Yulon Nissan Motor Co (裕隆日產), which distributes Nissan and Infiniti vehicles in Taiwan, yesterday gave a conservative outlook for the industry, saying the government’s subsidy program might not be as effective as last year.
The government last year implemented a five-year subsidy program, offering car owners a NT$50,000 discount (US$1,648) on commodity taxes if they purchase a new vehicle within six months after exporting or scrapping their used car.
Aided by the subsidy, new car sales increased 4.5 percent annually to an 11-year high of 439,629 units last year, data compiled by local motor vehicle branches showed.
The government’s ongoing pension reform initiative is also likely to lower customer demand for new vehicles amid concern that incomes could decline, Yulon Nissan president Leman Lee (李振成) said at the company’s annual shareholders’ meeting yesterday, adding that new car sales were weaker than expected last month.
Car sales last month increased 3.9 percent to 35,348 units from the previous month, but declined 6.7 percent from a year earlier, data compiled by local motor vehicle branches showed.
“Automobile sales for this year are forecast to total 420,000 units, down 4.46 percent from last year’s 439,629 units,” Lee said
Despite a conservative industry forecast, Yulon Nissan chairman Kenneth Yen (嚴凱泰) gave a relatively optimistic outlook for the company this year, especially in the Chinese market.
Auto sales at its Chinese subsidiary, Dongfeng Nissan Passenger Vehicle Co (東風日產), are expected to hit 1.15 million units this year, compared with 1.12 million units a year earlier, Yulon Nissan said.
The company is seeking new business partners in China, hoping to benefit from a growing auto market there, Yen said, without elaborating.
In the first five months of the year, Yulon Nissan’s cumulative sales reached NT$15.8 billion, up 1.37 percent from the same period a year earlier, the company’s filing with the Taiwan Stock Exchange showed.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
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