Latest news with #GWM
The Citizen
6 hours ago
- Automotive
- The Citizen
Diesel punch gives GWM Tank 300 the edge it always deserved
Long awaited 2.4 litre turbodiesel finally does justice to the retro-styled off-roader, though the usual throttle and transmission calibration niggles remain. Styled to resemble the Soviet-era UAZ 469 military 'jeep', the boxy Tank 300 has it made on the styling front. Images: Charl Bosch By assumption, it can be argued that Great Wall Motors (GWM) had possibly expected a bit more from its Tank brand's first model in South Africa, the 300, after its first full year of sales last year. Tainted success A quick totalling up of the monthly National Association of Automobile Manufacturers of South Africa (Naamsa) sales figures paints an impressive figure of 516 units for the retro-styled off-roader that faced numerous delays before its eventual arrival in 2024. The entry-point in the Tank range, which is marketed as a standalone brand in China instead of being sold as a GWM, the 300's sales performance admits a compromised choice of powertrains, which international reports have been anything but kind to. Blighted by poor fuel consumption, the 2.0 litre turbocharged petrol has received the bulk of the criticism, while the self-charging 2.0 litre turbocharged HEV hybrid has been received coolly for its anything but hybrid consumption of more than 13 litres per 100 km in some instances. ALSO READ: No more waiting: GWM puts sticker price on Tank 300 Diesel While praised for its 255kW/648Nm, which saw Road Test Editor Mark Jones clock a 0-100 km/h sprint time of 6.9 seconds at Gerotek last year, the HEV's attempt to balance power with efficiency while moving nearly 2.3 tons simply doesn't suit a vehicle designed from the onset as a hardcore off-roader. At the same time, the 3.0 litre twin-turbo V6 has also been ruled out as the vehicle that uses it, the limited edition Tank 330, won't be offered outside the People's Republic anytime soon. Diesel 'a must' The solution was, therefore, an easy one and on the back of significant pressure from Australia, the Tank 300 officially debuted a turbodiesel engine last year in a move GWM chair Wei Jianjun described as an issue that could no longer be avoided. Using the GW4D24 2.4 litre oil burner that debuted in the facelift P Series, known as P300 in South Africa earlier this year, the Tank 300 Diesel's knock-on effect involved its confirmation for the local market, where sales for the first four months have so far totalled 297 units. Unveiled at GWM's annual dealer prize-giving conference in February, the diesel also becomes the entry-level power unit in the Tank 300 lineup despite its greater displacement than the admittedly more powerful petrol and HEV. The tested model is the flagship Ultra Luxury. A move that could be seen as making the petrol and hybrid almost redundant, the arrival of the diesel for the week-long test left no second guessing as to which model would soon become the most sought after. Initially thought to be entry-level Super Luxury, the white test unit turned-out to be range-topping Ultra Luxury priced at R739 990. A sticker that undercuts the comparative petrol by R39 960 and the HEV by R189 960, the Ultra Luxury doesn't lose out in spec either as GWM had simply carried the former's list of features over into the diesel without skimping on anything. Styling done right Styled to resemble the Soviet-era UAZ 469 military 'jeep' , with a few elements from the Ford Bronco present down the side and at the rear, the 300 looks purposeful and rugged in a manner its more upmarket sibling, the plusher Tank 500, simply cannot match. Top-spec Ultra Luxury rides on 18 inch alloy wheels. Perched on 18 inch alloy wheels versus the 17 inch fitted to the Super Luxury, the Ultra Luxury strikes an imposing figure. The only giveaway of its difference from the petrol is a chrome 2.4T badge above the 4×4 decal on the tailgate. Simple but upmarket inside As incremental as the exterior changes are, the interior is virtually identical. GWM has retained the dual 12.3 inch displays, ambient lighting, wireless smartphone charger, heated and cooled front seats, and dual-zone climate control. Bizarrely, the test unit didn't feature Nappa leather upholstery or even the Infiniti-branded nine-speaker sound system, which led to confusion about whether it was indeed the Super Luxury or the Ultra Luxury. The presence, however, of the bigger wheels, 'aired' seats and heated steering wheel gave the game up. However, it still remains unclear why the former items weren't present. The interior feels neat, looks premium, has a bar around the gear lever and relies on physical switchgear. Mystery aside, the interior is a welcome departure from other Chinese vehicles in that physical switchgear still dominates what remains a clean and uncluttered cabin with Mercedes-Benz-style turbine air vents and an aircraft throttle-inspired gear lever. Spacious in typical Chinese fashion, the fit and finish is equally impressive. Soft-touch plastics and leathers cover most surfaces, with a fetching imitation brushed aluminium decorative inlay