Sat, Mar 03, 2018 - Page 12 News List

Luxgen to release full-electric vehicles

BULLISH ON CHINA:The group, which also sells CMC and Mitsubishi vehicles, said it expects to expand its financing business in China, which saw 82% growth last year

By Kuo Chia-erh  /  Staff reporter

Yulon Group chief operating officer Chen Kuo-rong, third right, and others pose for a picture during the company’s media spring party at the Yulon headquarters in New Taipei City yesterday.

Photo: CNA

Yulon Group (裕隆集團) is aiming to launch two electric cars this year under its Luxgen Motor Co (納智捷) brand, a company executive said yesterday.

“We believe the two new Luxgen models would be a breath of fresh air [in the local car market],” group chief operating officer Chen Kuo-rong (陳國榮) told a news conference at Yulon headquarters in New Taipei City.

To conquer a share of the emerging electric-car market, Yulon is to set up a new subsidiary responsible for its new-energy vehicle business in Hangzhou, China, by the end of the year, the group said.

This year also marks the group’s first year of its “510” plan for Luxgen, under which it aims to introduce 10 new Luxgen models over the next five years, Chen said.

To stimulate sales, Luxgen plans to introduce a revamped version of its S5 compact sedan in the third quarter, he said.

The group also announced vehicle launch plans by China Motor Corp (CMC, 中華汽車) and Yulon Nissan Motor Co (裕隆日產) this year.

China Motor and Yulon Nissan are part of the group, with China Motor ranking as the second-largest and Yulon Nissan as the fourth-largest car vendor in the domestic market last month.

China Motor, which sells Mitsubishi sedans and its own-brand CMC commercial vehicles, is set to launch a new Veryca-series model in the fourth quarter, the group said.

Yulon Nissan plans to introduce Infiniti QX30 small crossovers in the second quarter and Nissan Kicks compact crossovers in the fourth quarter, it said.

Overall, the group expects to sell 305,000 cars this year in Taiwan and China, representing a 9.7 percent increase from last year’s 277,963 units, it added.

The group, which also operates textile and real-estate businesses in Taiwan, has set a whole-year consolidated sales target of NT$410 billion (US$14.1 billion), a 7.9 percent annual increase from last year’s NT$380 billion, it said.

The group gave a relatively positive outlook for its vehicle financing business in China, saying that the growth momentum should extend into this year amid optimism in the market.

The unit posted sales of NT$25.2 billion last year, representing a 82 percent jump from 2016, group data showed.

As for its land development business, the group said its first project, which has been under construction in New Taipei City’s Sindian District (新店) since October last year, is likely to come on the market in the fourth quarter of this year.

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