DOCSLIB.ORG

Jiangling Motors Corporation, Ltd. 2012 Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Jiangling Motors Corporation, Ltd. 2012 Annual Report Jiangling Motors Corporation, Ltd. 2012 Annual Report Chapter I Important Notes, Contents and Abbreviations Important Note The Board of Directors and its members, the Supervisory Board and its members, and the senior executives are jointly and severally liable for the truthfulness, accuracy and completeness of the information disclosed in the report and confirm that the information disclosed herein does not contain false statements, misrepresentations or major omissions. Chairman Wang Xigao, President Yuan-Ching Chen, CFO Dennis Leu and Chief of Finance Department, Ding Ni, confirm that the Financial Statements in this Annual Report are truthful and complete. The year 2012 profit distribution proposal approved by the Board of Directors is as follows: A cash dividend of RMB 7 (including tax) will be distributed for every 10 shares held, and there is no stock dividend. Based on the total share capital of 863,214,000 shares as of December 31, 2012, the total cash dividend distribution amounts shall be RMB 604,249,800. B share dividend shall be paid in Hong Kong Dollars and converted based on the HKD-to-RMB standard exchange rate published by the People’s Bank of China on the first working day following the approval on the profit distribution proposal by the Shareholders’ Meeting of the Company. The Board decided not to convert capital reserve to share capital this time. The prospective description regarding future business plan and development strategy in this report does not constitute virtual commitment. The investors shall pay attention to the risk. All financial data in this report are prepared under International Financial Reporting Standards (‘IFRS’) unless otherwise specified. The Annual Report is prepared in Chinese and English. In case of discrepancy, the Chinese version will prevail. 1 Contents Chapter I Important Notes, Contents and Abbreviations ........................... 1 Chapter II Brief Introduction ...................................................................... 3 Chapter III Operating Highlight ................................................................... 4 Chapter IV Report of the Board of Directors ............................................... 5 Chapter V Major Events ............................................................................ 14 Chapter VI Share Capital Changes & Shareholders ................................... 17 Chapter VII Directors, Supervisors, Senior Management and Employees . 20 Chapter VIII Corporate Governance Structure ............................................. 28 Chapter IX Internal Control ........................................................................ 34 Chapter X Financial Statements ................................................................ 36 Chapter XI Catalog on Documents for Reference ...................................... 90 Abbreviations: JMC, or the Company Jiangling Motors Corporation, Ltd. JMH Jiangling Motor Holding Co., Ltd. Ford Ford Motor Company Jiangling-Isuzu Jiangling-Isuzu Motors Company, Ltd. CSRC China Securities Regulatory Commission JMCG Jiangling Motors Company (Group) TCHT Taiyuan Changan Heavy Truck Company EVP Executive Vice President CFO Chief Financial Officer VP Vice President 2 Chapter II Brief Introduction Company’s Chinese name: 江铃汽车股份有限公司 English name: Jiangling Motors Corporation, Ltd. Abbreviation: JMC Company legal representative: Mr. Wang Xigao JMC’s Board secretary: Mr. Wan Hong (Tel: 86-791-85235675) Person for financial information disclosure: Mr. Dennis Leu (Tel: 86-791-85266503) JMC’s securities affairs representative: Mr. Quan Shi (Tel: 86-791-85266178) Contact address: No. 509, Northern Yingbin Avenue, Nanchang City, Jiangxi Province, P.R.C Switchboard: 86-791-85266000 Fax: 86-791-85232839 E-mail: [email protected] Company registered address & headquarters address: No. 509, Northern Yingbin Avenue, Nanchang City, Jiangxi Province, P.R.C Postal Code: 330001 JMC’s website: http://www.jmc.com.cn Newspapers for information disclosure: China Securities, Securities Times, Hong Kong Commercial Daily Website designated by CSRC for publication of JMC’s Annual Report: http://www.cninfo.com.cn Place for archiving