DIRS.INFO The most relevant business & tech news

☆ China to help electric vehicle industry respond to foreign trade restrictions
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: +1 min

Rows of new energy vehicles are parked at Changan Automobile's vehicle distribution center in Chongqing, China, on Jan. 14, 2024. China's commerce ministry said on Wednesday it would encourage the new energy vehicle industry to "actively" respond to foreign trade restrictions and cooperate with overseas firms, amid a European probe into Chinese subsidies for the sector. The ministry issued guidelines that also encouraged automakers to set up R&D and after-sales service centers abroad, to collaborate with foreign partners in building up supply chains, and to work more closely with shipping companies on transportation logistics. Under the measures, Chinese banks would be encouraged to expand domestic and overseas services for automakers and their supply chains, including the scale of cross-border RMB settlements. The ministry also said it would optimize export procedures for NEVs and batteries.

Locations: Chongqing, China

☆ China's electric vehicle giant BYD sees Q3 net profit as much as doubling
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

People stand next to BYD Company vehicles, at the 2023 IAA Mobility auto show, in Munich, Germany, September 10, 2023. REUTERS/Angelika Warmuth/File Photo Acquire Licensing RightsCompanies BYD Co Ltd FollowHONG KONG, Oct 17 (Reuters) - Chinese electric vehicle giant BYD (002594.SZ) on Tuesday said it expects third-quarter net profit to as much as double thanks to robust sales and effective cost control. The Shenzhen-based company forecasts net profit for the July to September period at between 9.55 billion yuan ($1.31 billion) and 11.55 billion yuan, an increase of 67% to 102% from a year earlier. "Despite the increasingly intensified competition in the automobile industry in the third quarter, the company continued to record profit," BYD said in the filing. Net profit in the nine months through September is expected to rise 120-142% year-on-year to between 20.50 billion yuan and 22.50 billion yuan, it said, up from a net profit of 9.31 billion yuan in the year ago period.

Persons: Angelika Warmuth, BYD, Twinnie Siu, Jan Harvey Organizations: BYD Company, REUTERS, BYD, Tashkent Municipal, Thomson Locations: Munich, Germany, HONG KONG, Shenzhen, Uzbekistan, Tashkent

☆ 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

LAUNCESTON, Australia, Sept 19 (Reuters) - China is building two-thirds of the coal-fired electricity generation capacity currently under construction globally, and this may not be as disastrous for the climate as it sounds. The world's largest producer and importer of coal has 136.24 gigawatts (GW) of coal-fired generation under construction, according to data released in July by the Global Energy Monitor. China's under-construction coal generation is about 12% of its existing capacity, and adding more coal-fired power would seem incompatible with the stated goal of achieving net-zero carbon emissions by 2060. It makes sense from an economic and geopolitical perspective to power China's vehicle fleet using domestic electricity rather than imported crude oil. While it would obviously be better for the environment for China to stop building coal-fired power plants and instead accelerate the deployment of renewables, there is some logic to the current policy.

Persons: it's, Christian Schmollinger Organizations: Global Energy Monitor, China Passenger Car Association, Reuters Graphics, ICE, U.S . Department of Energy's, U.S . Department of Energy's Argonne National Laboratory, Reuters, Thomson Locations: LAUNCESTON, Australia, China, India, Indonesia, Saudi Arabia, Russia, U.S . Department of Energy's Argonne

☆ VIEW Reactions to EU probe of Chinese electric cars imports
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +6 min

EUROPEAN COMMISSION PRESIDENT URSULA VON DER LEYEN"Global markets are now flooded with cheaper electric cars. "So I can announce today that the Commission is launching an anti-subsidy investigation into electric vehicles coming from China. UK TRADE MINISTER KEMI BADENOCH"I think it just highlights the difficulties that all countries are having with the supply chain for electric vehicles. "China's apparent advantage and cost-competitive imports are already impacting European auto makers' domestic market share, with a massive surge in electric vehicle imports in recent years. At the same time, the US Inflation Reduction Act (IRA) is also a game-changer in the electric vehicle value chain.

