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AUTO

China Auto Sales Jump 13% in ‘Golden September’ as Shoppers Return to Showrooms | Investing News

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By Yilei Sun and Brenda Goh

BEIJING (Reuters) – Automobile sales in China rose 12.8% in September from the same month a year earlier, marking the sixth consecutive month of gain, as the world’s biggest vehicle market comes off lows hit during the coronavirus lockdown.

Sales reached 2.57 million vehicles last month, showed data from the China Association of Automobile Manufacturers (CAAM).

Sales are still down 6.9% for the first nine months of the year at 17.12 million vehicles, CAAM said.

Auto insiders refer to “Golden September, Silver October” as they regard the months as the high season for China sales, with drivers venturing out to make purchases having stayed away during the stifling summer months.

Reflecting that trend, sales of passenger vehicles rose 8% in September. Geely Automobile Holdings Ltd <0175.HK>, Great Wall Motor Co Ltd <601633.SS> and Toyota Motor Corp <7203.T> booked double-digit growth.

The Beijing auto show,

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CONVERTIBLE

China Southern prices CNY16 billion convertible bond | News

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China Southern Airlines has announced pricing of an upcoming convertible bond issue that is set to raise CNY16 billion ($2.4 billion) for the carrier.

The bonds, convertible to mainland China-listed A-shares, will bear 0.2% interest in the first year, 0.4% in the second year, 0.6% in the third year, 0.8% in the fourth year, 1.5% in the fifth year and 2% in the sixth year, the airline says in a 12 October filing to the Hong Kong stock exchange.

China Southern A330

On 15 October, China Southern will issue 160 million bonds with a nominal value of CNY100 each. The issuance matures on 14 October 2026.

The initial conversion price for the shares is set at CNY6.24 per share and the conversion period runs from 21 April 2021 to 14 October 2026.

The number of converted shares will be determined by dividing the face value of bonds against the effective conversion price

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CHEAP CAR LEASING

Trump’s offshore oil ban in SC also covers wind farms, feds say | News

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Oil and gas drilling wasn’t the only thing halted by President Donald Trump’s recent order covering offshore South Carolina.

It also blocked the expansion of wind farm technology, which came as a surprise to state and coastal leaders.

“I think almost no one was expecting that it would affect offshore wind,” said Chris Carnevale of the Southern Alliance for Clean Energy. 

It’s a blow to a nascent industry in South Carolina, where some areas offshore of the northern half of the state have been flagged for future wind farms, though the government hasn’t started leasing waters yet.

“Oh, well that’s disappointing,” North Myrtle Beach Mayor Marilyn Hatley said upon hearing wind was included in the presidential order.

The beach town was opposed to fossil fuel extraction but passed a resolution years ago supporting wind technology and has two experimental turbines on land that power electric car charging stations. 

“We thought

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AUTOMOBILE DEUTSCHLAND

Mahle creates Germany mechatronics centre | Automotive Industry News

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Mahle has created a new global development centre for mechatronics in Kornwestheim, near Stuttgart, Germany.

Around 100 engineers work at the location to develop complex product solutions for electric drive systems, actuators and electric auxiliaries for vehicles with hybrid, hydrogen, or battery electric drives.

Mahle has invested mid-double-digit millions to set up the centre. At the start of the year, the supplier founded a dedicated business unit for electronics and mechatronics. The technology group expects sales growth in this business segment to be well into double digits in the next ten years.

“Our new mechatronics development centre is another important step in Mahle’s technological transformation,” said member of the Mahle Management Board and responsible for the Electronics and Mechatronics business unit, Wilhelm Emperhoff.

“It’s now particularly important we develop the right know-how and portfolio so we can emerge from the current crisis in a stronger position as an established technology

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AUTO MOBILE

Railways aims to achieve a modal share of Automobile loading to 20% by the end of 2021-22, and a modal share of 30% by 2023-24 – Odisha Breaking News | Odisha News | Latest Odisha News

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New Delhi: Minister of Railways, Commerce & Industry, Consumer Affairs and Food & Public Distribution, Shri Piyush Goyal met who so who of the Automobile Industry leaders to give boost to Automobile loading through Railways.

