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☆ BAIC unit applies for approval to build Xiaomi-branded EVs in China
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +3 min

People clean the floor at the stall of the BAIC Group automobile maker at the IEEV New Energy Vehicles Exhibition in Beijing, China October 18, 2018. REUTERS/Thomas Peter/File Photo Acquire Licensing RightsBEIJING, Nov 15 (Reuters) - A unit of Beijing-based automaker BAIC Group <1958.HK> has applied to regulators for approval to build two Xiaomi-branded <1810.HK> electric vehicles (EVs), China's industry ministry website showed on Wednesday. The filing indicates that BAIC will be the manufacturer for these two models, even though Xiaomi has built a plant that can produce 200,000 EVs annually in Beijing. The new EVs will be built at a site that is the same address as the Xiaomi plant, China Business News reported. Both BAIC and Xiaomi did not immediately respond to requests for comment on the EV applications.

Persons: Thomas Peter, Xiaomi, ORV, Max, Lu Weibing, Qiaoyi Li, Zhang Yan, Brenda Goh, Mo Yelin, Muralikumar Anantharaman, Kim Coghill Organizations: BAIC Group, New Energy Vehicles Exhibition, REUTERS, Rights, BAIC, HK, CATL's, Ministry of Industry, China Business News, STAR, Reuters, Tesla Inc, Lucid, Thomson Locations: Beijing, China, Rights BEIJING, Shanghai

☆ China's Huawei opens cloud data centre in Saudi Arabia in regional push
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

"The implementation of Huawei cloud is not just about us, but is a bridge that will bring other Chinese companies to Saudi Arabia," said Steven Yi, the company's regional president. The step would contribute to the development of the country's digital economy, he said, adding that Huawei opened its regional headquarters in the Saudi capital this year. Saudi Arabia has previously said it would not sign contracts with foreign companies that did not have regional headquarters in the kingdom after this year. Huawei ranked fifth in the global cloud services market in the first quarter, with a market share of 2.4%, although it was the second-largest vendor in mainland China, according to research consultancy Canalys. In February Huawei said it would invest $400 million in the Saudi Arabia cloud region over the next five years.

Persons: Eric Gaillard, Steven Yi, David Kirton, Mo Yelin, Clarence Fernandez Organizations: Huawei, Artificial Intelligence Cannes, REUTERS, Rights, Huawei Technologies, Thomson Locations: Cannes, France, Rights SHENZHEN, China, Saudi, Riyadh, East, North Africa, Huawei's, Saudi Arabia, Shenzhen, Mo, Beijing

☆ Has Huawei overcome U.S. sanctions by developing its own 5G chip?
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +4 min

A staff member introduces the new Huawei Mate 60 smartphone to customers at the Huawei flagship store in Shenzhen, Guangdong province, China August 30, 2023. The U.S. and some European countries have called Huawei a security risk, which the company denies. IS THE MATE PRO 60 A 5G PHONE? Huawei has kept mum, only saying that the smartphone is the "most powerful Mate model ever". Several Huawei staff said the phone's launch had taken them by surprise, with its official release initially scheduled for Sept. 12.

Persons: David Kirton, Dan Hutcheson, Hutcheson, Gina Raimondo, Nicole Peng, Mo Yelin, Max Cherney, Robert Birsel Organizations: Huawei, REUTERS, Rights, Huawei Technologies, U.S, Apple, Samsung, Reuters, China's Semiconductor Manufacturing International, HK, Global Times, . Commerce, ., Thomson Locations: Shenzhen, Guangdong province, China, Rights SHENZHEN, U.S, Kirin, SMIC, Weibo, Mo, Beijing, San Francisco

REUTERS/Aly Song/File Photo Acquire Licensing RightsSHENZHEN, China/SHANGHAI, Aug 30 (Reuters) - Chinese chip stocks rallied on Wednesday following Huawei Technologies' (HWT.UL) launch of its new Mate 60 Pro phone, as investors speculated it could be using a 5G capable chip which, if true, would mark a win for China's local semiconductor sector. On Tuesday, the company began selling its Mate 60 Pro around midday for 6,999 yuan ($960) in an unusually low-key fashion, having given no advance notice or conducted advertising. The specifications provided for the Mate 60 advertised its ability to make satellite calls, but provided no information on the power of the chipset inside. Huawei, whose woes with Washington have become a key flashpoint in U.S.-China relations, declined to comment on whether the phone was 5G capable but said in a statement the Mate 60 series was its most powerful Mate model ever. CHIP SHARES JUMPChina's semiconductor sector (.CSIH30184) jumped more than 2.5% on Wednesday, sending weekly gains to roughly 8%.

Persons: Aly, Lu Deyong, Lu, Nicole Peng, David Kirton, Jason Xue, Mo Yelin, Lincoln Organizations: Huawei, Artificial Intelligence, REUTERS, Rights, Huawei Technologies, Reuters, chipmaking, Semiconductor Manufacturing International, Pro, Staff, Washington, China's Semiconductor Manufacturing International Corp, Sai MicroElectronics Inc, Thomson Locations: Shanghai, China, Rights SHENZHEN, SHANGHAI, Washington, Beijing, Shenzhen, Kirin, Mo

☆ Xiaomi revenue drops but EV strategy ahead of schedule
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

Sales dropped to 67.4 billion yuan ($9.2 billion) from 70.17 billion in the same quarter a year earlier, but beating analysts' estimates of 65.13 billion. Net income rose to 5.14 billion yuan over the period, an increase of 147% from 2.08 billion yuan a year earlier, also beating expectations. "Despite the macroeconomic headwinds in the global market we continue to expand our footprint," Xiaomi President Lu Weibing said on an earnings call. Lu said the company's plans to start mass production of EVs in the first half of 2024 remains unchanged. "Our current progress is ahead of expectations and of the original production schedule," he said.

Persons: Lu Weibing, Lu, Stringer, Canalys, David Kirton, Mo Yelin, Louise Heavens, David Holmes Organizations: Xiaomi Corp, HK, REUTERS, Reuters, Thomson Locations: SHENZHEN, China, Shenyang, Liaoning province, India, Shenzhen, Mo, Beijing

☆ China chipmaker Hua Hong posts modest gains in Shanghai debut
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Aug 7 (Reuters) - Hua Hong Semiconductor, China's second-largest chip foundry, posted modest gains in its Shanghai debut on Monday, reflecting a weak market sentiment and investor caution amid mounting Sino-U.S. chip rivalry. Hua Hong shares opened 13% higher on Shanghai's tech-focused STAR Market, but quickly faltered. The Shanghai Composite Index (.SSEC) was down 0.6%, while Hua Hong's Hong Kong-listed shares declined more than 7%. Randall said the money raised by Hua Hong is not huge in a capital-intensive industry, but shows chipmakers are broadening fundraising channels in addition to government backing. Hua Hong will use most of the proceeds to boost capacity at a facility in Wuxi, in eastern Jiangsu province, according to the company's prospectus.

Persons: Hua, Hua Hong, Joe Biden's, Stewart Randall, Randall, Li Gu, Brenda Goh, Mo Yelin, Muralikumar Anantharaman, Himani Organizations: Hua Hong Semiconductor, Hua Hong, Trump, Washington, Thomson Locations: SHANGHAI, Shanghai, U.S, Hong Kong, Beijing, Washington . U.S, China, Wuxi, Jiangsu

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