DIRS.INFO The most relevant business & tech news

☆ I drove the hottest Chinese EV in Europe — and America is definitely missing out
▼ + stars: | 2024-02-07 | by ( Alex Goy | ) www.businessinsider.com time to read: +7 min

(And in other places, like North America, the MG brand is known for tiny vintage sports cars and little else.) The 2024 MG MG4 XPower. Alex GoyMG decided to send me the MG4 XPower, the fastest one you can get, as I am a hooligan. The interior of the MG MG4 XPower. Driving the MG MG4 XPower on the road.

Persons: It's, MG4 XPower, Alex Goy MG, you'd, there's, XPower, Alex Goy, Apple CarPlay, Uber, MG's, it's Organizations: Service, SAIC, TF, Business, MG4, Audi, EV, MG Locations: North America, United Kingdom, it's, Europe, It's, America, London

☆ Carmakers apply for French EV subsidies under more stringent rules
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

The rear light of a Dacia Spring electric car is pictured during the Brand Manifesto Dacia event at Le Bourget near Paris, France, September 13, 2022. REUTERS/Gilles Guillaume/File Photo Acquire Licensing RightsPARIS, Oct 10 (Reuters) - Automakers will from Tuesday submit the specifications of their electric vehicles to French authorities in the hope they can continue to benefit from subsidies under new conditions that are likely to edge out many Chinese models. Tesla's Model Y and Model 3, and the Dacia Spring are among the EV models most sold in France, and they are built in China, as is the increasingly popular MG4, built by China's SAIC group. The government subsidy for electric cars stands at 5,000 euros ($5,270) for most households, and 7,000 for poorer ones. Car producers should get a response around Dec. 15 and will be allowed to appeal any negative decision.

Persons: Gilles Guillaume, Ingrid Melander, Mark Potter Organizations: REUTERS, Rights, China's SAIC Locations: Dacia, Le, Paris, France, Asia, China, Italy

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

[1/2] The BYD Atto 3 EV car is displayed at the 39 Thailand International Motor Expo, in Bangkok, Thailand, November 30, 2022. Siam Motors is in talks with several Chinese automakers about potential partnerships, particularly for high-end electric vehicles, vice president Sebastien Dupuy said in an interview, referring to previously unreported discussions. Thailand is Southeast Asia's largest car producer and exporter, and its second-largest sales market after Indonesia. Japanese automakers are so dominant that for decades they have treated it almost as an extension of their home market. Thailand's pitch to Chinese EV makers has been its existing supply base – built largely for Japanese automakers – and readiness to provide incentives.

Persons: Athit, Sebastien Dupuy, Pasit Chantharojwong, Wall's Ora, Tesla, Isuzu, Hajime Yamamoto, Yamamoto, Goldman Sachs, General Narit Therdsteerasukdi, Narong Sritalayon, BEV, Chayut, Daniel Leussink, Kevin Krolicki, Jamie Freed Organizations: REUTERS, Siam Motors, Nissan Motors, EV, Reuters Graphics CHINA, JAPAN, Toyota Corolla, China's SAIC, Toyota, Honda, Nomura Research, Reuters, Thailand's, of Investment, Wall, Thomson Locations: Thailand, Bangkok, Thailand BANGKOK, Siam, BYD, China, Thai, Southeast, Indonesia, Japan, Europe, JAPAN Bangkok, Tokyo

☆ 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.

MG Motor's hybrid eHS model is set to hit Mexico's streets on Friday, alongside two combustion-engine models, the company said. However, hybrid models could be a step forward until there is more EV investment, analysts have said. "For your day-to-day, you'll have the benefits of an electric vehicle," Daniel Nava, vice president of MG Motor in Mexico, told Reuters ahead of the announcement. Nava said the price in Mexico reflects that the model is a plug-in hybrid, which is more costly than other hybrid models, and is comparable to competitors' prices. Nava said MG Motor had been in touch with officials in Nuevo Leon as well as other states as it considered building a plant in the country.

☆ 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.

☆ VW's China JV with SAIC names Jia Jianxu as its new head
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] People visit the Volkswagen booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly SongSHANGHAI, Feb 20 (Reuters) - Volkswagen's joint venture with China's SAIC Motor (600104.SS) said on Monday it had appointed Jia Jianxu, a veteran executive at the state-owned Chinese automaker, as its new general manager. Since 2018, Jia has been the general manager at Yanfeng Automotive Interiors, a SAIC-owned vehicle seat maker, and helped develop its intelligent cockpit products. Jia's appointment comes as Volkswagen is ramping up its efforts in electric vehicles (EVs) in China, with its I.D. Reporting by Zhang Yan and Brenda Goh Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Goldman Sachs names the global automakers exposed to a China slowdown
▼ + stars: | 2022-11-29 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Many global companies are heavily exposed to China, including some of the world's biggest automakers, which generate between 20% and 40% of their worldwide sales in the country, according to Goldman Sachs. Goldman Sachs has a $305 price target on Tesla, giving it potential upside of around 66% from its current share price of around $182. Mercedes-Benz Goldman Sachs estimates that Mercedes will sell 734,000 cars this year in China. Meanwhile, Volkswagen's joint-venture partner SAIC is sell-rated by Goldman Sachs, which gives it downside potential of 9%. General Motors Goldman Sachs estimates that nearly half of all cars GM sells worldwide will be in China between 2022 and 2024.

Search resuls for: "China's SAIC"

11 mentions found