Tag Archives: SAIC

Automobiles

Shanghai: MG CS Concept takes Morris Garages softroading

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By Jonathon Ramsey

MG CS Concept at 2013 Shanghai Motor Show - front three-quarter view

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Although we now have live images of it, we don’t know anything more about the MG CS SUV concept now than we did a week ago when the Sino-Anglo brand previewed it. A compact SUV looking for some of the lucre being thrown at that segment, it’s not made for the MG purist. But if parent company SAIC can keep the production version close to the concept, it could find a lot of new MG fans.

There’s a brief press release below with lots of flowery words and nothing in the way of technical details. But be sure to click through our gallery above to see the funky little crossover for yourself.

Continue reading MG CS Concept takes Morris Garages softroading

MG CS Concept takes Morris Garages softroading originally appeared on Autoblog on Sat, 20 Apr 2013 18:49:00 EST. Please see our terms for use of feeds.

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Automobiles

Exclusive: GM China President says automaker could export vehicles from China to US

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By Chris Paukert

GM of China executive Bob Socia at 2013 Shanghai Motor Show

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At a press conference on Saturday at the Shanghai Motor Show, General Motors announced plans to further expand its presence in the Chinese market. Among those commitments are plans to build four new plants by the end of 2015, giving the automaker the capacity to produce around five million vehicles a year in the country.

In order to make the most of that expansion, GM is adding 400 dealerships in China this year alone (for a total of 4,200 sales points), and it’s eyeing 5,100 dealers by 2015. Yet not all of that production will stay in China – GM is planning to increase exports as well. Officials estimate the company will export somewhere between 100,000 and 130,000 Chinese-built vehicles this year – a record. And it’s gunning for more.

Autoblog asked GM China president Bob Socia (above) if that means the company might eventually export new vehicles built in China to the United States, and he responded:

“It could very well happen. It could very well happen. You know, I’m not sharing any plans with you, but we try to keep open as to what makes sense. And Tim [Lee – GM‘s president of international operations] is the right guy to talk about your manufacturing footprint. If it make sense to tool up a vehicle in one location as opposed to two, from an economic perspective, Tim will say that’s what we should be doing. We’re open to be doing that. There’s no reason why we can’t be exporting to the States, and obviously the States are exporting here.”

Given that the Pan-Asia Technical Automotive Center – GM and Chinese automaker SAIC‘s joint-venture vehicle engineering and design house – is expanding and increasingly calling the shots with Buick, the Tri-Shield brand is arguably the most likely way that Chinese-built vehicles might find their way to the US. GM has sold more Buicks in China than in the States for some time now, and PATAC has been responsible for a growing amount of work on the brand, from taking the lead on styling and engineering for the current LaCrosse to designing showcars like the just-revealed Riviera Concept shown below.

But are there such export plans in place at this time, we asked? “No.”

GM China President says automaker could export vehicles from China to US originally appeared on Autoblog on Sat, 20 Apr 2013 12:44:00 EST. Please see our terms for use of feeds.

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Computers

Chinese authorities to keep close watch on Apple despite apology

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Apple may have apologized to Chinese consumers over its warranty policies, but regulators in the country signaled they would keep a close eye on the U.S. tech giant and its approach to customer service.

The company’s apology showed “initial achievement” in reforming its policies, China‘s State Administration for Industry and Commerce (SAIC) said on its website on Sunday. But despite the apology, SAIC is adopting a “watch and see” policy toward Apple, and will not let up on its oversight of the company.

Last week, the regulator held a meeting with 19 different municipal and provincial SAIC offices specifically to discuss Apple’s customer service policies. At the meeting, the regulator called on the different offices to increase scrutiny of Apple’s product sales and customer service.

SAIC‘s close oversight of Apple comes after the country’s state-run media blasted the company last month for alleged unfairness in its warranty policies. Among the complaints included claims that Apple treats its overseas consumers better than those in China, with more favorable iPhone warranty services.

