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publication date: Aug 16, 2010
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author/source: Robin Roberts
Chinese car maker Geely won’t proceed with a plan to buy control of London black cab- maker Manganese Bronze Holdings Plc, the company said in a statement to the Hong Kong stock exchange early today. Geely Auto, the listed unit of China’s Zhejiang Geely Holding Group Co., withdrew from discussions with the U.K.-based taxi maker about buying a controlling stake, Manganese said earlier. Manganese had invited Geely to raise its stake in their business form under 20pc to over half. A joint venture to make cabs in China with Geely has not been affected by the decision to pull out of taking a controlling interest. After the news from China, Manganese share plunged 22pc to just 35p. The Chinese government has begun promoting eco-cars in earnest, offering subsidies of up to 60,000 yuan , approximately £5,600, and planning a large campaign next month. While similar subsidy programs in Japan and the United States are primarily designed to stimulate the economy, the programs in China are apparently meant first to promote the eco-car industry, and only secondarily to stimulate the economy. Seeing the auto industry at a turning point--moving away from gasoline vehicles toward next-generation cars--Beijing aims to become a global leader in the field. Toyota Motor Corp. remained the worldwide leader in new-car sales in the January-June half for a third straight year, but saw its lead on second-ranked General Motors Co. shrink to just over 10,000 units. Toyota's worldwide sales jumped 16.9% on the year to 4.16 million units. At home, sales zoomed up roughly 40% on brisk demand for the Prius hybrid and other environmentally friendly vehicles. Volvo Car UK has experienced a growth of over 40 per cent in corporate sales in the first half of 2010 as companies start to return to the market to replace vehicles on extended company car contracts. A 40 per cent tax payer driving a 2011 model Volvo V50 1.6D DRIVe with Start/Stop will save around £27 per month in lower Benefit in Kind tax bills and benefit from a 23.7mpg improvement in fuel consumption. One in five drivers on the road use vehicles with damaged or defective windscreens, according to the latest survey by National Mobile Windscreens. The findings follow two safety checks carried out by the Bristol-based company on major vehicle fleets. One survey of more than 230 staff and company vehicles in the Midlands found that a total of 47 vehicles required work. Another check on a large fleet based in the Thames Valley found that 141 vehicles needed attention. |
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