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☆ 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

☆ Henry Kissinger, a dominating and polarizing force in US foreign policy, dies at 100
▼ + stars: | 2023-11-29 | by ( Paul Leblanc | Kristin Wilson | ) edition.cnn.com time to read: +15 min

Alfred Eisenstaedt/Time & Life Pictures/Getty Images Kissinger takes a call in his office in the early 1970s. Bettmann Archive/Getty Images Kissinger talks with journalists on his way to meet with NATO foreign ministers. Bettmann Archive/Getty Images Kissinger, second from left, walks with Leonid Brezhnev, secretary-general of the Soviet Communist Party, in 1973. Bettmann Archive/Getty Images Kissinger looks out a window at the King David Hotel in Jerusalem in 1975. Chip Somodevilla/Getty Images Kissinger is greeted by US Sen. John McCain after a Senate Armed Services Committee hearing in 2015.

Persons: CNN — Henry Kissinger, Kissinger, Henry Kissinger, Stephen Voss, Walter, Heinz Alfred Kissinger, Henry, William P, Rogers, Alfred Eisenstaedt, Tom Blau, Richard Nixon, Nixon, Warren Burger, Alamy Kissinger, Le Duc Tho, Tho, Wally McNamee, Corbis, Zhou Enlai, Leonid Brezhnev, Dirck Halstead, Gerald Ford, Nancy, pats, King David Hotel, David Hume Kennerly, Kirk Douglas, David, Elizabeth, Mikki Ansin, Diana Walker, Peter Southwock, Princess Diana, Colin Powell, Barbara Walters, Diana, David McNew, George W, Bush, Charles Dharapak, Christian Wulff, Stephan Schraps, Hillary Clinton, Madeleine Albright, John Kerry, Chip Somodevilla, US Sen, John McCain, Tom Williams, Ash Carter, Yin Bogu, Cui Tiankai, Zhang Chaoqun, Donald Trump, Jim Watson, Andrew Harnik, Maximilian, Daniel Vogl, Xi Jinping, Nixon’s, Reagan, ” Kissinger, CNN’s Wolf Blitzer, ”, CNN’s Fareed Zakaria, “, Lincoln, Bernie Sanders, Count, ” Sanders, Clinton, “ I’ve, Zakaria Organizations: CNN, Kissinger Associates, Bettmann, Getty, Harvard University, Harvard's Center for International Affairs, National Security Council, US Arms Control, Disarmament Agency, State Department, Camera, State, Chief, Everett, Inc, Paris Peace Accords, MPI, NATO, Soviet Communist Party, Hulton, King, Times Newspapers, Concord Academy, Senate Energy, Richard, US Diplomacy Center, US, Armed Services, Nixon Library, Museum, Capitol, Science, Arts, New York’s, Nazis, United States Army, Jewish, Pentagon, CBS News, Richard Nixon Presidential Library, Republican Party Locations: Nazi Germany, Connecticut, Washington , DC, Fürth, Germany, United States, Paris, Beijing, ITAR, Washington ,, Japan, Egypt, Israel, Jerusalem, Massachusetts, Boston, New York, Yorba Linda , California, Berlin, Xinhua, AFP, Bavarian, Vietnam, China, Cambodia, Chile, Soviet, Saigon, Laos, New, Furth, Nazi, Soviet Union, South Vietnam, North Vietnam, Fuerth

Main auto partner Chongqing Changan Automobile (000625.SZ) and relevant parties will own up to 40% of the new firm, a Changan Auto statement showed on Sunday. Neither Changan Auto nor Huawei disclosed financial details. Changan Auto referred Reuters to its Sunday statement and declined to comment further. Huawei has partnerships with other auto companies, including Seres Group (601127.SS) and Jianghuai Automobile (600418.SS), as well as with Changan Auto involving EV brands Avatr and Deepal. The proposed deal will also smooth the way for the business' listing, as Huawei had planned, said two of the people.