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Source: FULL ARTICLE at PCWorld

Business, Finance, Occupation & Industry

SAIC Wins $140 Million PBGC Contract

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By Rich Smith, The Motley Fool

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Following on the heels of CACI International‘s announcement that it won a $140 million contract to modernize information systems at the U.S. Pension Benefit Guaranty Corporation (PBGC) last month, similar-sounding company SAIC revealed Wednesday that, as a matter of fact, it won that same contract, too. What’s more, SAIC‘s win is quite a bit more significant than CACI‘s.

According to a press release issued yesterday, SAIC has been awarded a place in the same “multiple award, indefinite delivery/indefinite quantity” (IDIQ) contract “to provide information technology (IT) and operations support services” to the PBGC that CACI won.

Like the CACI contract, SAIC can now bid on task orders under a one-year base period for performance, with the possibility of making further bids if the base period is extended by one or more of four possible one-year extension “options.”

Unlike CACI, SAIC has already landed one of the big “task orders” under the IDIQ contract — an order that should be worth $74 million to SAIC over five years, assuming all options are exercised. In winning the task order, SAIC has effectively eaten up more than half of the $140 million total ceiling value of the overarching IDIQ contract that both CACI and SAIC are participating in.

Result: After falling with the rest of the market in regular Wednesday trading, SAIC shares rallied 0.5% after hours, rising as high as $13.62.

The article SAIC Wins $140 Million PBGC Contract originally appeared on Fool.com.

Fool contributor Rich Smith has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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Business, Finance, Occupation & Industry

Dow Jones May Slip on Euro Fears

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By Roland Head, The Motley Fool

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LONDON — Stock index futures at 7 a.m. EDT indicate that the Dow Jones Industrial Average may open 0.35% lower this morning after closing at a new high last night, while the S&P 500 may open down by 0.37% after closing within two points of its all-time high yesterday. As the S&P 500 approaches record levels, the CNN Fear & Greed Index has also moved higher, closing at 76 yesterday in a return to “extreme greed” territory.

In Europe, protests continue in Cyprus as the country’s central bank governor says its banks will open tomorrow with new capital restrictions in place. Italian markets moved lower after yet another set of negotiations failed to produce a coalition to govern the country. Italy has been without an effective government since elections were held at the end of February, and a new round of elections now looks increasingly likely.

In the U.K., the Bank of England said U.K. banks needed to raise a further $38 billion to meet capital shortfalls and cover potential loan losses. The report did not specify which banks were affected, but Lloyds Banking Group and Barclays moved higher after the announcement, which was lower than a previous $90 billion estimate. Revised GDP figures showed that the U.K. economy expanded by just 0.2% in 2012, less than the 0.3% previously reported. Both the British and French economies shrank by 0.3% in the final quarter of 2012.

In the U.S., investors will be looking ahead to February pending-home-sales figures, which are due at 10 a.m. EDT. Consensus forecasts suggest that sales may have fallen by 0.5% in February after rising by 4.5% in January. Also of interest may be the EIA weekly petroleum status report, due at 10:30 a.m. EDT.

Companies due to report before the opening bell today include UniFirst, which is expected to report earnings of $1.13 per share. Companies due to report after markets close today include Paychex, Red Hat, Texas Industries, SYNNEX, HB Fuller, Steelcase, Five Below, and PVH. SAIC stock could also be actively traded this morning after the technical-services provider announced a $1 special dividend in its full-year results, which were published after markets closed last night. SAIC shares moved 4.2% higher in after-hours trading last night.

Finally, let’s not forget the Dow’s daily movements can add up to serious long-term gains. Indeed, Warren Buffett recently wrote, “The Dow advanced from 66 to 11,497 in the 20th Century, a staggering 17,320% increase that materialized despite four costly wars, a Great Depression and many recessions.” If you, like Buffett, are convinced of the long-term power of the Dow, you should read “5 Stocks To Retire On.” Your long-term wealth could be transformed, even in this uncertain economy. Simply click here now to download this free, no-obligation report.

