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☆ Automobility Limited CEO discusses global carmakers and China market
▼ + stars: | 2024-05-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlobal automakers can't retreat from China if they want to compete with it: Automobility Limited CEOBill Russo, founder and CEO of Automobility Limited, discusses the strategies that Toyota and other carmakers should use in the face of China's highly competitive electric vehicle market, saying "you have to be present in the world's largest market."

Persons: Bill Russo Organizations: Email Global, Automobility, Toyota Locations: China

☆ Xiaomi tries to establish itself in the new category with EV launch
▼ + stars: | 2024-03-28 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailXiaomi tries to establish itself in the new category with EV launch, key question is can it compete? Bill Russo of Automobility says Xiaomi hopes to leverage on its smart device ecosystem to win over customers for its electric vehicles SU7.

Persons: Xiaomi, Bill Russo, Automobility Organizations: EV

STR | AFP | Getty ImagesIn the race against Tesla for the global electric car market, Chinese automaker BYD is pushing hard overseas despite rising barriers to the U.S. market. Given policy uncertainty around Chinese EV exports to major markets like the U.S. and Europe, BYD is seeking to bolster overseas sales by moving production to regions perceived as more friendly. The U.S. has tried to support adoption of electric cars domestically, but sales penetration is well below that of China. EY predicts the electric car market in the region will grow exponentially to at least $80 billion a year in sales in the next decade. The rapid growth of BYD and other Chinese electric car companies has other automakers worried.

Persons: Tesla, BYD, Xiao Feng, Biden, it's, EY, Alvin Liu, Liu, BYD's, Sime Darby, Stella Li, Reuters BYD, Bill Russo, CNBC's, Li Organizations: AFP, Getty, Toyota, Counterpoint Research, Tesla, Sime, Americas, Reuters, Alliance for American Manufacturing, U.S Locations: Taicang Port, Suzhou, China's, Jiangsu, U.S, Shenzhen, Europe, Thailand, Brazil, Indonesia, Hungary, Uzbekistan, China, Marklines, Southeast Asia, Singapore, Philippines, Malaysia, Mexico, Americas, North America, United States, Canada, Washington

☆ It's a 'war of attrition' for Nio and other Chinese EV makers, says advisory firm
▼ + stars: | 2024-03-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's a 'war of attrition' for Nio and other Chinese EV makers, says advisory firmBill Russo, founder and CEO of Automobility Limited, discusses Nio's fourth-quarter earnings, the electric vehicle price war and weak demand, saying "you're going to need to burn for a while before you can earn."

Persons: Bill Russo Organizations: Automobility

☆ BYD: Why Hungary and Mexico could be key to the Chinese carmaker’s global domination
▼ + stars: | 2024-01-19 | by ( Michelle Toh | ) edition.cnn.com time to read: +9 min

The cars come from BYD, the Chinese carmaker that is backed by Warren Buffett and has surpassed Tesla as the world’s biggest seller of electric vehicles (EVs). 1," a shipping carrier vessel intended to export BYD vehicles, at Yantai port in eastern China's Shandong province in January. BYD Mexico did not respond to a request for comment. “The US government is not going to like that Mexico is creating a back door.”A BYD electric vehicle, operated by Vemo taxi, in Mexico City in November. But as it continues to grow overseas, BYD will have to take a more localized approach, analysts say.