Persons: Ren Zhengfei, Ren, Richard Yu, Julie Zhu, Zhuzhu Cui, David Kirton, Brenda Goh, Christopher Cushing Organizations: Huawei Technologies, Changan Auto, Bosch, Chongqing Changan Automobile, Huawei, Auto, China Ordnance Equipment Group, China South Industries, FAW Group, Dongfeng Motor, HK, Reuters, Seres, Jianghuai, Changan, EV, Thomson Locations: HONG KONG, SHANGHAI, Chongqing, China, Changan, Shanghai

But areas of the market dominated by small stocks and frequented by the country's retail investors have done surprisingly well. Scores of retail investors are dabbling in micro-cap stocks - stocks whose market capitalisation is tiny - operating under the radar of big funds and investors and their massive market-moving flows. Strategies such as Cui's stand out this year in a stock market depressed by China's wobbly economy, heightened geopolitical risks and surging overseas interest rates. Some brokerages are starting to recommend micro stocks to clients. GF Securities said in an October strategy report that buying micro stocks is part of a new investment paradigm in a stock market suffering from anaemic growth, and global decoupling risks.

Persons: Aly, horribilis, Joseph Cui, Cui, Yuan Yuwei, Helen Wu, Wu, Yi Huiman, Lu Deyong, Seres, Lu, Huang Yan, Jason Xue, Samuel Shen, Summer Zhen, Vidya Ranganathan, Simon Cameron, Moore Organizations: REUTERS, Rights, Huawei Technologies, Regulators, Wisdom Asset, China Securities Regulatory Commission, Huawei, Security Technology, TRS Information Technology, Automotive, Seres, Securities, Shanghai QiuYang, Thomson Locations: Shanghai, China, Rights SHANGHAI, HONG KONG, United States, ChatGPT, Ningbo, Summer, Hong Kong

☆ China's car sales quicken in Sept; exports rise 50%
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

Passenger vehicle sales totalled 2.04 million units in Sept, the China Passenger Car Association (CPCA) said on Wednesday. Reuters GraphicsNew energy vehicle (NEV) sales were up 22.1% in September from a year earlier, making up 36.6% of total car sales, and helping several local brands set record high sales. Reuters GraphicsSeptember is traditionally a bumper month for car sales in China, partly because many people go on a shopping spree ahead of the Mid-Autumn Festival and National Day holidays. CPCA Secretary General Cui Dongshu said the downturn in the property market bode well for car sales, as many people were now choosing to buy cars instead of investing in housing. For the first nine months, sales in the world's largest car market rose 2.1% to 15.41 million units.

Persons: Tingshu Wang, General Cui Dongshu, bode, Tesla, Qiaoyi Li, Zhang Yan, Brenda Goh, Miral Organizations: Business, REUTERS, Rights, China Passenger Car Association, Reuters Graphics, Reuters, CPCA, Overseas, EU, Exports, EV, Li, HK, Thomson Locations: China, Rights BEIJING, U.S

☆ Cui Chenxi: Teen skateboarder becomes China's youngest Asian Games gold medalist
▼ + stars: | 2023-09-27 | by ( Andrew Mcnicol | ) edition.cnn.com time to read: +4 min

CNN —Thirteen-year-old Cui Chenxi of China clinched gold in women’s skateboarding at the Asian Games on Wednesday, becoming the country’s youngest gold medalist as teenage girls continue to dominate the sport. The street event requires competitors to perform tricks on a track scattered with stairs, rails, ramps, benches and more. While the men’s sport tends to be dominated by athletes in their late teens or early twenties, women’s skateboarding has skewed increasingly younger. China's Cui Chenxi competes in the final of the women's street skateboarding event during the 2022 Asian Games in Hangzhou. Meanwhile in the street event, Momiji Nishiya became Japan’s youngest-ever Olympic champion at 13, while 13-year-old Rayssa Leal of Brazil finished second and 16-year-old Nakayama third.