The article Dow Jones May Slip on Euro Fears originally appeared on Fool.com.


Roland Head has no position in …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

SAIC Beats on Q4 EPS, Declares Special Dividend

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By Eric Volkman, The Motley Fool

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SAIC‘s results are in Q4 and fiscal 2012, and the numbers reveal a strong quarter. For Q4, revenue totaled $2.7 million, up from the $2.5 billion in the same period the previous year. The technology company swung to a net profit, at $186 million ($0.54 per diluted share) from Q4 2011’s bottom-line loss of just under $161 million ($0.49).

Analysts had been expecting revenue of $2.7 billion and EPS of $0.51 for this most recent quarter.

For the full year, the top line was $11.2 billion, a 6% increase over the 2011 figure of $10.5 million. Net profit was significantly higher, at $525 million ($1.54 per diluted share) for the year versus 2011’s $59 million ($0.18).

SAIC proffered guidance for its current fiscal year. The company believes it will post $10.0 billion to $10.7 billion in revenue, and diluted EPS of $1.16 to $1.33.

The company also declared a special dividend. It will hand out $1.00 per share on June 28 to shareholders of record as of June 14. This payout will be in addition to a regular quarterly payout of $0.12. The dates of the disbursement are April 30 and April 15, respectively.

The article SAIC Beats on Q4 EPS, Declares Special Dividend originally appeared on Fool.com.

Fool contributor Eric Volkman and The Motley Fool have no position in SAIC. Try any of our Foolish newsletter services free for 30 days. We Fools don’t all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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Wesco Aircraft Announces Board Member Resignation

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By Business Wirevia The Motley Fool

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Wesco Aircraft Announces Board Member Resignation

VALENCIA, Calif.–(BUSINESS WIRE)– Wesco Aircraft Holdings, Inc. (“Wesco Aircraft” or the “Company”) (NYS: WAIR) , a leading provider of comprehensive supply chain management services to the global aerospace industry, today announced that Mr. John Jumper has tendered his resignation from the Company’s Board of Directors, effective March 25, 2013. Mr. Jumper sighted the competing demands on his schedule due to his position as Chief Executive Officer and President of SAIC, Inc. (NYS: SAI) .

The Company is in the process of identifying a successor to fill the vacancy. Accordingly, the Board will have eight members until a successor is appointed.

“On behalf of the Board, Management and employees of Wesco Aircraft, I want to express my sincerest thanks for his membership on our Board. His guidance and counsel have been of great value to us. Wesco Aircraft wishes John the best in his future endeavors”, said Randy Snyder, President, Chief Executive and Chairman of Wesco Aircraft.

To learn more about Wesco Aircraft, visit our website at www.wescoair.com.

About Wesco Aircraft

Wesco Aircraft is one of the world’s largest distributors and providers of comprehensive supply chain management services to the global aerospace industry. The Company’s services range from traditional distribution to the management of supplier relationships, quality assurance, kitting, just-in-time delivery and point-of-use inventory management. The Company believes it offers the world’s broadest inventory of aerospace parts, comprised of more than 500,000 different stock keeping units, including hardware, bearings, tools, electronic components and machined parts. Wesco Aircraft has more than 1,200 employees across 41 locations in 12 countries.

Wesco Aircraft
Mark Davidson
Investor Relations
661-802-5090
Mark.Davidson@wescoair.com

KEYWORDS:   United States  North America  California

INDUSTRY KEYWORDS:

The article Wesco Aircraft Announces Board Member Resignation originally appeared on Fool.com.

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Business, Finance, Occupation & Industry

SAIC Earnings: An Early Look

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By Dan Caplinger, The Motley Fool

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Earnings season is just about over, with almost all companies already having reported their quarterly results. But there are still a few companies left to report, and SAIC is about to release its quarterly earnings. The key to making smart investment decisions with stocks releasing their quarterly reports is to anticipate how they’ll do before they announce results, leaving you fully prepared to respond quickly to whatever inevitable surprises arise. That way, you’ll be less likely to make an uninformed knee-jerk reaction to news that turns out to be exactly the wrong move.

