Chinese auto market may see a inflection point in 2011
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China's business press carried the following stories on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Chinese auto market may see inflection point in 2011 -- China Business News
China's auto sales growth is expected to slow to 8 percent in 2010, predicted J.D.Power in its most recent report.
J.D.Power, one of the most influential auto market research companies, forecast that China's auto market may reach an inflection point in 2011 and enter into a five-year period of sluggishness.
"We think that China's stimulus package has helped its auto market through difficulties," said John Bonnel, who sits on the board of directors for J.D.Power Asia Pacific's forecast department. "However, the risks remain."
Bonnel expects China's auto sales to grow by 8 percent to 14 million units. "China's policy makers want to slow down the growth of its auto market and will introduce such policies to restrain the relatively high growth," Bonnel said. Other unfavorable factors include a possible reserve requirement hike, economic policies to increase domestic consumption and a rapid rise in housing prices.
Despite J.D.Power's estimate, most local experts are quite optimistic about the auto market. The Chinese Association of Automobile Manufacturers, National Passenger Car Information Exchange Association and State Information Center all predict that China's auto market could achieve a growth of more than 15 percent, with total sales of 15 million units this year.
Everbright Securities ‘09 net profit surges 106.7% -- Beijing Business Today
Everbright Securities (stock code: 601788) announced Tuesday that it achieved a total of 2.827 billion yuan in net profit, up 106.7 percent year-on-year, the Beijing Business Today reported Wednesday.
According to the broker's 2009 annual report, the company accumulated 5.594 billion yuan in business revenue, a 58.51 percent increase from same time in 2008. By the end of last year, Everbright Securities' total assets reached 62.021 billion yuan, surging 86.39 percent year-on-year.
The company's main business as a brokerage firm recorded a profit surge of 51 percent in 2009. It accomplished seven underwriting projects serving as leading underwriter.
FAW Toyota executive negotiated with Hangzhou on RAV recall -- Oriental Morning Post
FAW Toyota's general manager Hideaki Matuki negotiated with Zhejiang Administration for Industry & Commerce on the recall and compensation of Toyota RAV4 cars in Zhejiang, the Oriental Morning Post reported Wednesday.
On March 14, Zhejiang Administration for Industry & Commerce released a statement demanding Toyota give a definite recall timetable and compensate for consumer losses. Administration Director Zheng Yumin thinks that Chinese consumers have been "seriously discriminated" against and are "treated differently" from other international consumers.
Wu Xingliang, an after-sales service manager of one of Toyota's Hangzhou sales stores, told the newspaper that 80 percent of the RAV4 cars sold from the store have been recalled and fixed. However, "car owners have to drive to our 4S stores to get them fixed, and there is no compensation for travel expenses and work delays," Wu said.
As FAW Toyota only recalled RAV4 cars in China, Hideaki once explained that "the number of recalled cars is very small and the repair of pedals is very quick, [so] there is no need for temporary cars to be offered to these customers."