Annual Report: Securities Department, Jiangling Motors Corporation, Ltd. Place of listing: Shenzhen Stock Exchange Share’s name: Jiangling Motors Jiangling B Share’s code: 000550 200550 Other Information: 1. JMC was registered with Nanchang Municipal Bureau of Industrial & Commercial Administration on November 28, 1993. The information of JMC initial registration can be inquired from Jiangxi Provincial Bureau of Industrial & Commercial Administration. The company registration was changed with Jiangxi Provincial Bureau of Industrial & Commercial Administration on January 8, 1997, on September 20, 1999, on November 25, 2003, on September 23, 2004, on June 21, 2007 and on April 30, 2008. 2. Changes of Controlling Shareholders: On December 1, 1993, JMC A shares were listed on Shenzhen Stock Exchange, while JMCG, the founder-member, was the controlling shareholder of the Company. On September 29, 1995 and November 12, 1998, JMC issued additional 344 million B shares totally, while, after the additional B share issuance, JMCG and Ford were the controlling shareholders of the Company. On December 8, 2005, the 354.176 million JMC shares held by JMCG, the former controlling shareholder, were transferred to JMH. Presently, JMH and Ford are the controlling shareholders of the Company. 3. Business License Registration Number: 360000511000021. 4. Taxation Registration Number: (State Administration of Taxation) 360108612446943 (Nanchang Local Taxation) 360104612446943 3 5. Organization Code: 61244694-3. 6. Accounting Firm appointed by JMC for audit under both China General Acceptable Accounting Principles (‘China GAAP’) and International Financial Reporting Standards (‘IFRS’): Name: PricewaterhouseCoopers Zhong Tian CPAs Limited Company (‘PwC Zhong Tian’) Headquarters address: 11th Floor, PricewaterhouseCoopers Center, 202 Hu Bin Road, Shanghai City, P.R.C. Names of Signed Accountants: Ye Jun, Feng Weiqi Chapter III Operating Highlight I. Main accounting data and financial ratios of the past three years. Unit: RMB ‘000 Change 2012 2011 2010 (%) Revenue 17,474,707 17,456,999 0.10 15,767,897 Profit Attributable to the Equity 1,513,468 1,866,431 -18.91 1,706,304 Holders of the Company Net Cash Generated From 2,265,638 1,147,034 97.52 2,716,444 Operating Activities Basic Earnings Per Share (RMB) 1.75 2.16 -18.91 1.98 Diluted Earnings Per Share (RMB) 1.75 2.16 -18.91 1.98 Down 8.03 Weighted Average Return on Net 19.51 27.54% percentage 30.91% Asset Ratio points End of Year End of Year Change End of Year 2012 2011 (%) 2010 Total Assets 13,111,354 11,865,257 10.50 11,288,139 Shareholders’ Equity Attributable to the Equity Holders of the 8,082,872 7,311,768 10.55 6,127,276 Company II. Impact of IFRS adjustments on the net profit: Unit: RMB ‘000 Profit Shareholders’ Equity Attributable Attributable to the to the Equity Equity Holders of Holders of the Company as of the Company December 31, 2012 in 2012 As Prepared under the China GAAP* 8,082,872 1,516,904 Adjustment per IFRS: Staff Bonus and Welfare Fund appropriated - -3,436 from Net Profit of a Subsidiary 4 As Restated in Conformity with IFRS 8,082,872 1,513,468 * Based on the financial statements audited by PwC Zhong Tian per the China GAAP. Chapter IV Report of the Board of Directors 1. Summary In 2012, China automobile industry production and sales volume was in steady and rational growth under the slowdown economy environment. Total vehicle industry sales volume was 19.3 million, an increase of 4.3% compared with 2011. Commercial vehicle sales volume was 6.07 million, a decrease of 3.5% compared with 2011. JMC’s core business is production and sales of light commercial vehicles and related components. Its major products include JMC series light truck, pickup, Yusheng SUV and Transit series commercial vehicles. The Company also produces engines, castings and other components. During the reporting period, in light of more severe competition, more stringent regulatory requirement, intensifying cost pressures, and commercial vehicle industry slowdown pressure, the Company focused on quality improvement, new product development and new plant construction as well as introduction of a series of sales policy that help to mitigate market share pressure. In 2012, JMC achieved sales volume of 200,008 units, an increase of 3% compared with last year. Revenue was 17,475 million RMB, equivalent to 2011 level. Net profit was 1,513 million RMB down 19% compared with last year. The causes of year-over-year net profit decrease are mainly the increase of engineering spending and higher sales promotion expense. 