SAIC plays a vital role in the way that the U.S. and foreign governments gather intelligence and respond to threats, providing technical services like engineering, research, and systems integration for the Defense Department and the Department of Homeland Security, among others. Let’s take an early look at what’s been happening with SAIC over the past quarter and what we’re likely to see in its quarterly report on Tuesday.

Stats on SAIC

Analyst EPS Estimate

$0.52

Year-Ago EPS

($0.49)

Revenue Estimate

$2.71 billion

Change From Year-Ago Revenue

8.7%

Earnings Beats in Past 4 Quarters

1

Source: Yahoo! Finance.

Will SAIC keep investors safe this quarter?
Over the past few months, analysts have given mixed signals about SAIC. They’ve boosted their earnings projections for the just-ended quarter by a penny per share, but they’ve reduced their fiscal 2014 calls by $0.02 per share. The share price, though, has been unequivocally positive, rising 12% since mid-December.

At first, it may sound surprising to hear that a company so intimately linked to the U.S. government would be doing well. With sequestration having taken effect, defense-spending cuts have hurt companies throughout the industry. Even companies with major contracts are feeling the pinch, as Boeing has had to face the potential for cuts to its KC-46 tanker project. Lockheed Martin has received substantial criticism recently about its F-35 fighter contract and the cost overruns that have plagued it over the years.

But SAIC has worked its way into essential niche areas. In particular, cybersecurity has become a hot area in the defense and intelligence community, especially in light of accusations that Chinese hackers are trying to penetrate government and private-sector networks to gain valuable information. With SAIC working with Intel‘s McAfee division to develop stronger firewalls to withstand cloud-based attacks, major defense contractors are looking to incorporate cybersecurity solutions into their broader contracts, which could give SAIC more subcontract work in the future.

Last month, SAIC announced plans to split into two companies. One will deal with national security, health care, and engineering and will be named Leidos. The other will continue to carry the SAIC name and concentrate on technical services and enterprise information technology.

In its quarterly report, watch for SAIC to give more commentary about the effect of sequestration on its business, as well …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

It's Showtime for SAIC

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By Seth Jayson, The Motley Fool

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SAIC (NYS: SAI) is expected to report Q4 earnings on March 26. Here’s what Wall Street wants to see:

The 10-second takeaway
 Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict SAIC‘s revenues will grow 8.8% and EPS will grow 54.8%.

The average estimate for revenue is $2.71 billion. On the bottom line, the average EPS estimate is $0.48.

Revenue details
 Last quarter, SAIC booked revenue of $2.87 billion. GAAP reported sales were 2.9% higher than the prior-year quarter’s $2.79 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 Last quarter, EPS came in at $0.33. GAAP EPS were $0.33 for Q3 compared to -$0.27 per share for the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
 For the preceding quarter, gross margin was 12.6%, 140 basis points better than the prior-year quarter. Operating margin was 7.1%, 780 basis points better than the prior-year quarter. Net margin was 3.9%, 710 basis points better than the prior-year quarter.

Looking ahead

The full year’s average estimate for revenue is $11.21 billion. The average EPS estimate is $1.48.

Investor sentiment
 The stock has a three-star rating (out of five) at Motley Fool CAPS, with 730 members out of 782 rating the stock outperform, and 52 members rating it underperform. Among 183 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 174 give SAIC a green thumbs-up, and nine give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on SAIC is hold, with an average price target of $13.29.

Can your portfolio provide you with enough income to last through retirement? You’ll need more than SAIC. Learn how to maximize your investment income and “Secure Your Future With 9 Rock-Solid Dividend Stocks.” Click here for instant access to this free report.

