Chinese Automakers Seek US-Style Bailout

Move could pose dilemma for Treasury

(NEWSER) - China’s SAIC Motor Corp. is considering making a big grab for GM shares when the government sells off its stake in the company, creating a potential political dilemma for the Treasury, the Wall Street Journal reports. GM is set to go public again in November, and the government, which owns 61% of the company, has promised that no single investor or group of investors will get “a disproportionate share or unusual treatment.” More»

...but with the power of a 'pumpkin on wheels,' it's likely staying there

(NEWSER) - General Motors has a major overseas hit in its Wuling Sunshine, a $5,000 minivan that gets more than 40 miles to the gallon. It sold 590,000 of them in China last year, but don't be too quick to complain that its foreign-only status is totally unfair: The Sunshine's three-cylinder engine has less power than some lawn tractors, there are no seat belts in the back row, and it doesn't have airbags. More»

(NEWSER) - Indian automaker Tata has 203,000 domestic orders for the Nano—the world’s cheapest car—which will start delivery in July, Bloomberg reports. The first editions of the $2,500 vehicle will go out to just 100,000 eager buyers, who will be chosen by lottery and must put about $1,900 down. The groundswell of enthusiasm will net the company $501 million—and 17% of India’s auto market for the fiscal year ending in March. More»

Growth sinks below 'danger line' but experts believe rebound is coming

(NEWSER) - China's GDP growth fell to its lowest level last quarter since Beijing started keeping records in 1992, the Wall Street Journal reports. The 6.1% growth, however, is in line with forecasts and actually seen as decent news by many economists. Data on loans and industrial growth suggest that the economy already may have bottomed out. Beijing—hit hard by plunging exports—struck a cautious note and warned that "the task is still arduous." More»

Economy grew by 9% in 2008, down sharply from 13% in 2007

(NEWSER) - China’s economy expanded at 9% in 2008, in a drastic slowdown marking the first time China has seen single digit growth since 2002, reports the Wall Street Journal. A soft export market and its own housing collapse slowed fourth-quarter growth to just 6.8%, threatening the government’s baseline goal of 8% annual growth—a mark many say is unrealistic for 2009. More»