on the passenger's side. Less impressive, the plastics around the gear lever sounded clunky and felt cheap. However, it could be argued that most buyers are unlikely to be phased about what is still a premium-feeling place to be. Ultra Luxury has been equipped with four off-road driving modes and a front diff-lock to go with the rear fitted as standard on the step-down Super Luxury. In addition, the infotainment system, which gets wireless Apple CarPlay and Android Auto, is relatively easy to use thanks to GWM's streamlined design, which eliminates pages and pages of sub-menus. Comfort has also not been sacrificed. Apart from the snug seats that can drop all the way down to the bottom, the instrument binnacle integration into the dashboard means no obscured view of the readouts, as in recently tested Chinese vehicles. Clambering into the back is just as good as the sunroof doesn't impact on headroom at all, while legroom is unlikely to result in any protests. Boot space with the rear seats up is 400 litres. It increases to 1 635 litres with the split back folded down. Besides the pair of vents, the Ultra Luxury also gets a pair of USB ports and a central armrest with twin cupholders. Tugging open the hinged tailgate with the spare wheel affixed, the boxy design reveals a 400 litre boot that looks surprisingly small on first glance. Somewhat of a faff, unlocking more space requires a two-tiered approach involving lifting the seat squabs first and then pulling the tag that drops the seat backs. Once done, luggage space increases to 1 635 litres, though once again, this appears smaller than GWM's claim. Powerplant stunner unfairly spoiled The business end of the Tank 300 is, of course, its new powerplant, which develops the same 135kW/480Nm as in the P300. Tipping the scales at a heavier 2 280 kg, though, the engine pulls with just enough verve for the 300 not to feel underpowered. The biggest highlight is the new 2.4 litre turbodiesel engine 'borrowed' from the facelift P300. The caveat, though, is that immediate response could, and should, have been better had it not been for the usual Chinese vehicle irritation of a poorly calibrated throttle mismatched with the transmission. It's a handicap that almost spoils not only driveability but also the engine itself. The delayed accelerator input results in the Tank 300 being momentarily without power and ponderous as the drivetrain tries to sort itself out. Leather seats are electric, heated, ventilated and with a massaging function for the fronts. For its part, the nine-speed automatic gearbox shifts smoothly once on the move, but tends to lose its way on downshifts and becomes erratic. More accomplished is the ride that irons out imperfections with little notice, as well as refinement in that little to no road or engine noise filters into the cabin. In addition, despite a full array of safety and driver assistance systems, none are intrusive and can be switched off permanently until being switched on again. Made for the bush On the off-road front, the Parament four-wheel-drive system has not been touched from the petrol and, as such, retains the low-range transfer and four off-road modes: Mud, Sand, Snow, and Expert, to go with the Eco, Normal, and Sport driving modes. Further included are the transparent chassis view camera, Crawl Control, a front diff lock that adds to the rear available from the start in the Super Luxury and the 360-degree Tank Turn, which, unlike in the all-electric Mercedes-Benz G580, doesn't spin the 300 through 360 degrees in its own tracks. The transparent under-body camera system comes standard on the Ultra Luxury. Instead, the system locks the turning rear wheel, similar to Ford's Trail Turn Assist. It requires the low range to be selected in conjunction with the Crawl Control. Pressing a third button activates the Tank Turn, meant to aid entry and turning in tight off-road spaces. A setup that can be seen as a bit gimmicky, it nonetheless still comes as one of the Tank's USPs in confirming its credentials as a serious off-roader. If already not 'off-road approved' enough, the diesel, as with the petrol and hybrid, has a ground clearance of 224mm, an approach angle of 33 degrees, a departure angle of 34 degrees and a breakover angle of 23.1 degrees. High consumption no more Always the main point of content with most Chinese vehicles, the conclusion of the Tank's week-long stay involved fuel consumption. Possibly the biggest payoff, besides the price tag, the 410km spent with the diesel saw the trip computer display a best figure of 8.8 L/100 km, way less than the 14.8 L/100 km recorded by the petrol last year and the HEV's 13.9 L/100 km. Conclusion It goes without saying that the arrival of the diesel has been worth the wait. GWM is finally giving the Tank 300 the engine it deserves. Although unfairly hobbled by the throttle and transmission programming, it still manages to excel where the petrol and hybrid have faltered. Although a brand of its own in China, in South Africa it will be known as the GWM Tank 300. While the Ultra Luxury will undoubtedly prove the derivative to have, smart money remains on the Super Luxury, which, minus a few features, can be had for R699 990. That being said, what version ultimately wins the buyer's signature still makes for an overall package that has suddenly become even tougher to beat. NOW READ: GWM Chairman makes it official: Diesel Tank 300 on the way
