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☆ Autos analysts pick who can survive China’s cut-throat EV market
▼ + stars: | 2024-05-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Investment analysts are coalescing around a few potential winners in China's car market after a 10-day auto show in Beijing put the ferocious competition on full display. "This year, we notice[d] a meaningful amount of foreign visitors who are Chinese brands' overseas dealers or importers," JPMorgan analysts said. Open to the public After two days of restricting access only to business and media, the Beijing auto show opened to the general public. Jefferies' analysts estimate the policy could boost China's passenger vehicle sales by 1 million units this year, evenly split between electric and gas-powered models. The analysts highlighted their Chinese car stock picks as Leapmotor, Geely and BYD, all rated buy and listed in Hong Kong.

Persons: Nick Lai, BYD, Tesla, hasn't, Elon Musk, Nezha, Asensing, Zhang Haizhou, Morgan, Lei Jun, Xiaomi, Jefferies, Bank of America Merrill Lynch, Leapmotor, — CNBC's Michael Bloom Organizations: Asia Pacific, JPMorgan, Porsche, Apple Vision, Brands, Mazda, Auto, Morgan Stanley Asia Pacific, EV, Bank of America, Trade, Ministry of Commerce, Volkswagen, VW, Toyota Locations: Beijing, China, Asia, Europe, Nio, Zhejiang, Hong Kong

☆ China adds Nio to list of approved vehicle manufactures - website
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

Chinese Nio electric car is seen at Nio's first European plant and power swap station in Biatorbagy, Hungary, September 16, 2022. REUTERS/Bernadett Szabo/File Photo Acquire Licensing RightsSHANGHAI, Dec 4 (Reuters) - Electric vehicle maker Nio (9866.HK) has been added to a Chinese industry ministry database permitting companies to produce vehicles in the country, according to the ministry's website. The website gave no details on whether or when a manufacturing licence was granted to Nio, which has since 2018 partnered with Anhui Jianghuai Automobile Group (JAC) to produce electric vehicles on a contract basis. U.S. luxury EV maker Lucid Group (LCID.O) has also been advised of the low likelihood for approval, sources have told Reuters. The last EV maker to receive both permits was Shandong-headquartered EV maker Sinogold in May 2019.

Persons: Bernadett Szabo, Nio, Cui Zhuzhu, Zhang Yan, Brenda Goh, Emelia Sithole Organizations: REUTERS, Rights, HK, Anhui Jianghuai Automobile, China Securities Journal, Tesla Inc, Reuters, Lucid, Sinogold, China Passenger Car Association, Thomson Locations: Biatorbagy, Hungary, Anhui, JAC's, Shanghai, China, Shandong

China's refiners processed 63.93 million metric tons of crude in October, equivalent to 15.05 million bpd, according to National Bureau of Statistics data released on Nov. 15. Crude imports were 48.97 million metric tons and domestic output was 17.33 million, giving a total of 66.3 million, equivalent to 15.61 million bpd. Subtracting the refinery throughput from the total crude available leaves a surplus of 560,000 bpd to be put into commercial or strategic reserves. China total crude available vs refinery processingFORECASTS TOO BULLISH? China's imports for the first 10 months of the year are 11.36 million bpd, which is 1.19 million bpd higher than for the whole of 2022.

Persons: refiners, China doesn't, Stephen Coates Organizations: National Bureau, Statistics, OPEC, International Energy Agency, BP, Reuters, Thomson Locations: Qingdao, Shandong province, LAUNCESTON, Australia, China, Asia, Saudi Arabia

☆ The Rise and Fall of the World’s Most Successful Joint Venture
▼ + stars: | 2023-11-14 | by ( Peter S. Goodman | More About Peter S. Goodman | ) www.nytimes.com time to read: +1 min

For more than a quarter century, the fortunes of the United States and China were fused in a uniquely monumental joint venture. Americans treated China like the mother of all outlet stores, purchasing staggering quantities of low-priced factory goods. Major brands exploited China as the ultimate means of cutting costs, manufacturing their products in a land where wages are low and unions are banned. As Chinese industry filled American homes with electronics and furniture, factory jobs lifted hundreds of millions of Chinese from poverty. China’s leaders used the proceeds of the export juggernaut to buy trillions of dollars of U.S. government bonds, keeping America’s borrowing costs low and allowing its spending bonanza to continue.