Persons: Annegret, URSULA VON DER, LAURENCE BOONE, BRUNO LE MAIRE, Von der, KEMI BADENOCH, MATTEO SALVINI, SIGRID DE VRIES, AIWAYS, ALEXANDER KLOSE, Aiways, KINGSMILL, they've, They've, STUART COLE, AJ BELL, DANNI HEWSON, Josephine Mason, Catherine Evans, Louise Heavens Organizations: REUTERS, European Commission, European Union, FRENCH FINANCE, EU, League, GENERAL, Volkswagen, BMW, Tesla, INSTITUTE SENIOR, CITI, Reuters, Thomson Locations: Berlin, Germany, China, Europe, Brussels

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

☆ The bad news for automakers in China is only getting worse
▼ + stars: | 2023-08-19 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Now Chinese automakers' next move is to capitalize on exports, a recent Morgan Stanley note said. But some of that car-buying demand in China starting to wane, according to an August 17 note from Morgan Stanley. "We're still growing our market share in China," Tesla SVP of automotive Tom Zhu said at the firm's Investor Day in March. But while early cuts might have sparked demand, Morgan Stanley analysts called "Tesla's further promotional activity of particular concern." Chinese companies are forging ahead elsewhere while domestic demand easesThird, this just means that the Chinese companies will continue their push across the globe.

Persons: Tesla, Morgan Stanley, NEVs, Ford, Jim Farley, BEV, John Lawler, Tom Zhu Organizations: EV, Morning, Tesla, Ford, GM, Automobility, Deutsche Bank, KPMG — Locations: China, Europe

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

☆ China's steps to boost sales of cars, electronics disappoint market
▼ + stars: | 2023-07-21 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

FILE PHOTO-People enter the SEG E-Market at Huaqiangbei electronics market in Shenzhen, Guangdong province, China June 8, 2023. REUTERS/David Kirton/File PhotoBEIJING (Reuters) -Chinese authorities announced measures on Friday intended to help boost sales of automobiles and electronics with the goal of shoring up a sluggish economy, but the steps failed to impress investors who have been clamouring for stronger stimulus. The Friday statement aimed at encouraging automobile consumption echoed this. “These supports will unlikely significantly boost consumption when people are still generally reluctant to spend as they lack confidence in the economic recovery,” UBS said in a note on Friday. Investors have said they are disappointed by China’s weak second quarter growth and want to see stronger stimulus, with some pinning their hopes on the Politburo meeting later this month.

Persons: David Kirton, Tesla, ”, China’s Organizations: SEG, REUTERS, National Development, Reform, ” UBS Locations: Shenzhen, Guangdong province, China, BEIJING

☆ China announces steps to boost sales of cars, electronics
▼ + stars: | 2023-07-21 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

FILE PHOTO-People enter the SEG E-Market at Huaqiangbei electronics market in Shenzhen, Guangdong province, China June 8, 2023. REUTERS/David Kirton/File PhotoBEIJING (Reuters) -Chinese authorities announced a raft of measures on Friday to help boost sales of automobiles and electronics, and warned local governments from rolling out policies that would fuel vicious competition, as they seek to shore up a slowing economy. As China’s post-pandemic economic recovery slows, policymakers have identified the country’s automobile sector as a key lever which they want to use to shore up growth. In June, they unexpectedly extended a purchase tax break on new energy vehicles (NEVs) until 2027. A separate statement on supporting sales of electronics products said authorities would encourage scientific research institutes and market entities to actively apply domestic artificial intelligence (AI) technology to improve intelligence levels of electronic products.

Persons: David Kirton, Tesla Organizations: SEG, REUTERS, National Development, Reform Locations: Shenzhen, Guangdong province, China, BEIJING, Regions

☆ China announces steps to boost sales of cars and electronics
▼ + stars: | 2023-07-21 | by ( ) www.cnbc.com time to read: +2 min

Employees work on the assembly line of new energy vehicles (NEVs) at a workshop of China FAW Group's Hongqi Fanrong Plant on July 5, 2023 in Changchun, Jilin Province of China. Chinese authorities announced measures on Friday intended to help boost sales of automobiles and electronics with the goal of shoring up a sluggish economy, but the steps failed to impress investors who have been clamoring for stronger stimulus. In June, they unexpectedly extended a purchase tax break on new energy vehicles until 2027. A separate statement on supporting sales of electronics products said authorities would encourage scientific research institutes and market entities to actively apply domestic artificial intelligence technology to improve intelligence levels of electronic products. Investors have said they are disappointed by China's weak second quarter growth and want to see stronger stimulus, with some pinning their hopes on the Politburo meeting later this month.

Persons: Tesla, China's Organizations: China FAW Group's Hongqi, National Development, Reform Locations: Changchun, Jilin Province, China

☆ China's car sales shrink 2.9% in June as big-ticket spending falters
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

Car sales in June totalled 1.91 million units, down 2.9% from last year, CPCA data showed. However, sales advanced 2.5% to 9.65 million units in the first half of the year. Reuters GraphicsMeanwhile, sales of new energy vehicles (NEVs), including pure battery electric cars and plug-in hybrids, jumped more than 25% in June, accounting for roughly 35% of the total car sales. NEV sales surged more than 37% to 3.09 million units in the first six months. Reuters GraphicsChinese automakers counted more on overseas markets to sustain their sales growth, with car exports soaring 56% in June.

