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☆ Analysis: China’s EV market reshaped by a brutal elimination round
▼ + stars: | 2024-04-24 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Hong Kong CNN —A “life and death race” has begun to unfold in the world’s largest market for electric vehicles (EV). More than a dozen passenger carmakers disappeared from the market last year, according to statistics from the China Passenger Car Association. Too many playersOvercrowding is another major issue plaguing China’s EV industry. Last month, Xiaomi, a Chinese smartphone brand, launched its electric car, the SU7 sedan. “China’s EV industry has entered a stage of cyclical adjustment after two decades of growth,” he said at a forum in Beijing.

Persons: ”, Tesla, Mark Rainford, Richard Yu, Li Auto, “ They’re, Huawei’s Aito, Lei Jun, BYD, Rainford, Gan Jiayue, Wang Chuanfu, Yin Tongyue Organizations: Hong Kong CNN, Auto China, YouTube, China, “, National Development, Reform Commission, China Passenger Car Association, WM, Mitsubishi Motors, Honda, Hyundai, Ford, Huawei, EV, China Association of Auto Manufacturers, China’s EV, Li, Tesla, Porsche, Geely Auto, Meizu, Chery Auto, International Energy Agency Locations: China, Hong Kong, Beijing, Shanghai, oversupply, Meizu

☆ Tesla cuts prices in China and Germany as competition heats up
▼ + stars: | 2024-04-22 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Tesla has announced aggressive price cuts in China and Germany, shortly after reducing prices in the United States, as the world’s largest maker of electric vehicles (EV) faces declining sales and growing competition in major markets. The first cuts were announced on Friday in the US, when Tesla reduced the prices of three of its five models. China gets tougherIn China, the largest EV market in the world, Tesla’s price cuts are expected to exacerbate an existing price war in a highly competitive sector. China’s EV price war started in October 2022, when Tesla cut prices to boost sales as consumers slashed spending in a slowing economy. The competition continues unabated in 2024, with more than 30 major car makers announcing further price cuts.

Persons: Hong Kong CNN — Tesla, Tesla, Elon Musk, Narendra Modi, Li Auto, Li Xiang, Li, China’s BYD, XPeng, BYD Organizations: Hong Kong CNN, EV, Tesla, Li Locations: China, Hong Kong, Germany, United States, Tesla’s, Europe, India, Guangzhou

☆ 3 ways Apple’s monopoly lawsuit could change the iPhone experience for fans
▼ + stars: | 2024-03-26 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +7 min

Apple added that the lawsuit could empower the government “to take a heavy hand in designing people’s technology.”But if successful, the lawsuit could ripple across Apple’s products and services. Anna Moneymaker/Getty ImagesChanges to the App StoreIf found liable, the company could be forced to change a number of things. One such change is how iPhone users could get greater access to “super apps” that have been largely restricted before. More open servicesAnother likely change is how hardware from other companies, such as smartwatches, will interact with the Apple range of devices and software, including the iPhone and Apple’s services like Fitness+. But Apple’s success stems in part to its tight grip on its products and services, keeping things intuitive and seamless.

Persons: Biden, Apple, here’s, General Merrick Garland, Anna Moneymaker, Dipanjan Chatterjee, Forrester, ”, Chatterjee, it’s, David McQueen, ” McQueen, ” Chatterjee Organizations: CNN, Apple, Department of Justice, ”, Apple Watch, ABI Research Locations: Washington ,, innovating

☆ Race for China’s EV market could last 3 years, BYD says, claiming it wants to work with Tesla
▼ + stars: | 2024-01-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Chinese automaker BYD had one of the biggest stands at the IAA show in Munich, Germany in 2023. BEIJING — Competition for China's electric car market will continue to heat up in the next two to three years, according BYD , which claimed it wants to work with Tesla to grow the market. Chinese battery and electric car maker BYD has grown rapidly in recent years, with total vehicle production in 2023 surpassing that of Elon Musk's Tesla. Fierce competition in China's electric car market in the last two years has resulted in the lowest prices for the vehicles globally, Yunfei Li, general manager of branding and public relations at BYD, told reporters Monday. Government subsidies and license plate restrictions have helped boost new energy car sales, while startups and traditional automakers have incorporated flashy new tech to attract buyers.

