Volkswagen is planning a low-cost car brand for emerging markets, Ulrich Hackenberg, VW's head of research and development, told a German magazine. The car will sell for about 5,000 euros, Hackenberg said.
Geely Automobile and Great Wall Motor will launch inexpensive cars in the UK this year because the companies believe they can benefit from growing demand for low-cost models during tough economic times.
Jaguar Land Rover has finalized a joint venture agreement with Chery Automobile to manufacture and sell vehicles in China. The alliance will produce vehicles and engines for Jaguar Land Rover and a joint-venture brand. The partners also will establish an r&d facility.
U.S. dealer giant Penske Automotive will expand into Italy via a joint venture with Bologna-based BMW-Mini dealer Andrea Mantellini and his family. The partners will buy and operate dealerships in northern Italy, the companies said in a release on Wednesday.
Hit by slowing sales in their home markets, French automakers Renault and PSA are hoping for a boost from China. Both companies will use next month's Beijing auto show to debut flagship sedans for the world's No. 1 auto market.