Persons: Tesla, BYD, Li Auto, Xpeng, Qiaoyi Li, Zhang Yan, Brenda Goh, Dhanya Ann Thoppil, Robert Birsel Organizations: China Passenger Car Association, Reuters, Reuters Graphics, EVs, China Association of Automobile Manufacturers, Thomson Locations: BEIJING, SHANGHAI, China

☆ Chinese automakers to take majority of home market for first time - forecast
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +3 min

It would represent the first time Chinese automakers have controlled a majority share of China's car market - the world's largest. For the past four decades, China's auto market has been dominated by established global brands such as VW and Toyota operating in joint ventures with Chinese partners. AlixPartners forecast China's overall auto sales would grow 3% this year to 24.9 million vehicles, recovering to the level of sales before COVID-19. Dyer forecast annual sales of Chinese-branded cars in overseas markets would grow to 9 million vehicles by 2030. China's market also faces massive overcapacity, and Dyer forecast a wave of consolidation.

Persons: Jason Lee, AlixPartners, Tesla, Stephen Dyer, Dyer, haven't, Zhang Yan, Kevin Krolicki, Devika Organizations: REUTERS, VW, Toyota, HK, Xpeng Motors, Thomson Locations: Beijing, China, Japan, U.S, Asia, Europe, South America, South East Asia, South Asia, Shanghai, Singapore

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

Hong Kong CNN —Tesla CEO Elon Musk said Tuesday the company is looking to invest in India “as soon as humanly possible,” following a meeting with Indian Prime Minister Narendra Modi in New York. “[Modi] really cares about India because he’s pushing us to make significant investments in India, which is something we intend to do. “I am confident that Tesla will be in India and will do so as soon as humanly possible,” he said, without specifying a timeline. Back in 2017, the CEO said that Tesla (TSLA) was planning to sell cars in India as soon as that summer. Both China and India have been trying to attract global EV investment and boost the EV industry.

Persons: Hong Kong CNN —, Elon Musk, India “, Narendra Modi, “, Modi, ” Musk, ”, Musk, Tesla, ” Tesla, ” “, Xu Hongcai, Chen Jining Organizations: Hong Kong CNN, Indian, Reuters, EV, Communist Party Locations: Hong Kong, India, New York, Asia, Shanghai, The Shanghai, United States, China, Beijing

In the last few years, however, this outlook has changed to "Tesla, BYD , and everyone else," according to Evercore. Chinese EV-manufacturer BYD sold more NEVs, or new energy vehicles, in 2022 than Tesla. Evercore noted that BYD's sales guidance for China in 2023 could potentially exceed the total EV sales in the U.S. and EU combined from 2022. "In many respects, such as battery and commercial vehicle platforms, BYD is already leading TSLA & others. Correction: Chinese EV-manufacturer BYD sold more NEVs, or new energy vehicles, in 2022 than Tesla.

Persons: Tesla, BYD, Evercore, Chris McNally, Warren Buffett, Charlie Munger's Berkshire Hathaway, Munger, McNally, — CNBC's Michael Bloom Organizations: EV, EU Locations: China, U.S, BYD, Berkshire, Omaha, Europe, EU, Thailand

☆ 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

☆ China will extend purchase tax exemption for NEVs -cabinet meeting
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: 1 min

BEIJING, June 2 (Reuters) - China will extend and optimise a purchase tax exception on new-energy vehicles (NEVs) and study policies to promote NEV development, state media reported on Friday, citing discussions at a cabinet meeting. Separately, the meeting pointed out that the foundation of China's economic recovery is not yet solid, CCTV reported. Reporting by Beijing newsroom; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Jason Neely Organizations: Beijing, Thomson Locations: BEIJING, China

☆ GM, VW face idled capacity risk in China without faster EV transition -Greenpeace
▼ + stars: | 2023-05-11 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Rebecca Cook/File PhotoSHANGHAI/BERLIN, May 11 (Reuters) - Automakers including Volkswagen and General Motors could have considerable unused production capacity for conventionally powered vehicles in China by 2030 if they do not speed up their transition to electric vehicles (EV), Greenpeace said on Thursday. By the end of 2021, China had total annual production capacity for 40.89 million passenger vehicles of all fuel types with a utilisation rate of 52.5%, showed data from the China Passenger Car Association. If the sales rate reaches 70%, the average unused capacity utilisation rate for ICE production would rise to two thirds, Greenpeace said, basing its estimates on public information about planned capacity and projected sales. GM and Volkswagen will face the largest pressure with over 3 million units of idled capacity for ICE cars in China, presenting a major risk for those automakers, Greenpeace said. Volkswagen pointed to its rising sales in China and said it expects to profit from the country's growing demand for cars.