Persons: BYD, Tesla, Elon Musk's Tesla, Li Organizations: IAA, BEIJING —, CNBC Locations: Munich, Germany, BYD, China

☆ China’s EV players ramp up competition with Tesla using new tech
▼ + stars: | 2024-01-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

CNBC | Evelyn ChengBEIJING — Hot competition in China's electric car market is pushing local automakers to sell vehicles with fancy tech that Tesla doesn't yet offer in the country — and sometimes at lower prices. Tesla's cars don't come with those accessories, and Elon Musk's automaker only offers a limited version of its driver-assist tech in China right now. Xpeng 's G9 SUV, widely considered a leader in China for driver-assist tech on city streets, starts at 289,900 yuan. That's because electric car batteries and other parts aren't made in the U.S., which means American companies are already paying a premium for core components of the electric car, Li said. Traditional foreign auto giants like Volkswagen are struggle to adjust to the surge of electric cars in China, while domestic companies, including smartphone company Xiaomi and Geely-backed startup Zeekr, are rushing to release electric cars.

Persons: Evelyn Cheng, Tesla, Elon, Li Yi, Aito, Li Auto, Yiming Wang, Wang, Li, wasn't, Appotronics, aren't, BYD, Zhong Shi, Omer Ganiyusufoglu Organizations: CNBC, Elon Musk's, Huawei, HSBC, Consumers, China Renaissance Securities, Price, U.S ., U.S, China Automobile Dealers Association, BYD, Volkswagen, German's National Academy of Science, Engineering Locations: Evelyn Cheng BEIJING, China, Shenzhen, Europe, Shanghai, U.S, Tesla

☆ China’s graphite curbs send green warning shot
▼ + stars: | 2023-10-20 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

Global demand for graphite, seen at 770,000 tonnes this year, is expected to treble by 2033, according to estimates by Fastmarkets graphite analyst Georgi Georgiev. China currently accounts for 64% of the global production of natural graphite and more than half of the artificial equivalent. More importantly, the People’s Republic refines more than 90% of the graphite into high-purity material used in EV batteries. This echoes the approach China used earlier this year to restrict exports of gallium and germanium, two metals used in chips and fibre optic cables, triggering a fall in international shipments. Mining graphite in Europe, which wants to lead in EV adoption, is simply more expensive, says Aiden Lavelle, CEO of miner European Green Metals.

Persons: Georgi Georgiev, Aiden Lavelle, Carmakers, Una Galani, Streisand Neto Organizations: Reuters, People’s, EV, Shanghai Putailai, Energy Technology, Metals, Volkswagen, Thomson Locations: HONG KONG, China, Republic, Shanghai, Finland, Sweden, Beijing, Western, Europe, U.S

That adds to tech-related tensions between the West and China, which is one of Europe’s biggest trading partners and the world’s biggest auto market. Chinese EV makers are drawn to Europe because auto import tariffs are just 10% versus 27.5% in the U.S., independent auto analyst Matthias Schmidt said. MG — owned by SAIC Motor, China’s biggest automaker — is the largest Chinese EV player in Europe. One reason Chinese companies can offer high-quality cars at affordable prices stems from the rules to enter the Chinese market. Chinese EV makers, meanwhile, are trying to stand out in a crowded field.

Persons: Laima Springe, Janssen, “, ” Springe, I’m, ”, Matthias Schmidt, John Kirkwood, —, Kirkwood, Warren Buffett, Ursula von der Leyen, Alfa, China’s EVs, Carlos Tavares, we’re, Alexander Klose, ” Klose, Schmidt, Justin Nicholls, Nicholls Organizations: Volvo, Nissan, Skoda, Union, EV, Volkswagen Passat, Kia, MG, SAIC Motor, China’s, —, Lotus, Chinese Commerce Ministry, EU, World Trade Organization, Tesla’s, Peugeot, Citroen, Alfa Romeo, Fiat, Global, Wall Motors Locations: Copenhagen, Denmark, Europe, China, West, U.S, British, Western, France, Germany, Beijing, Shenyang, Shanghai, Israel

American companies doing business in China are less optimistic about the future than at any other time in more than two decades. These are some of the takeaways from reports released Tuesday by organizations representing close to 2,000 European and American firms. The papers by the American Chamber of Commerce in Shanghai and the European Union Chamber of Commerce in China portray a business environment that has become more difficult to navigate. Nearly two-thirds of European companies in China have seen business opportunities thwarted by China’s ever more complex web of regulations. The reports also make clear that despite the troublesome landscape, China remains an enticing lure for Western corporations.

