RENAULT MAY ADD BRAND
PARIS - Renault SA Chairman Louis Schweitzer may create a second brand for emerging markets where a Renault is an upscale car.
The downscale brand would be robust but not as refined as a Renault. It would apply to models specifically designed for emerging markets such as China or India.
'In China, the first car that the average customer will buy in the next few years will not match automatically the requirements in western Europe,' he said.
These models would likely be made with local partners. This will not prevent Renault from selling its current range as a 'premium' brand in these countries.
CAPITAL TO BUY 30
MCLEAN, Va. - Capital Automotive REIT, an automotive real-estate investment trust based here, has signed 10 letters of intent to buy 30 dealership properties in eight states for $125 million.
Capital expects to execute final agreements by the end of the month.
It would not disclose the names of the dealerships.
NEW GM TURF FOR SCHLAIS
BEIJING - Rudolph Schlais Jr. will become president of General Motors Asian and Pacific Oper-ations, responsible for the entire region, including China.
President of GM China Opera-tions since October 1994, Schlais, 57, also will become a vice president and group executive of GM and will move from his current posting in Beijing to Singapore.
Schlais thus adds the rest of Asia to his China portfolio. Previously, Asia excluding China was headed by Singapore-based Donald Sullivan. Sullivan, 54, will become vice president of planning for General Motors International Operations, based in Detroit.
Sullivan replaces Michael Nylin, 46, who will remain in Zurich heading a special International Operations strategic project group.