Globe and Mail
21 hours ago
- Business
- Globe and Mail
Galway Metals Announces Closing of Oversubscribed Private Placement
TORONTO, May 30, 2025 (GLOBE NEWSWIRE) -- Galway Metals Inc. (TSXV: GWM) (' Galway ' or the ' Corporation ') is pleased to announce that it has closed a non-brokered private placement (the ' Private Placement ') consisting of an aggregate of 7,350,000 flow-through shares of the Corporation (' FT Shares ') at a price of $0.36 per FT Share and 4,635,000 units of the Corporation (' Units ') at a price of $0.33 per Unit for aggregate gross proceeds to the Corporation of $4,175,550. The original offering was increased as the amount surpassed the Corporation's previous target of $4,000,000. Each Unit consists of one common share of the Corporation, and one common share purchase warrant (a ' Warrant '). Each Warrant will entitle the holder to acquire one non-flow-through common share of the Corporation for an exercise price of $0.50 per share for a period of 3 years from the closing date of the Private Placement. Each FT Share qualifies as 'flow-through shares' within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the ' Tax Act '). The gross proceeds of the Private Placement will be used for 'Canadian exploration expenses' (within the meaning of the Tax Act), which will qualify, once renounced, as 'flow-through mining expenditures', as defined in the Tax Act, which will be renounced with an effective date of no later than December 31, 2025 (provided the subscriber deals at arm's length with the Corporation at all relevant times) to the subscribers of FT Shares in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares. In connection with the closing of the Private Placement, arm's-length finders, Eskar Capital Corporation, Devon Capital Inc., and Generic Capital Corporation will receive an aggregate of $116,640 as cash finders' commissions. Pursuant to applicable Canadian securities laws, all securities issued in connection with the Private Placement are subject to a hold period of four months and one day, expiring on October 1, 2025. The Private Placement remains subject to the final approval of the TSX Venture Exchange (the ' TSXV '). About Galway Metals Inc. Galway Metals is focused on creating significant per share value through the exploration and sustainable development of its two 100%-owned projects in Canada. Galway's flagship project, Clarence Stream, is one of the most important gold districts in Atlantic Canada as it hosts a large, high-grade gold resource in SW New Brunswick. Also important is Estrades, the former-producing, high-grade, gold- and zinc-rich polymetallic VMS mine in the northern Abitibi of western Quebec as it hosts significant resources in the middle of a major gold camp. After its successful spinout to existing shareholders from Galway Resources following the completion of the US$340 million sale of that company. The company is looking to replicate the same success in Canada with our two highly perspective projects. Should you have any questions and for further information, please contact (toll free): Galway Metals Inc. Robert Hinchcliffe President & Chief Executive Officer 1-800-771-0680 Website: Email: info@ Look us up on Facebook, Twitter or LinkedIn NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE. Caution Regarding Forward-Looking Information This press release contains forward-looking statements, which reflect the Corporation's current expectations regarding future events, including with respect to the Corporation's business, operations and condition, management's objectives, strategies, beliefs and intentions, and the use of proceeds from the Private Placement. The forward-looking statements involve risks and uncertainties. Actual events and future results, performance or achievements expressed or implied by such forward-looking statements could differ materially from those projected herein including as a result of a change in the trading price of the common shares of the Corporation, the TSXV not providing its final approval for the Private Placement, the interpretation and actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of gold and/or other metals, possible variations in grade or recovery rates, failure of equipment or processes to operate as anticipated, the failure of contracted parties to perform, labor disputes and other risks of the mining industry, delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the Corporation's publicly filed documents. Investors should consult the Corporation's ongoing quarterly and annual filings, as well as any other additional documentation comprising the Corporation's public disclosure record, for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. Subject to applicable law, the Corporation disclaims any obligation to update these forward-looking statements.