Persons: China’s Organizations: American Chamber of Commerce, European Union Chamber of Commerce, Companies Locations: China, Shanghai, Beijing

☆ China’s Evergrande files for bankruptcy
▼ + stars: | 2023-08-17 | by ( Samantha Delouya | ) edition.cnn.com time to read: +3 min

CNN —China’s Evergrande Group — once the country’s second-largest property developer — filed for bankruptcy in New York on Thursday. Evergrande filed for Chapter 15 bankruptcy protection, which allows a US bankruptcy court to step in when an insolvency case involves another country. Chapter 15 bankruptcy is intended to help promote cooperation between US courts, debtors, and other countries’ courts involved in cross-border bankruptcy proceedings. But Evergrande’s 2021 default sent shockwaves through China’s property markets, damaging homeowners and the broader financial system in the country. Evergrande is a massive company with more than 1,300 real estate projects in more than 280 cities, according to its website.

Persons: —, Evergrande, ” Evergrande Organizations: CNN, China’s, Shimao, NWTN, EV Locations: New York, Beijing, China, Dubai

☆ Rise of China’s EV Makers Puts End to West’s Local Dominance
▼ + stars: | 2023-07-10 | by ( Yoko Kubota | Selina Cheng | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/rise-of-chinas-ev-makers-puts-end-to-wests-local-dominance-775d0811

Persons: Dow Jones Organizations: wests

During her first day of meetings in Beijing, Treasury Secretary Janet L. Yellen criticized punitive measures the Chinese government has taken against American firms. I’ve made clear that the United States does not seek a wholesale separation of our economies. Ms. Yellen conveyed her objections to China’s top officials, including Premier Li Qiang, in what was the first visit to China by a Treasury secretary in four years. A Treasury Department official said Ms. Yellen had discussed the outlook for the economy in an informal discussion with her former counterparts that lasted more than an hour. “The United States will, in certain circumstances, need to pursue targeted actions to protect its national security,” Ms. Yellen said.

Persons: Janet L, Yellen, I’ve, Biden, Yellen’s, Li Qiang, Ms, “ I’ve, Mark Schiefelbein, Wang Yong, Wang, ”, Shi Yinhong, “, China’s, Michael Hart, “ We’ve, Mr, Hart, Liu He, Yi Gang, Li, Li’s, ” Claire Fu, Christopher Buckley Organizations: U.S, American Chamber of Commerce, Boeing, Bank of America, Cargill, Group, Bain & Company, Beijing, Biden, of, People, ., Center for American Studies, Peking University, “, Renmin University, U.S . State Department, Chamber of Commerce, Treasury, People’s Bank of China, Treasury Department Locations: Beijing, United States, China, American, Shanghai, U.S, States

☆ Biden administration approves potential $440 million arms sales to Taiwan
▼ + stars: | 2023-06-30 | by ( Michael Callahan | ) edition.cnn.com time to read: +1 min

Washington CNN —The Biden administration has approved two potential arms sales totaling $440 million to Taiwan amid ongoing tensions between the self-governing island and Beijing, the State Department announced Thursday. “This proposed sale serves US national, economic and security interests by supporting the recipient’s continuing efforts to modernize its armed forces and to maintain a credible defensive capability,” the State Department said. Washington has long provided arms to the island under the terms of the Taiwan Relations Act, and there is bipartisan support for supplying Taiwan with weapons. “China’s ever-expanding military and grey zone oppression have posed a severe threat to Taiwan,” the ministry said in a statement. “The US arm sales this time not only helps to build Taiwan’s capacity in responding to China’s military threat, but also strengthens our defense resilience and satisfies our training needs.”

Persons: Washington CNN —, Biden, –, “, Mao Ning, “ China’s, ” Organizations: Washington CNN, State Department, Cultural, Washington, Taiwan Relations, Foreign Ministry, Taiwan’s Defense Ministry Locations: Taiwan, Beijing, Taipei, United States, China, Taiwan Strait

☆ China’s EV Juggernaut Is a Warning for the West
▼ + stars: | 2023-06-07 | by ( Greg Ip | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/chinas-ev-juggernaut-is-a-warning-for-the-west-1389f718

Persons: Dow Jones

☆ These may be the world’s best warships. And they’re not American
▼ + stars: | 2023-06-02 | by ( Brad Lendon | ) edition.cnn.com time to read: +12 min

A challenger for China’s world-beating Type 055sThe Pentagon estimates China’s navy to have around 340 warships at present, while the US has fewer than 300. Take China’s Type 055, in many eyes the world’s premier destroyer. The three Sejongs, which cost about $925 million each, are the pride of the South Korean fleet. All these Japanese and South Korean vessels are designed to incorporate US technology, weapons, spy radars and the Aegis command and control system. But then if the US, Japanese and South Korean ships use similar technology and can operate together, why does the law prevent the US from building some of its ships in Japanese and South Korean shipyards?

