InfoAnda - Taiwan's Yulon Motor in joint venture with China's Dongfeng

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Taiwan's Yulon Motor in joint venture with China's Dongfeng AFP - Wednesday, December 15 Send IM Story Print Taiwan's Yulon Motor in joint venture with China's Dongfeng Slideshow: Full Photo Coverage: Business & Economy TAIPEI (AFP) - – Yulon Motor, Taiwan's largest carmaker by revenue, has set up a joint venture with China's Dongfeng Automobile to produce the island's first locally-designed luxury sedans, according to Yulon. The 50-50 joint venture, called Dongfeng Yulon, will have an initial investment of 1.55 billion yuan (230 million US dollars), Yulon officials said Wednesday. They were speaking after a ceremony Tuesday to unveil the new joint venture, located in Hangzhou, in eastern China's Zhejiang province. The new company is scheduled to start mass producing high-tech passenger vehicles designed by Luxgen Motor, an affiliate of Yulon Motor, in the first quarter of 2011. "The joint venture is likely to make money in 2012," Yulon Chairman Kenneth Yen was quoted by Kelly Chang, spokeswoman for Luxgen Motor, as saying. The statement is based on predictions that sales of luxury sedans produced in Hangzhou will hit a target of 60,000 units that year. He said that by 2018 the company hoped to be able to offer 12 types of Luxgens including several electric models, with sales of up to half a million units. Yulon, which mainly produces Nissan cars in Taiwan under licence, has already invested in a joint venture with a Chinese automaker and Daimler to make Mercedes vans in the southeastern province of Fujian. The Luxgen project has cost Yulon about 15 billion Taiwanese dollars (500 million US) since it started four years ago. The first Luxgen, a 2.2-litre minivan for family use, was unveiled in Taiwan in September and since then Yulon has sold more than 10,000 units, Luxgen said. The company will make the first shipment of 100 Luxens to Vietnam and the Dominican Republic this week, Chang said, adding that Luxgen is also targeting markets in the Middle East. Recommend Send IM Story Print Related Articles Novartis wins Alcon with cash sweetener Reuters - 29 minutes ago US-BUSINESS Summary Reuters - 32 minutes ago Delta sees 2011 profit rise; pares Q4 margin view Reuters - 32 minutes ago RPT-PREVIEW-Israel Nov inflation seen down to 2.4 pct yr/yr Reuters - 32 minutes ago ADR Report-ADRs declines as euro zone worries rise again Reuters - 38 minutes ago News Search Top Stories US consumer inflation in surprise slowdown Rating agency warns of Spain credit downgrade Scarlett Johansson, Ryan Reynolds call it quits Britain's jobless total hits 2.5 million Pharma giant Novartis buys remainder of Alcon More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Record profits forecast for airline industry Ho, ho, crunch: Santa's a crash risk, say doctors Bernard Madoff will not attend son's funeral: lawyer Dow reaches two year high as US stocks hold gains US retail sales start holidays with a bang More Most Viewed » NASA finds new form of life... on Earth Defiant Obama defends tax cuts, eyes 2012 More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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