On the morning of March 4, the signing ceremony of the equity transfer of Dongfeng Nanchong Automobile Co., Ltd. was held at the Southwest United Property Rights Exchange. The State-owned Assets Supervision and Administration Commission of Nanchong Municipal Government transferred 100% state-owned shares of Dongfeng Nanchong Automobile Co., Ltd. to Nanchong Geely Commercial Vehicle Research Institute Co., Ltd., a wholly-owned subsidiary of Zhejiang Geely Holding Group Co., Ltd., with a transaction price of RMB 40,682,640.
FAW Group announced the establishment of the Red Flag Division
Caixin reporter was informed that the board of directors of China First Automobile Co., Ltd. (March 2) officially approved the establishment of the Hongqi Business Unit, and became the flat unit with FAW Car Co., Ltd., which was originally owned by the Hongqi brand. China First Automobile Co., Ltd. will also set up a red flag brand guiding operation group to promote the specific work of the Red Flag business unit. The team members are the general manager of FAW Car Co., Ltd., the head of the Red Flag Division, and the deputy minister. Among them, An Tie, the general manager of FAW Car Co., Ltd., became the convenor of the group.
Continental US built a new plant to produce commercial vehicle tires
Recently, it was learned that Continental Tire Americas has reached an agreement with the US state of Mississippi to purchase a site for the construction of a commercial vehicle tire factory to drive the growth of its tire business in the North American market in the future. The mainland promised to invest a total of about 1.4 billion dollars in the local area, and will employ 2,500 people after the factory reaches full capacity in the next decade. The new plant site is located in a development zone in Hinds County, Mississippi. The mainland company began to level the site in 2016 and is expected to start construction of the tire factory in 2018.
Hantai Chinese factory workers strike
After the news of the Hantai Jiaxing factory's four shifts to three shifts, six or seven hundred workers were dissatisfied and refused to work on March 1. The turmoil that has occurred in domestic tire companies this year has gradually spread to multinational companies. Tire World Network was informed that Hantai’s strike, the surface of the fuse is caused by the change of shift mode, in fact, this may be related to the layoff measures implemented in the Chinese factory.
Michelin Announces Closure of Tire Renovation Plant
Under the so-called policy of adapting to the needs of industrial development in Clermont-Ferrand, France, Michelin announced that it will close the Clarion Ferrand tyre renovation plant and will further abolish 164 job functions in the engineering operations at Headquarters. At the same time, Michelin also plans to invest 90 million euros in the region.
Ford invests $150 million to upgrade EcoBoost factory
According to "Automotive News", Ford Motor Company plans to invest $145 million to upgrade its US engine plant to produce the new EcoBoost second-generation 3.5L engine. Ford said its Cleveland engine plant employs more than 1,500 people, and the investment will create or retain a total of 150 jobs for the plant.
Fiat Peugeot Citroen re-passes marriage and scandal CEO reiterates partner standards
According to the comprehensive foreign news report, the French Peugeot Citroen has expressed its openness to the search for strategic partners in the automotive industry, sparking a new round of speculation about the merger of Peugeot Citroen and Fiat Chrysler. However, Fiat CEO Marjorie denied that the two sides are negotiating and stressed that potential partners should have multiple brand strategies.
Honda joins Visa to build an in-car payment system in two to five years
According to the Nikkei News, US credit card giant Visa plans to work with Honda Motor Co. to build an in-vehicle payment system that allows drivers to network, complete fuel, parking, tolls and other payments. The Visa credit card brand and Honda Motor announced at the Mobile World Congress that they will jointly build an in-car payment system. The in-vehicle payment system provides drivers with a simpler and safer way to pay for their car refueling, parking, toll collection and more. The in-car payment system will be field tested in the United States this year or will be completed in two to five years.
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