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☆ Exclusive: China's Nio explores investment, tech alliances with Mercedes - sources
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +5 min

Nio, when contacted, denied it talked to Mercedes on a collaboration, calling it "untrue", without elaborating. Mercedes said in a separate response that there were no collaboration plans with Nio at the moment. Chinese EV companies may also be able to navigate potential trade barriers better by forging such tie-ups. Nio, whose investors include Chinese tech giant Tencent Holdings (0700.HK), has publicly called for more such tie-ups with established automakers. ($1 = 7.3127 Chinese yuan renminbi)Reporting by Zhang Yan and Brenda Goh; Additional reporting by Ilona Wissenbach in Frankfurt; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: William Li, Ola Kaellenius, Nio, Mercedes, Leapmotor, Elon Musk, Tesla, Nio's Li, Zhang Yan, Brenda Goh, Ilona Wissenbach, Muralikumar Organizations: HK, Mercedes, Benz, Nio, EV, Volkswagen, SAIC, Audi, VW's, Tencent Holdings, Thomson Locations: SHANGHAI, China, Tesla, Frankfurt

☆ PetroChina buys EV charging firm Potevio New Energy
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

Model of petrol pump is seen in front of PetroChina logo in this illustration taken March 25, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 8 (Reuters) - PetroChina has acquired 100% of electric vehicle (EV) charging firm Potevio New Energy Co Ltd in the latest lower-carbon investment by China's top oil and gas company, parent CNPC said on Friday. Set up in 2010, Potevio New Energy was among China's first state-owned companies engaged in EV charging network building and operations. It ran 50,000 charging points in more than 50 Chinese cities as of end-2021, according to its official WeChat account. PetroChina last month set up a new entity based in the southeastern city of Putian in Fujian province to focus on investing and operating EV charging facilities.

Persons: Dado Ruvic, CNPC, PetroChina, Jason Neely Organizations: REUTERS, PetroChina, New Energy Co Ltd, Potevio, Energy, EV, SAIC Motor Corp, Beijing, Thomson Locations: Putian, Fujian

☆ China's Leapmotor looks to sell EV tech as it targets export growth
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +3 min

"For us, to survive, we have to achieve at least 500,000 to 1 million units of annual sales globally. The top 10 automakers in the world all have annual sales of more than 4 million units. Leapmotor had sales of almost 111,000 EVs in China in 2022, up from just over 44,000 in 2021. With European automakers scrambling to take a larger share of an EV boom in China that has largely left them behind, several have been looking at or licensing EV technology developed in China. Reporting by Zhang Yan in Munich, writing by Kevin Krolicki; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Zhu Jiangming, Leonhard Simon, Leapmotor, ” Zhu, Xpeng, Zhu, Zhang Yan, Kevin Krolicki, Hugh Lawson Organizations: REUTERS, Rights, HK, Reuters, Volkswagen, Toyota, Audi, SAIC Motor Corp, VW, Thomson Locations: Munich, Germany, China, Europe, Australia, New Zealand

India's EV market is small, with Tata Motors (TAMO.NS) dominating sales that made up less than 2% of all cars sold last fiscal year. All sources declined to be identified as the talks are still ongoing and a final decision has not been made. Founded in 2015, Leapmotor has less than 2% share of China's fragmented EV market, where it sells four mass market electric models. This has also forced MG Motor India to find local investors like JSW so it can raise equity. Leapmotor also has been in partnership talks with other major automakers, including Stellantis (STLAM.MI) and Volkswagen (VOWG_p.DE), according to media reports.

Persons: JSW, Leapmotor, Sajjan Jindal, Aditi Shah, Zhang Yan, Neha Arora, Kim Coghill Organizations: REUTERS, DELHI, HK, MG Motor India, China's SAIC Motor Corp, EV, Tata Motors, MG Motor, Ford, JSW, Volkswagen, Thomson Locations: Jinhua, Zhejiang province, China, India, EVs, New Delhi, Shanghai

☆ China's central bank upbeat on Q2 GDP growth, confident on 2023 targets
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

