Suntech unit declared bankrupt
Suntech Power Holdings, which was until recently the world’s largest producer of solar panels, has said its main subsidiary in China is bankrupt, in a further stark illustration of the declining fortunes of the global solar industry. Suntech’s Wuxi subsidiary is the first big Chinese solar group to declare insolvency and the world’s biggest such bankruptcy, following a string of failed western solar companies including Q-Cells in Germany and Solyndra in the US.
Boost for Geely as cab exports rise
The Chinese owner of London’s black cab maker boosted net profits by a third last year on the back of a sharp rise in exports. Geely, the Hangzhou-based group that owns the Swedish marque Volvo as well as the black cab maker Manganese Bronze, exported nearly 102,000 vehicles last year, a jump of 157 per cent on 2011. Demand for Geely’s models in China was flat with 381,600 vehicles sold, the company said. In all, Geely sold nearly 483,500 vehicles.