Persons: Niall Ferguson, ” Organizations: Communist Party Locations: United States, China

“I’m sick of Republicans losing,” Florida Governor Ron DeSantis said. DeSantis has long contrasted his successful re-election last year in Florida with Republican setbacks in the last few elections, including Trump’s loss in 2020. Entrepreneur Vivek Ramaswamy blamed Ronna McDaniel, the chair of the Republican National Committee, instead of Trump, for the party’s recent performance. After circling each other for half the debate, they finally went on the attack over the other's dealings with China. The DeSantis campaign, meanwhile, has tried to attack Haley on that issue, accusing her of welcoming a Chinese company into her state.

Persons: Nikki Haley, Vivek Ramaswamy's, Ron DeSantis, Adrienne Arsht, Donald Trump’s, “, DeSantis, Trump, Republican Daniel Cameron, Andy Beshear, Vivek Ramaswamy, Ronna McDaniel, “ We’ve, ”, ” McDaniel, RAMASWAMY, Ramaswamy, Dick Cheney, you've, Haley, ” Haley, Ramaswamy wasn’t, Haley won’t, HALEY, James Oliphant, Gram Slattery, Colleen Jenkins, Deepa Babington Organizations: South Carolina, Republican, U.S, NBC News, ”, Wednesday, Republican National Committee, RNC, Trump, Thomson Locations: Ukraine, Florida, MIAMI, Miami, ” Florida, Kentucky, Ohio, Virginia, Israel, Europe, CHINA, China, South Carolina, DeSantis, Washington

☆ Explainer: How France aims to discourage buying of Chinese EVs
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +4 min

WHY IS FRANCE REVISING ITS EV BONUS ELIGIBILITY RULES? However, in the absence of cheap European-made EVs, a third of all incentives are going to consumers buying EVs made in China, a French finance ministry source said. Because Chinese industry generally relies heavily on coal-generated electricity, the criteria are likely to put the bonus out of Chinese carmakers' reach. But French car buyers will have to wait because Stellantis' (STLAM.MI) Slovakia-made e-C3 city car and Renault's (RENA.PA) France-made R5 are not due to hit the market until 2024. The model is currently one of the best-selling electric car's in France with the Tesla Y, Peugeot's e-208, Fiat's 500e, the Megane eTech and MG4.

Persons: Angelika Warmuth, EVs, Emmanuel Macron, Stellantis, MG4, Lorraine Morard, Luca De Meo, Tesla, BYD, Gilles Guillaume, Leigh Thomas, Sharon Singleton Organizations: Company, REUTERS, Rights, Reuters, SAIC, P Global, Renault, Thomson Locations: Munich, Germany, France, China, Europe, FRANCE, French, Slovakia, Dacia Spring

Still, it could hurt perceptions of Chinese EV makers as they expand abroad, Bernstein analysts said in a client note. Nio and Geely declined to comment on the EU probe, while BYD, Xpeng and SAIC did not respond to requests for comment. Shares in European carmakers were also among the biggest fallers on the euro zone stock index (.STOXXE50) in early trading. STRAINED RELATIONSThe anti-subsidy probe, initiated unusually by the European Commission and not from any industry complaint, comes amid broader diplomatic strains between the EU and China. It accounted for 40.25% of EV exports from China between January and April 2023.