Persons: Cui Chenxi, Cui, ” Cui, ”, Zeng Wenhui, Ito Miyu, Japan, Funa Nakayama, China's Cui Chenxi, Hector Retamal, ” Cui’s, Alegado, Margielyn Didal, Didal, I’m, Japan’s Hinano, Li Yujuan, Mao Jiasi, Li, Sakura Yosozumi, Kokona Hiraki, Brown, Momiji Nishiya, Rayssa Leal, Nakayama Organizations: CNN, Asian Games, Reuters, Roller Sports, Paris Olympics, Games, Olympic, Getty, Weibo, Japan’s, Brazil Locations: China, Shandong, Hangzhou, Jakarta, Indonesia, Lausanne, Tokyo, AFP, Philippines

HANGZHOU, China Sept 27 (Reuters) - Cui Chenxi became China's youngest Asian Games gold medallist on Wednesday after the 13-year-old skateboarder won the women's street event on day four of competition in Hangzhou. With an eye-catching performance featuring several 'Ollies' and a huge move off a high rail, which several of her competitors avoided, Cui took gold ahead of compatriot Zeng Wenhui, 18, with Japanese 16-year-old Miyu Ito taking bronze. Cui, who hails from China's eastern Shandong province, only took up skateboarding in 2020 when China's COVID restrictions meant she could not practice rollerblading, which she began as a three-year-old. Each athlete's highest scoring run and two highest scoring tricks were then added together to reach a final score. Margielyn Didal, who won gold for the Philippines at the 2018 Asian Games, is still only 24 yet she seemed like a veteran with all her competitors in the final 18 or under.

Persons: Cui Chenxi, Cui, Zeng Wenhui, Miyu Ito, Margielyn Didal, Didal, I'm, Martin Quin Pollard, Dylan Martinez, Peter Rutherford Organizations: Asian, Thomson Locations: HANGZHOU, China, Hangzhou, China's, Shandong, Philippines

☆ EU trade chief says the outcome of China EV probe cannot be prejudged
▼ + stars: | 2023-09-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

About two weeks ago, the European Commission announced an investigation into government subsidies for EV makers in China. watch nowChina's electric car exports have surged in recent months. Homegrown Chinese electric car companies Nio , Xpeng and BYD are among those that have started to expand to Europe, but in relatively small numbers so far. More than two-thirds of China's electric car exports to Europe were from Tesla and other international brands manufacturing in China, according to HSBC. China's Ministry of Commerce was quick to criticize the EU investigation and called it a "blatantly protectionist act" that would distort the global auto industry.

Persons: Dombrovskis, Cui Dongshu, Wan Gang Organizations: BEIJING —, European, European Commission, EV, EU, World Trade Organization, Moody's, HSBC, Volkswagen, VW, China's Ministry of Commerce, China Passenger Car Association, Audi, Wan, Science, Technology, Ministry of Finance Locations: BEIJING, BEIJING — Europe, China, Beijing, Europe

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

Analysts said the probe could slow capacity expansion and the capital spending cycle of China's battery suppliers, although the move should not pose a big downside risk for Chinese EVs. Hong Kong shares of market leader BYD fell more than 3%. Nio and Geely declined to comment on the EU probe, while BYD, Xpeng and SAIC did not respond to requests for comment. GROWING MARKET SHAREEU officials believe Chinese EVs are undercutting the prices of local models by about 20% in the European market, piling pressure on European automakers to produce lower-cost electric vehicles. It accounted for 40.25% of EV exports from China between January and April 2023, up from 36.5% in 2022.

Persons: Angelika Warmuth, Ursula von der Leyen, BYD, CATL, der Leyen, Li Qiang, Cui Dongshu, EVs, Donny Kwok, Brenda Goh, Ryan Woo, Anne Marie Roantree, Tom Hogue, Jamie Freed Organizations: BYD Company, REUTERS, China, EV, European Commission, EU . European, Analysts, HK, Geely, SAIC, EU, Chamber of Commerce, China Passenger Car Association, Center, Strategic, Internal Studies, Volvo, Thomson Locations: Munich, Germany, Europe, HONG KONG, SHANGHAI, Hong Kong, Beijing, Shanghai, Xpeng, Shenzhen, SZ, China, Moscow, Russian, Ukraine, New Delhi, Brussels, U.S

☆ China auto industry body 'firmly opposes' EU probe on Chinese EV subsidies, urges objectivity
▼ + stars: | 2023-09-14 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Employees work on the assembly line of C11 electric SUV at a factory of Chinese EV startup Leapmotor on April 26, 2023 in Jinhua, Zhejiang Province of China. Vcg | Visual China Group | Getty ImagesThe European Union should "objectively" consider China's electric vehicle industry and its highly competitive industrial supply chain, the head of a China automobile industry body on Thursday. This comes a day after the European Commission, the executive arm of the European Union, unexpectedly launched an "anti-subsidy" investigation into China's EV makers. "The EU should view the development of China's electric vehicle industry objectively, rather than arbitrarily employing unilateral economic and trade tools to restrict the development or increase operating costs of China's electric vehicle products in Europe," he added. He added that Chinese cars exported to Europe are generally retailing at nearly double the prices in mainland Chinese markets.

