor Co., allowing the company to slip into receivership. SAIC holds a 51% stake in Ssangyong, but gave up management rights in a bid to avoid liquidation and allow Ssangyong some time to get back in the black. The Korean automaker's Chief Executive Zhang Hai Tao and President Choi Hyung-tak both stepped down after the filing.

As recently as a couple of days ago, SAIC said they would help prop up Ssangyong, but that apparently has changed. As vehicle sales have fallen a whopping 50%, money was clearly tight. With the global economic crisis, credit was evidently unavailable to pay workers and new negotiations with the unions weren't going anywhere fast. This receivership agreement protects Ssangyong from creditors and keeps it from entering bankruptcy, allowing it some time to get back on its feet. For its part, SAIC said that it "will work with all parties so that Ssangyong can achieve a plan to normalize its operations." Thanks for the tip, Ken!

[Source: Market Watch]

Ssangyong enters receivership originally appeared on Autoblog on Fri, 09 Jan 2009 17:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>saicshanghai automotiveshanghai automotive industry corpshanghai automotive industry corporationShanghaiAutomotiveShanghaiAutomotiveIndustryCorpShanghaiAutomotiveIndustryCorporationssangyongSsangyong Motor Cossangyong motorsSsangyongMotorCoSsangyongMotorsFri, 09 Jan 2009 17:29:00 EST<![CDATA[Ssangyong gets bailout from SAIC]]>http://www.autoblog.com/2009/01/06/ssangyong-gets-bailout-from-saic/http://www.autoblog.com/2009/01/06/ssangyong-gets-bailout-from-saic/http://www.autoblog.com/2009/01/06/ssangyong-gets-bailout-from-saic/#commentsFiled under: , ,

It may not be the entire 320 billion won that its largest creditor was looking for, but Shanghai Automotive Industries Corp's recent announcement that it would prop Ssangyong up with an investment of 25.9 billion won ($19.89 million) should do the trick. SAIC says the money is to facilitate the development of new products, but we'd guess that paying the Korean automaker's employees for their services will probably take top priority. According to the unionized workers for Ssangyong, which is Korea's fifth-largest automaker, a total of 29 billion won is owed to employees.

The union and SAIC appear to be posturing back and forth on how to proceed from here. Ssangyong's Chinese owners want to cut a total of 2,000 jobs from the Korean automaker before investing any further money and the union is expected to vote on this new plan, which is widely expected to fail. After reporting a staggering sales drop of over 50% last year, though, something's got to give.

[Source: Gasgoo]

Ssangyong gets bailout from SAIC originally appeared on Autoblog on Tue, 06 Jan 2009 08:57:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>saicshanghai automotiveshanghai automotive industry corpshanghai automotive industry corporationShanghaiAutomotiveShanghaiAutomotiveIndustryCorpShanghaiAutomotiveIndustryCorporationssangyongTue, 06 Jan 2009 08:57:00 EST