SEOUL - Daesung Electric Co. Ltd., a specialist in automotive switch and relay technology, and Delphi Automotive Systems' Packard Electric division, formed a joint venture to supply Korean automakers. As part of the package, Delphi has taken a 21 percent stake in Daesung for an undisclosed price.
SEOUL - Visteon Automotive Systems has doubled its stake in Halla Climate Control Corp., its joint venture with Korean parts maker Mando Corp., to 70 percent. Value of the transaction was not disclosed. The venture, which supplies Ford Motor Co., Mazda Motor Corp. and Hyundai Motor Co. with air conditioners, radiators and air-control units, was previously controlled by Mando, a subsidiary of Korea's Halla Group, which is now under bankruptcy protection.
SHANGHAI - General Motors said it has received firm deposits of about $4,500 apiece for more than 1,600 Shanghai Buick sedans since the car was officially launched at the company's joint-venture plant here in late December. The car, which has been priced between $36,500 and $48,800 depending on equipment, is scheduled to go into production in April.
Because of the advance orders, 'We are more optimistic on sales figures for 1999 than we were one year ago,' said Sherrie Childers, GM China spokeswoman.
Childers refused to identify the source of the orders, but another GM executive denied that they came mainly from the Shanghai municipal government, GM's partner in the venture.
BEIJING - BMW AG has signed a tentative joint-venture agreement with China's Hebei Tianye Auto Co., a small producer of light-commercial vehicles, according to officials of the Chinese company. 'The state has strictly banned the introduction of new cars, so BMW will supply technology and capital to the venture,' said a company official, referring to a central-government ban on new car projects until next year at the soonest. BMW executives refused to comment.
TOKYO - Jaguar Cars Ltd. has bought out Seibu Department Stores Ltd.'s 60 percent stake in Jaguar Japan Co. Ltd., the automaker's Japanese distributor. Seibu had owned the stake for the past 12 years. Terms were not disclosed.