2. Core Business Analysis i. Sales Revenue Analysis In 2012, JMC achieved sales volume of 200,008 units, including JMC light truck of 68,540 units, JMC pickup of 65,945 units, Yusheng SUV of 8,346 units and Transit CV of 57,177 units. Total sales volume increased 3% compared with last year. Total production volume was 202,041 units, including JMC light truck of 69,689 units, JMC pickup of 64,260 units, Yusheng SUV of 10,784 units and Transit CV of 57,308 units. In 2012, JMC achieved a market share of 1.05% of China total vehicle industry, down 0.02 percentage point from last year (In 2012, JMC achieved a market share of 3.3% of China’s commercial vehicle industry, up 0.2 percentage point from last year). JMC light trucks (including pickup) accounted for 7.2% market share,
Load more

Recommended publications
  • China Autos 2020 Outlook – Slow Lane to a Full Recovery
    2 December 2019 China EQUITIES China autos Macquarie China auto coverage 2020 outlook – slow lane to a full recovery Name Ticker Price Rating TP +/- Brilliance 1114 HK 8.17 Outperform 10.10 23.6% Dongfeng 489 HK 7.64 Outperform 8.10 6.0% Key points GAC 2238 HK 8.52 Outperform 9.60 12.7% SAIC Motor 600104 CH 23.04 Outperform 31.50 36.7% Cautious outlook for 2020 PV demand, mainly considering weak demand Nexteer 1316 HK 6.66 Outperform 12.15 82.4% from lower-tier cities, increased household leverage and rising CPI. Minth 425 HK 27.30 Outperform 25.80 -5.5% Geely 175 HK 15.08 Neutral 11.20 -25.7% We expect to see further relaxation of the license plate quota in 2020. Yutong Bus 600066 CH 14.31 Neutral 12.70 -11.3% BAIC 1958 HK 4.51 Neutral 4.20 -6.9% Sector preference: higher-end > lower-end > NEVs. Near-term risks on the BYD 1211 HK 38.15 Underperform 20.70 -45.7% downside. OP: Brilliance, DFG, GAC; UP: GWM, BYD, CATL. CATL 300750 CH 87.41 Underperform 60.30 -31.0% Great Wall 2333 HK 6.04 Underperform 3.70 -38.7% Changan-B 200625 CH 3.54 Underperform 3.10 -12.4% Changan-A 000625 CH 8.31 Underperform 3.60 -56.7% Conclusions Note: updated as of 28 November closing prices; Prices are denominated in Rmb for A-share stocks, and HKD for A slow road back to recovery: We lower our 2020 China auto sales by 5% B/H-share stocks.
    [Show full text]
  • Ford Motor Company Posts Record Annual Sales in China; Sales Rise 14% to 1.27 Million; Lincoln Demand Surges 180%
    2017-1-6 | Shanghai Ford Motor Company Posts Record Annual Sales in China; Sales Rise 14% to 1.27 Million; Lincoln Demand Surges 180% • Ford Motor Company sold a record 1.27 million vehicles in 2016 in China, up 14 percent • Changan Ford JV sold 957,495 vehicles in 2016; December sales total 115,654 vehicles • Jiangling Motor Corp. sold 265,056 vehicles in 2016; December sales total 32,193 vehicles • Lincoln sold 32,558 vehicles in 2016, nearly three-fold increase over 2015 SHANGHAI,Jan. 4, 2017-- Ford Motor Company sales surged 23 percent in China in December, capping a record year for the automaker in the world’s largest new vehicle market. For all of 2016, Ford Motor Company sales totaled a best-ever 1.27 million vehicles, 14 percent higher than 2015. That total includes sales by joint ventures Changan Ford Automobile and Jiangling Motors Corporation, sales of Ford models imported to China and Lincoln, which has become the fastest growing luxury brand in China. In December alone, Ford and its joint ventures sold nearly 150,000 vehicles in China, up 21 percent over 2015. The growth was driven by strong demand for Ford’s expanded lineup of SUVs such as the Ford Edge and Explorer, the Ford Taurus large car, and performance vehicles such as the Ford Mustang. “We have built some great sales momentum in China, particularly in the second half of 2016, on the strength of our expanded vehicle lineup,” said Peter Fleet, vice president of Marketing, Sales and Service, Asia Pacific. “Record numbers of customers are choosing our 3-row Edge crossover, elegant Taurus sedan, Explorer premium SUV and Lincoln luxury vehicles.” Changan Ford Automobile, Ford's passenger car joint venture, broke both annual and December sales records.
