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☆ China's Xiaomi will price its Tesla EV rival under $69,400, CEO says ahead of Thursday launch
▼ + stars: | 2024-03-25 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

On Thursday, Xiaomi will officially launch the SU7 electric vehicle and begin taking orders. Xiaomi CEO Lei Jun on Monday teased the price of the Chinese firm's first electric vehicle ahead of its official launch this week. Xiaomi Group President Weibing Lu told CNBC previously that the company is targeting the premium segment of the electric car market. The EV market is in the midst of a price war which was sparked by Tesla at the end of 2022. "Three years ago, I announced that Xiaomi was going to enter the EV market.

Persons: Xiaomi, Lei, Lei Jun, Weibing Lu, Li Auto, Tesla Organizations: Weibo, Xiaomi, CNBC, stoke, EV Locations: Hefei, Anhui Province, China, Xiaomi

☆ EU-China trade relations are in a 'slow-motion train accident,' business group says
▼ + stars: | 2024-03-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

"What we see right now is the unfolding of a slow-motion train accident," he told reporters at a briefing last week. "That's when trade becomes a security question and I think that is perhaps not fully appreciated in China just yet." There needs to be an honest conversation between Europe and China about what this is going to mean. The EU was China's largest regional trading partner until Southeast Asia recently surpassed it. The U.S. is China's largest trading partner on a single-country basis.

Persons: Jens Eskelund, Eskelund, I've, Markus Herrmann Chen Organizations: Future Publishing, Getty, European Union Chamber of Commerce, EU, of Commerce, Investment, China Macro Locations: Hefei, Anhui province, BEIJING, Europe, Beijing, China, Southeast Asia, U.S

☆ Problems in China have US intelligence worried the rising military power may become 'even more aggressive and unpredictable'
▼ + stars: | 2024-03-12 | by ( Chris Panella | ) www.businessinsider.com time to read: +5 min

China may act "even more" aggressively and unpredictably thanks to its domestic problems, US intel said. China's demographic issues, as well as economic challenges, put its leadership and military in difficult positions. US intel suggested China's global leadership and military ambitions are meeting resistance. AdvertisementAs China grapples with mounting domestic challenges, its already concerning behavior on the world stage may become even more aggressive and unpredictable, according to US intelligence. "China's serious demographic and economic challenges may make it an even more aggressive and unpredictable global actor," the threat assessment said.

Persons: —, Xi Jinping, Yang Jie, That's Organizations: intel, Service, US Intelligence Community, National Intelligence, Pentagon, People's Liberation Army Navy, Getty, Democratic Progressive Party's, East China, East China Seas, Liberation Army, Chinese Communist Party, CCP, Force Locations: China, United States, China's, Zhanjiang, Guangdong Province, Xinhua, Taiwan, Beijing, South, East, East China Seas, Philippine, PRC, People's Republic of China, Hefei, Anhui province, COVID

☆ What China’s E.V. City Says About the State of the Economy
▼ + stars: | 2024-01-27 | by ( Keith Bradsher | Joy Dong | ) www.nytimes.com time to read: +1 min

Ultramodern factories churn out electric cars and solar panels in Hefei, an industrial center in the heart of central China. Yet at Hefei’s market for construction materials, which fills 10 city blocks, local merchants are gloomy. Nowhere better showcases the opportunities and vulnerabilities of China’s economy than Hefei. Government-directed growth in industries like electric vehicles and solar panels has turned China into the world’s export superpower, making Hefei a model for other Chinese cities. But a nationwide decline in real estate has devastated the finances of millions of families and small businesses — including in Hefei.

Persons: Wu Junlin, “, ” Locations: Hefei, China, Government

☆ China misses fourth-quarter GDP estimates, resumes posting youth unemployment data
▼ + stars: | 2024-01-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

BEIJING — China missed fourth-quarter GDP estimates on Wednesday, while it resumed reporting the unemployment rate for young people. GDP for the last three months of 2023 rose by 5.2%, according to China's National Bureau of Statistics. Excluding people still in school, the unemployment rate for young people aged 16 to 24 was 14.9%, while the rate in cities in December was 5.1%. Online retail sales of physical goods rose by 8.4%, accounting for nearly 28% of overall retail sales. Retail sales for December saw a 29% surge in jewelry and 26% increase in purchases of clothes and shoes.