Some analysts have predicted the central bank may begin to cut key rates as soon as next week after a flurry of weak data highlighted the fragility of China's economic rebound. "It is expected that year-on-year growth of gross domestic product (GDP) in the second quarter will be relatively high (mainly due to the base effects). The CPI is expected to gradually pick up in the second half of the year and be above 1% year-on-year by December," the PBOC statement quoted Yi as saying. The government has set a modest GDP growth target of around 5% for this year, after badly missing the 2022 goal. Reporting by Ellen Zhang and Ryan Woo; editing by John Stonestreet and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Yi Gang, Yi, Ellen Zhang, Ryan Woo, John Stonestreet, Sharon Singleton Organizations: People's Bank of China, Group, SAIC Motor Corp, Citibank, Thomson Locations: BEIJING, United States, Europe, Shanghai, China

☆ Mercedes plans new electric van platform, 20% cost cuts by mid-decade
▼ + stars: | 2023-05-16 | by ( Nick Carey | ) www.reuters.com time to read: +1 min

LONDON, May 16 (Reuters) - Mercedes-Benz's (MBGn.DE) van unit said on Tuesday that it plans a new, scalable platform for its electric vans that will reduce fixed costs by 20% by the middle of the decade and that electric models should make up 50% of its van sales by 2030. Electric vans should make up 20% of sales by 2026, Mercedes' van unit said, adding it expects double-digit margins on zero-emission model sales by the end of the decade. All new midsize and large van models will be based on what Mercedes described as an "innovative, modular and scalable electric architecture" called VAN.EA. Legacy automakers got off to a late start with their commercial electric vans, opening the door for other electric commercial vehicle (ECV) makers to gain a foothold, such as the Maxus brand from China's SAIC Motor Corp (600104.SS) has done in Europe. Customer demand for electric vans has taken off and is expected to outstrip supply for some years to come.

☆ Shanghai pushes carmakers for automotive chip investments
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: 1 min

Companies SAIC Motor Corp Ltd FollowBEIJING, April 15 (Reuters) - Shanghai will encourage SAIC Motor (600104.SS) and other vehicle manufacturers to actively participate in automotive chip investment, as well as support the formation of expert groups and industry alliances, government media The Paper reported on Saturday. Reporting by Beijing newsroom; Writing by Liz Lee; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Lack of electric vans opens door for Chinese, other EV makers
▼ + stars: | 2023-04-13 | by ( Nick Carey | ) www.reuters.com time to read: +7 min

[1/3] Tristan Thomas, CEO of Packfleet, demonstrates charging an electric van made by Chinese brand Maxus at the fully-electric package delivery firm's headquarters in London, Britain, October 27, 2022. Packfleet grew tenfold in 2022 and CEO Tristan Thomas said most of the company's 53-vehicle fleet are Maxus vans. SAIC said it sold 18,000 mostly electric Maxus brand vehicles in Western Europe and Scandinavia last year, including buses and pickup trucks. Fleet manager Sean Clifton has 50 additional Ford vans and 20 Maxus vans on order, but will need more soon as Asda electrifies its 1,300 delivery vans. There is no difference in delays for conventional and electric vans at Renault, said commercial vehicle marketing director John Cleworth.

☆ Volkswagen joins China price war as new emissions rule looms
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

Guangzhou Automobile Group, the Chinese partner of both Honda Motor Co Ltd and Toyota Motor Corp (7203.T), has also offered subsidies running from March 15 to March 31. Chinese passenger vehicle sales fell 20% in January-February, industry data showed, even as some manufacturers offered reduced prices to stimulate demand. Sales of new energy vehicles, which include all-battery and plug-in battery-petrol hybrid vehicles, grew faster than the overall market, accounting for over 30% in February. In the same month, Chinese electric vehicle maker BYD Co Ltd (002594.SZ) outsold Volkswagen-branded cars for the second month in four. ($1 = 6.8923 Chinese yuan renminbi)Reporting by Zhang Yan and Brenda Goh; Editing by Himani Sarkar and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ SAIC-Volkswagen offers $537 mln in subsidies through April 30
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

Guangzhou Automobile Group, the Chinese partner of both Honda Motor Co Ltd and Toyota Motor Corp (7203.T), has also offered subsidies running from March 15 to March 31. Chinese passenger vehicle sales fell 20% in January-February, industry data showed, even as some manufacturers offered reduced prices to stimulate demand. Sales of new energy vehicles, which include all-battery and plug-in battery-petrol hybrid vehicles, grew faster than the overall market, accounting for over 30% in February. In the same month, Chinese electric vehicle maker BYD Co Ltd (002594.SZ) outsold Volkswagen-branded cars for the second month in four. ($1 = 6.8923 Chinese yuan renminbi)Reporting by Zoey Zhang and Brenda Goh; Editing by Himani Sarkar and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Investments in Indonesia's nickel industry
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +4 min