    [Show full text]
  • China Autos Driving the EV Revolution
    Building on principles One-Asia Research | August 21, 2020 China Autos Driving the EV revolution Hyunwoo Jin [email protected] This publication was prepared by Mirae Asset Daewoo Co., Ltd. and/or its non-U.S. affiliates (“Mirae Asset Daewoo”). Information and opinions contained herein have been compiled in good faith from sources deemed to be reliable. However, the information has not been independently verified. Mirae Asset Daewoo makes no guarantee, representation, or warranty, express or implied, as to the fairness, accuracy, or completeness of the information and opinions contained in this document. Mirae Asset Daewoo accepts no responsibility or liability whatsoever for any loss arising from the use of this document or its contents or otherwise arising in connection therewith. Information and opin- ions contained herein are subject to change without notice. This document is for informational purposes only. It is not and should not be construed as an offer or solicitation of an offer to purchase or sell any securities or other financial instruments. This document may not be reproduced, further distributed, or published in whole or in part for any purpose. Please see important disclosures & disclaimers in Appendix 1 at the end of this report. August 21, 2020 China Autos CONTENTS Executive summary 3 I. Investment points 5 1. Geely: Strong in-house brands and rising competitiveness in EVs 5 2. BYD and NIO: EV focus 14 3. GAC: Strategic market positioning (mass EVs + premium imported cars) 26 Other industry issues 30 Global company analysis 31 Geely Automobile (175 HK/Buy) 32 BYD (1211 HK/Buy) 51 NIO (NIO US/Buy) 64 Guangzhou Automobile Group (2238 HK/Trading Buy) 76 Mirae Asset Daewoo Research 2 August 21, 2020 China Autos Executive summary The next decade will bring radical changes to the global automotive market.
    [Show full text]
  • Chongqing Changan Automobile Company Limited 2019 Semi-Annual Report
    Chongqing Changan Automobile Company Limited 2019 Semi-annual Report Chongqing Changan Automobile Company Limited 2019 Semi-annual Report August 2019 Chongqing Changan Automobile Company Limited 2019 Semi-annual Report Chapter 1 Important Notice, Contents, and Definitions The Board of Directors, the Board of Supervisors, Directors, Supervisors and Senior Executives of the company hereby guarantee that no false or misleading statement or major omission was made to the materials in this report and that they will assume all the responsibilities, individually and jointly, for the trueness, accuracy and completeness of the contents of this report. All the directors attended the board meeting for reviewing the semi-annual report. For the first half of 2019, the Company has no plans of cash dividend, no bonus shares and no share converted from capital reserve. The Chairman of the Board Zhang Baolin, the Chief Financial Officer Zhang Deyong and the responsible person of the accounting institution (Accountant in charge) Chen Jianfeng hereby declare that the Financial Statements enclosed in this annual report are true, accurate and complete. The prospective description regarding future business plan and development strategy in this report does not constitute virtual commitment. The investors shall pay attention to the risk. The report shall be presented in both Chinese and English, and should there be any conflicting understanding of the text, the Chinese version shall prevail. 1 Chongqing Changan Automobile Company Limited 2019 Semi-annual Report CONTENTS Chapter 1 Important Notice, Contents, and Definitions ............................................. 1 Chapter 2 Company Profile & Main Financial Indexes ............................................. 4 Chapter 3 Analysis of Main Business ........................................................................ 8 Chapter 4 Business Discussion and Analysis ..........................................................