Persons: Zhiwei Zhang Organizations: China Vanke Co, National Bureau of Statistics, Investment Locations: China, Hefei, BEIJING

☆ The 'crown jewel' of the Chinese military appears to have a serious corruption problem, but the US can't afford to bet on its missiles all being defective
▼ + stars: | 2024-01-14 | by ( Chris Panella | ) www.businessinsider.com time to read: +11 min

Recent reports point to corruption and readiness problems in the Chinese military, the rocket force in particular. In the aftermath of the report, an ex-PLA official told Radio Free Asia problems like this have long been rampant in the Chinese military. The rocket force shakeups suggest that there are questions over who can be trusted. Xinhua/Cha Chunming via Getty ImagesConcerns about corruption and readiness stand in contrast with the modernization and strengthening of the Chinese military. Is the PLA, particularly the rocket force, the increasingly formidable force the Pentagon described in a military power report last October?

Persons: It's, —, Tom Shugart, Xi Jinping, that's, hotpot, hadn't, bigwig, Xi, Liu Dawei, Shugart, weren't, Lintao Zhang, Li Shangfu, Li Gang, ISW, there's, Andy Wong Organizations: Service, People's Liberation Army, US, Center, New, New American Security, Liberation Army, Getty Images, Bloomberg, PLA, Rocket Force, Radio Free, 14th China International Aviation, Aerospace Exhibition, Getty, Liberation Army Rocket, Business, United, Naval, Army, Air Force, Communist, of, Defense, Chinese Communist Party, Liberation Army's Army Infantry College, Li, Pentagon, U.S . Nimitz, US Army Locations: New American, Taiwan, Hefei, Anhui province, Radio Free Asia, Zhuhai, Guangdong Province, Xinhua, United States, Beijing, China, PLA, Gutian, Jiangxi Province, U.S, Tiananmen, Pamir, Kashgar, China's Xinjiang, Pacific

☆ Chinese rival to Apple’s Vision Pro raises $70 million, doubles down on new strategy to win consumers
▼ + stars: | 2024-01-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Chinese AR glasses and software company Rokid announced it raised $70 million in a funding round led by the government of Hefei city. BEIJING — Chinese augmented reality glasses and software company Rokid this week announced it raised 500 million yuan ($70 million) in a funding round led by the government of Hefei city. Augmented reality (AR) technology allows digital images to be imposed over the real world. Apple' s Vision Pro virtual reality headset, set for release on Feb. 2, also allows users to see the real world using what the company calls "spatial computing" technology. Rokid sells AR glasses for consumers.

Persons: Rokid, Misa Zhu Organizations: CNBC Locations: Hefei, BEIJING, Hefei city, Shanghai, China

☆ Anhui Jianghuai Automobile says Nio unit, state-owned firm win bid for assets
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

Super chargers of Chinese electric vehicle (EV) maker Nio are placed at a delivery center of the company, in Nanxiang, Shanghai, China March 23, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsSHANGHAI/BEIJING, Dec 5 (Reuters) - Anhui Jianghuai Automobile (600418.SS) (JAC) said on Tuesday that electric vehicle maker Nio's (9866.HK) Anhui unit and a state-owned company of China's Hefei government won a bid for its assets worth a combined 4.58 billion yuan ($641.2 million). In October, JAC put up for sale the assets at the two plants, known as F1 plant and F2 plant where Nio has been producing its EVs. Regulators allowed Nio to produce and sell EVs in China via the collaboration with JAC in 2018 through which Nio paid JAC commission fees on each car it produced. Nio ranked ninth in terms of sales of EVs and plug-in hybrids in the first 10 months in China with 126,067 units, according to data from China Passenger Car Association.

Persons: Nio, Aly, JAC, Hengchuang, Zhang Yan, Brenda Goh, Jacqueline Wong Organizations: REUTERS, Rights, Anhui Jianghuai Automobile, Technology, Regulators, China Passenger Car Association, Thomson Locations: Nanxiang, Shanghai, China, Rights SHANGHAI, BEIJING, Anhui, HK, Hefei, Beijing

☆ Global Automakers Turn to China for EV Lessons
▼ + stars: | 2023-11-27 | by ( Yoko Kubota | ) www.wsj.com time to read: 1 min

Volkswagen’s pavilion at the Guangzhou Auto Show in China. The carmaker plans to offer 30 electric models in China by 2030. Photo: Qilai Shen/Bloomberg NewsHEFEI, China— Volkswagen engineers in one of China’s electric-vehicle hubs are looking to the country’s automotive industry for clues about how to speed up manufacturing and beat back local rivals in the world’s biggest auto market. The German automaker has long been the number one manufacturer in a market dominated by gasoline-powered vehicles, but it has been losing market share as China’s market turns electric. It is now trying to figure out how to compete with upstart Chinese makers that can roll out good, affordable and highly digital electric cars—and do so in a third less time.