Persons: Cui Dongshu, Cui, Ursula von der Leyen Organizations: Visual China, Getty, European Commission, European Union, China's, China Passenger Car Association, CNBC, of Locations: Jinhua, Zhejiang Province, China, Europe, Strasbourg, EU, U.S, Beijing

HONG KONG (AP) — China's Commerce Ministry has protested a decision by the European Union to investigate exports of Chinese electric vehicles, saying Thursday that it is a “protectionist” act aimed at distorting the supply chain. The EU announced Wednesday it will probe government subsidies provided to Chinese automakers that the EU contends keep EV prices artificially low. China has become the biggest market for electric vehicles after investing billions in subsidies to gain an edge. “It’s naked protectionist behavior that will seriously disrupt and distort the global automotive industrial chain and supply chain including the European Union, and will have a negative impact on China–EU economic and trade relations,” he said. Cui urged the EU to take an “objective view of the development of China’s electric vehicle industry” instead of using what he said are economic and trade tools to increase the costs of Chinese electric vehicles in Europe.

Persons: Yadong, “, ”, Cui Dongshu, ” Cui, Cui Organizations: —, Commerce, European Union, EU, China Passenger Car Association Locations: HONG KONG, China, EVs, Japan, Europe, Beijing, EU

☆ Head of Chinese auto industry group urges EU be objective on China EVs
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Sept 14 (Reuters) - China's electric vehicle (EV) industrial chain is highly competitive, Cui Dongshu, secretary general of the China Passenger Car Association, said on Thursday, urging the EU to take an objective view of the industry's development. Cui made the comments in a post on his own WeChat account, responding to an EU anti-subsidy probe into Chinese EVs. The EU could not arbitrarily use unilateral economic or trade tools to prevent development of EV products in Europe or increase their operating costs, Cui wrote. The price of China-made cars exported to Europe is generally almost double the domestic price, he said, adding that China's strong EV exports is not the outcome of hefty state subsidies. Reporting by Qiaoyi Li and Brenda Goh; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Cui Dongshu, Cui, Qiaoyi Li, Brenda Goh, Kim Coghill Organizations: China Passenger Car Association, EU, Thomson Locations: BEIJING, EU, Europe, China

REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING/SHANGHAI, Sept 8 (Reuters) - China's passenger vehicle sales returned to growth in August year-on-year, as deeper discounts and tax breaks for environmentally friendly and electric vehicles boosted consumer sentiment even as economic growth remains weak. Buoyed by hefty discounts, Tesla's share of China's electric vehicle (EV) market almost doubled in August to 13.2 percent from 7.5 percent in July, according to Reuters calculations based on the CPCA data. Tesla (TSLA.O) sold 64,694 cars in China in August, the data showed, while deliveries of its China-made Model Y hit 65,316 last month, topping the CPCA passenger vehicle model sales. Sales of new energy vehicles (NEVs), which have underpinned China's auto sales growth, were up 34.5% in August, accounting for 36.9% of total car sales. However, the company introduced its restyled Model 3 a starting price 12% higher than the previous, base rear-wheel drive model.

Persons: Aly, General Cui Dongshu, Tesla, Warren Buffett, Xpeng, Qiaoyi Li, Zhang Yan, Brenda Goh, Kim Coghill, Miral Organizations: Auto, REUTERS, Rights, China Passenger Car Association, Reuters, Reuters Graphics, U.S, EV, Monday, IAA Mobility, HK, Thomson Locations: Auto Shanghai, Shanghai, China, Rights BEIJING, SHANGHAI, Europe, Munich

☆ Apparent death of Wagner boss Prigozhin might pay dividends for the Kremlin
▼ + stars: | 2023-08-23 | by ( Nathan Hodge | ) edition.cnn.com time to read: +7 min

