Saturday July 5, 2008
China vehicle maker to build new facility
SHANGHAI: Guangzhou Automobile Group Co is investing 6.8 billion yuan (US$990mil) to build a production base for its own-brand vehicles that is expected to start operation by 2010, a senior executive said.
The vehicle maker, parent of Hong Kong-listed Denway Motors and a joint-venture partner of Honda Motor Co and Toyota Motor, was also in discussions with regulators about a planned listing on domestic and overseas stock markets, although there was no time frame for a listing, said He Yanhui, standing vice-general manager of Guangzhou Automobile.
“The markets are so bad in China and in Hong Kong (that) it's hard to set a timetable at the moment,” he told Reuters yesterday on the sidelines of an industry forum.
Phase one of the facility was under construction in southern China's Guangdong province and would have annual production capacity of 100,000 vehicles and 100,000 engines, he said. – Reuters
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