Persons: Qilai Shen Organizations: Guangzhou Auto Show, Bloomberg News, Volkswagen Locations: China, Bloomberg News HEFEI

☆ Volkswagen to launch China-specific entry level electric platform
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +4 min

Volkswagen electric ID car is seen during a construction completion event of SAIC Volkswagen MEB electric vehicle plant in Shanghai, China November 8, 2019. Chinese new car buyers are younger, tech savvy and like a immersive digital experience from their cars, he added. China was a very “price-sensitive” market and Volkswagen needed to optimise costs, Brandstaetter said. Volkswagen in July struck a deal with Chinese EV maker Xpeng Inc (9868.HK) to boost its EV line up. It has two new models under development as part of that partnership that will target mid-level consumers and be produced on an older generation Xpeng platform.

Persons: Aly, Ralf Brandstaetter, Brandstaetter, “, Luehrmann, Volkswagen's, Zhang Yan, Brenda Goh, Victoria Waldersee, Kim Coghill Organizations: Volkswagen, SAIC Volkswagen, REUTERS, Rights, Volkswagen Group China Technology Company, SAIC, FAW, JAC Motors, Xpeng, HK, Thomson Locations: Shanghai, China, Rights HEFEI, BERLIN, Hefei, BYD, Germany

☆ Volkswagen begins operating first wholly owned battery pack plant in China - local govt
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: 1 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsBEIJING, Nov 21 (Reuters) - Volkswagen (VOWG_p.DE) has begun operating its first wholly owned battery pack production plant in China in eastern Anhui province's capital Hefei city, the local Hefei government said on Tuesday. Volkswagen Anhui will also begin mass-production of pure electric models based on the MEB platform by the end of 2023, the government said. Total investment in the battery pack plant amounts to 1.5 billion yuan ($208.01 million), it added. ($1 = 7.2111 Chinese yuan renminbi)Reporting by Beijing Newsroom; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Muralikumar Organizations: New York, REUTERS, Rights, Volkswagen, Beijing, Thomson Locations: Manhattan , New York City, U.S, Rights BEIJING, China, Anhui, Hefei, Volkswagen Anhui

☆ Chinese scientists created a robot that can make oxygen on Mars. It could allow humans to someday live on the red planet.
▼ + stars: | 2023-11-14 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +3 min

A robot created chemicals to make oxygen from Martian rocks. The robot could one day help create human settlements on the red planet. AdvertisementChinese scientists have created a robot chemist that can make oxygen using Martian rocks, bringing humans a step closer to colonizing the red planet. "In the future, humans can establish oxygen factory on Mars with the assistance of AI chemist," said Jiang. NASA's Perseverance Rover recently demonstrated it was able to make oxygen on Mars from carbon dioxide in the air — a very abundant resource.

Persons: —, Jiang Organizations: Service, University of Science, Technology of, Nature, Rover Locations: Technology of China, Hefei, Mars

☆ Li Keqiang: Death of China’s former premier offers glimpse into discontent with Xi Jinping
▼ + stars: | 2023-11-01 | by ( Cnn Staff | ) edition.cnn.com time to read: +11 min

CNN —The sudden death of China’s former Premier Li Keqiang has spurred an outpouring of grief and mourning across the country. But for many, it also appears to offer a rare opening to air pent-up discontent with top leader Xi Jinping and the direction he has taken the country. His death, just months after his retirement, shocked the Chinese public. German Chancellor Angela Merkel and Chinese Premier Li Keqiang review a guard of honor prior to a meeting at the Chancellery on July 9, 2018 in Berlin, Germany. Chinese Premier Li Keqiang visits a hospital in Wuhan on January 27, 2020, days after the city was placed under a complete lockdown to curb the raging Covid-19 outbreak.

