小排量车购置税下调推动中国汽车销量飙升

Tax Cut Spurs 25% Rise in Chinese Auto Sales

小排量车购置税下调推动中国汽车销量飙升

Auto sales in China surged 25% last month from a year earlier to 827,600 vehicles as a tax cut for small cars helped end three months of declines.

中国2月份汽车销量较上年同期增长25%，至827,600辆，小排量车的车辆购置税下调帮助终止了连续3个月的下滑势头。

The purchase tax on vehicles with 1.6-liter engines and smaller was cut in half in late January to 5%, helping to push sales of those cars up 19% in the first two months this year from a year earlier to 859,300 units, said the China Association of Automobile Manufacturers, a semiofficial industry group.

中国汽车工业协会公布，由于中国1月末将排量在1.6升以下车型的车辆购置税下调了一半，至5%，小排量汽车今年1-2月销量较上年同期增长19%，至859,300辆。

February's sales growth, the fastest in more than a year, was inflated by the timing of the weeklong Lunar New Year holiday, which took place in February last year but in January this year, said BNP Paribas analyst Charles Huang.

法国巴黎银行(BNP Paribas)分析师Charles Huang说，2月份的汽车销量增幅是一年多以来的最大幅度，不过为期一周的春节假期去年和今年分别在2月和1月，因此今年2月增幅有所放大。

For January through February, vehicle sales rose 2.7% to 1.56 million vehicles, the association said. Sales of passenger vehicles rose 5.8%, while those of commercial vehicles fell 6.9%.

中国汽车工业协会公布，今年1至2月，汽车销量增长2.7%，至156万辆。乘用车销量增长5.8%，而商用车销量下降6.9%。

February's pace is unlikely to be sustained.

2月份的增幅不太可能持续保持。

'Double-digit growth in March will be difficult,' Mr. Huang said. But he said double-digit growth toward year-end is possible after China's four trillion yuan ($585 billion) economic stimulus kicks in.

Huang说，3月很难实现两位数的增幅；但在中国4万亿人民币（合5,850亿美元）经济刺激计划到位后，汽车销量到今年年底实现两位数增长是可能的。

Mr. Huang said he expects China's auto industry to grow 8% this year, with sales growth for passenger vehicles faring better than for commercial vehicles, which are more dependent on economic growth. Growth in commercial-vehicle sales may be less than 5% or flat, he said.

Huang预计中国汽车行业今年增长8%，乘用车的销量增长情况会好于更依赖经济增长的商用车；商用车销量增幅可能不超过5%。

China overtook the U.S. to be the biggest light-vehicle market in January U.S. consumers bought 656,976 cars and light trucks in January, while 710,464 light vehicles were sold in China, according to JD Power.

今年1月，中国取代美国成为最大的轻型车市场。据JD Power的数据，美国1月份小汽车和轻型卡车销量为656,976辆，中国为710,464辆。

Patricia Jiayi Ho

http://chinese.wsj.com/gb/20090311/bch072932.asp

油价上涨之谜

The Oil Mystery

油价上涨之谜

Oil prices are sure acting strange, romping higher even as the economic news remains mostly dark. Oil prices are nearing $50 a barrel, a level not seen since the beginning of the year.

油价现在的走势很奇怪，居然能在经济数据仍大多惨不忍睹的情况下走高。现在，油价已经逼近每桶50美元，为今年以来首度探及这一水平。

One of three things might explain the move in oil prices:

以下三点或许可以对油价当前走势做出解释：

1. OPEC is succeeding in reducing output sufficiently to support prices. Given the remarkable nature of everything else in the world, maybe OPEC is succeeding where it has failed so often before. Seems hard to believe, though. Budgetmeisters in Iran and Venezuela, among other places, need lots of income from the sticky stuff to make ends meet. Lower prices mean they need to sell more oil than before. Of course, maybe the Saudis are turning off the spigot since higher prices would help Iraq's budget and economic challenges, and that's a serious neighborhood issue. So, maybe the OPEC cuts are more than talk.