Persons: Warren Buffett, Tesla, BYD, Viktor Orbán’s, Yucatán, what’s, Elon Musk, Tu Le, carmaker, Hungary —, Matthias Schmidt, ”, “, Schmidt, Bill Russo, it’s, Le, Mariceu Ethrall, It’s, “ It’s, ‘ We’re, ’ ”, Stella Li, México, ” Li, Wang Chuanfu, BYD “, Russo, they’ve, ” Russo Organizations: Hong Kong CNN, Xinhua, Getty, CNN, Tesla, BMW, Audi, European Union, Schmidt Automotive Research, EV, European Commission, Bloomberg, BYD, El Locations: Hong Kong, China, Europe, BYD, Shenzhen, Germany, Netherlands, Hungary, Mexico, North America, China's Shandong, Szeged, Komárom, France, Shanghai, Hungarian, United States, Canada, Mexico City, Mexican, Dutch, Rotterdam, California, Brazil, Indonesia, Thailand, Uzbekistan, Macao, Taiwan, Japan, what’s

☆ Hybrid vehicle sales surge in China, posing fresh threat to foreign automakers
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +6 min

A Li L7 electric SUV by Li Auto is displayed at the Auto Shanghai show, in Shanghai, China April 18, 2023. One-third of total vehicle sales by Toyota, the world's top-selling automaker, are already hybrids and the company reported a 34% surge in hybrid sales in the six months to end-September, outpacing 9% growth in overall revenue. Sales of HEVs in China, which Toyota still dominates with four top-selling models, tumbled 15%, while gasoline car sales dropped 11%, underscoring potential challenges facing foreign automakers. But it was a failed trial, with sales of just over 4,000 units, and GM in 2020 halted sales. BYD is expanding PHEV sales overseas, offering Han, Qin and Song lineups in Latin America, which has less charging infrastructure.

Persons: Li Auto, Aly, Xu Min, Yale Zhang, BYD, Li, Han, Qin, Stellantis, Leapmotor, Xu, Bill Russo, Zhang Yan, Brenda Goh, Miyoung Kim, Gerry Doyle Organizations: Li, Auto, REUTERS, Rights, Toyota, Honda, Shanghai Jiao Tong University's Institute, Intelligent, Reuters, China Association of Automobile Manufacturers, HK, Automotive Foresight, Reuters Graphics, Prius, General Motors, Buick, GM, Li Auto, Jiao Tong University, HEVs, Thomson Locations: Auto Shanghai, Shanghai, China, Europe, U.S, outpacing, United States, Shanghai Jiao, Reuters Graphics CHINA, America, Leapmotor, North America

☆ Toyota raises its outlook as strong hybrid demand juices profits
▼ + stars: | 2023-11-01 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +3 min

Toyota Motor on Wednesday said its quarterly profit more than doubled from a year ago on strong global demand for hybrids and favorable exchange-rate moves. On average, during the quarter, $1 was worth 145 yen, up from 138 yen in the same quarter of 2022. It now expects profit of 4.5 trillion yen ($29.8 billion), up from 3 trillion yen in its earlier guidance. It said it expects the weaker yen to account for the majority – about 1.2 trillion yen – of that increase. The company also announced a 100 billion yen ($662 million) share buyback and increased its dividend by 5 yen from a year ago, to 30 yen (20 cents) per share.

Organizations: Toyota, Los Angeles Auto, U.S, U.S . Locations: Los Angeles , California, U.S, North Carolina

☆ Jeep, Dodge maker Stellantis to invest $1.6 billion in Chinese EV startup Leapmotor
▼ + stars: | 2023-10-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

Arjun Kharpal | CNBCStellantis on Thursday said it will invest 1.5 billion euros ($1.58 billion) in Chinese electric vehicle startup Leapmotor , as traditional automakers look for a way to compete in China's cutthroat market. The companies will form the Leapmotor International joint venture, aiming to boost sales of the Chinese brand's electric cars overseas. China, the world's biggest electric vehicle market, is dominated by domestic company BYD , as well as U.S. automaker Tesla . Traditional vehicle companies have been seen to be too slow to transition to manufacturing electric vehicles, hampering potential growth in the Chinese market. Stellantis eyes China boostThe deal could boost Stellantis' efforts in China, by having a local partner lead the way.

