Chinese-funded car plant to plant to open in Angola
Angola plans to begin producing cars later this year through a venture funded by a Chinese firm and based on technology from Nissan Motor Co., according to media reports on the Internet.
CSG Automovel-Angola, established with money from Hong Kong’s China International Fund (CIF), will begin producing vehicles in October at a factory on the outskirts of Luanda.
Initial annual capacity will be 5,000 vehicles but is expected to eventually rise to 30,000 the media reported.
A gasoline-based Paladin will be among the Nissan-style models produced.
The southwestern African nation is sub-Saharan Africa’s second-largest oil producer after Nigeria. Most of the cars used in Angola are imported form South Africa.
The car factory at Viana, 28 km southeast of Luanda, also is a sign of energy-hungry China’s growing presence and influence in Africa.
Trade between China and Africa reached $55 billion last year, a jump of 40 percent from 2005. Most Chinese investments were in the manufacturing, resource and construction sectors, with oil projects in Angola and Sudan among the largest items.
Honda wins record share of South Korea’s imported-car market in June.
Honda drove its ‘less-is-more’ campaign to place its CR-V sports-utility vehicle at the top of the imported-car market in South Korea.
The Japan’s second-largest carmaker won a record share of sale by Toyota’s Lexus with 648 cars. South Korea’s financial watchdog said Japanese carmaker won a record profit in South Korea due to the week yen.
Imported vehicle in South Korea represent 5 percent of the total of 952,000 cars sold during 2006, according to the Ministry of Construction and Transportation.