Representatives of SIAM (Society of Indian Automobile Manufacturers), Tata Motors, Hyundai Motors, Ford Motors, Mahindra & Mahindra, Honda India, and Maruti Suzuki Ltd, The Automobile Freight Train Operators (AFTOs), Automotive Tyre Manufacturers’ Association (ATMA), who were all part of the meeting, lauded the initiative and committed to work in partnership with Indian Railways to facilitate transportation of automobiles through Railways.

Indian Railways is attaining new heights in transportation of automobiles. The total loading of automobiles through Railway was only 429 rakes in 2013-14, which has increased to 1,595 rakes 2019-20. And in the first six months of the current year (Apr to Sep), Indian Railway has loaded 836 rakes of automobiles against 731 rakes in

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CHEAP CARS

Mumbai man dupes 25 of Rs 3 crore for cheap homes, held | Mumbai News

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MUMBAI: A 36-year-old Commerce graduate who fled to Nashik after duping at least 25 home-buyers of over Rs 3 crore after promising them flats at 25% discount from the bank that had sealed them as people failed to pay EMIs, was arrested on Wednesday.
Crime branch (unit XII) laid a trap after tracking down Sachin Borde in Nashik by posing as a customer buying bank-seized cars at a discount. Borde used to take an advance payment to pay the bank after showing them a fake letter of the flat.
Borde, from Dahisar, fled a year back along with his wife, after duping people from Andheri to Mira Road in 2017-19. A case was registered by MHB Colony police on May 2 during lockdown after victims failed to contact Borde.
DCP (crime I) Akbar Pathan supervised inspector Mahesh Tawde, assistant inspectors Vikram Kadam and Atul Avhad, sub-inspector Hemant Gite and staff
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MILITARY AUCTIONS

Rare 1794 silver dollar goes unsold at auction in Las Vegas | National News

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LAS VEGAS (AP) — A 1794 silver dollar believed to be among the first ever minted in the U.S., and the most valuable, went unsold during a public auction in Las Vegas.

Legend Auctions chief executive Matthew Bell said offers for the coin dubbed the Flowing Hair Silver Dollar didn’t reach a minimum bid and Las Vegas resident Bruce Morelan retained ownership.

Morelan sold 12 rare coins during the Thursday event at the Bellagio resort, reaping almost $4 million.

Coin collecting experts had thought the Flowing Hair coin could sell for more than the $10 million Morelan spent to buy it in 2013.

The coin features images of Lady Liberty ringed with stars on the front and an eagle on the back. A different Lady Liberty image was adopted for silver dollars beginning in 1795.

Experts say the coin is one of perhaps 300 original silver dollars that still exist

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BARGAIN CARS

Man cheated by lure of cheap gold, robbed | Ahmedabad News

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Ahmedabad: A 53-year-old man from Vastral, Bharat Patel, who runs an engineering unit at his house lodged a complaint at Ramol police station on Thursday alleging that six persons — of whom four were later identified as Iswharpuri Goswami and Pradeep Gordhan Kachadia of Ramol, Shailiesh Thakor of Narol, Ankur Bhupendra Patel of Hathijan— cheated him using the lure of gold biscuits at lower-than-market price.
The offence took place in July but one of the accused who had introduced the others to the complainant promised him to his money back. The complainant then waited, but later he approached Ramol police.
Investigators said they have arrested four of the six persons accused for a similar offence a fortnight ago and they are in judicial custody. “We are hunting for the two remaining accused and will question the suspects in the jail about them,” said K S Dave, inspector of Ramol police
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AUTO DISCOUNT

While most car insurance refunds for the pandemic have ended, some insurers are offering discounts as motorists drive less | Business News

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For instance, Henrico County-based Elephant Insurance announced in August that it would offer a discounted rate to customers working from home. The company said policyholders and spouses working from home and driving less would be eligible to receive the new discount, depending on the number of days driven to work and the customer’s occupation.

“Some part of the work force will be working from home for a while, and as long as they work from home they deserve this consideration,” said Alberto Schiavon, Elephant’s CEO.

State Farm, the nation’s largest auto insurer, started reducing auto rates in every state in May because of changes in driving behavior.

The company said the national average for those rate reductions is 11%, saving customers a total of about $2.2 billion. Rate changes depend on a customer’s individual renewals.

State Farm said its rate reduction went in to effect on July 27 for new

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