China Direct

Ford expands auto manufacturing capacity in Chongqing

 

[Image courtesy of www.ford.com]

CBI member Ford Motor Company recently announced that it will expand its manufacturing facilities in Chongqing in southwestern China.

Ford and its joint venture Changan Ford Mazda Automobile (CFMA) will invest approximately US$600 million to expand capacity in Chongqing by 350,000 passenger vehicles, raising total capacity in China to 950,000 vehicles annually.

The new investment will increase Ford's total investment in China to approximately US$4.1 billion.

Ford plans to introduce 15 new vehicles and 20 new engines and transmissions in China by 2015 as part of its plan to broaden its product portfolio and powertrain offering in China.

Joe Hinrichs, President of Ford Asia Pacific and Africa, said, "We are going further in China and across Africa. This expansion is an investment in Ford's long-term future globally, and will help us to achieve our goal of increasing worldwide sales by nearly 50% by mid-decade to about 8 million vehicles per year. With this additional investment and capacity expansion, Ford continues to lay the foundation for long-term growth in the world's largest automotive market."

Dave Schoch, Chairman and CEO of Ford China, said, "With a current growth rate of about 5%, the Chinese auto industry remains the biggest growth market in the world. Expanding our production capacity in Chongqing is a key part of our aggressive growth plans in China and Asia, and will allow us to bring more high quality, safe, fuel efficient, fun-to-drive vehicles from our global portfolio to Chinese customers."

Please click here to read the full press release by Ford.

New CBI member BNY Mellon opens Beijing Office Subsidiary

 

[Image courtesy of www.bnymellon.com]

CBI member BNY Mellon's subsidiary Eagle Investment Systems recently opened its first representative office in China. Located in Beijing, Eagle's new office will be led by Chief Representative John Legrand.

In addition, Tian Cheng was appointed as Eagle's Head of Business Development for China and Yong Wang was named as a product specialist for Eagle in China.

As its business grows, Eagle expects to expand its team in Beijing over the next three years.

BNY Mellon has been active in the region for more than 90 years and opened its first office in mainland China in 1994.

Commenting on Eagle's new office in Beijing, John Legrand said, "China is a key market for Eagle. Over the past four years, we have seen an increasing number of Chinese financial institutions place considerable attention on data management and increased efficiencies as central components of their risk management strategy. We therefore felt it was important to open an office in China to more closely align with Chinese institutions and provide them with the data management solutions they require."

Steve Lackey, Chairman of Asia-Pacific at BNY Mellon, said, "Eagle has a world-class reputation for innovation. Eagle offers technology and services, which address the required levels of transparency, scalability, and security financial institutions around the world need more than ever today. We are delighted to be able to offer Chinese institutions access to Eagle's local talent and expertise as well as products and services."

Please click here to read the full press release by BNY Mellon.

US Company Nike races ahead with strong 3Q China growth

 

[Image courtesy of www.nike.com]

Last week CBI member Nike released its financial results for its fiscal 2012 third quarter, reporting revenues up 15% to US$5.8 billion, up 16% excluding currency changes.

In China, Nike continues to perform strongly, with currency-neutral revenue up 21% in the third quarter, driven by 30% growth in footwear and 6% growth in apparel. Nike continues to hold the top spot for sports brands in China.

Commenting on Nike's financial results for the third quarter, Mark Parker, President and CEO of Nike, said, "We had a strong third quarter. Our relentless focus on innovation delivered powerful new products and services for athletes and consumers, and continues to drive value to our shareholders. The environment remains volatile, but I'm optimistic about the future. We're starting a great season of major sports events, and we have a pipeline full of innovation to fuel growth over the long term."

Please click here to access Nike's full financial results for its third quarter.

US CBI member company Nike to build new Greater China HQ in Shanghai

 

[Image courtesy of www.nike.com]

CBI member Nike recently announced plans for the development of a new centralised campus for the company's employees in Shanghai. Nike's investment in developing the nearly 600,000 square foot headquarters will support its long-term business growth strategy in China, where it celebrated 30 years of business in 2011.

Nike's new campus will be located at The Springs, Tishman Speyer's newest mixed-use development in Shanghai's Yangpu District. The headquarters will feature up to three office buildings and a five-storey multi-purpose conference centre as well as a soccer pitch, regulation-size indoor basketball court, state-of-the-art work-out facility, full-service food and beverage facility, and standalone conference centre to host large-scale events and product unveilings.

Nike expects to occupy the new space beginning in the first quarter of 2014.

Craig Cheek, VP & GM of Nike's Greater China geography, said, "This announcement is very exciting and a strategic investment in our continued growth in China. This new campus headquarters will allow us to elevate and expand on our facilities and capabilities while bringing all of our Shanghai-based employees together from our portfolio of NIKE, Inc. Brands into one central campus."

Tishman Speyer co-CEOs Jerry Speyer and Rob Speyer said, "When we broke ground on The Springs in June, we were confident that world-class companies would recognise the value and importance of establishing a presence in Shanghai. The creation of the Nike Greater China headquarters at The Springs underscores the strength of this market and importance of this development to the Shanghai business as well as residential communities. We're thrilled that Nike, one of the world's great global brands and companies, will be an anchor in this development and look forward to a long-term relationship."