Here are some of the major investment deals involving nickel in Indonesia:Jan. 2020: Indonesia bans exports of unprocessed nickel to attract investment in downstream processing. Dec. 2020: Indonesia's investment ministry signs an MOU with LG Energy Solution (373220.KS) on integrated EV battery investment with total investment of $9.8 billion. 2021: Indonesia establishes the Indonesia Battery Corporation (IBC), a joint venture of state owned enterprises to cooperate with foreign investors in developing an EV battery supply chain. Jan. 2022: Indonesia's Investment Ministry signs an MoU with Foxconn (2317.TW), Gogoro Inc, IBC and Indika Energy (INDY.JK) for investment in electric vehicle and battery development. Sept 2022: Vale Indonesia signs an agreement with Zhejiang Huayou to build a second plant to produce nickel MHP with 60,000 tonnes capacity.

☆ Indonesia close to EV deals with BYD Group and Tesla - minister
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Jan 17 (Reuters) - Indonesia is finalising agreements with China's automaker BYD Group and U.S. carmaker Tesla (TSLA.O) to invest in electric vehicle (EV) production facilities in the Southeast Asian country, a senior cabinet minister said on Tuesday. Indonesia is aggressively promoting investment into batteries and EVs at home to take advantage of its rich nickel resources. BYD Group, the number one in the world, Tesla, the number two, Hyundai and so on, they are all finalising deals with Indonesia," coordinating minister Luhut Pandjaitan said in a meeting with provincial governments. BYD Group and Tesla did not immediately respond to requests for comment. SGMW Motor Indonesia, part of a joint venture of SAIC Motor Corp Ltd, General Motors Co (GM.N) and Wuling Motors Holdings (0305.HK), has built assembly facilities in Indonesia.

☆ Indonesia says investment talks with Tesla still ongoing
▼ + stars: | 2023-01-12 | by ( Bernadette Christina | ) www.reuters.com time to read: +3 min

Luhut Pandjaitan, who has been leading the talks with Tesla, declined to disclose further details, citing a non-disclosure agreement. Bloomberg News also reported that the Indonesia talks include plans for production facilities and to facilitate the company's supply chain, citing people familiar with the matter. "I can't comment, we're still talking," Luhut told Reuters, adding that he had just recently held another round of talks with Tesla. Tesla currently makes its electric cars in China's Shanghai, Germany's Berlin, and Austin and Fremont in the United States. Indonesian authorities have said Japanese firms Toyota Motor Corp (7203.T) and Mitsubishi Motors Corp (7211.T) have pledged investments in EV production.

☆ Indonesia considers $320 mln in incentives to boost EV sales in 2023
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

President Joko Widodo told the same news conference: "We hope with these incentives, the electric motorcycle and electric car industry will grow". Indonesia targets 20% of overall car sales in 2025 to be EVs, Airlangga said. Companies that have invested or have announced planned investments in EV manufacturing in Indonesia include Toyota Motor Corp (7203.T), Mitsubishi Motors Corp (7211.T) and Hyundai Motor Co (005380.KS). SGMW Motor Indonesia, part of a joint venture of SAIC Motor Corp Ltd (600104.SS), General Motors Co (GM.N) and Wuling Motors Holdings (0305.HK), has an EV assembly facility in the Southeast Asian country. Indonesia has also tried to court U.S. firm Tesla (TSLA.O) to invest to produce not just EV batteries but also cars in the country.

☆ Volkswagen’s China Joint Venture to Halt Manual-Car Production as Demand Declines
▼ + stars: | 2022-11-18 | by ( Raffaele Huang | ) www.wsj.com time to read: 1 min

SINGAPORE— Volkswagen AG plans to stop manufacturing manual cars at one of its two China joint ventures, as Chinese consumers shift their buying from traditional combustion-engine cars to electric vehicles. The German car maker will end production of such vehicles at its joint venture with Chinese state-owned auto maker SAIC Motor Corp. in August 2024 due to changes in market demand, a Volkswagen spokesman said Friday. The move won’t involve job cuts and affected workers will be reassigned to different production lines, a person familiar with the company said.

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