Persons: South Korea CNN —, China’s, Lloyd Austin, Li Shangfu, ”, Blake Herzinger, Carl Schuster, –, Schuster, Herzinger, it’s, Arleigh Burke, ., Kim, Sejong, ” Kim, Alessio Patalano, Arleigh Burkes, ” Patalano, Japan’s, ” Schuster, It’s, Travis Callaghan, “, Nick Childs, There’s, Childs, ” Herzinger Organizations: South Korea CNN, United, US Navy, US, CNN, Beijing doesn’t, United States Studies Center, Pacific Command’s Joint Intelligence Center, South Korea’s Sejong, South Korean, South Korean Navy, country’s Defense Media Agency, South, Korea Association of Military Studies, King’s College, Arleigh, Aegis, Maritime Administration, US Coast Guard, Shipbuilding, USNI News, Navy Locations: Seoul, South Korea, China, South, Taiwan, Singapore, Austin, Washington, Beijing, Japan, Australia, Hawaii, Xianyang, South Korea’s, London, Asia, Washington’s, United States, America

☆ One in 5 young people in Chinese cities are out of work. Beijing wants them to work in the fields
▼ + stars: | 2023-04-30 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Guangdong, the manufacturing powerhouse that abuts Hong Kong, said last month it will help college graduates and young entrepreneurs to find work in villages. Guangdong’s plan, which was widely panned on social media, coincided with the rate of urban unemployment among 16- to 24-year-olds surging to 19.6%, the second highest level on record. Kong Yiji, a famous literary figure from the early 20th century, has been one of the hottest memes on China’s social media since February. A tourist shop named 'Kong Yiji' in China's Zhejiang province. Other popular buzzwords have included “lying flat” and “letting it rot.”Authorities, uneasy about dissatisfaction expressed through memes, have banned the hashtag of Kong Yiji.

☆ China’s EV Makers Outshine Global Rivals, but a Rocky Road Lies Ahead
▼ + stars: | 2023-04-20 | by ( Yoko Kubota | ) www.wsj.com time to read: 1 min

Vehicles on display for China’s premier auto fair in Shanghai. Photo: alex plavevski/ShutterstockSHANGHAI—China’s car makers are going full throttle to increase production of electric vehicles, driving the world’s shift away from gasoline-powered cars. But as foreign rivals seek to claw back their lost market share, the road ahead looks perilous. Electric vehicles took the limelight at China’s premier auto fair in Shanghai this week—the first major automotive event since the pandemic began three years ago that has been accessible to both local and foreign visitors. Gathering the biggest crowds were the Chinese-brand cars.

☆ Evergrande Group announces long-awaited debt restructuring deal after 2021 collapse
▼ + stars: | 2023-03-23 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China’s Evergrande Group, whose collapse in 2021 sparked China’s worst property market crisis on record, has unveiled a multi-billion dollar restructuring plan to make peace with its international creditors. The long-awaited plan could set an important precedence for investors dealing with the growing defaults and restructuring in China’s real estate industry. Evergrande has reached “binding agreements” with its international bondholders on the key terms of its restructuring plan, the company said late Wednesday in a 200-page filing. That means most of the company’s international creditors have agreed on the deal. Earlier this week, Evergrande said at a court hearing in the city that it would publish details of the restructuring plan on Wednesday.

☆ The Knives Are Out in China’s EV Industry
▼ + stars: | 2023-03-03 | by ( Jacky Wong | ) www.wsj.com time to read: 1 min

Tesla kicked off 2023 in China with aggressive price cuts, and sales got a boost. Top electric-vehicle firms have paced each other reasonably well in China over the past few years. But 2023 will be a year of intensifying competition—and perhaps, witness the emergence of a durable pack leader. Tesla kicked off 2023 in China with aggressive price cuts: indicative of the way the wind is blowing. And that comes on top of a separate price cut late last year.

☆ China’s EV Sales Broke Record in 2022 as Overall Auto Market Stalled
▼ + stars: | 2023-01-10 | by ( Selina Cheng | ) www.wsj.com time to read: 1 min

BYD, which is backed by Warren Buffett, jumped to the top of China’s retail-sales chart in 2022. HONG KONG—Sales of new-energy vehicles almost doubled in China last year, even as overall car sales remained sluggish with auto makers weathering severe production disruptions and economic challenges under strict anti-Covid-19 curbs. China sold 5.67 million electric vehicles and plug-in hybrids in 2022, the China Passenger Car Association said Tuesday, as state subsidies and high oil prices led buyers to switch from gas-guzzling models.