    [Show full text]
  • Chongqing Changan Automobile Company Limited 2016 Semi-Annual Report
    Chongqing Changan Automobile Company Limited 2016 Semi-annual Report 1 Chongqing Changan Automobile Company Limited 2016 Semi-annual Report August 2016 Chongqing Changan Automobile Company Limited 2016 Semi-annual Report I.Important directory and interpretation The Board of Directors, the Board of Supervisors, Directors, Supervisors and Senior Executives of the Company hereby guarantee that the information contained in the report is free of false records, misguiding statements or significant omissions, and assume individual and joint liabilities for the truthfulness, accuracy and integrity of the report. All the directors attended the board meeting for reviewing the semi-annual report. For the first half of the year, the Company has no plans of cash dividend, no bonus shares and no share converted from capital reserve. Chairman of the Board Mr. Xu Liuping, the Chief of Financial officer Wang Kun, and the Chief of Accountant department Mr. Hua Zhanbiao hereby declare that the financial statements enclosed in this semi-annual report are true, accurate and complete. The report shall be presented in both Chinese and English, and should there be any conflicting understanding of the text, the Chinese version shall prevail. 1 Chongqing Changan Automobile Company Limited 2016 Semi-annual Report Contents I Important notes, contents and definitions General introduction to the Company II III Accounting data and summary of financial indexes IV Report by Board of Directors Important Issues V Change in shares and information about VI shareholders Information on directors, supervisors, senior VII executives and staffs Financial Statements VIII IX Document for future reference 2 Chongqing Changan Automobile Company Limited 2016 Semi-annual Report Definition ITEM Definition Changan Auto., the Refers to Chongqing Changan Automobile Company Limited Company South Industries Refers to China South Industries Group Corp.
    [Show full text]
  • Ford Motor Company One American Road Dearborn, MI 48126 U.S.A
    Report Home | Contact | GRI Index | Site Map | Glossary & Key Terms This report is structured according to our Business Principles, which you can access using the colored tabs above. This report is aligned with the Global Reporting Initiative (GRI) G3 Sustainability Reporting Guidelines released in October 2006, at an application level of A+. See the GRI Index ● Print this report "Welcome to our 2006/7 Sustainability Report. These are challenging times, not only for our Company but for our planet and its inhabitants. The markets for our products are changing rapidly, and there is fierce competition everywhere we operate. Collectively, we face daunting global sustainability ● Download resources challenges, including climate change, depletion of natural resources, poverty, population growth, urbanization and congestion." ● Send feedback Alan Mulally, President and CEO Read the full letter from Bill Ford, Executive Chairman Alan Mulally and Bill Ford Fast track to data: ● Products and Customers ● Vehicle Safety ● Environment ● Quality of Relationships ● Community ● Financial Health ● Workplace Safety Overview Our industry, the business environment and societal expectations continue to evolve, and so does our reporting. Learn about our Company and our vision for sustainability. Our Impacts As a major multinational enterprise, our activities have far-reaching impacts on environmental, social and economic systems. Read about our analysis and prioritization of these issues and impacts. Voices Nine people from inside and outside Ford provide their perspectives on key challenges facing our industry and how Ford is responding, including “new mobility,” good practices in the supply chain and the auto industry’s economic impact. This report was published in June 2007.
    [Show full text]
  • Chongqing Changan Automobile Company Limited 2015 Annual
    Chongqing Changan Automobile Company Limited 2015 Annual Report April,2016 Chapter 1 Important Notice, Contents, and Definitions The Board of Directors, the Board of Supervisors, Directors, Supervisors and Senior Executives of our company hereby guarantee that no false or misleading statement or major omission was made to the materials in this report and that they will assume all the responsibilities, individually and jointly, for the trueness, accuracy and completeness of the contents of this report. Chairman of the Board Xu Liuping, the Chief Financial Officer Wang Kun and the responsible person of the accounting institution (Accountant in charge) Hua Zhanbiao hereby declare that the Financial Statements enclosed in this annual report are true, accurate and complete. All directors attended the board meeting for reviewing the annual report. The prospective description regarding future business plan and development strategy in this report does not constitute virtual commitment. The investors shall pay attention to the risk. The preplan profit distribution of the Company deliberated and approved by the Board is: taking the total shares as of Dec. 31, 2015 as the radix, sending cash dividends of RMB 6.4Yuan (tax included) per every 10 shares to all shareholders, and not converting capital reserve into share capital. 1 CONTENTS Chapter 1 Important Notice, Contents, and Definitions ............................................. 1 Chapter 2 Company Profile & Main Financial Indexes ............................................. 5 Chapter 3 Analysis