The Citizen
2 days ago
- Automotive
- The Citizen
Riddara RD6 no longer an EV-only as new plug-in hybrid debuts
Availability to key export markets, which could include South Africa, has been approved. Known as the Radar Horizon King Kong EM-P in China, the export version will again be sold as the Riddara RD6, affixed with the EM-P nomenclature. Image: Supposed to have been shown at the Nampo Agricultural Expo in Bothaville in the Free State last month, which never happened due to apparent shipping delays, Geely-owned Radar Auto has debuted a first-time plug-in hybrid version of the Horizon bakkie in China known as the Horizon King Kong EM-P. The latter suffix also used by Great Wall Motors (GWM) for its King Kong Cannon that sits below the Poer, known locally as the P Series and after its recent facelift, P300, the Horizon King Kong EM-P appears unchanged aesthetically from the electric derivative that has been on-sale in the People's Republic since 2022. Combustion joins EV Renamed Riddara RD6 in export markets, which will soon include South Africa, the plug-in hybrid setup combines a 1.5-litre turbocharged petrol engine with a 19-kWh battery pack powering two electric motors. ALSO READ: Riddara RD6 electric bakkie penned-in for Nampo showing Hooked to a three-speed Dedicated Hybrid Transmission (DHT), the Horizon King Kong EM-P has a combined system output of 260kW/914Nm, which Radar claims will see it get from 0-100 km/h in 6.3 seconds and in 8.6 seconds with its maximum payload of 1 000 kg in the loadbin. Geely launched the Radar King Kong EM-P pickup truck in China with a starting price of 19,400 USD. To launch overseas as Riddara RD6 EM-P. 👇 May 28, 2025 Able to travel 100 km on the electric hardware alone, based on China's CLTC measurements, the Horizon King Kong EM-P has a combined range of 1 068 km when taking the petrol engine into consideration, and supports vehicle-to-load (V2L) charging of up to 3.3 kW. What has stayed the same Dimensionally, the Horizon King Kong EM-P remains unchanged from the EV with an overall length of 5 260 mm, wheelbase of 3 120 mm, height of 1 865 mm and width of 1 900 mm. A long wheelbase version will, however, also be offered with dimensions of 5 550 mm, a wheelbase of 3 310 mm and the same height and width as the conventional variant. Regardless, both bodystyles have a ground clearance of 225 mm, the same the EV. Claimed loadbin capacity is 1 200-litres, though the figure for the long wheelbase wasn't disclosed. Being all-wheel-drive from the start also means the inclusion of four off-road modes; Snow, Mud, Sand and Off-Road. Inside, the Radar Horizon King Kong EM-P differs little from the EV, bar new instruments inside the 10.2-inch cluster due to the fitting of the combustion engine. The rest of the interior's layout is otherwise identical and will most likely to feature the same assortment of specification items as the electric model. South Africa awaits Now on-sale in China in three variants priced from 139 800 yuan to 159 800 yuan, which directly converts from R346 695 and R396 293, the Radar Horizon King Kong EM-P has been approved for export markets under the Riddara RD6 EM-P moniker from later this year. At present, it remains to be seen whether local importer, Enviro Automotive, will see it fit to offer the plug-in hybrid in South Africa as an alternative to the EV. For the moment, pricing of the latter is unknown, with the only hint being Enviro's promise that it has 'implemented significant price reductions' as a means of making the RD6 a 'compelling and economically sound alternative to [its] internal combustion engine counterparts'. Originally planned for introduction this month, which subsequently became the Nampo no-show, expect more details about the electric RD6 to be announced in due course. Additional information from and NOW READ: Riddara RD6 plugged-in as South Africa's first electric bakkie
The Advertiser
3 days ago
- Automotive
- The Advertiser
2026 KGM Actyon price and specs: Korean brand adds third mid-size SUV
