Shanghai – China First Automobile Works (FAW), China’s biggest auto maker, is interested in buying the money loosing Chrysler Group from DaimlerChrysler AG. Representatives from FAW are already in the U.S. for discussions with Chrysler, sources say, according to the Oriental Morning Post in Shanghai on Tuesday. The offered prices has not been disclosed, but speculations hoover between four and five bullion US dollar.

Based in Changchun of Jilin Province in Northern China, FAW is a conglomerate of nearly 50 wholly owned or partially owned companies, including joint ventures with Volkswagen and Toyota.

Both spokespersons from DaimlerChrysler in China and FAW declined to comment on this. [Full Text]

© Michael Zhao for China Digital Times (CDT), 2007. | Permalink | No comment | Add to del.icio.us
Post tags: auto industry, Chrysler, FAW, mergers and acquisitions
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At its hometown show last week, China’s First Auto Works wowed the locals with a demonstration of what was described as the country’s first unmanned vehicle ” not counting spacecraft, of course.

The vehicle in question was a specially modified version of FAW’s Hongqi (Red Flag) HQ3 sedan, which was unveiled last year as a concept and bears a startling resemblance to the Toyota Crown Majesta, not to mention an older Hyundai XG350.

FAW tested the driverless sedan at speeds of up to 37 mph but said the car can actually reach a top speed of 93 mph. The demonstration took place at the Northeast Asia Investment and Trade Expo. [Full Text]

Technorati Tags: China

© Zhaohua Li for China Digital Times (CDT), 2006. | Permalink | No comment | Add to del.icio.us
Post tags: Changchun, FAW
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