Thai agriculture conglomerate Charoen Pokphand Group said Thursday it has agreed to set up a joint venture with China's largest automaker, SAIC Motor Corp., with the aim of opening an auto factory in Thailand in the next two years. The joint venture, under the name of CP Motor Holding Co., will facilitate Thailand's ambitious efforts to become the "Detroit of Asia," said Noppadon Chiaravanont.
China's trade weakened sharply in November, adding to challenges for the world's second-largest economy as a gradual recovery takes shape. Export growth plunged to 2.9 percent over a year earlier from the previous month's 11.6 percent, customs data showed Monday. Imports were flat, down from October's 2.4 percent growth.
A conservative Iranian news website says the number of manufacturing companies in the country facing financial crisis has increased four-fold over the past four years to nearly 1,600. The Monday report by tasnimnews.com reflects the impact of Western sanctions against Iran over its disputed nuclear program. The website says the report has been drawn up by a government department but didn't elaborate.
Apple Inc. on Friday said its latest iPad models will go on sale in China on Dec. 7, followed by the iPhone 5 a week later. China is one of Apple's largest and fastest-growing markets. Analyst Brian White at Topeka Capital Markets said iPhone 5 is launching roughly when he expected it, but he hadn't expected the iPad mini and the fourth-generation, full-size iPad to go on sale in China this year.
Chinese vehicle production from Toyota and other major Japanese automakers tumbled in October amid a territorial dispute between the two Asian powers that led to boycotts of Japanese products in China. Toyota Motor Corp. said Thursday that its Chinese output plunged 61 percent to 30,591 vehicles, its third straight monthly decline.
General Motors and its joint venture partners say they will build a third factory complex in China to keep pace with rising sales. GM China, SAIC and Wuling Motors expect to start construction on the plant in the Chongqing municipality early in 2013, with the $1 billion first phase opening in 2015. Eventually the plant will be able to build 400,000 vehicles and engines per year, the company said in a statement Wednesday.
The Obama administration declined Tuesday to label China a currency manipulator, noting that it has let the yuan rise nearly 10 percent in value against the dollar since June 2010. Despite its decision, the administration said the yuan remains "significantly undervalued," and it urged China to make further progress.
Despite media reports that tend to focus on job loss, plant closings and other negative events, the truth is that while U.S manufacturing has been weakened in recent years, it is still quite strong. Perhaps no one knows this better than Chelsea C. (Chip) White, the Schneider National Chair of Transportation and Logistics in the School of Industrial & Systems Engineering at the Georgia Institute of Technology.
InfinityQS International, Inc. today announced a strategic partnership with Keops Technologies, Inc. that increase efficiency and improve quality. With offices in Montreal, Madrid and Paris, and recent expansion in Dubai, Keops has formalized its partnership with InfinityQS to complement its existing manufacturing solutions with ProFicient, InfinityQS’ enterprise quality hub powered by statistical process control (SPC).
Many European countries with lagging economies are trying to draw in foreign investors. But in France, a Socialist minister says he wants to kick the world's biggest steel maker out of the country, accusing it of lying to the government.
Japan logged its fourth straight monthly trade deficit in October as the European debt crisis and strained business ties with China over a territorial dispute reduced exports. The Ministry of Finance said Wednesday that imports exceeded exports by 549 billion yen ($6.7 billion), the biggest deficit for October since at least 1979, when the ministry began keeping comparable records.
Osamu Suzuki, president and chairman of Suzuki Motor Corp., said Monday his company aims to produce 100,000 vehicles at its new plant in the eastern Thai province of Rayong in 2016. "This facility will complement a plant in Indonesia as a major foothold in Southeast Asia," Suzuki said at the opening ceremony of the Thai plant.
Toyota Motor Corp. said Friday it will set up a factory in Indonesia to manufacture engines and expand its vehicle production in the Southeast Asia country to cater to growing vehicle demand there. Six Toyota group companies will invest about 100 billion yen, in expansion projects over the next five years.
The U.S. trade deficit declined to the lowest level in nearly two years because exports rose to a record high. The gain may not last given the global economic slowdown. Still, the narrower trade deficit could lead the government to revise its July-September economic growth estimate slightly higher than the 2 percent annual rate reported last month.
The European Union is considering imposing tariffs on Chinese-made solar panels and parts after a complaint from European manufacturers alleged that Beijing is subsidizing the industry. EU's executive arm is already looking into a complaint that Chinese manufacturers are "dumping" solar panels on Europe — selling them at below-market rates.
Toyota Motor Corp. on Thursday held a ceremony to commemorate the 50th anniversary of its Thai unit, highlighting its major contributions to the Thai auto market. Toyota Motor Thailand Co. is the biggest player on the local market in terms of output and sales.
A federal trade panel found China responsible Wednesday for harming the U.S. solar panel industry, clearing the final hurdle for U.S. attempts to impose steep tariffs on Chinese solar companies. The U.S. International Trade Commission voted unanimously that Chinese companies have materially injured U.S. manufacturers.
If the United States economy is to restore itself to earlier levels of full employment, prosperity and financial soundness, the American manufacturing community must engage in a national effort to resurrect its global competitiveness. Today, we are threatened by a new brand of economic imperialism, and the restoration of the competitiveness of the American manufacturer is a new kind of war we need to win.
China has filed a World Trade Organization case challenging subsidies provided by some European Union members to help promote the solar panel industry, adding to a flurry of trade disputes that Beijing is locked in with Europe and the United States.
Apple Inc. paid an income tax rate of only 1.9 percent on its earnings outside the U.S. in its latest fiscal year, a regulatory filing by the company shows. The world's most valuable company paid $713M in tax on foreign earnings of $36.8B in the fiscal year ended Sept. 29, according to the financial statement filed on Oct. 31. The tech giant's foreign tax rate compares with the general U.S. corporate tax rate of 35 percent.
China's manufacturing improved in October, adding to signs the world's second-largest economy might be recovering from its deepest slump since the 2008 global crisis, two business surveys showed Thursday. The Chinese numbers are rare good news for the world economy, which has slowed as Europe's chronic debt crisis worsened and the American economy stagnated.
Japan's Isuzu Motors Ltd. on Monday opened a new plant in eastern Thailand to meet increasing demand for its pickup trucks locally and abroad. The new $211 million plant is located in the Gateway Industrial Estate in Chachoengsao, 160 kilometers east of Bangkok, and is the automaker's second after its Samrong plant in Samut Prakan outside the capital.
Chinese automaker BYD Co. is sending 50 electric cabs to London in a boost to China's struggling makers of all-electric vehicles. BYD and cab company Green Tomato Cars Ltd. announced this week they will start trial use of 50 of BYD's e6 sedans in late 2013. They said it will be the British capital's first all-electric fleet.
Nissan Motor Co. is considering an investment of some tens of billions of yen to build a new plant in Thailand, as part of its efforts to beef up production capacity in the Southeast Asian country, people familiar with the matter said Wednesday.
General Motors is saying more about the kind of cars it will build as part of its alliance with France's PSA Peugeot Citroen. The companies said they'll develop a joint program that will make a small van for GM's Opel and Vauxhall brands and serve as the basis for a compact crossover vehicle for Peugeot.