1. 石油输出国组织(OPEC, 简称：欧佩克)通过减产来支撑价格的努力已经见效。不管怎样，欧佩克此次可能是在屡战屡败之后终于得偿所愿了──尽管这听起来有点难以置信。伊朗和委内瑞拉等国的预算制定官员需要很多的石油收入来实现国家收支平衡。油价走低意味着他们必须要比以往销售出更多原油。当然，沙特阿拉伯人减少产量的原因可能是因为考虑到油价走高有利于伊拉克的财政预算、并能帮助它应对经济上的调整。这是一个关系到邻国的严肃问题。所以，欧佩克这次减产或许是动真格了。

2. A weaker dollar can help dollar-based commodity prices, such as oil, rise. While the dollar has enjoyed some support as a reputed haven in times of global crisis, it has traded in a more mixed fashion lately. Could oil prices signal fear of a lower dollar as budget deficits soar? Maybe, but another dollar-sensitive commodity, gold, has been trending lower.

2. 美元走软有助于推高美元计价商品的价格，石油就是其中之一。虽然美元在全球危机时刻所体现的避险性质已让它得到了一定支撑，但是近来美元走势有涨有跌。油价走高是否意味着市场担心美国赤字的飙升会拖低美元？有这样的可能。但另一个对美元汇率十分敏感的商品──黄金则在持续走低。

3. The global economy is surreptitiously starting to bottom out and may even be putting in the seeds of a rebound, which would spell more demand for oil. Surreptitious would be the right word for this since the data are still pretty horrid in the U.S. and elsewhere.

3.全球经济正在不知不觉间触底，并甚至可能为反弹埋下伏笔。而经济反弹将推高原油需求水平。我觉得“不知不觉”这个词很恰当，因为以我们所听所见，不论是美国还是世界其他地方的经济数据都相当糟糕。

None of these choices seem particularly obvious. Number three would be most bullish for stock markets and the global economy, at least in the near term. Number one would just represent successful cartel operations and number two would be a harbinger of more difficulty ahead.

以上三个选项中没有一个显得一目了然。第三条可能对股市和全球经济最为有利，至少短期看来是这样。第一条则表明欧佩克的努力终于取得了成功；而第二条则预示着苦日子还在后面。

If other commodities start to edge higher and the dollar remains OK, then the case for option three will grow. But right now a lot of these commodity prices are bouncing around very low levels, so discerning a strong signal remains challenging.

如果其他大宗商品也开始小幅走高，而美元汇价仍处在正常水平，那么第三个选项的可能性将有所上升。但考虑到现在有多种大宗商品都在围绕极低的水平反弹，因此，要甄别出明确的信号仍有难度。

Dave Kansas

http://chinese.wsj.com/gb/20090310/fea163617.asp

借沙特油价看欧佩克产量变化

石油输出国组织(Organization of the Petroleum Exporting Countries, 简称：欧佩克)的会议通常高调举行，但又常常缺乏实质内容。而市场往往从会议间隙各成员国部长在酒店大堂的只言片语中揣测欧佩克的意图。

欧佩克的下一次会议定在3月15日召开。

幸运的是，我们不必等到那个时候再来猜测这次会议将作何决定。欧佩克的实际领导者沙特阿拉伯周三公布了4月份的原油官方售价，这些价格强烈暗示欧佩克将很快宣布再次大幅减产。

对欧洲人来说，沙特的原油价格被表述为与广泛交易的布伦特基准原油价格之间的贴水。简单来说，如果这个贴水减小，沙特原油就更加昂贵，炼油商就会买入更少的沙特原油，因此沙特就会减产，而无论欧佩克的“官方”限额为多少。能源经济学家Phil Verleger发现沙特价格贴水和欧佩克产量在过去8年间的相关度高达70%。

4月份运往西北欧炼厂的沙特重质原油的贴水从5.25美元缩减至3.70美元。其他欧佩克成员国可能将跟随沙特的价格。沙特控制了欧佩克大部分的闲置生产能力，一旦被激怒后可能大规模供应市场，这对任何想削弱沙特阿拉伯地位的欧佩克成员国都构成威慑。

纽约商交所周三原油期货的上涨主要归功于中国将推出更大规模刺激计划的传言。但是，仅仅在周一，原油还因为对世界经济的担忧而狂泻。无论中国政府宣布什么，油价方程式的需求一端都不可能提供持续的支撑。本周美国就业人口的惨淡数据可能让空头再次发威。减产将是关键因素，继续关注利雅得。

Liam Denning

http://chinese.wsj.com/gb/20090305/hrd134024.asp

汽车业求援之手伸向全球

Car Industry's Search For Funds Goes Global

汽车业求援之手伸向全球

The auto industry crisis that started in Detroit is rapidly expanding into a global problem, pressuring governments around the world to join the U.S. in providing aid to struggling auto makers.