Persons: Arjun Kharpal, Li Auto, Stellantis, Abhik Mukherjee, Carlos Tavares, Leapmotor, Zhu Jiangming, Counterpoint's Mukherjee, Bill Russo Organizations: Leapmotor, CNBC, International, JV, Chrysler, Maserati, Tesla, Huawei, Counterpoint Research, EV, IAA, Guangzhou Automobile Company Locations: Leapmotor . China, China, Hangzhou, Munich, Greater China, Europe, Stellantis, China's Xpeng

☆ Taiwan’s Foxconn to build ‘AI factories’ with Nvidia
▼ + stars: | 2023-10-18 | by ( Eric Cheung | ) edition.cnn.com time to read: +5 min

Taipei CNN —Taiwan’s Foxconn says it plans to build artificial intelligence (AI) data factories with technology from American chip giant Nvidia, as the electronics maker ramps up efforts to become a major global player in electric car manufacturing. Foxconn Chairman Young Liu and Nvidia CEO Jensen Huang jointly announced the plans on Wednesday in Taipei. The duo said the new facilities using Nvidia’s chips and software will enable Foxconn to better utilize AI in its electric vehicles (EV). Nearly 14 million electric cars will be sold in 2023, it projected. REUTERS/Ann Wang Ann Wang/ReutersDuring last year’s tech day, Liu told reporters that the company hoped to build 5% of the world’s electric cars by 2025.

Persons: Taipei CNN — Taiwan’s Foxconn, Young Liu, Jensen Huang, ” Huang, “, ” Liu, Foxconn, ”, Kylie Huang, Ann Wang Ann Wang, Liu, Chiang Shang, TSMC, Jun Seki, Bill Russo, Automobility, Tesla, ‘ I’m, ’, ” Hanna Ziady Organizations: Taipei CNN, Nvidia, Foxconn, Global, International Energy Agency, Hai Technology Group, Daiwa, Tech, REUTERS, Reuters, Lordstown Motors, General Motors, EV, Nissan Motor, Infineon Technologies Locations: Taipei, Taiwan, Kaohsiung, EVs, Ohio, Chiang, German, Shanghai

Here are the big questions about the move, which led to a slide in shares of Chinese EV makers on Thursday:WHY EXPORT TO EUROPE AND HOW MUCH HAS IT GROWN? That is mainly due to Beijing's decade-old industry promotion policy of incentives and subsidies that enabled China to become the world's biggest EV market and control the global EV supply chain, including raw materials. The single largest exporter is Tesla, accounting for 40% of China's EV exports between January and April, U.S. thinktank the Center for Strategic and International Studies says. Chinese state subsidies for electric and hybrid vehicles totalled $57 billion between 2016 and 2022, consultants AlixPartners have estimated. It paid out nearly $15 billion to encourage EV purchases through 2021, China Merchants Bank International has estimated.

Persons: Annegret, Bill Russo, EVs, BYD, AlixPartners, Brenda Goh, Ellen Zhang, Miyoung Kim, Clarence Fernandez Organizations: REUTERS, Rights, European Commission, EV, EU, Volkswagen, Renault, BMW, WHO, Center for Strategic, International Studies, Volvo, SAIC's, MG, HK, China Merchants Bank International, Thomson Locations: Berlin, Germany, China, Shanghai, Europe, United States, CHINA, Netherlands, Denmark

HONG KONG, Aug 23 (Reuters Breakingviews) - Volkswagen’s (VOWG_p.DE) China shortcut sets a tricky roadmap for its western rivals. An increasingly competitive Chinese market means others may also need to plot a new route. VW’s western peers may feel they do not need to follow in its tracks. Second, VW’s Xpeng deal highlights how companies need to adapt quickly to stay relevant in China. Both partnerships will see the companies jointly develop intelligent, connected electric vehicles for the Chinese market.