☆ China’s EV Market Will Slow in 2023. That Still Leaves It Ahead.
▼ + stars: | 2022-12-28 | by ( Jacky Wong | ) www.wsj.com time to read: 1 min

China’s rip-roaring electric-vehicle industry will probably downshift a bit in 2023. But it will remain far and away the largest global market—a fact that gives it formidable advantages in the race to dominate the global EV supply chain. Sales of new-energy vehicles in China, which include plug-in hybrids, more than doubled from a year earlier in the first 11 months in 2022 to more than 6 million units, according to the China Association of Automobile Manufacturers. Around a quarter of cars sold in the country are now EVs. That makes China the undisputed EV leader: It accounted for more than half of all EVs sold globally in 2022.

☆ Tesla Sales of Chinese-Made Cars Hit Record, as Nation’s Auto Market Shrinks
▼ + stars: | 2022-12-08 | by ( Selina Cheng | ) www.wsj.com time to read: 1 min

HONG KONG— Tesla Inc.’s Shanghai factory had a record month of sales despite China’s auto market shrinking in the grip of a slowing economy and consumer demand under harsh Covid curbs, constraints that Beijing has just moved to start easing. The American EV giant sold more than 100,000 China-made electric vehicles in November even as passenger car retail sales shrunk by more than 9% on the year amid poor market conditions, according to China Passenger Car Association data released on Thursday. More than 60,000 of those were sold domestically, representing more than one-tenth of China’s EV market share. The rest were exported.

☆ Berkshire Hathaway: Warren Buffett further unwinds BYD investment in China
▼ + stars: | 2022-11-23 | by ( Laura He | ) edition.cnn.com time to read: +2 min

It’s the fifth major share sale by Berkshire (BERK) of BYD shares disclosed since August, according to public records. Before the first deal was disclosed in August, Berkshire had held 225 million shares of BYD for 14 years. The US conglomerate first bought BYD shares at an average of HK$8 ($1.02) apiece in 2008, with an investment of $230 million. Back then, BYD shares had fallen to a record low during the global financial crisis. Based on the latest exchange filing, the conglomerate has dumped more than 49 million BYD shares in the past four months.

☆ China’s EV Brands Could Hit Speed Bumps in Europe
▼ + stars: | 2022-09-28 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

A wave of Chinese car brands is about to wash up in Europe in one of the first big tests of Western appetite for advanced technology from the country. Getting buy-in from both consumers and politicians could take a while. On Wednesday, China’s electric-vehicle star BYD gave crucial details of the full-scale European launch it has planned for this fall, notably pricing: Its new compact sport-utility vehicle, the Atto 3, will have a base price of €38,000, equivalent to roughly $36,000, before any country-specific subsidies. This will make it among the most affordable products in a benchmark EV category that also includes Volkswagen ’s ID4 and Tesla ’s Model Y.

☆ China's Nio takes on BMW, Mercedes in home market with flexible battery plan
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +4 min

Nio’s battery swap stations also promise to send drivers out with a new, fully-charged battery in just a few minutes, faster than current charging alternatives. In China, Nio set up a company with partners including battery giant CATL to buy the battery packs for leasing and then collect subscription fees from Nio users. Over the past year, Nio has been experimenting with battery leasing and swapping in Norway for its ES8, an electric-drive SUV. The company has sold 800 of the SUVs and installed two swapping stations in Norway, executives said. Nearly all the buyers in Norway and more than half in China have opted for battery leasing, said Shen Fei, Nio's vice-president for power management.

☆ China’s EV Startups Suffer Widening Losses Despite Sales Boom
▼ + stars: | 2022-09-19 | by ( Selina Cheng | ) www.wsj.com time to read: 1 min

NIO, which markets premium EVs, raked in record revenue in the second quarter, but it reported a loss almost five times wider than a year earlier. HONG KONG—China’s electric-vehicle market is booming, but the country’s hottest EV startups are seeing losses grow even as sales rise. Rising battery prices and supply-chain delays this year have driven up costs further for emerging EV makers. The startups are already burning cash to introduce newer, smarter models—complete with heated massage seats or battery-swapping services—to gain a foothold in the world’s largest automobile market.

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