Persons: Li Keqiang, Xi Jinping, Li, Xi –, ”, Alfred Wu, Lee, “, Xi, Angela Merkel, Sean Gallup, Zhang Lun, Mao Zedong, Zhang, “ I’ve, Wu, Li Tao, Zhou Enlai, Mao, Hu Yaobang, Fish Leong, ” Zhang Organizations: CNN, Communist, Lee Kuan Yew, of Public Policy, Getty, Studies, University of Cergy, Peking University, Li, AP Party, Communist Party, Xinhua, CPC, Party Locations: Shanghai, China, Singapore, German, Berlin, Germany, Pontoise, France, Communist China, Wuhan, AFP, Yunnan province, Weibo, Malaysian, Hefei, Anhui, Zhengzhou, Henan, Beijing

BEIJING (AP) — The remains of former Chinese Premier Li Keqiang are to be cremated on Thursday, with flags around the country to be flown at half-staff to mourn the official who helped guide the world’s second-largest economy for a decade. Mourners gathered at his childhood home in the city of Hefei in an apparently spontaneous outpouring of grief seen by some as a rebuke of state leader and head of the ruling Communist Party Xi Jinping. Li was once seen as a potential top leader, but the trained economist was shunted aside in a leadership shakeup last year and replaced with Xi loyalist Li Qiang. Political Cartoons View All 1227 ImagesAlthough he was the Communist Party's second-ranking official, Li received far less attention from state media outlets than Xi. Flags will be lowered at government offices, including in the semi-autonomous cities of Hong Kong and Macao and at Chinese consulates and embassies around the world, Xinhua said.

Persons: Li Keqiang, Li, Xi, shakeup, Li Qiang Organizations: BEIJING, Communist, Central Financial Commission, China Securities Regulatory Commission, Communist Party, Party, Xinhua News Agency, Xinhua Locations: Hefei, China, Hong Kong, Macao, Asia, asia

☆ China's semiconductor state fund invests $2 billion in memory chip firm
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Florence Lo/Illustration//File Photo Acquire Licensing RightsBEIJING, Oct 31 (Reuters) - China's state-backed chip investment fund has invested 14.56 billion yuan ($1.99 billion) in a memory chip company called Changxin Xinqiao, records showed. According to company registration website Qichacha, Changxin Xinqiao was founded in 2021 in Hefei city, in the eastern Anhui province. Its general manager is Zhao Lun, who is the general manager of ChangXin Memory Technologies, one of China's leading memory chip companies. Changxin Xinqiao and the Big Fund did not immediately respond to Reuters' requests for comment. The organization raised 138.7 billion yuan for its first fund, and 204 billion yuan for its second fund.

Persons: Florence Lo, Changxin Xinqiao, Zhao Lun, YMTC, Changxin, Yelin Mo, Roxanne Liu, Brenda Goh, Simon Cameron, Moore Organizations: REUTERS, Rights, China Integrated Circuit Industry Investment Fund, National Enterprise, Technologies, Big Fund, Memory Technologies, Huawei Technologies Co, Big, Reuters, Thomson Locations: China, Rights BEIJING, Changxin, Hefei city, Anhui, United States, Changxin Xinan, Hefei Xinyi, Taiwan, South Korea, Beijing, Shanghai

☆ China's auto workers bear the brunt of price war as fallout widens
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +9 min

Millions of auto workers and suppliers in China are feeling the heat as an electric vehicle price war forces carmakers to shave costs anywhere they can. State-run China Automotive News estimates there are over 100,000 auto suppliers in the country. Suppliers typically negotiate prices once a year, but many have been pressed to lower prices on a quarterly basis in 2023, two senior executives at auto suppliers said. And in June, a group of small suppliers wrote to state-owned Changan Automobile to push back against 10% price reductions. Three months later, he told Reuters that price cuts had been more aggressive in 2023 than in previous years.

Persons: Aly, Mike Chen, Chen, carmakers, Tesla, George Magnus, Elon Musk, Mike Chen's, Li Auto, Liu, Changan Automobile's, Chen Yudong, They've, Zhang Yan, Brenda Goh, Kripa Jayaram, Marius Zaharia, David Clarke Organizations: SAIC Volkswagen, REUTERS, Rights, Shanghai, SAIC, Volkswagen, VW, Oxford University's China, China Passenger Car Association, Tesla, GM, HK, Changan Automobile, Mitsubishi Motors, Toyota, Hyundai, China Automotive, Automobile, EV, Reuters, Thomson Locations: Shanghai, China, China's, Beijing, Shenzhen, Hefei, Chongqing, Chery's, Qingdao

☆ China's 360 and iFlytek release AI models to public
▼ + stars: | 2023-09-05 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBEIJING, Sept 5 (Reuters) - China's 360 Security Technology (601360.SS) and iFlytek (002230.SZ) on Tuesday became the latest tech firms to release their artificial intelligence (AI) models to the public. Unlike other countries, China requires companies to submit security assessments and receive clearance before AI products can be available for anyone to use. Authorities have recently accelerated efforts to support companies developing AI as the technology increasingly becomes a focus of competition with the United States. Hefei-based iFlytek, best known for it voice recognition technology, said it was launching its "Spark" AI model while Beiing-based 360 Security Technology, best known for its antivirus software, launched its its AI model "Zhinao", according to the state-backed Securities Times.