The Ukrainians and their allies, Solovyov insinuated, were “spreading a fake message about the death of Yevgeny Prigozhin” based on a report from Rossiya-24, a Russian state television channel. After all, Russian investigative outlets have reported that the Wagner head apparently employed at least one body double. Awaiting an impartial report from the Investigative Committee is like expecting a Russian state TV host to stop taking talking points from the Kremlin. The crash of Prigozhin’s plane happened just about two months after Prigozhin and Wagner staged their insurrection, the biggest challenge to Putin’s rule in over two decades. Russian investigative journalist Artem Borovik died in 2000 shortly after his plane to Kyiv crashed after take-off from Moscow’s Sheremetyevo airport.

Persons: Yevgeny Prigozhin’s, Wagner, Prigozhin, Vladimir Solovyov, Solovyov, Yevgeny Prigozhin ”, Prigozhin –, Batya, –, Vladimir Putin’s, Alexey Navalny, Putin, “, Russia, That’s, Alexander Lukashenko, defenestration, Artem Borovik, Alexander Lebed –, cui bono –, Vanda Felbab, Brown, liquidating Wagner, ”, Vladimir Putin Organizations: CNN, Embraer, Kremlin, Russian Federation, Brookings Institution Locations: Kuzhenkinskoe, Russia’s Tver, Russian, Rossiya, Moscow, Ukraine, Belarus, Russia, Africa, St . Petersburg, Niger, Kyiv, Moscow’s Sheremetyevo, East

☆ How the 23-year-old founder of GPTZero turned his student anti-cheating tool into a leading startup that detects AI-generated text online
▼ + stars: | 2023-07-28 | by ( Madeline Renbarger | ) www.businessinsider.com time to read: +6 min

Over the course of the holiday break last year, Tian built what would become the main tool for his startup, GPTZero. They became some of the earliest adopters of GPTZero, Tian explained. "You have to imagine, this is before TurnItIn even knew what AI detection was, and OpenAI wasn't considering this at all either," Tian said. As customer and media interest grew in GPTZero, Tian realized he had built something that could be a full-fledged startup. Tian and the GPTZero team acknowledge that errors can happen with GPTZero as well, but that focusing on "human" detection can be one way around it.

Persons: Edward Tian, he's, He's, Tian, Bard, TurnItIn, OpenAI, Alex Cui, Cui, Jack Altman's, Emad Mostaque, Tom Glozer, Mark Thompson, GPTZero, Greylock's Asheem, graf, It's, they've, we've Organizations: Princeton, Princeton University, NPR, Educators, BBC, University of Toronto, Uncork Capital, Altman, New York Times, Microsoft Locations: British, GPTZero, Uganda, Kenya

☆ Russia's economic isolation from the West is deepening its China dependency – car imports from the Asian nation shot up 540%
▼ + stars: | 2023-07-28 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Russian imports of Chinese cars rocketed 543% in the first half, local media reported. Russia now gets 70% of its imported cars from China, compared with just 10% prior to the Ukraine war. That highlights Russia's growing economic dependency on China – thanks to Moscow's deepening from the West. Before the Ukraine war, Chinese cars made up just 10% of Russia's car imports, according to the report. Xi has not publicly condemned Russia's war on Ukraine and continues to ramp up trading ties with Moscow.

Persons: Putin, Cui Dongshu, Vladimir Putin, Xi Organizations: Service, Motors, Ford, Mercedes, Benz, RBC, Federal Customs Service, European Union, –, China Passenger Car Association, Global Times, UN Security Council Locations: Russia, China, Ukraine, Wall, Silicon, – Russia, Western, Moscow

The new market-based pricing system will also encourage distributors like ENN and China Gas that are expanding into global gas trading to look at importing LNG. "The policy will help the whole (gas) distribution sector and restore utilities' profitability," said Tan Yuwei, general manager of capital management at China Gas Holdings. Shares for listed gas utility companies briefly reversed this year's trend downwards after the policy was announced, but they remain under pressure from lacklustre industrial demand and China's struggling economy. China in recent years has liberalized natural gas prices by allowing distributors to pass costs on to industrial and commercial customers, although Beijing maintained tight control over household prices to avoid a consumer backlash. "This policy reform will result in more reasonable downstream gas prices in China, which will encourage city gas utilities to increase purchases from upstream importers," said Yi Cui, an analyst with consultancy Rystad Energy, referring to Chinese national oil companies.