始于底特律的汽车业危机正在迅速演变为全球性问题，迫使各国政府和美国一起向陷入困境的汽车制造商伸出援手。

On Tuesday, Toyota Motor Corp. appealed to the Japanese government for a $2 billion loan for its finance arm. At the same time, General Motors Corp. warned its European operations could run out of money as soon as April or May if Germany and other European countries don't grant its requests for help.

周二，丰田汽车(Toyota Motor Corp.)请求日本政府向其金融子公司提供20亿美元贷款。与此同时，通用汽车(General Motors Corp.)警告说，如果德国和其它欧洲国家无视其求援的请求，该公司的欧洲业务最早可能在4、5月份耗尽资金。

GM also said it is now willing to consider selling a majority stake in its Opel unit, the core of its European business, in order to secure governmental aid.

通用汽车还称，现在愿意考虑出售欧宝(Opel)子公司的多数股份，以获取政府救助。欧宝是通用汽车在欧洲的核心业务。

At the Geneva auto show, GM Chief Operating Officer Frederick 'Fritz' Henderson said the company's European business could be out of money by 'the first half of the second quarter' if it doesn't get loans or other financial assistance.

通用汽车首席营运长弗雷德里克?汉德森(Frederick Henderson)在日内瓦汽车展上说，如果不能获得贷款或其它金融援助，通用汽车的欧洲业务可能会在5月中旬前耗尽资金。

He added GM is 'open to ideas and opinions,' including the sale of a significant majority stake in Germany-based Opel if that would help clear the way for aid.

他说，通用汽车对所有想法和意见持开放态度，其中包括出售欧宝的大多数股份，如果这能为获得救援扫清障碍的话。

So far the U.S. has agreed to provide at least $42 billion in loans and other financial help to GM, Ford Motor Co., Chrysler LLC and their suppliers. Canada has agreed to provide additional help to the Big Three, and France is offering aid to French car makers Renault SA and PSA Peugeot Citroen SA.

迄今为止，美国已同意向通用汽车、福特汽车(Ford Motor Co.)、克莱斯勒(Chrysler LLC)和它们的供应商提供至少420亿美元贷款和其它经济援助。加拿大已同意向美国汽车三巨头提供额外的救助，法国也向该国汽车制造商雷诺公司 (Renault SA)和标致雪铁龙(PSA Peugeot Citroen SA)提供了援助。

GM has gotten an agreement to have Spain guarantee 200 million euros in loans, and has sought help from Germany, Britain and Sweden -- all nations where it has plants. In Geneva, GM's top European executive, Carl-Peter Forster, said the company may also appeal to Poland, where it makes small cars.

通用汽车已经就西班牙为2亿欧元贷款提供担保的事宜达成了协议，并已向德国、英国和瑞典寻求救助。通用汽车在这些国家都设有汽车生产厂。在日内瓦，通用汽车欧洲业务高级管理人员福斯特(Carl-Peter Forster)说，公司可能还会向生产小型轿车的波兰求援。

Toyota requested aid from Japan after the Tokyo government said it will lend some of its foreign-exchange reserves to Japanese firms that operate overseas and are struggling to raise foreign-currency funds. Finance Minister Kaoru Yosano said the government plans to lend $5 billion of its $1 trillion reserves -- the second-largest reserves in the world after China's -- to the Japan Bank for International Cooperation by the end of March, so the bank can make dollar loans to cash-starved companies.

在日本政府表示将向拥有大量海外业务又难以获得外汇资金的日本企业用部分外汇储备提供贷款后，丰田汽车提出了申请。日本财务大臣与谢野馨(Kaoru Yosano)说，政府计划3月底前从1万亿美元的外汇储备中拿出50亿美元贷给日本国际协力银行(Japan Bank For International Cooperation)，使该行可以向现金匮乏的企业提供美元贷款。日本的外汇储备总额位居世界第二，仅次于中国。

Toyota, which lost $1.8 billion in the quarter ending Dec. 31, is seeking a loan for Toyota Financial Services Corp., which oversees the auto maker's financial operations at home and abroad.

丰田汽车在截至12月31日的季度中亏损了18亿美元。目前该公司正在为丰田金融服务公司(Toyota Financial Services Corp.)寻求贷款。后者负责丰田汽车在国内外的金融业务。

GM Europe needs a $4.2 billion injection by mid-April or it will run out of cash and potentially be forced to cease operations despite its massive presence in the European market, according to people familiar with the company's cash position.