Persons: Dado Ruvic, Josh Ye, Jacqueline Wong, Edwina Gibbs Organizations: REUTERS, Rights, Security Technology, Authorities, Securities Times, Baidu Inc, HK, SenseTime, Thomson Locations: Rights BEIJING, China, United States, Hefei, Hong Kong, Beijing

☆ China's factory activity likely extended declines in August - Reuters poll
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

An employee works on the production line of Nio electric vehicles at a JAC-NIO manufacturing plant in Hefei, Anhui province, China August 28, 2022. China Daily via REUTERS/File Photo Acquire Licensing RightsBEIJING, Aug 29 (Reuters) - China's factory activity likely contracted for a fifth straight month in August, a Reuters poll showed on Tuesday, as weak demand threatens recovery prospects in the world's second-largest economy and pressures officials to prop up growth. An index reading above 50 indicates expansion in activity on a monthly basis while below that signals contraction. "ASEAN, China's top trading partner, has also decreased to a nearly two-year low of 50.8." The official manufacturing PMI, which largely focuses on big and state-owned firms, and its survey for the services sector, will be released on Thursday.

Persons: Taimur Baig, Joe Cash, Anant Chandak, Susobhan Sarkar, Sam Holmes Organizations: REUTERS, Rights, Manufacturing, DBS, ASEAN, PMI, Thomson Locations: Hefei, Anhui province, China, Rights BEIJING, Bengaluru

☆ Soaring youth joblessness is driving record-setting enrollment at China's military academies
▼ + stars: | 2023-08-29 | by ( Jack Lau | South China Morning Post | ) www.businessinsider.com time to read: +5 min

Total intake at China's military academies is the highest since 2017 and 2,000 more than last year. The total intake — spread across China's 27 military academies that accept high-school graduates — was 2,000 more than last year, the People's Liberation Army (PLA)'s official newspaper reported on Tuesday. Almost all places for this cohort had been filled, the PLA Daily report said. STR/AFP via Getty ImagesThe Central Military Commission — China's top military command, chaired by President Xi Jinping — announced the new standards in March. AdvertisementAdvertisementHowever, China's military academies offer far more places for men than for women.

Persons: —, Chen Bin, Xi Jinping —, Air Defence —, Xi, Liu Yang, Zhu Yuemeng, Dong Jun Organizations: Service, People's Liberation Army, PLA, Getty, PLA Daily, Military Commission, PLA Army Academy of Artillery, Air Defence Locations: Wall, Silicon, Beijing, Huainan, Hefei, Shandong, China, Liaoning

Chinese developers are allowed to sell residential projects before completion but are required to put those funds in escrow accounts. Local city governments permit them to withdraw a portion of the funds, depending on the progress of construction. China's housing ministry did not respond to Reuters request for comment on the tightening of developers' access to escrow funds. FALTERING HOUSING DEMANDThe new measures come as property demand is sluggish - China's property sales between May and June showed the largest monthly drop this year, based on sales by floor area, and investment in property also slumped. Under those rules, the authority has asked the bank to make escrow funds available only to developers who have other sources of funding to cover construction costs, said the person.

Persons: Gary Ng, Ng, Clare Jim, Tang, Sumeet Chatterjee, Muralikumar Organizations: Asia Pacific, National Bureau of Statistics, Thomson Locations: HONG KONG, BEIJING, Asia, Hunan, Hefei, Xiamen, Hong Kong, Beijing

☆ Volkswagen invests $700 million in Chinese EV maker Xpeng to boost sluggish sales
▼ + stars: | 2023-07-27 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The German group’s Audi subsidiary will also work more closely with its existing partner, SAIC Motor, China’s biggest car maker. Shares in Xpeng jumped more than 30% Thursday in Hong Kong, leading a broad rally in Chinese EV stocks. China is the single largest market for Volkswagen, accounting for about 40% of its global sales and half of its profits. In the first quarter of 2023, BYD, the Chinese EV maker backed by Warren Buffett, surpassed Volkswagen to become the largest brand by sales in China, according to official car insurance registration data. The German car maker said it would strengthen its strategic position in China, including beefing up its capacity for e-mobility, digitalization and autonomous driving.