☆ China's BYD cuts starting price for Seal EV; aims to extend lead
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, May 10 (Reuters) - BYD Co Ltd (002594.SZ), on Wednesday cut the starting price of its best-selling Seal sedan by 10%, as the Chinese electric vehicle (EV) giant seeks to extend its lead in the world's largest auto market with lower-priced products. That includes a rear-wheel drive Seal Champion Edition with a 550-km (342-mile) driving range per charge at a starting price of 189,800 yuan ($27,459). BYD, China's best-selling electrified vehicle maker, launched the Seal sedan under its Ocean series in July 2022 with a sporty design style and intelligent features. The EV price war is also drawing sales away from internal combustion engine vehicles as the price gap between the technologies narrows. It has outgrown Germany's Volkswagen as the best-selling passenger vehicle brand in China in the last two quarters.

☆ China's BYD launches lower-priced versions of Seal EV; aims to extend lead
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, May 10 (Reuters) - BYD Co Ltd (002594.SZ), launched on Wednesday five lower-priced versions of its Seal sedan, as the Chinese electric vehicle (EV) giant seeks to extend its lead in the world's largest market for new-energy cars. That is also 18% cheaper than the rear-wheel drive version of Tesla Inc's (TSLA.O) Model 3 in China with a driving range of 556 kilometres, against which the Seal model seeks to compete. China's EV market is in the throes of a price war started by Tesla earlier this year, with several EV makers including BYD following the U.S. automaker's example by cutting prices for best-selling models this year to defend market share. The EV price war is also drawing sales away from internal combustion engine vehicles as the price gap between the technologies narrows. BYD has so far led the new energy vehicle (NEV) market with its various offerings of battery-only and plug-in hybrid models priced under 300,000 yuan.

☆ China's car sales rise 2.1% in April as price war effect fades
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

BEIJING/SHANGHAI, May 9 (Reuters) - China's passenger vehicle sales rose by 2.1% in April from a month earlier, industry data showed, underscoring a slower pace of growth as the stimulus effect of price cuts and incentives faded. Car sales in April totalled 1.65 million units, 54.5% higher from a year earlier when COVID-19 lockdowns disrupted productions and sales, the China Passenger Car Association (CPCA) said on Tuesday. In the first four months of 2023, vehicle sales were down 1.4% year-on-year to 5.98 million units, it added. Reuters GraphicsChina's crowded auto market is getting even more congested with nearly 300 models displayed at the Shanghai auto show in April, 172 of which were NEVs, according to Ways Consulting. A tepid property market recovery and an unexpected contraction in factory activity is also pointing to a shaky economic outlook, casting clouds over the strength of the post-COVID rebound and potentially dampening consumer spending.

☆ China's car sales stay flat in March amid price war -CPCA
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

Car sales in March were 1.61 million units, the China Passenger Car Association (CPCA) said. In the first three months, sales had fallen 13.4% to 4.33 million units, it added. Sales of new energy vehicles (NEVs), which include pure battery electric cars and plug-in hybrids, rose 21.9% in March and accounted for 34% of the month's sales, the data showed. More than 40 brands have joined a price war started by Tesla this year, among them Nissan, Toyota and Volkswagen, which have started offering aggressive discounts on their best-selling ICE models to defend market share. Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ VW pledges to double down on EVs in China, urges extension of NEV tax breaks
▼ + stars: | 2023-04-01 | by ( ) www.reuters.com time to read: +1 min

"The market is flush with new, highly competitive players but strong competition simply motivates us to constantly innovate and improve," Mecha said. He added that despite softer short term demand in China, the company is confident that there would be a recovery. In February, Chinese electrified vehicle maker BYD outsold the Volkswagen-branded cars to be the best-selling passenger car brand in the world's largest auto market for the second month in four. In September, China extended the tax exemption on such vehicles by a year to the end of 2023. ($1 = 0.9226 euros)Reporting by Zhang Yan, Hongwei Li, Brenda Goh; Editing by William Mallard and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "NEVs"

25 mentions found