据了解通用汽车现金头寸的知情人士说，通用汽车欧洲业务需要在4月中旬前获得42亿美元的注资，否则将会耗尽现金，并可能被迫停止运营，尽管通用汽车在欧洲市场的业务规模很大。

The auto maker accelerated negotiations with the German government this week, saying it needs that country to provide two-thirds of the European loans. GM's biggest operation in Europe, Opel, is based in Germany, and the company employs tens of thousands of factory workers, engineers and workers at dealers in the region.

通用汽车本周加快了同德国政府的谈判节奏，称要求德国提供欧洲业务所需贷款的三分之二。通用汽车在欧洲最大的子公司欧宝位于德国，在当地聘用了数万名工厂工人、工程师和经销店的工作人员。

Mr. Henderson said the company doesn't have a solid backup plan for its European operation. Unlike its unit in the U.S., which could be put into bankruptcy court protection, the European business is woven throughout countries in Western and Eastern Europe, making a bankruptcy scenario almost impossible to pull off, he said. Mr. Henderson plans to meet with German officials this week.

汉德森说，通用汽车对欧洲业务并没有明确的支持计划。他说，通用汽车的美国子公司还可以选择破产保护，而与此不同的是，欧洲业务在东西欧地区交织在一起，使破产几乎不可能实现。汉德森计划本周会见德国官员。

German Economy Minister Karl-Theodor zu Guttenberg told Reuters on Tuesday that Opel hasn't supplied enough information for the government to decide whether to rescue the company.

德国经济部长古腾贝格(Karl-Theodor zu Guttenberg)周二向路透社(Reuters)表示，欧宝尚未向政府提供足够的信息，让政府就是否救助这家公司作出决定。

If GM Europe fails, it threatens to spoil the company's viability plan, which was recently filed with the U.S. Treasury in order to meet requirements of federal aid. In it, GM said that $6 billion in aid from governments outside the U.S. is needed to make the company viable.

如果通用汽车欧洲业务破产，它将威胁到公司的复苏计划。不久前通用汽车刚刚向美国财政部提交了这份计划，以满足政府提供救助的要求。通用汽车在计划中说，为了公司的生存，美国以外的其它政府需要提供60亿美元资金。

Separately on Tuesday, advisers for major GM bondholders said they plan to meet with President Barack Obama's auto task force on Thursday afternoon to discuss whether the U.S. government would guarantee new bonds the company would issue as part of its restructuring, according to a person familiar with the meeting.

另外，据知情人士透露，通用汽车主要债券持有者的顾问周二说，他们计划周四下午会见奥巴马总统的汽车业专责小组，讨论美国政府是否会为通用汽车新发行的债券提供担保。此次债券发行是通用汽车重组努力的组成部分。

John D. Stoll / Takashi Nakamichi

Copyright (c) 2009 Dow Jones & Company, Inc.

http://chinese.wsj.com/gb/20090304/ffe141016.asp

豪华车销售低迷 年底前难有改观

Luxury-Car Sales Remain Weak

豪华车销售低迷 年底前难有改观

The world's biggest luxury-car makers -- BMW AG, Daimler AG and Audi AG -- said sales remained battered by weakened demand last month but that the market should start recovering late this year or early next.

世界三大豪华汽车厂商──宝马汽车公司(BMW AG)、戴姆勒公司(Daimler AG)和奥迪公司(Audi AG)──表示，上个月汽车销量仍然遭受需求走软的打击，但今年年底或明年年初市场应会开始复苏。

Historically, the luxury-car segment has been less affected by economic downturns than the rest of the auto industry. But the magnitude of the current global recession has left no auto maker untouched.

从历史情况看，经济衰退给豪华车带来的冲击要小于汽车业其他领域。但面对当前这场严重的全球经济衰退，没有哪家汽车厂商能够安然无恙。

BMW's total car sales fell 24% in February from a year earlier, and the outlook for the year remains uncertain, Chief Executive Norbert Reithofer told reporters at the Geneva auto show Tuesday. He said, however, that the market should enter a recovery phase next year but that it would be a slow process.

