Geely and Kandi Technology have plugged themselves together to research, develop, produce and market EVs together. The initial investment is a billion yuan ($160 million US) to fund the partnership, and each partner retains a 50-50 share.
Well at least Henrik Fisker is putting his money where his mouth is. Or was. The co-founder of his eponymous California-based extended-range plug-in vehicle maker, who resigned as executive chairman and left the company last week, did his former company a solid and bought a Fisker Karma from a Santa Monica, CA, dealer to replace his company car, the Detroit News says. He joins Leonardo DiCaprio and Justin Bieber among paying Fisker customers.
Last week, Fisker Automotive lost its namesake and co-founder Henrik Fisker because of "several major disagreements" between the designer-turned-automaker and other executives. After that blow, could there be any more bad news out there? Maybe, if you consider the mooted takeover of the California-based plug-in luxury automaker by the Chinese Zhejiang Geely Holding Group a good thing.
It may be a spell before Chinese automakers are capable of turning out a globally competitive vehicle. That's the findings of a sprawling 200 page report by Bernstein Research. The group went through the trouble of purchasing two Chinese-made cars, importing them to Europe and disassembling them down to every last nut and bolt. The study also included in-depth interviews with CEOs at each of the major manufacturers, including Great Wall, Chery, Brilliance and SAIC among others. Researchers found
Money isn't the only problem Fisker Automotive has with making more Karma plug-in hybrids (see: battery supply), but the California startup may soon have the cash to help resume production of its $100,000 plug-in luxury sedan. Zhejiang Geely Holding Group has the edge in taking a majority stake in the troubled automaker, according to two confidential insider sources close to Fisker.
China's Geely Automobile Holdings, which bought Volvo three years ago, is still making news. This time, the vehicles in question are just a bit smaller. Geely and Kandi Technologies have announced that they will work together to further develop EV technology and increase sales.
Geely, the Chinese company that also owns Volvo, now owns Manganese Bronze Holdings (MBH), makers of London's Black Cab. MBH went into administration late last year, and some had looked to Geely to rescue the company in which it had a 19.7-percent equity stake. Although it's taken three months to strike a deal, and more than half of the workforce was let go, Geely finally agreed to buy MBH for 11.4 million pounds ($17.9M US).
Following the acquisition of Volvo by China's Zhejiang Geely Holding Group in 2010, we definitely saw this news coming. The two companies have signed an agreement that will give Chinese automaker Geely access to key technologies developed by Volvo, and in turn, the deal could help the Swedish automaker lower its production costs.
The roots of London's Black Cab dig all the way back to the Austin FX3 of 1948, the current overall shape recognized by any modern visitor to London showing up in 1958 on the Austin FX4. Manganese Bronze Holdings Plc has been the company behind the Black Cab since 1984, but failing to invest in the product and increased competition have sent the icon into administration. Manganese has posted losses since 2008, sold a share of itself to Geely (yes, that Geely) in 2010, and had to post a 3.9 milli
Escalating tensions between Volvo CEO Stefan Jacoby and Volvo Vice Chairman Hans-Olov Olsson may be working against the Swedish brand's stated goals of regaining lost European market share, as well as remaining relevant as a luxury brand on the world stage.
Reuters reports that Stefan Jacoby, CEO of Volvo, has suffered a mild stroke. It happened last week, and although Jacoby says he has limited movement in the extremities on his right side, he says he's already begun improving.
Volvo recently unveiled yet another model year of the impossibly old XC90 – promised to be the final one before a complete redesign. But the overripe vintage of the first SUV to fall from Volvo's vine isn't stopping corporate parent Geely from absconding with the platform to launch a new high-end brand for China.
We've heard for years that Chinese automakers hoped one day to export their wares to the United States. Ironically, the global economic slowdown could be what gives the Chinese incentive to finally make it happen.
Volvo is poised to rapidly inflate its presence in China, and it believes the way forward is through an $11 billion spending plan. "We want to revive Volvo and give the brand its strength back," says Li Shufu, Chairman of Geely Automobile Holdings. Speaking with German magazine Wirtschafts Woche, Shufu disclosed that Geely will put up $11 billion for a new engine factory, increased research and development and technology upgrades. However, Volvo's Per-Ake Froberg tells Reuters that Volvo itself
Volvo has chosen former Volkswagen designer Thomas Ingenlath to replace Peter Horbury as the head of the Swedish brand's design department, the latter having moved up the ladder to oversee design work at Volvo's corporate parent, Geely. Ingenlath was with the VW Group for 20 years and did stints with Audi, Skoda and Volkswagen, leading work on concepts and production cars like the VW Nils Concept, the Bluesport Roadster and first-generation Skoda Fabia and Superb.
Volvo is reportedly interesting in getting out its checkbook in search of a production parts bargain over at Saab. No, the 9-5 likely won't be wearing a Volvo badge any time soon, but the tooling that helped build parts for the big sedan could one day be in a Volvo factory.
When you think of designer Peter Horbury, Volvo follows logically. Soon, we'll all have to expand our thinking to leap from mention of Mr. Horbury to Chinese automaker (and Volvo owner) Geely. The well-regarded designer has been linked with Volvo for decades, and now he's reportedly adding styling responsibilities for Geely to his to-do list. He'll pack his bags in Gothenburg, Sweden where he's been vice president of Volvo design, and touch down in China to offer his talents to the Geely Group a
The Saab story continues. Automotive News and Bloomberg report that all isn't well with the Swedish automaker's Chinese suitors. Saab still hasn't received the $93 million it needs to continue to operate while it undergoes restructuring. The cash was originally supposed to come from Zhejiang Youngman Lotus Automobile in as little as two weeks after a deal was inked, but the process is apparently taking longer than anyone originally envisioned. At this point, Saab doesn't know when the funds will
Volvo is mulling a U.S. factory to offset some of its exposure to fluctuations in the dollar. One thing the automaker definitely will be doing is expanding its presence in the U.S., and a manufacturing facility would certainly make that way easier.
Volvo has posted a solid first quarter, with earnings jumping to $103 million. That's nearly double the Q1, 2010 totals, in part due to continued strong demand for its XC60 crossover. The Geely-owned automaker expects the revenue to continue to flow throughout 2011, as the automaker is hoping to increase sales by 70,000 units on the year to 450,000 units.