Click here to read the full press release by Nike.

Amazon expands in China

 

[Image courtesy of www.amazon.com]

Leading global e-commerce company and CBI member Amazon.com, Inc. recently opened a new order-fulfillment centre in China.

Located near Shanghai in eastern China's Jiangsu province, the new centre is Amazon's largest fulfillment facility outside the U.S., occupying a space of more than 120,000 square metres.

Following the launch of the new centre, customers in Shanghai and the nearby provinces of Jiangsu, Zhejiang, and Anhui now enjoy access to a greater selection of products and faster delivery times.

Please read more here.

Boeing's 787 Dreamliner flies to Hong Kong

[Image courtesy of www.boeing.com]

Boeing’s new 787 Dreamliner made its first commercial flight today, flying from Tokyo to Hong Kong.

With a special carbon-composite design, the Boeing Dreamliner offers a 20% improvement in fuel efficiency, an attractive proposition for airlines facing soaring fuel costs.

In additional Boeing news, the U.S. aviation giant opened a new service centre in Beijing earlier this month to provide enhanced product support to China's growing commercial aviation industry. The team based at the new Boeing China Service Centre will enhance Boeing's day-to-day support of the more than 800 Boeing airplanes currently in service in China.

Commenting on the new service centre, Lou Mancini, senior vice president of Commercial Aviation Services, said, "We are bringing Boeing's world-class airplane services and support closer to our China customers, providing them a competitive edge in their markets."

Boeing China President Marc Allen said, "The centre is another important step in the overall partnership of Boeing with China. Having a support centre in China will help us bridge language and time-of-day barriers."

Please click here for additional media coverage on the first commercial flight of Boeing's new 787 Dreamliner and here for the full press release by Boeing on its new service centre in Beijing.

Nike in China - running ahead to 2015

  

[Image courtesy of www.nike.com]

CBI member Nike aims to roughly double its sales in China to reach $4 billion annually by 2015.

To achieve its target, Nike plans to open more stores, increasingly focus on recreational sports such as running and snowboarding, and continue emphasising its group of prominent local endorsers such as Chinese tennis player Li Na and Chinese Olympic track and field star Liu Xiang.

With Nike products available at more than 7,000 stores across China, the U.S. company’s sales exceeded $2 billion in the 12 months to May 2011. China is the second-largest market for Nike after the U.S.

Please read additional media coverage here and here.

CBI Member Ford continues to motor in China

 

 
[Image courtesy of www.ford.com] 

Earlier this week, CBI member Ford Motor announced that sales for Ford-brand passenger vehicles in China rose 40% in September compared to August, with 28,669 wholesale units sold.

Ford China has already sold 385,957 wholesale units so far this year, up 10% compared to the first three quarters of 2010.

Commenting on Ford's rapidly growing sales in China, Joe Hinrichs, chairman and CEO of Ford China and president of Ford Asia Pacific and Africa, said, "China accounts for 60% of our Asia Pacific and Africa sales now and will be a leading part of our sales growth in the next decade. Ford's growth plan is now in high gear. By 2015 we will have 15 new vehicles in China that offer a full line-up of high-quality, safe, fuel-efficient vehicles with smart technologies that Chinese consumers want and value."

Earlier this year, Ford introduced its patented turbo-direct injection EcoBoost technology to China, which provides up to a 20% better fuel economy and a 15% reduction in emissions in petrol engines.

To date, Ford and its partners have invested $3.5 billion in China. Most recently, Ford and its Chinese partner Changan Automobile Group launched construction of a new $350 million transmission plant in Chongqing in southwestern China.

Please click here to read the full press release by Ford.

Pfizer invests in China's pharmaceutical sector

 

 

U.S. pharmaceutical giant and CBI member Pfizer recently formed a joint venture with Jilin Guoyuan Animal Health Company that will develop, manufacture and sell animal vaccines in China.

The new joint venture, known as Jilin Pfizer Guoyuan Animal Health Company, will initially focus on developing a vaccine to prevent a respiratory illness common in pigs.

The two partners plan on developing other vaccines for pigs, cattle and poultry that will help contribute to a safe and abundant supply of pork, beef and poultry in China. Pfizer and Guoyuan have valued China's animal vaccine market at $800 million per year.

GE sets up new China Joint Venture

 

 
[Image courtesy of www.ge.com]

Leading technology, services and finance company and CBI member GE and top Chinese power generation company Huadian Group recently set up a $100 million joint venture to develop gas turbines for distributed energy systems. Distributed energy systems refer to the generation of energy from small energy sources.

Based in Shanghai, the joint venture, known as Huadian GE Aero Gas Turbine Equipment Co. Ltd., will develop aeroderivative gas turbines, which are modified from aviation engines and burn natural gas to generate energy.

Production is currently scheduled to launch in 2013.

Please read more here and here.