Persons: COVID, Tan Yuwei, Tan, Yi Cui, Chen Aizhu, Emily Chow, Andrew Hayley, Tom Hogue Organizations: ENN Energy Holdings, HK, China Gas Holdings, China Resources Gas, Shanghai Gas, Chongqing Gas, Changchun Gas, China Gas, National Development, Reform Commission, China Gas Association, Rystad Energy, Beijing, Thomson Locations: SINGAPORE, BEIJING, China, Changchun, Qingdao, Nanjing, Shijiangzhuang, Lanzhou, Hubei, Guizhou, Shaanxi, Beijing, Hebei, Singapore

☆ China’s Rebound Falters, Tripped Up by Debt and Weak Exports
▼ + stars: | 2023-07-16 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +5 min

China’s economy is flashing many warning signs. Weak spending is pushing China close to a dangerous trend known as deflation: Consumer prices are flat, and wholesale prices paid by companies are actually falling. “It’s not a strong recovery; the economy is quite weak,” said Wang Dan, the chief economist at Hang Seng Bank China. Some companies are also moving supply chains out of China, which will have a longer-lasting effect on exports, Mr. Fattal said. But a huge accumulation of debt, particularly at the level of local governments, has made that hard to do.

Persons: ”, Diana Choyleva, “ It’s, Wang Dan, Richard Fattal, Fattal, Lou Jiwei, Cui Dongshu, Fu Linghui, Lou, Ms, Wang, Li You Organizations: Enodo, National Bureau, Statistics, Investment, Hang Seng Bank China, National Bureau of Statistics, Administration, Customs, Companies, Workers, China, China Passenger Car Association Locations: Shanghai, London, China, Baoding, United States, Europe

☆ Tesla's Shanghai factory workers welcome bonus increase after record deliveries
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Aly Song/File PhotoSHANGHAI, July 14 (Reuters) - Several workers at Tesla's (TSLA.O) Shanghai plant, its biggest manufacturing hub globally by output, said they had been awarded a large increase in their latest quarterly performance bonuses. Three workers told Reuters that they had received bonuses of 1.5 times of monthly base salary for the second quarter. This was higher than the quarterly bonuses - 1.2 times the monthly salary - that the majority of workers used to receive for average performance, the workers said. One of the workers said that his performance bonus had doubled this month on the first quarter, when it was cut to 0.785 times the month salary. But the move comes after Tesla delivered 247,000 units of China-made electric vehicles in the second quarter, the highest level since its Shanghai plant opened.

Persons: Aly, Elon Musk, Tesla, Musk, Zhang Yan, Brenda Goh, Zhuzhu Cui, Louise Heavens Organizations: REUTERS, U.S, Reuters, Thomson Locations: Shanghai, China, SHANGHAI, Tesla's

The total tax breaks will amount to 520 billion yuan, Vice Minister of Finance Xu Hongcai said at a press conference. The announcement follows a June 2 Cabinet meeting during which authorities said they would extend and optimise the tax exemption and study policies to promote NEV development. Analysts said the cap on the purchase tax exemption would help drive growth of cheaper models that are mainly produced by domestic firms rather than premium vehicles from foreign makers. NEV sales rose 10.5% in May from a month earlier, showed data from the China Passenger Car Association. The tax break was announced in 2014 and extended in 2017, 2020 and 2022.

Persons: Finance Xu Hongcai, Cui Dongshu, Li Auto, Warren, Berkshire Hathaway, Susan Zou, Qiaoyi Li, Liz Lee, Siyi Liu, Donny Kwok, Miyoung Kim, Christopher Cushing Organizations: China, Auto, Ministry of Finance, Finance, China Passenger Car Association, EV, HK, Reuters, Berkshire, Volkswagen, Analysts, Tesla, Rystad Energy, Thomson Locations: BEIJING, SHANGHAI, China, BYD, Beijing, Hong Kong

The total tax breaks will amount to 520 billion yuan, Vice Minister of Finance Xu Hongcai said at a press conference. The announcement follows a June 2 Cabinet meeting during which authorities said they would extend and optimise the tax exemption and study policies to promote NEV development. The tax break was announced in 2014 and extended in 2017, 2020 and 2022. NEV sales rose 10.5% in May from a month earlier, showed data from the China Passenger Car Association. They jumped 60.9% from a year earlier when COVID-19 curbs still roiled auto production and sales.