Persons: China’s, that’s, Bernstein, Alix, Elon Musk’s, VW’s, Auto, Neil Unmack, Pranav Kiran, Thomas Shum Organizations: Reuters, HK, FAW, SAIC, VW, BMW, upstarts, Alix Partners, Elon, Mercedes, Benz, Nissan, General Motors, Honda, Toyota, Volkswagen, Volkswagen’s Audi, Zhejiang Leapmotor Technology, Jetta, Thomson Locations: HONG KONG, China, Xpeng, Kingdom, Shanghai, Hong Kong, Zhejiang

☆ The bad news for automakers in China is only getting worse
▼ + stars: | 2023-08-19 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Now Chinese automakers' next move is to capitalize on exports, a recent Morgan Stanley note said. But some of that car-buying demand in China starting to wane, according to an August 17 note from Morgan Stanley. "We're still growing our market share in China," Tesla SVP of automotive Tom Zhu said at the firm's Investor Day in March. But while early cuts might have sparked demand, Morgan Stanley analysts called "Tesla's further promotional activity of particular concern." Chinese companies are forging ahead elsewhere while domestic demand easesThird, this just means that the Chinese companies will continue their push across the globe.

Persons: Tesla, Morgan Stanley, NEVs, Ford, Jim Farley, BEV, John Lawler, Tom Zhu Organizations: EV, Morning, Tesla, Ford, GM, Automobility, Deutsche Bank, KPMG — Locations: China, Europe

☆ Global automakers scramble to reset China strategies as sales slow
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +6 min

Global automakers, who for years have dominated the market along with their Chinese state-run partners, have been slow to pivot to the fast-growing market for EVs with competitive offerings. "This major collaboration between Volkswagen and Xpeng is a milestone for our electrification strategy 'in China for China'," said Ralf Brandstatter, a VW board member on his social media account. Their deeper pockets give established foreign automakers who are determined to fight for share in China, the ability to play a long game. Kia (000270.KS) is to enter China's EV market with its first EV, the EV6 crossover, via imports in August. "The German brands benefit from significant global scale," said He Lei, CEO of Chinese EV trading platform xChuxing.

Persons: Aly, Yale Zhang, Ralf Brandstatter, We've, Mary Barra, Tu Le, Yang Honghai, Kia, Mercedes Benz, Volkswagen's Audi, Lei, It's, Bill Russo, Automobility, Zhang Yan, Brenda Goh, Kevin Krolicki Organizations: Audi, Volkswagen, Auto, REUTERS, General Motors, Toyota, China Association of Automobile Manufacturers, Global, BMW, Mitsubishi, Automotive Foresight, GM, Reuters Graphics Volkswagen, BYD, China's Xpeng, HK, SAIC, VW, Buick, Chevrolet, Cadillac, CHINA EV INC, Tesla, China EV Inc, Volkswagen's, EV, Mitsubishi Motors, Nissan, Ford, Renault, Thomson Locations: Auto Shanghai, Shanghai, China, SHANGHAI, CHINA, Kia China, KS

On Thursday, regulators orchestrated an agreement between Tesla (TSLA.O) and 15 Chinese rivals to avoid “abnormal pricing”, sealing the deal at a signing ceremony in Shanghai, Bloomberg reported. Perhaps as a result, sellers of internal combustion engines frequently offered steeper discounts compared to battery-powered rivals, Citi’s data show. In this case, at least, it appears to be trying to keep competition healthy, targeting only “abnormal pricing”. If nothing else, Beijing’s intervention offers a welcome pause in hostilities. Over 30 brands in China announced discounts in the first three months of the year, according to industry consultancy Automobility.

