FAW sets up shop in Mexico
From The Financial Post
FAW Group Corp., one of China’s three largest domestic auto manufacturers, has begun selling new cars for as little as $6,550 in Mexico in what is believed to be the first foray by a Chinese automaker into North America.
Grupo Salinas, a specialty retailer and the carmaker’s commercial partner, brought in an initial shipment of about 6,000 FAW cars by boat to Mexico City and has found willing buyers for a portion of them, company spokesman Daniel McCosh said Thursday.
“They’re not all sold,” Mr. McCosh said. “The higher-end and the lower-end vehicles are moving better than the mid-priced models.”
Industry executives with rival companies have been nervously anticipating the arrival of Chinese vehicles into North America because of their potential to dramatically shake up the market with their low prices. The cheapest new car in Canada now is Hyundai’s Accent hatchback at $9,995.
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But when you add the armor plating and gun port options….the total price is much higher, and the fuel economy lower.