宝马汽车首席执行长雷瑟夫(Norbert Reithofer)周二在日内瓦汽车展上对记者表示，2月公司汽车总销量较上年同期下滑了24%，今年的前景依旧不确定。不过他说，市场明年应能进入恢复期，但这可能是个缓慢的过程。

An incentive plan in Germany, the home turf of the world's three largest luxury-car makers, is paying 2,500, or about $3,100, to consumers who scrap old cars and buy new ones, but the program is expected to spark demand mainly for small cars rather than for luxury vehicles. German new-car registrations rose 21% in February from a year earlier, boosted by the government plan, the German car-makers association VDIK said.

德国是全球三大豪华汽车厂商的总部所在地。根据德国政府的一项刺激计划，更换新车的消费者将获得2,500欧元（约合3,100美元）的补助；但这项计划可能主要会给小型车需求带来刺激，而不是豪华车。德国国际汽车制造商协会(VDIK)表示，受政府计划推动，德国2月份新车登记数较上年同期增长了21%。

Mr. Reithofer said BMW will focus on liquidity this year rather than profitability, explaining that the company will aim to manage its inventories effectively, reduce fixed costs and optimize working capital.

雷瑟夫表示，宝马汽车今年会侧重于流动性而非盈利能力；他解释说，公司将致力于有效管理库存，削减固定成本，优化营运资本。

Mr. Reithofer said BMW has cut 4,000 salaried staff, more than the 3,100 cuts planned, which will lead to savings of 500 million euros, or about $625 million, this year. The company has no plans for forced layoffs, he said.

雷瑟夫说，宝马汽车已经裁减了4,000名正式员工，裁员规模超过原计划的3,100人，将给今年带来5亿欧元（约合6.25亿美元）的成本节约。他说，公司目前没有强迫裁员的计划。

Mr. Reithofer said BMW is always interested in cooperation with other auto makers but said BMW is 'strong enough to survive on its own.' BMW has been in talks with Daimler and Fiat SpA to cooperate in purchasing and sharing certain components.

雷瑟夫说，宝马汽车一直有意与其他汽车厂商进行合作，但公司实力雄厚足以独自生存。宝马汽车正在与戴姆勒和菲亚特(Fiat SpA)进行谈判，打算在某些部件的采购和共享方面进行合作。

BMW also aims to sell more engines to other auto makers to generate more revenue, said executive-board member Klaus Draeger. BMW currently supplies engines to some niche car makers such as Wiesmann and also makes boat engines in the 170 to about 300 brake horsepower range.

宝马汽车执行董事德雷格(Klaus Draeger)说，公司还计划向其他汽车厂商出售更多引擎，以带来更多收入。目前宝马汽车向Wiesmann等一些小众汽车厂商提供引擎，还生产170至大约300制动马力的船用引擎。

Meanwhile, Daimler CEO Dieter Zetsche said January's weak demand for cars spilled over to February but that auto markets are expected to start recovering toward year-end. Daimler didn't report global sales for February, however.

与此同时，戴姆勒首席执行长蔡澈(Dieter Zetsche)表示，1月份汽车的疲软需求延续到了2月份，但汽车市场有望在年底左右开始复苏。不过，戴姆勒没有公布2月份全球销量。

Mr. Zetsche reiterated that Daimler, the maker of Mercedes-Benz cars, plans to maintain spending on research and development, even amid eroding sales industrywide, so that the company can be more competitive when the global economy improves.

蔡澈重申，尽管整个行业销量不断下滑，但戴姆勒仍计划维持研发开支，这样一旦全球经济好转，公司就能更具竞争性。戴姆勒是梅塞德斯-奔驰(Mercedes-Benz)汽车的生产商。

Emerging markets such as China could 'lead the path to a market recovery' toward year-end, Mr. Zetsche said at the auto show. For a broader upturn, however, Western Europe, the U.S. and Japan will have to rebound as well, he said.

蔡澈在汽车展上表示，中国等新兴市场可能会引领市场在年底开始复苏。但他说，如果西欧、美国和日本市场没有一道回升，汽车业就无法出现更为广泛的复苏。

Daimler has to 'get rid of some inventory and keep adjusting production to demand,' he said. Last month, Daimler said it swung into the red in the fourth quarter because of a slump at its core Mercedes-Benz unit and a huge loss on its stake in Chrysler LLC.

他说，戴姆勒必须清理部分库存，继续按照需求调节生产。戴姆勒上个月表示，公司去年第四季度出现亏损，主要是因为核心的梅塞德斯-奔驰部门业绩大幅下滑，在克莱斯勒(Chrysler LLC)持股出现巨额亏损。

Volkswagen AG's premium brand Audi said its global car sales fell by 11% in February and that it anticipates a decline of as much as 10% in vehicle sales for the full year.