The article It’s Showtime for SAIC originally appeared on Fool.com.


Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Pentagon Spends $75.7 Million on Miscellaneous Projects

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By Rich Smith, The Motley Fool

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The Department of Defense announced a series of small (in defense contracting terms) contract awards to multiple publicly traded companies Monday. Among them were the following:

  • The smallest award went to L-3 Communications‘ Fuzing and Ordnance Systems unit, which was awarded $7.5 million to procure M734A1 fuzes, used to detonate mortar rounds upon collision or upon reaching a certain proximity to target. The completion date on this contract is Feb. 28, 2015.
  • Atmos Energy Marketing, a subsidiary of Atmos Energy , won a fixed-price with economic-price-adjustment contract worth up to $30.8 million to supply natural gas to Army, Navy, Air Force, and federal civilian agencies located in Texas through April 30, 2015.
  • Science Applications International won a pair of contracts. The larger one, worth at least $9.5 million, is a cost-plus-fixed-fee contract to perform research and development work on “configurable technology” for anti-submarine warfare surveillance in deep ocean areas. The 15-month contract has an optional six-month extension attached to it, which, if exercised, would raise the contract value to $10.1 million and extend performance through Dec. 17, 2014.
  • SAIC‘s other contract, worth $8.6 million, is another cost-plus-fixed-fee contract. This one requisitions unspecified “information technology support services” from the company. Its estimated completion date is March 15, 2014.
  • Finally, General Dynamics‘ National Steel and Shipbuilding division won an $18.7 million modification to a previously awarded contract to conduct post-shakedown work on the newly built landing platform/dock USS Anchorage (LPD 23). The Anchorage, which was built by Huntington Ingalls and christened in May 2011, is due to be commissioned in May.  General Dynamics should complete its work on her by December 2014.

The article Pentagon Spends $75.7 Million on Miscellaneous Projects originally appeared on Fool.com.

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of General Dynamics, Huntington Ingalls Industries, and L-3 Communications Holdings. Try any of our Foolish newsletter services free for 30 days. We Fools don’t all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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SAIC Wins (a Chance at) $335 Million Army Contract

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By Rich Smith, The Motley Fool

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Science Applications International Corporation has won the right to participate in a U.S. Army “prime contract” worth a potential $315 million, the company announced Thursday.

As one of several recipients of a multiple-award indefinite-delivery/indefinite-quantity (IDIQ) contract, SAIC has the right to bid upon contracts put up by the Army to provide “maintenance and services for Access Control Point (ACP), electronic and physical security systems, Utility Monitoring and Control Systems (UMCS), and other electronic systems” at the Army’s Engineering and Support Center Huntsville. This contract runs for one year initially, with the possibility of four one-year additional “options” periods following. If all options are exercised, the total value of the contract — spread out among the 10 companies that won participation in the prime contract — could reach the headline figure of $315 million.

The Army facility, which goes by the acronym “CEHNC,” supports ballistic missile defense, installation support, ordnance and explosives, engineering, and chemical demilitarization programs, as well as the Environmental and Munitions Center of Expertise.

Despite the win — or perhaps in acknowledgement of its limited value, being contingent on winning future contracts, and having to compete with nine other companies to win them — SAIC shares declined 1.1% in Thursday trading, closing at $12.29.

The article SAIC Wins (a Chance at) $335 Million Army Contract originally appeared on Fool.com.

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Business, Finance, Occupation & Industry

Raytheon to Provide Sonar to SAIC

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By Dan Carroll, The Motley Fool

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Defense contractor Raytheon has been awarded a subcontract for its fifth- generation hull-mounted sonar system from fellow defense firm SAIC .

The award, which Raytheon announced Tuesday, is part of the U.S. Defense Advanced Research Projects Agency’s Anti-Submarine Continuous Trail Unmanned Vessel program, an initiative designed in response to the growing use of submarines by militaries worldwide.