Persons: Finance Xu Hongcai, Cui Dongshu, Li Auto, Susan Zou, Qiaoyi Li, Liz Lee, Siyi Liu, Donny Kwok, Miyoung Kim, Christopher Cushing Organizations: China, Auto, Ministry of Finance, Finance, China Passenger Car Association, EV, HK, Reuters, Tesla, Rystad Energy, Thomson Locations: BEIJING, SHANGHAI, China, BYD, Beijing, Hong Kong

☆ China launches nationwide car purchase campaign as May sales tick up
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

BEIJING/SHANGHAI, June 8 (Reuters) - China on Thursday announced a nationwide campaign to promote automobile purchases in a major push to shore up demand in the world's largest auto market. The commerce ministry said it would coordinate and push local authorities to roll out targeted policies and measures in favour of car consumption. The campaign will target multiple car sales categories including both new and secondhand vehicles, it added, and push to replace gasoline cars with new energy vehicles (NEVs) such as battery-driven cars and plug-in petrol-electric hybrids. PRICE CUTS, NEW PRODUCTSThe China Passenger Car Association (CPCA) said on Thursday said passenger vehicle sales in China totalled 1.76 million vehicles in May. Sales of NEVs rose 10.5% in May from April and accounted for 32.9% of total May sales, CPCA data showed.

Persons: Cui Dongshu, Graphics Tesla, Qiaoyi Li, Zhang Yan, Brenda Goh, Kim Coghill, Jan Harvey Organizations: Ministry of Commerce, China Passenger Car Association, Reuters, Graphics, Thomson Locations: BEIJING, SHANGHAI, China

☆ US luxury EV maker Lucid set to enter China market
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

[1/2] Arizona Governor Doug Ducey speaks at the Lucid Motors plant in Casa Grande, Arizona, U.S. September 28, 2021. REUTERS/Caitlin O'HaraSHANGHAI, June 8 (Reuters) - U.S. luxury electric vehicle (EV) maker Lucid Group (LCID.O) is preparing to enter the world's largest auto market, its head of China operations Zhu Jiang said on Thursday. He declined to comment on any plans for local production. Zhu said the funding would help Lucid "bring the advanced EV technology and product experience to the industry and users globally at a faster pace." Lucid, like its peers, is battling mounting losses and tightening cash reserves amid recession fears and a price war sparked by market leader Tesla (TSLA.O).

Persons: Doug Ducey, Caitlin O'Hara SHANGHAI, Zhu Jiang, Zhu, Ford, Tesla, Peter Rawlinson, Zhang Yan, Zhuzhu Cui, Brenda Goh, Jamie Freed Organizations: Arizona, Lucid, REUTERS, Reuters, Baidu, HK, Saudi Arabia's Public Investment Fund, Air, Thomson Locations: Casa Grande , Arizona, U.S, China, Saudi

SINGAPORE, June 4 (Reuters) - The United States should ease off military deployments close to China in an act of "good faith" if high-level defence talks between the two superpowers are to resume, a retired veteran Chinese diplomat said in Singapore on Sunday. Cui said of U.S. naval and air force deployments close to China. Those risks were highlighted during the weekend as China's military criticised the United States and Canada for "deliberately provoking risk" after the countries' navies staged a rare joint sailing through the sensitive Taiwan Strait on Saturday. U.S. deployments near China, Cui said, were "certainly disrespect of other countries' sovereignty and territorial integrity and to be more specific, they always prefer unilateral sanctions." "As a matter of principle, we are always ready for more dialogue with others, including with the United States."

Persons: Cui Tiankai, Cui, They're, Cui's, of National Defence Li Shangfu, Li, Lloyd Austin, Austin, Chen Lin, Greg Torode, Gerry Doyle Organizations: Reuters, of National Defence, U.S . Defence, Thomson Locations: SINGAPORE, United States, China, Singapore, U.S, Taiwan, East, South China, Canada, Russia

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