大众汽车(Volkswagen AG)旗下顶级品牌奥迪汽车表示，2月份公司全球销量下滑了11%，预计今年全年汽车销量会下滑至多10%。

Despite tough conditions world-wide, Audi plans to increase its market share this year, said Peter Schwarzenbauer, Audi's board member in charge of sales and marketing. Audi's market share rose to 5% in Western Europe in January from 3.9% a year earlier, while its U.S. market share increased to 7.2% from 6.7%.

奥迪汽车主管销售和营销的董事萧绅博(Peter Schwarzenbauer)说，尽管全球形势严峻，但奥迪计划今年扩大市场份额。今年1月，奥迪在西欧市场的占有率从上年同期的3.9%上升到5%，同期美国市场占有率也从6.7%上升到7.2%。

Christoph Rauwald

http://chinese.wsj.com/gb/20090304/ffe135702.asp

收购沃尔沃将给吉利带来灾难？

Volvo Bid: A Wreck For Geely?

收购沃尔沃将给吉利带来灾难？

If Chinese auto makers are truly poised to snap up struggling Western brands, the mooted maiden deal isn't much of a start.

如果中国汽车制造商真的准备收购陷入困境的西方品牌，头一桩交易就争议重重，开局不利。

Geely Holding Group is preparing to bid for Volvo, the struggling Swedish firm owned by a similarly troubled Ford Motor Co. And Geely, China's 10th-largest auto maker by sales, may find itself competing against another Chinese company.

吉利控股集团正准备提出收购在困境中挣扎的福特汽车(Ford Motor Co.)旗下同样陷入困境的瑞典公司沃尔沃(Volvo)。中国销量排名第十的吉利可能发现自己还要同另一家中国公司竞争。

The prospect of a bidding war for the likes of Volvo, Saab and Opel should please financially strapped sellers such as Ford. But emulating Geely's pursuit of Volvo won't necessarily be as beneficial to Chinese predators or their potential prey.

如果围绕沃尔沃、萨博(Saab)和欧宝(Opel)等公司爆发竞购战，这正是福特汽车等财务拮据的卖家所乐于看到的。但是效仿吉利意欲收购沃尔沃的行为不见得对中国的猎手或他们潜在的猎物有益。

Volvo is now worth half the $6.4 billion Ford paid 10 years ago, analysts say. A hard-nosed Geely could offer half as much again. Even at $1.5 billion, Volvo is a big bite for privately owned Geely. It has little international experience, and a work force only a third as large as Volvo's; the listed Geely Automobile Holdings unit has a market capitalization of about $500 million.

分析师说，沃尔沃目前的价值是福特汽车10年前所付64亿美元价格的一半。精明的吉利提出的报价可能还会再打个半价。即使是15亿美元，沃尔沃对吉利这家私有企业来说也过于庞大，难以下咽。吉利缺乏国际运作的经验，工人数量也只有沃尔沃的三分之一；吉利控股旗下上市子公司吉利汽车的市值约为5亿美元。

Even if Geely could make the numbers add up, Volvo's no prize. It made a $1.5 billion pretax loss last year and a 26% drop in sales. Citi Investment Research says it has a $3.5 billion outstanding loan from Ford and needs substantial investment over the next five years.

即使吉利凑得出这笔钱，沃尔沃也带不来什么好处。去年沃尔沃的税前亏损高达15亿美元，销售额下降了26%。花旗投资研究(Citi Investment Research)说，沃尔沃还欠着福特汽车35亿美元未偿贷款，而且未来五年还需要大笔资金投入。

Why is Geely bothering?

那吉利为何还对此难以割舍呢？

The upscale Volvo brand and its car-safety technology would jumpstart an image makeover for Geely, whose products have a reputation for poor quality. Shifting production to China from Sweden might reduce costs and improve the acquisition numbers. Geely Chairman Li Shufu's international ambitions would be enhanced.

高端的沃尔沃品牌及其汽车安全技术会大大提升吉利的形象。吉利的产品一直被认为质量低劣。将生产从瑞典移到中国可能会降低成本，改善收购后的业绩。吉利董事长李书福进军国际的雄心也会更进一步。

A multicultural personnel integration would be difficult; Daimler's Chrysler fiasco shows how tough these projects can be. Another risk: Volvo could lose some of its high-quality, safety-first luster in the arms of a Chinese owner.