    [Show full text]
  • History of Mazda
    HISTORY OF MAZDA Since its establishment in January 1920, Mazda has continued to embody the spirit of “never stop challenging” and worked to provide products and services that delight customers. In 2020, the Company will reach the 100th anniversary of its establishment. The following section provides an overview of Mazda’s history. Corporate Products * Launching date is based on the Japanese market. Jan. 1920 Toyo Cork Kogyo Co., Ltd., is founded Oct.1931 May 1960 Sep. 1927 Company name changed to Toyo Kogyo Co., Ltd. Production of 3-wheel truck Introduction of “R360 Coupe,” “Mazda-go DA model,” Mazda’s first Mazda’s first passenger car Sep. 1930 New plant is constructed in Hiroshima (Aki-gun, Fuchu-cho) automobile, begins Jul. 1961 Enters into technical cooperation with NSU / Wankel on rotary engines May 1965 Miyoshi Proving Ground is completed Nov. 1966 Operations at new passenger car plant (Ujina) in Hiroshima are started Nov. 1979 Ford Motor Company and Mazda enter into a capital tie-up Dec. 1981 Operations at Hofu Transmission Plant (Nakanoseki District) are started Sep. 1982 Operations at Hofu Plant (Nishinoura District) are started May 1984 Company is renamed Mazda Motor Corporation Jan. 1985 Mazda Motor Manufacturing (USA) Corporation (MMUC), later called AutoAlliance International (AAI), is established Oct.1963 May 1967 (Ended Mazda6 production in August 2012) Introduction of the first “Familia” Introduction of the “Cosmo Sports (110S),” Mazda’s first rotary engine Nov. 1995 Mazda and Ford jointly establish AutoAlliance (Thailand) Company vehicle Limited (AAT), a joint venture production company May 1996 Ratio of Ford’s ownership of Mazda stock is increased from 25% to 33.4% Oct.
    [Show full text]
  • Managing an IP Portfolio in China, Greg Brown
    Managing an IP Portfolio in China Presented by Greg Brown Managing Counsel, Intellectual Property Ford Motor Company Copyright, 2018, Ford Motor Company FORD’S HISTORY IN CHINA EXTENDS OVER 100 YEARS Letter to Henry Ford Deng Xiaoping Ford China First Fiesta/Mondeo from Dr. Sun Lincoln Lincoln visited US established in Changan Ford From CAF Yatsen NJ REC China Launch China Delivers Beijing 100,000 th Vehicle 1924 1978 1995 2001 2003 2007 2014 1913 1979 1993 1997 2002 2005 2010 2017 China 2025 Plan F-Series Appointed Retail First Transit from China Sourcing Office FAFC 1 Millionth First Model T Zotye Ford JV Export to Dealership JMC (Ford Credit) Vehicle in China NTC opens China CFME FORD’S FOOTPRINT IN MAINLAND CHINA ° 42,000 employees spanning 4 joint venture partners ° Research and Engineering Centre (REC) in Nanjing – including a newly opened vehicle test center ° 11 manufacturing plants ° A network of more than 1,000 dealers CAF 5# Assembly Plant Harbin CAF #1 Assembly Plant Ford REC Nanjing (opened 2007) CAF #2 Assembly Plant Ford Nanjing Test Center (opened 2017) Changan Ford (CAF) CAF #3 Assembly Plant CFME Engine Plant Nanjing CAF Engine Plant Ford AP HQ/FCO HQ Shanghai Ford Credit AP HQ/FAFC CAF Transmission Plant Hangzhou Chongqing CAF #4 Assembly Plant CAF Technology & Jinhua Development Center (opened Nanchang 2001) Zotye Ford (subject to regulatory approval) Changan Ford JMC JMC Assembly Plant Ford Operations Jiangling Motor Co. (JMC) Xiaolan Assembly Plant Other JVs Xiaolan Engine Plant JMC Technology and Development Center
    [Show full text]
  • Armstrong Watters Release 4.27.21
    NEWS www.twitter.com/ford www.facebook.com/ford www.instagram.com/ford www.medium.com/@ford Ford Announces New Roles for Armstrong, Watters As Company Speeds Turnarounds of Key Regional Units • Lyle Watters will take on high-potential opportunity as general manager of China’s Ford Passenger Vehicle Division • As transformation officer, South America and India, Steven Armstrong to manage completion of South America restructuring, help assess capital allocation in India SHANGHAI and SAO PAULO – April 28, 2021 – Two senior executives are getting new strategic assignments, as Ford accelerates improvements to its global automotive business – to the benefit of customers and the company. Steven Armstrong, who has led the Changan Ford joint venture in China for the past year and one-half, will become transformation officer, South America and India, effective May 1. In that role, he will lead evaluation of capital allocations to India and conclusion of restructuring of Ford’s South America business. The company said in January that, going forward, it will serve customers in South America with exciting connected and increasingly electrified SUVs, pickups and commercial vehicles sourced from Argentina, Uruguay and other markets. At the same time, Daniel Justo, currently Ford’s CFO in the region, will become, president, Ford South America. Justo and Anurag Mehrotra, managing director, Ford of India, both will report to Armstrong in his new role. After a transition period, Lyle Watters, who is presently Ford’s president, South America and International Markets Group, and headed the transformation planning for South America, will relocate to Shanghai and take on the newly created position of general manager, Ford Passenger Vehicle Division, within Ford China, starting July 1.