Persons: Annegret, Ursula von der Leyen, Bernstein, BYD, CATL, Cui Dongshu, EVs, Donny Kwok, Brenda Goh, Ryan Woo, Anne Marie Roantree, Tom Hogue, Jamie Freed, Mark Potter Organizations: REUTERS, China, EV, EU, European, Ministry of Commerce, Eurasian Group, Reuters Graphics, Reuters Graphics Hong Kong, HK, Geely, SAIC, BMW, Volkswagen, Mercedes, European Commission, China Passenger Car Association, EVs, for Strategic, Internal Studies, Reuters, Thomson Locations: Berlin, Germany, Europe, China, SHANGHAI, BEIJING, Beijing, EU, Brussels, Southeast Asia, Reuters Graphics Hong, Shanghai, Xpeng, Shenzhen, SZ, Moscow, Russian, Ukraine, U.S, Hong Kong

A general view of a crude oil importing port in Qingdao, Shandong province, November 9, 2008. Many of the newer, complex refineries in Asia prefer medium sour crude as it offers a higher yield of middle distillates such as diesel and jet fuel. ALTERED FLOWSThe higher prices for medium crude grades is impacting the ways in which crude is flowing around the world. China's imports from Brazil are expected to reach 29.07 million barrels in September, which would be the highest in three years, according to Kpler. While Saudi Arabia may have been successful in boosting oil prices, it is also disrupting the markets and altering physical crude flows.

Persons: Brent, China doesn't, Simon Cameron, Moore Organizations: United Arab Emirates, Moscow, Kpler, Reuters, Thomson Locations: Qingdao, Shandong province, LAUNCESTON, Australia, Asia, Saudi Arabia, OPEC, Russia, East, Kuwait, Brent, Dubai, Ukraine, India, Iraq, China, Iran, Islamic Republic, United States, Brazil

☆ Europe has dodged Putin’s gas bullet. But it’s still thirsty for cheap energy
▼ + stars: | 2023-09-07 | by ( Luke Mcgee | ) edition.cnn.com time to read: +9 min

For Europe, energy security has always been a trade-off: Cheap, imported energy comes with the risk of dependency on the countries from which it originates. Europe had an especially mild winter while governments and citizens made a concerted effort to use less gas. Despite these efforts, officials and analysts are fearful that however impressive these advancements have been, Europe’s energy is far from secure in the long term. And when it comes to energy security, dependency ultimately brings us back to that classic trade-off: economics versus risk. China is not the only threat when it comes to energy security in Europe.

Persons: guzzled, Vladimir Putin, –, Sean Gallup, Koen van Weel, ”, Milan Elkerbout, Kevin Frayer, Ursula von der Leyen, Von der, Adam Bell, it’s, Ursula von der, Yves Herman, Velina Tchakarova, ” Tchakarova Organizations: CNN, Ukraine, European Union, EU, Getty, Center for European Policy Studies, China . Workers, China Locations: Ukraine, Europe, Russia, Moscow, European, Lubmin, Germany, Port, Rotterdam, Netherlands, Qatar, Nigeria, China, Huainan, Anhui province, Brussels, Beijing, Belgium, Taiwan, cyberattacks . China, Saudi Arabia, Khazakstan, Libya

☆ China's rare earths dominance makes U.S. supply chains vulnerable, trade representative says
▼ + stars: | 2023-08-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

watch nowChina's dominance in rare earths makes U.S. supply chains vulnerable, U.S. Trade Representative Katherine Tai said in an exclusive interview Saturday with CNBC's Martin Soong. "And until we are able to access and create additional supply chains we remain entirely vulnerable to that leverage," the U.S. trade representative said. But lower labor costs overseas, as well as less pressure on environmental standards, helped send the rare earths industry out of the U.S. watch nowIn the case of rare earths, Tai pointed out that China has a monopoly in the global market. While lithium is a key component of electric car batteries, it isn't one of the 17 metals scientifically categorized as rare earths.