Persons: It’s, Bill Russo, AlixPartners, Tesla, Antony Currie, Thomas Shum Organizations: Reuters, Tesla, Bloomberg, FAW Audi, BAIC Hyundai, Citi, HK, country’s Ministry of Industry, Information Technology, China Association of Automobile Manufacturers, Thomson Locations: HONG KONG, Beijing, Shanghai, Xpeng, China

Electric vehicles drove that change. In the first quarter of 2023, Russians purchased more Chinese cars than Lada, the beloved Soviet-era marque. That helps Chinese manufacturers churn out an electric vehicle for around 10,000 euros less than European competitors, according to Grant Thornton. Among the growing list of unwelcoming policies, the European Commission’s trade defence unit is considering ways to stem the tide of Chinese electric vehicle imports, according to Politico. How far China’s carmakers can make inroads further West will be decided by much more than assessments of their competency.

Persons: Bill Russo, Nio, Grant Thornton, Bernstein, Emmanuel Macron, CATL, Una Galani, Thomas Shum Organizations: Reuters, HK, Volkswagen, World Trade Organization, International Energy Agency, Global Times, Beijing, Lada, Chery, Amperex Technology, Politico, Ford Motor, Toyota, Nissan, Twitter, Thomson Locations: HONG KONG, BYD, People’s Republic, Europe, China, Shanghai, Hong Kong, New York, Japan, London ., European, United States, North America, France, Thailand, West

☆ Tesla's China expansion hits speed bump amid industry overcapacity
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +5 min

"You could argue that as Tesla, I've got new products, I need to have a new factory to build them in," he said. "But viewed from the China government's point of view, all they see is a market that's oversupplied." Construction of Tesla's Shanghai plant took less than a year to complete after it broke ground on the site in 2019. U.S. luxury EV maker Lucid Group (LCID.O) is also keen to make cars in China but has been advised that the possibility was low, industry sources said. "China needed Tesla to open the market for retail consumers, but Tesla needs China, because the supply chain benefits of being here and the competitive bar that's set here makes Tesla a more competitive company globally.

Persons: Tesla, Bill Russo, I've, Elon Musk, Ding Xuexiang, Musk, it's, Dan Ives, EVs, Nio, Xiaomi, Automobility's Russo, Zhang Yan, Brenda Goh, Jamie Freed Organizations: National Development, Reform Commission, Tesla, Wedbush Securities, Reuters, HK, Lucid, Thomson Locations: China, SHANGHAI, Shanghai, Beijing, CHINA, United States, Southeast Asia, Canada, India, South Korea, Indonesia

☆ China's BYD has a 'weapon' that Tesla doesn't have, says investment advisory firm
▼ + stars: | 2023-05-31 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's BYD has a 'weapon' that Tesla doesn't have, says investment advisory firmBill Russo of Automobility says BYD is selling extended range hybrid vehicles, and "Tesla can't even counter that move."

Persons: Tesla, Bill Russo, Automobility

☆ Elon Musk’s visit underscores China's importance to global EV market, analysts say
▼ + stars: | 2023-05-31 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +3 min

Xiaolu Chu | Getty Images News | Getty ImagesFrom handshakes with Chinese officials to visits to China's top ministries, Elon Musk's visit to Beijing is putting the spotlight on China's place in the global electric vehicle market. The Tesla CEO's visit to China is a "very important one" for him, said Anthony Sassine, senior investment strategist at investment manager Kraneshares. Price warsTesla slashed prices for its EV sales in China last October and January, but subsequently raised prices again in May. "It signals how important the China market is to defend and how important it is to your global system, you need the scale of China working for you," he said on CNBC's "Squawk Box Asia." He noted that China the most competitive market for EVs, with Tesla competing with multiple local companies for supremacy.

Persons: Xiaolu Chu, Elon Musk's, Tesla, Anthony Sassine, Sassine, CNBC's, Musk, Jamie Dimon, Bill Russo, Russo Organizations: Getty, Kraneshares, Communist Party, Musk, JPMorgan, U.S, EVs Locations: Shanghai, China, Beijing, U.S

☆ Say goodbye to the US car market as we know it: Cheap Chinese EVs are coming
▼ + stars: | 2023-05-16 | by ( Nora Naughton | Tim Levin | ) www.businessinsider.com time to read: +6 min

After years of eyeing the American market, Chinese brands are poised to arrive. After years of preparation, Chinese car companies are poised to upend the US electric-vehicle market. Chinese EV manufacturers can gain a foothold in the US by coming in at a budget price point, analysts said. "I've driven a number of the Chinese EV brands, and boy oh boy, the Europeans are in trouble." The sheer size of the US car market means new entrants will need to build locally to compete seriously in the long term, he said.