According to Raytheon, SAIC will use the company’s Modular Scalable Sonar System (MS3) as part of its experimental trimaran vessel in order to provide search, tracking, and other features, all without a human at the controls. MS3 is also designed to handle tasks such as torpedo detection and avoidance, small object avoidance, and other antisubmarine warfare activities.

Joe Biondi, Raytheon Integrated Defense Systems‘ vice president of advanced technology, was quoted as saying, “Historically, manned sonars were central to anti-submarine warfare missions. However, the growing number of submarines traversing the world’s oceans makes this model unsustainable. … By leveraging Raytheon’s heritage in developing undersea sensors, MS3 can be configured to provide the capabilities required for ASW in an autonomous environment.”

The press release did not provide a dollar figure for the subcontract.

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The article Raytheon to Provide Sonar to SAIC originally appeared on Fool.com.

Fool contributor Dan Carroll has no position in any stocks mentioned. The Motley Fool owns shares of Raytheon Company. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Business, Finance, Occupation & Industry

SAIC, Textron Among Those Getting Pentagon Contracts

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By Rich Smith, The Motley Fool

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Over the past two in-sequester days, the Pentagon has awarded a total of 42 separate contracts to various contractors, worth well over $4 billion in aggregate. Among them:

  • Privately held Marine Hydraulics International won a $7 million contract modification, under which the company will perform maintenance, alterations, and modernizations on the guided missile destroyer USS Cole. Work on the ship should be completed by June 2013.
  • Science Applications International Corp. was awarded a $21.2 million firm-fixed-price contract to perform “preventive and corrective maintenance” on software and equipment used by the Anti-Terrorism Force Protection Ashore Program Systems at 66 military installations worldwide. Initial work on the project should be complete by March of next year, but the contract contains the possibility of up to five one-year options for extension which, if exercised, would increase the contract’s value to $74.4 million in aggregate.
  • Alliant Techsystems won a $9.2 million firm-fixed-price contract modification for the company to upgrade the TS-04 control units on its Spider munitions to the TS-09 version. This contract will be complete by Jan. 31, 2014.
  • Computer Sciences Corp subsidiary DynCorp International will be paid $14.2 million on a cost-plus-award-fee incrementally funded contract to extend logistics support services to the U.S. Army’s Directorate of Logistics through Sept. 30, 2013.
  • Textron‘s Marine & Land Systems unit scored a huge win — a $113.4 million firm-fixed-price contract to supply Mobile Strike Force vehicles to the Afghan National Security Forces. Completion date: Feb. 28, 2014.

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Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of Textron. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Automobiles

Study: China still 10 years away from globally competitive car company

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By Zach Bowman

Chinese car plant assembly line

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It may be a spell before Chinese automakers are capable of turning out a globally competitive vehicle. That’s the findings of a sprawling 200 page report by Bernstein Research. The group went through the trouble of purchasing two Chinese-made cars, importing them to Europe and disassembling them down to every last nut and bolt. The study also included in-depth interviews with CEOs at each of the major manufacturers, including Great Wall, Chery, Brilliance and SAIC among others. Researchers found that by and large, global partners aren’t holding up their end of joint venture deals, with the vast majority of foreign automakers seemingly not taking the Chinese market seriously.

The one exception to that rule, according to Bernstein, is General Motors and SAIC. GM has pumped a staggering amount of cash into China, and as a result, SAIC seems leagues ahead of its peers on the design and engineering front. Speaking of engineering, the study found most Chinese cars to simply be reverse-engineered examples of foreign models, with the Toyota Corolla being the most popular. That’s due in part to the fact that Chinese automakers spend $100 million a year on research and development on average. For comparison’s sake, a company like Volkswagen or Toyota spends closer to $1 billion. The Truth About Cars has a closer look at the report’s contents. You can find that writeup here.

China still 10 years away from globally competitive car company originally appeared on Autoblog on Mon, 25 Feb 2013 16:29:00 EST. Please see our terms for use of feeds.

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