Persons: Katherine Tai, CNBC's Martin Soong, Tai, Trump, Biden, Li Qiang, Gina Raimondo Organizations: U.S . Trade, B20, CNBC Locations: U.S, China, New Delhi, India, Beijing

☆ Chinese Premier Li: Sino-U.S. relations, trade cooperation face difficulties
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

Chinese Premier Li Qiang attends a meeting with U.S. Special Presidential Envoy for Climate John Kerry (not pictured) at the Great Hall of the People in Beijing, China July 18, 2023. REUTERS/Florence Lo/Pool/File Photo Acquire Licensing RightsBEIJING, Aug 21 (Reuters) - Bilateral relations and economic and trade cooperation between China and the United States are facing difficulties, Chinese Premier Li Qiang told the chair of the U.S.-China Business Council heading a USCBC delegation on a visit to Beijing. "At present, China-U.S. relations and economic and trade cooperation are facing some difficulties, which require both sides to show sincerity, move towards each other and make joint efforts," Li told USCBC chair Marc Casper on Monday, according to the Chinese state news agency Xinhua. Li added that China is willing to work with the U.S. to jointly safeguard international trade rules and ensure the stability of global industrial chains. Reporting by Ella Cao, Liangping Gao in Beijing and Meg Shen in Hong Kong, editing by Ed Osmond and Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Qiang, John Kerry, Florence Lo, Li's, Gina Raimondo's, Li, Marc Casper, Casper, Jin Zhuanglong, Ella Cao, Liangping Gao, Meg Shen, Ed Osmond, Mark Heinrich Our Organizations: U.S, of, People, REUTERS, Rights, U.S ., China Business Council, U.S . Commerce, Bloomberg, Xinhua, Chinese Industry, Ministry of Industry, Information Technology, Thomson Locations: Beijing, China, Rights BEIJING, United States, U.S, Hong Kong

Sales of Tesla's (TSLA.O) China-made vehicles fell 31% in July from June, data from China Passenger Car Association (CPCA) showed on Thursday, marking its first month-on-month decline since December, when it struggled with rising inventories. Tesla sold 64,285 China-made EVs in July, up 128% from 28,217 a year earlier when a scheduled upgrade to its Shanghai factory curbed production. Meanwhile BYD (002594.SZ), with its Dynasty and Ocean series of EVs and petrol-electric hybrid vehicles, said it posted a 61% year-on-year rise in July sales to 261,105 passenger vehicles, including 18,169 which were exported. CPCA is set to publish full data for July later this month, with sales of new energy passenger vehicles in China estimated to reach 750,000. Still, BYD outsold Tesla China by 29% in EV sales in the first half while its lower-priced Dolphin EV outsold Tesla's Model 3, which is expected to be revamped in September.

Persons: Tesla, BYD, Xpeng, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Kim Coghill, Alexander Smith Organizations: Tesla, China Passenger Car Association, General Motors, Volkswagen, EV, Authorities, Thomson Locations: BEIJING, SHANGHAI, China, Shanghai

☆ Opinion | Fareed Zakaria on Where Russia’s War in Ukraine Stands — and Much More
▼ + stars: | 2023-06-02 | by ( The Ezra Klein Show | ) www.nytimes.com time to read: +96 min

Obviously, the line is not perfect, but I think that’s a very sensible line. And I don’t think that’s all about absorption capability. But I don’t think it’s fair to say that the Russians have done everything they can. fareed zakaria[LAUGHS] And by the way, I think that’s some key to understanding the alliance is a personal one. I think India, Israel, and Poland — usually, in the 70 percent-plus say they like — have a favorable view of America.