While other automakers like Volkswagen AG (VOWG_p.DE) have also been caught out by the sharp shift in China, Japanese automakers stand out because of their limited showing in the fast-growing category of electric and plug-in hybrid sales. Mitsubishi, like some other Japanese automakers, does not break out China sales figures. Industry data analysed by Reuters showed its first-quarter sales in China fell by 58% from a year earlier. Nissan Motor Co Ltd (7201.T) posted a 45.8% drop in China sales and Mazda Motor Corp (7261.T) sales were down 66.5% in the first quarter. "Japanese automakers could face a similar struggle in the United States as in China," he said.

☆ China doesn't want American cars anymore — that's bad news for Ford and GM
▼ + stars: | 2023-04-22 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +4 min

American car companies' sales in China have been on a steady decline. "The market has totally changed," Ford CEO Jim Farley said about ChinaWithout China, American car companies will likely lean into US electric vehicle sales. Some of this can be attributed to Chinese car companies' ability to build better and cheaper cars, especially EVs, that consumers are keen to buy. Car companies will double down on US buyers and EVsAs the industry bounced back from the Great Recession, and China became the fastest-growing (and EV friendly) car market in the world, American car companies rushed to enter the market. The China vs America face-off is at a stalemate – for nowWhile American companies lose ground in China, there is a bright spot.

[1/2] People use their phones in front of the BYD Seagull that is displayed at the Auto Shanghai show, in Shanghai, China April 19, 2023. REUTERS/Aly SongSHANGHAI, April 19 (Reuters) - At the Shanghai auto show this week, the largest crowds can be found around an unassuming, bright yellow hatchback parked at the booth of China's largest electric carmaker BYD (002594.SZ). "This redefines the whole market in terms of a price value proposition," he said. Russo predicts the value proposition of the Seagull will be compelling to overseas customers. "Affordability is attractive to everyone anywhere, whether it's an emerging market, the United States or Europe, this kind of car with this kind of value proposition will sell," he said.

☆ China's electric car drive, led by BYD, leaves global brands behind
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +4 min

SHANGHAI, April 17 (Reuters) - China's auto market, the world’s largest, is accelerating toward an electric future – leaving established global brands stuck in the slow lane. China’s passenger car sales were down 13% in the first quarter, data from the China Passenger Car Association show. But sales of EVs and plug-in hybrids – an area where Chinese automakers led by BYD now dominate – were up 22%. BYD dominates China’s market for plug-in hybrids, cars that have a combustion engine but are capable of being charged and running for shorter distances on electric power. In a further threat to established brands, China’s exports are growing fast, led by EVs and PHEVs.

☆ The EV revolution has never felt farther away as inflation, rocky supply chains, and Tesla threaten billions of dollars of investment
▼ + stars: | 2023-04-12 | by ( Alexa St. John | ) www.businessinsider.com time to read: +7 min

In the United States, automakers face major headwinds as they look to establish an all-new EV supply chain, catch Tesla, and win over skeptical buyers — all on top of an increasingly negative economic backdrop. The extent of China's role in the EV supply chain, including with lithium, is coming to light. "The epicenter of where minerals reside, where processing resides, where EV production resides, all are outside of the US," Douglas Kent, EVP of corporate and strategic alliances at the Association for Supply Chain Management, said. Tesla was long past the worst of its production snafus by the time other automakers got serious about EVs. By the time other automakers got serious about EVs, Tesla was long past its biggest manufacturing snafus and profitability challenges.

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