    [Show full text]
  • Home Prices Slightly Higher Amid Row Over Car Recalls
    BUSINESS CHINA DAILY HONG KONG EDITION Wednesday, March 17, 2021 RIGHT TRACK Show sparks quality talk Home prices slightly higher amid row over car recalls Cooling measures By LI FUSHENG to play a bigger [email protected] 6.78 million International carmakers should role in stabilizing number of vehicles recalled by ensure the quality of both their carmakers in China last year, property market products and services in China, according to the State Adminis- which would prove crucial for their tration for Market Regulation By WANG YING in Shanghai development in the largest and [email protected] most competitive automotive mar- ket, experts said on Tuesday. models and dealerships. Ford suf- Home prices in major Chinese “They should at least have a cor- fered a sales decline in China for cities saw mild year-on-year growth rect attitude to problems when they around three years since 2016 but in February and experts expect the arise. It is obvious that people will its sales gradually rebounded in tightening measures to play a big- turn away from irresponsible 2020. ger role in cooling home prices and brands,” said Yale Zhang, managing Roy Lu, director of the Auto Gas- stabilizing the property market. director of Shanghai-based consult- goo Research Institute, said the Prices of new homes in the 70 cit- ing firm Automotive Foresight. exposure of Infiniti and Ford by Chi- ies tracked by the National Bureau Zhang’s remarks came after Chi- nese media including CCTV should of Statistics rose by 0.36 percent on na’s CCTV found that United States serve as a lesson to others, and it is a monthly basis in February, com- carmaker Ford and Japanese car- better to solve the problem before pared with the 0.28 percent gain in maker Nissan’s premium marque their image is tarnished.
    [Show full text]
  • China Passenger Vehicle Fuel Consumption Development Annual Report 2017
    China Passenger Vehicle Fuel Consumption Development Annual Report 2017 Innovation Center for Energy and Transportation (iCET) December 2017 Acknowledgements We wish to thank the Energy Foundation for providing us with the financial support required for the execution of this report and subsequent research work. We would also like to express our sincere thanks for the valuable advice and recommendations provided by the following distinguished experts and colleagues: Prof. Wang Hewu, Prof. Ou Xunmin, Jin Yongfu and Xin Yan. Report Title China Passenger Vehicle Fuel Consumption Development Annual Report 2017 Report Date December 2017 Authors Liping Kang, LanZhi Qin, Maya Ben Dror, Feng An The Innovation Center for Energy and Transportation (iCET) Phone: +86.10.65857324 | Fax: +86.10.65857394 Email: [email protected] | Website: www.icet.org.cn -1- CONTENT EXECUTIVE SUMMARY ...................................................................................................................................................... 3 1. INTRODUCTION: THE DRIVING FORCE BEHIND CHINA’S PASSANGER VEHICLE ENERGY MANAGEMENT.....................................................................................................................................................................11 2. CHINA’S PASSENGER CARS FUEL CONSUMPTION STANDARD .......................................................13 2.1 PASSENGER CARS FUEL CONSUMPTION STANDARD SYSTEM ............................................................................13 2.2 THE FOURTH PHASE OF CHINA’S
    [Show full text]