Persons: ”, Ralf Brandstätter, Xpeng, Warren Buffett, It’s Organizations: Hong Kong CNN, Volkswagen, VW, Audi, SAIC, China’s, “ Volkswagen Locations: Hong Kong, German, Xpeng, China, Xinjiang, Germany, BYD, Europe, Hefei, Anhui, Hefei city

Financial firms and their regulators have cut salaries and bonuses after China's top graft-busting watchdog vowed to eliminate "Western-style hedonism" in the $57 trillion sector. "Wage cuts will intensify deflationary risks and reduce willingness to spend," said Zhaopeng Xing, ANZ's senior China strategist. Reuters GraphicsWEAK BARGAINING POWERUnilateral wage cuts are illegal in China, but complex salary structures offer ways around that. Shao, who sold make-up in the eastern city of Suzhou and only gave her surname for privacy reasons, had a choice to leave her company or accept a 50% wage cut. Their bargaining power ... is weakened so they tend to accept wage cuts," said Aidan Chau, researcher at Hong Kong-based rights group China Labour Bulletin.

Persons: Yao, Zhaopeng Xing, ANZ's, Unit's Xu Tianchen, Zhaopin, Shao, Aidan Chau, Xu, he's, Xiangrong Yu, Ellen Zhang, Marius Zaharia, Liangping Gao, Kripa Jayaram, Kim Coghill Organizations: Communist Party, Financial, Economist, Reuters, Workers, China Labour Bulletin, Reuters Graphics Reuters, Citi, Graphics, Thomson Locations: China, BEIJING, HONG KONG, Hefei, Suzhou, Hong Kong, Shanghai, Beijing

☆ Volkswagen China chief asks China's premier Li for clarity on data transfers
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

BERLIN, June 27 (Reuters) - Volkswagen's (VOWG_p.DE) head of its business in China said on Tuesday that the carmaker needed clarity on cross-border data transfers in a meeting with the country's Premier Li Qiang, asking how China would cooperate with Europe amid rising political tensions. "As a globalized industry, the transformation of the automotive sector highly depends on international exchange of personnel, data and knowledge. We therefore need more clarity on cross-border data transfers," executive Ralf Brandstaetter said, according to a copy of the speech held at a World Economic Forum meeting in Tianjin. "What are the major considerations of China, and how China will cooperate with Europe in this regard?" SAIC Volkswagen Automotive Co joined in the price war in March, offering 3.7 billion yuan ($512.52 million) in cash subsidies for car purchases in China.

Persons: Li Qiang, Ralf Brandstaetter, Brandstaetter, Victoria Waldersee, Matthias Williams Organizations: Volkswagen, Qualcomm, Horizon Robotics, Tesla, SAIC Volkswagen Automotive Co, Thomson Locations: BERLIN, China, Europe, Tianjin, North America, Italian, Hefei

☆ Chinese EV maker Nio invests in nuclear fusion startup
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, May 19 (Reuters) - Chinese electric vehicle maker Nio (9866.HK) has invested in a startup firm that is developing fusion technologies, according to a source with direct knowledge and a company filing, placing more bets in other areas of the energy sector. The newly established company, Neo Fusion, will research and develop technologies that aim to bring controlled fusion for commercial uses globally in two decades, the source said. Nio invested 995 million yuan for a 19.9% stake while Nio Capital, the investment firm founded by Nio's chief executive William Li, invested 505 million yuan for a 10.1% share, it showed. The investment by Nio also underscored the loss-making EV maker's ambitions in the power and energy sector. It has also been developing battery technologies and is planning to build a battery plant with annual capacity of 40 gigawatt hours in Hefei city in Anhui province, Reuters reported previously.

☆ Volkswagen takes on China's EV market with a higher-end car and $1 billion investment
▼ + stars: | 2023-04-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Volkswagen's ID.7 is set for release in Europe and China in the fall of 2023, and in North America in 2024. CNBC | Evelyn ChengBEIJING — German automaker Volkswagen is investing about $1 billion in China for electric car development, and releasing a vehicle targeted at a higher end of the market. German investment in China grew by nearly 61% in the first quarter from a year ago, China's Ministry of Commerce said Thursday. Overall, foreign investment in China grew by 4.9% year-on-year in the first three months of the year to 408.45 billion yuan ($59.33 billion). Vehicles for China will be produced locally, while those for Europe and North America will be produced in Germany, Volkswagen said.

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