The KGM Actyon is the first new model being launched in Australia under the brand formerly known as SsangYong. The new mid-size SUV goes on sale on June 1, 2025, coinciding with the renaming of the South Korean brand and the introduction of a new brand slogan: "Korean built to last". The move should help dispel any misbelief that KGM is a Chinese brand, and embraces its Korean heritage, showing just how far Korean automakers have come since SsangYong launched here back in 1997. The Actyon is another mid-size SUV for the brand, making it the only marque to offer three models in Australia's largest market segment. It features a sleeker roofline to the related Torres, making the relationship similar to the Haval H6 and Haval H6 GT over at rival GWM. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. Both of these models are also newer and more style-conscious than the related Korando, though all three come standard with a turbocharged 1.5-litre four-cylinder petrol engine. The Actyon is the priciest of the trio, with a base price $11,800 higher than that of the Torres and $4800 higher than the top-spec Torres Ultimate. Just two trim levels will be offered, with even the base variant coming with luxury features like ventilated front seats and heated and reclining rear seats. It dusts off a name last seen on a very different SUV, the body-on-frame SsangYong Actyon offered here from 2007 to 2013. Though it also featured coupe-like design cues, it was much more quirkily styled and proved a slow seller. It spawned a ute version, the Actyon Sports, which was eventually replaced by today's Musso. The Actyon is available with just one petrol powertrain, which features automatic idle stop/start technology and is mated with a torque-converter automatic transmission sourced from Aisin. The KGM Actyon range is covered by a seven-year, unlimited-kilometre warranty with five years of roadside assistance. KGM has yet to announce capped-price servicing information. The KGM Actyon has yet to be tested by ANCAP or Euro NCAP. Standard safety equipment includes: The K60 adds a surround-view camera. There are two trim levels in the Actyon lineup. The base K50 comes standard with the following equipment: The K60 adds: All models have a black interior, despite a tan colourway being available overseas. Grand White paint is standard, with the following metallic finishes costing an extra $700:Content originally sourced from: The KGM Actyon is the first new model being launched in Australia under the brand formerly known as SsangYong. The new mid-size SUV goes on sale on June 1, 2025, coinciding with the renaming of the South Korean brand and the introduction of a new brand slogan: "Korean built to last". The move should help dispel any misbelief that KGM is a Chinese brand, and embraces its Korean heritage, showing just how far Korean automakers have come since SsangYong launched here back in 1997. The Actyon is another mid-size SUV for the brand, making it the only marque to offer three models in Australia's largest market segment. It features a sleeker roofline to the related Torres, making the relationship similar to the Haval H6 and Haval H6 GT over at rival GWM. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. Both of these models are also newer and more style-conscious than the related Korando, though all three come standard with a turbocharged 1.5-litre four-cylinder petrol engine. The Actyon is the priciest of the trio, with a base price $11,800 higher than that of the Torres and $4800 higher than the top-spec Torres Ultimate. Just two trim levels will be offered, with even the base variant coming with luxury features like ventilated front seats and heated and reclining rear seats. It dusts off a name last seen on a very different SUV, the body-on-frame SsangYong Actyon offered here from 2007 to 2013. Though it also featured coupe-like design cues, it was much more quirkily styled and proved a slow seller. It spawned a ute version, the Actyon Sports, which was eventually replaced by today's Musso. The Actyon is available with just one petrol powertrain, which features automatic idle stop/start technology and is mated with a torque-converter automatic transmission sourced from Aisin. The KGM Actyon range is covered by a seven-year, unlimited-kilometre warranty with five years of roadside assistance. KGM has yet to announce capped-price servicing information. The KGM Actyon has yet to be tested by ANCAP or Euro NCAP. Standard safety equipment includes: The K60 adds a surround-view camera. There are two trim levels in the Actyon lineup. The base K50 comes standard with the following equipment: The K60 adds: All models have a black interior, despite a tan colourway being available overseas. Grand White paint is standard, with