Persons: ezra klein, it’s, Fareed Zakaria, Zakaria, “ Fareed Zakaria, fareed zakaria, Ezra, Putin, They’ve, there’s, fareed zakaria It’s, they’re, It’s, Fidel Castro, Sean Penn, haven’t, you’re, won’t, Biden, They’re, Washington, Winston Churchill, Merkel, wouldn’t, —, Nancy Gibbs, Khomeini, Macron, Ron DeSantis, YouGov, fareed zakaria I’m, that’s, DeSantis, Lindsey Grahams, Mitch McConnell, Xi Jinping, ezra klein Yes, Xi, Gorbachev, Zelensky, Trump, Obama, Bush, United States —, McCarthy’s, I’ve, they’d, doesn’t, didn’t, ezra klein They’re, fareed zakaria They’re, we’ve, Simpson, I’m, Janet Yellen, Colin Powell, unquote, That’s, Jonathan Haidt, We’ve, he’s, fareed zakaria That’s, they’ve, fareed zakaria Well, gee, TikTok, we’re, George Kennan, Mike Gallagher, klein, Nirupama Rao, Bob Kagan, can’t, — fareed zakaria, Lord Mountbatten, Gandhi, Franklin Roosevelt, Ho Chi Minh, fareed zakaria Right, narratively —, Modi, you’ve, China’s —, fareed zakaria Modi, India’s, Advani, Vajpayee, you’d, There’s, India, Joe Biden, fareed zakaria I’ve, Benedict Anderson’s “, Orville Schell, John Delury, Sunil Khilnani, ezra klein Fareed Zakaria Organizations: CNN, The Washington Post, Putin, Starbucks, Russia, Revolutionary Guard, NATO, Ukrainian, Communist, European Union, U.S, Republican Party’s, Republican Party, Republicans, ASEAN, Trump, Defense, United, U.S ., Democrats, Chinese Communist Party, State, Facebook, Google, Soviet Union, Huawei, Twitter, South China Seas, Foreign Affairs, Yale Law, International Criminal, South China, . Security, Trade Organization, Pax Americana, Americana, New York Fed, America, Republican, Fox, Beijing Locations: ezra klein Russia, Ukraine, Russia, America, Europe, China, India, Russian, United States, Relatedly, Japan, Turkey, Holland, South Korea, Singapore, Iran, Venezuela, Central America, Southeast Asia, Washington, Britain, ‘, U.S, United Europe, Germany, Soviet Union, Vietnam, Beijing, Trump, Asia, Iraq, Hainan, Montana, Republic, Soviet, weirdly, South, Taiwan, Pakistan, New Delhi, South Africa, Kuwait, Russia’s, Eden, Saudi Arabia, Indonesia, Kashmir, it’s, Cuba, Pax, American, Mumbai, Shanghai, Israel, Poland, Indian, Nigeria

☆ China Raids Offices of Another Global Firm in Espionage Crackdown
▼ + stars: | 2023-05-08 | by ( David Pierson | Daisuke Wakabayashi | ) www.nytimes.com time to read: +1 min

China has targeted another global business consulting firm on national security grounds, launching an investigation of the Shanghai-based Capvision Partners as part of a broader crackdown on the industry, state media reported on Monday night. Officers raided several of the firm’s offices in China, including in Shanghai, Beijing, Suzhou and Shenzhen, state media said, explaining that the company was not “earnestly fulfilling the responsibilities and obligations” of preventing espionage. The investigation is the latest in a recent government crackdown on consulting and advisory firms, whose clients include overseas investors and foreign companies seeking information into Chinese industry. Mintz Group, an American company that specializes in corporate investigations, said in March that Chinese authorities had raided its offices, detained five of its Chinese staff and closed the branch. Last month, Bain & Company, a U.S. consulting firm, said security officials had visited its offices and questioned employees.

☆ ASML: Dutch chip firm says former China employee stole data
▼ + stars: | 2023-02-15 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —ASML, the Dutch chip equipment maker, has accused a former employee in China of stealing data related to its proprietary technology, in a case that highlights its importance in the global semiconductor supply chain as tension grows between the United States and China. The breach may have violated certain export control regulations, the company said Wednesday in its annual report, adding that it did not believe the incident was material to its business. The firm has reported the infraction to authorities and is now adding new “remedial measures in light of this incident,” it added. ASML had already been restricted from exporting its most advanced lithography technology to China since 2019. A Chinese industry group has spoken out about the reported agreement, saying it will hurt consumers and businesses alike.

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