跨文化的人事整合将是一个难点；戴姆勒(Daimler)旗下克莱斯勒(Chrysler)的惨败显示出达成这些目标有多难。另一个风险是，沃尔沃可能会在中国所有者的手中失去其品质一流、安全第一的光环。

There is little positive precedent for Chinese automotive escapades overseas: South Korea's Ssanyong, bought by Shanghai Automotive in 2004, is now in receivership.

中国汽车企业在海外出击的先例也没什么亮点：上海汽车2004年收购的韩国双龙汽车(Ssangyong)目前正在进行破产清算。

Wary of foreign acquisitions outside the favored resources sector, Beijing is probably unenthusiastic about a Geely offer. Geely itself might do well to hope an eventual bid fails.

除了受中国政府青睐的资源业，中国政府对其它海外收购态度谨慎，因而可能对吉利的收购之举并不热衷。吉利本身最好也能有竞购最终失利的准备。

Andrew Peaple

http://chinese.wsj.com/gb/20090304/hrd101732.asp

连丰田也求助

Even Toyota Asks For Help

连丰田也求助

Toyota Motor asks for government help. Even in these times, that headline comes as a shock.

丰田汽车公司(Toyota Motor Corp.)向政府求助。就算是在当前的低迷形势下，这个消息还是让人震惊。

Toyota Financial Services is in talks with Japan's state-run export bank to line up financing, it said Tuesday. The business funds loans and leases on Toyota's cars, something that's getting tougher by the day along with drivers' ability to repay debts. Toyota Financial says tricky U.S. credit markets prompted it to seek another source of funds.

为丰田汽车贷款和租赁业务提供资金的Toyota Financial Services周二称，正与日本国有出口银行谈判，申请融资。融资正变得越来越难，买车和租车者的偿债能力也日渐下降。Toyota Financial表示，动荡的美国信贷市场促使其寻求另外的资金来源。

Other Japanese car makers could be quick on its heels. The news came just hours after the Finance Ministry said it will lend the Japan Bank for International Cooperation $5 billion of foreign-exchange reserves to provide aid to companies, breaking with a history of closely guarding the nation's $1 trillion in reserves.

日本其他汽车厂商可能也会很快采取行动。丰田宣布上述消息前几个小时，日本财务省刚刚宣布将从外汇储备中向日本国际协力银行(Japan Bank For International Cooperation)提供50亿美元贷款，用于为公司提供帮助，从而结束了严密保护日本规模达1万亿美元的外汇储备的历史。

Finding the cheapest source of funds is of course in Toyota's interest, but the timing of the news could be by design. In the past, Japan's policy makers have prodded healthier companies to lead the way in accepting state aid, to remove the stigma that might keep others from doing so.

得到代价最低的融资来源当然是丰田所关心的，但宣布这一消息的时机可能经过了精心设计。日本决策者以前曾鼓励状况较好的公司带头接受政府救助，借以澄清受助的“污名”，其它公司可能会因担心这一点而拒绝救助。

Toyota Financial is, after all, a critical part of the way Toyota sells cars in the U.S., so it will find ample support from a deep-pocketed parent, Moody's says. Toyota Motor ended December with more than $17 billion in cash and equivalents.

穆迪(Moody's)认为，毕竟Toyota Financial对丰田在美国销售汽车至关重要，因此它会从财大气粗的母公司得到大量帮助。截至12月，丰田汽车拥有逾170亿美元现金及现金等价物。

Still, this is a reminder that Toyota's problems go beyond just convincing heavily indebted Americans to buy cars. With used-car prices tumbling, the company already had to write down the value of cars that are coming off lease. Higher provisions for credit losses have also eaten up profits recently.

不过，这也表示丰田的问题不光是说服背负沉重债务的美国人购买汽车。随着二手车价格节节下跌，丰田已经不得不冲减租约到期的汽车的价值。加大信贷损失拨备也影响了最近的利润。

Toyota isn't alone in facing these challenges. But if the company whose wads of cash have it dubbed 'Bank of Toyota' is asking for help, that doesn't bode well for its rivals.

丰田并非唯一一个面临这些挑战的。但如果连这家因拥有充裕资金而被称为“丰田银行”的公司都要求助，对竞争对手来说也不是什么好兆头。

James Simms

http://chinese.wsj.com/gb/20090304/hrd084832.asp