China 

China’s big spenders are reining in on buying cars, jewellery and watches as confidence in personal finance cools, Credit Suisse says

Chinese consumers are less confident about their personal finances, income growth and are cautious of making big purchases than they were a year ago as the country’s economic slowdown is beginning to weigh on sentiment, a Credit Suisse study has found.The number of respondents expecting an improvement in the state of their personal finances in the next six months has “decreased significantly by 5 percentage points to 30 per cent in 2018, after a strong recovery in 2017,” according to the Credit… Source link

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Vietnam 

VinFast tests its first 155 LUX cars abroad – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

VinFast experts check cars before sending them to testing centres. Viet Nam News HÀ NỘI — The first batch of VinFast Lux cars was shipped to four continents for quality and safety tests on Wednesday. The testing process will last from now to August 2019, ensuring all VinFast products meet the high standards of Europe and the world before being sold on the market. A total 155 VinFast cars are scheduled for quality testing, as the first trial production batch, of which 113 are completed vehicles and…

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Vietnam 

Lexus Việt Nam recalls GX460 cars to fix airbag faults – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Nearly 300 Lexus GX460 cars will have their airbag inflators checked and replaced. — Photo plo.vn Viet Nam News HÀ NỘI — Lexus Việt Nam is recalling nearly 300 Lexus GX460 units due to airbag faults, according a report from the importer. The vehicles, which were manufactured from May 15, 2014 to February 10, 2017, will be checked and airbag inflators for the front passenger seat will be replaced. The airbag inflators, supplied by Takata Company, may be at risk of moisture as a possible cause for…

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Home 

Two major Chinese carmakers say lower tariffs on US-made cars aren’t a speed bump for their sales

Two of China’s biggest carmakers say they can weather Beijing’s move to lower tariffs on US-made cars imported into the world’s largest auto market, pointing out it largely affects luxury rather than the less pricey segments they focus on.“The lowering of tariffs mainly affects higher-end cars, like those selling at over 200,000 yuan (US$30,000),” Zeng Qinghong, chairman of GAC Group, said in an interview on Friday on the sidelines of China’s annual parliamentary meeting. “It won’t affect… Source link

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Ecommerce 

Tech culture: Chinese consumers are buying cars online using VR, without kicking the proverbial tyre

Many who have benefited most from China’s economic boom over the past decade have not been shy about flaunting their wealth — providing a boon in sales for luxury goods makers and high-end automakers such as Ferrari and Maserati.Times are changing though and amid the recent economic slowdown more and more ordinary Chinese are turning to the second-hand car market to meet their driving needs.Newly-married Ma Pengxiao is 25 years old, lives in Weinan, a small city in China’s northwestern province… Source link

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Singapore 

83-year-old woman dies after accident involving three cars and a motorcycle in Jurong East, Singapore News

SINGAPORE – An 83-year-old pedestrian died after an accident on Tuesday evening (March 5) involving the woman, three cars and a motorcycle in Jurong East. Police said they were alerted to the accident along Jurong East Street 31 at 6.58pm. The motorcyclist and two of the car drivers, aged between 34 and 72, were conscious when taken to hospital. The woman was unconscious when taken to Ng Teng Fong General Hospital. She later died from her injuries. In a video clip of the accident posted on the SG Kay Poh…

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Vietnam 

VinFast cars to be tested in Europe this month – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

DPRK delegation on their visit to VinFast automobile and electric motorbike manufacturing complex in Cát Hải Island District. — VNS Photo Viet Nam News HÀ NỘI — The first VinFast cars would be tested in Europe on March 6 this year, reported Vietnam News Agency. The cars will have to pass the most rigorous tests in order to ensure quality according to international standards. VinFast’s Lux model is expected to meet the five-star ASEAN NCAP, which is the New Car Assessment Programme for Southeast Asian Countries targeted to…

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China 

Chinese drivers switch lanes, follow US motorists in buying more used cars

Chinese consumers, whose penchant for frequent upgrades created the world’s largest automobile market in a generation, are discovering of late that new is not everything. They are switching gears to buy second-hand cars, eschewing first-hand models, as economic growth in mainland China weakens to its slowest pace in decades and an ongoing trade war with the United States spills over into uncertainties about investment and job prospects. Beijing, pushing its electric vehicle market, is making it harder for start-ups to enter as it fights overcapacity Consumer confidence in second-hand cars…

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Home 

Chinese developers’ New Year’s resolution – diversify into robotics, green cars and other pet projects of Beijing

It’s hard to be a rich Chinese property developer these days. Profits are still booming, for sure. And property development remains one of the most powerful engines of the economy. But when developers look ahead, they see diminishing profits – and diminishing favour. To stay at the top of the tycoon pile, they are quickly diversifying, embracing the government’s new pet – high tech. Think robotics. Think green cars. Think artificial intelligence. “Failure or success does not really matter,” said Lung Siu-fung, an analyst at China Merchants Securities International. “At…

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Home 

China’s demand for Lexus cars lifts Toyota’s third-quarter operating profit higher, but misses forecasts

Toyota Motor’s quarterly operating profit edged up as continued increase in sales in Asia, including China, offset lower sales in North America, its biggest market. Japan’s largest carmaker lowered its full-year net profit forecast to Ұ1.87 trillion (US$17 billion) from a previous view of Ұ2.3 trillion, citing unrealised losses on some of its equity investments, but reiterated its annual operating profit projection of Ұ2.4 trillion. For the October-December quarter, Toyota posted an operating profit of Ұ676.1 billion, up 0.4 per cent from Ұ673.64 billion in the same period a year…

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