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China's Geely to set up research centre in Sweden
by Staff Writers
Shanghai (AFP) Feb 21, 2013

Chinese automaker Geely, owner of Sweden's Volvo Cars, said it would set up a research and development centre in the Scandinavian country to capitalise on advanced European technology.

The centre, to be located in Gothenburg where Volvo is headquartered, will start operations by the end of this year to design parts for the next generation of small family cars for both firms, Geely said in a statement on Wednesday.

"Our group has ambitious goals to increase the competitiveness of our brands," Geely chairman Li Shufu said.

"Geely will continue to improve its product quality in the years to come and can learn from Volvo Cars," he added.

Li offered assurances the centre would not jeopardise Volvo's "brand integrity" and product development. Geely bought the firm from Ford in 2010.

Both companies have started recruitment of around 200 engineers from China and Sweden to staff the centre, the statement said.

Geely, one of China's largest private automakers, said earlier this month it had acquired the maker of London's black taxis for 11 million pounds ($17 million) after Manganese Bronze Holdings collapsed into administration.

Geely recorded 15 percent annual growth in domestic sales to 483,000 vehicles in 2012 and has targeted 16 percent growth this year to 560,000 vehicles.


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Bridgestone reports soaring annual profit
Tokyo (AFP) Feb 18, 2013
Tyre maker Bridgestone said Monday its net profit last year soared 67 percent to $1.83 billion as it cemented a recovery from a year earlier when the quake-tsunami hammered Japan's manufacturers. Bridgestone said it earned 171.61 billion yen in the year to December as sales rose 1.0 percent to 3.04 trillion yen, with the bottom line partly boosted by higher tyre prices. Unlike many Japan ... read more

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