China's business press carried the following stories on Tuesday. China.org.cn has not checked the stories and does not vouch for their accuracy.

Geely yet to decide on Volvo base—Shanghai Securities News

Geely has said it has not yet decided where to site its Volvo manufacturing plant in China, despite reports that Jiading District of Shanghai will be chosen.

Geely is waiting on government approval of localization of its Volvo project before choosing the site, said Li Shufu, chairman of Geely.

Geely has said it will keep open Volvo plants in Sweden and Belgium and is considering opening factories in China. Beijing, Shanghai, Chongqing and Shanxi are vying for the plants.

BYD 1st quarter profit more than triples—sina.com.cn

BYD, the Chinese carmaker part-owned by Warren Buffett, said yesterday that its first-quarter profits had more than tripled due to high demand for vehicles in the world's biggest automobile market.

Net income climbed to 1.7 billion yuan (US$249 million), or 0.75 yuan a share, a 255 percent increase from a year earlier; sales rose 70 percent to 12.7 billion yuan, according to a company statement to the Hong Kong stock exchange.

Li Zhuhang, general manager of the company's export sector, forecast that domestic sales would double this year.

BYD raised its 2010 sales target to 800,000 units from last year's 480,000. It sold 450,000 cars last year.

Guangzhou Auto buys Gonow—Chinanews.com.cn

Guangzhou Automobile Industry Group (GAIC), a state-owned company, signed an agreement yesterday to buy a controlling 51 percent stake in privately-owned auto maker Gonow. It is the first time a state-owned enterprise has acquired a private company in the Chinese auto industry.

Gonow is a Zhejiang Province-based private car maker specializing in pickups, SUVs and mini buses, with an annual output of 300,000 units. It has plants in Xiaoshan, Taizhou in Zhejiang and Dongying in Shandong.