the following metallic finishes costing an extra $700:Content originally sourced from: The KGM Actyon is the first new model being launched in Australia under the brand formerly known as SsangYong. The new mid-size SUV goes on sale on June 1, 2025, coinciding with the renaming of the South Korean brand and the introduction of a new brand slogan: "Korean built to last". The move should help dispel any misbelief that KGM is a Chinese brand, and embraces its Korean heritage, showing just how far Korean automakers have come since SsangYong launched here back in 1997. The Actyon is another mid-size SUV for the brand, making it the only marque to offer three models in Australia's largest market segment. It features a sleeker roofline to the related Torres, making the relationship similar to the Haval H6 and Haval H6 GT over at rival GWM. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. Both of these models are also newer and more style-conscious than the related Korando, though all three come standard with a turbocharged 1.5-litre four-cylinder petrol engine. The Actyon is the priciest of the trio, with a base price $11,800 higher than that of the Torres and $4800 higher than the top-spec Torres Ultimate. Just two trim levels will be offered, with even the base variant coming with luxury features like ventilated front seats and heated and reclining rear seats. It dusts off a name last seen on a very different SUV, the body-on-frame SsangYong Actyon offered here from 2007 to 2013. Though it also featured coupe-like design cues, it was much more quirkily styled and proved a slow seller. It spawned a ute version, the Actyon Sports, which was eventually replaced by today's Musso. The Actyon is available with just one petrol powertrain, which features automatic idle stop/start technology and is mated with a torque-converter automatic transmission sourced from Aisin. The KGM Actyon range is covered by a seven-year, unlimited-kilometre warranty with five years of roadside assistance. KGM has yet to announce capped-price servicing information. The KGM Actyon has yet to be tested by ANCAP or Euro NCAP. Standard safety equipment includes: The K60 adds a surround-view camera. There are two trim levels in the Actyon lineup. The base K50 comes standard with the following equipment: The K60 adds: All models have a black interior, despite a tan colourway being available overseas. Grand White paint is standard, with the following metallic finishes costing an extra $700:Content originally sourced from: The KGM Actyon is the first new model being launched in Australia under the brand formerly known as SsangYong. The new mid-size SUV goes on sale on June 1, 2025, coinciding with the renaming of the South Korean brand and the introduction of a new brand slogan: "Korean built to last". The move should help dispel any misbelief that KGM is a Chinese brand, and embraces its Korean heritage, showing just how far Korean automakers have come since SsangYong launched here back in 1997. The Actyon is another mid-size SUV for the brand, making it the only marque to offer three models in Australia's largest market segment. It features a sleeker roofline to the related Torres, making the relationship similar to the Haval H6 and Haval H6 GT over at rival GWM. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. Both of these models are also newer and more style-conscious than the related Korando, though all three come standard with a turbocharged 1.5-litre four-cylinder petrol engine. The Actyon is the priciest of the trio, with a base price $11,800 higher than that of the Torres and $4800 higher than the top-spec Torres Ultimate. Just two trim levels will be offered, with even the base variant coming with luxury features like ventilated front seats and heated and reclining rear seats. It dusts off a name last seen on a very different SUV, the body-on-frame SsangYong Actyon offered here from 2007 to 2013. Though it also featured coupe-like design cues, it was much more quirkily styled and proved a slow seller. It spawned a ute version, the Actyon Sports, which was eventually replaced by today's Musso. The Actyon is available with just one petrol powertrain, which features automatic idle stop/start technology and is mated with a torque-converter automatic transmission sourced from Aisin. The KGM Actyon range is covered by a seven-year, unlimited-kilometre warranty with five years of roadside assistance. KGM has yet to announce capped-price servicing information. The KGM Actyon has yet to be tested by ANCAP or Euro NCAP. Standard safety equipment includes: The K60 adds a surround-view camera. There are two trim levels in the Actyon lineup. The base K50 comes standard with the following equipment: The K60 adds: All models have a black interior, despite a tan colourway being available overseas. Grand White paint is standard, with the following metallic finishes costing an extra $700:Content originally sourced from:
New Straits Times
3 days ago
- Automotive
- New Straits Times
China car market price war stokes fears of industry shake-out
AN intensifying auto industry price war in China has stoked fears of a long-anticipated shake-out in the world's largest car market. Shares of China's largest carmakers sank on Monday after electric-vehicle (EV) giant BYD offered fresh discounts across more than a dozen models. Also, an executive at another car company voiced concern about the country's deepening price war. BYD's moves cut the starting price of its cheapest model, the battery-powered Seagull hatchback, to 55,800 yuan, from around 70,000 yuan. The BYD price cuts, along with other developments, signalled a potential tipping point, where weaker players could no longer sustain deepening losses from the downward spiral in prices, said Tu Le, managing director of Sino Auto Insights, an advisory firm. "This points to a bloodbath later this year," he said. "This could be the first domino that would finally put pressure on weaker players — startups like Neta and Polestar — that have been teetering." Last Friday, Great Wall Motors (GWM) chairman Wei Jianjun warned that China's auto sector was in an unhealthy state, with pricing pressure hammering the bottom lines of car companies and suppliers. He even drew a parallel to Evergrande, the Chinese property developer that was liquidated last year after a major debt crisis. "The Evergrande in the automobile industry already exists, but it hasn't collapsed yet," he told Sina Finance. In another sign of stress in the market, Reuters reported that regulators were examining a trend straining the industry: sales of "used cars" that were essentially new cars with zero miles. The tactic was seen as a way for carmakers and dealers to hit aggressive sales targets, said a person familiar with the matter. The Hong Kong-listed shares of BYD Co Ltd closed 8.6 per cent lower on Monday, while Geely Auto fell 9.5 per cent. Others, such as Nio and Leapmotor, closed between three per cent and 8.5 per cent lower. A slew of startup companies have piled into China's car market over the past decade, drawn by the burgeoning EV sector. The market has grown crowded with cutthroat price competition and most companies sustaining heavy losses. Of the 169 carmakers operating in China today, more than half have less than 0.1 per cent market share, according to data from research firm Jato Dynamics. The crowded field is reminiscent of the United States auto sector in the early 20th century, when more than 100 companies competed with giants such as Ford, before eventual consolidation. Le said the price war has lasted roughly three years. Carmakers once enjoyed a premium for advanced features such as driver-assistance systems that take control of steering and braking in certain situations, but now more have been offering these as part of the sticker price. Last week, China's state planner cautioned that competition in some industries was getting too heated, with some companies even selling their cars below cost, disrupting fair competition. On Friday, Wei, the GWM chairman, warned the prolonged price war was harming the automotive supply chain. Some suppliers were at risk of going under because of pressure from car companies to lower their prices, he said. "Some products have been reduced from 220,000 yuan to 120,000 yuan in the past few years," he said, without naming companies. "What kind of industrial products can be reduced by 100,000 yuan and still have quality assurance?" Still, predictions of consolidation in China's car market had gone on for years, but the field had only grown, said Michael Dunne, a consultant who closely follows the China auto industry. "BYD's price cuts will drive out some of the weaker players," he said. "But for every casualty here comes a new Xiaomi or Huawei barrelling into the arena."
