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☆ Biden's EV tariffs may not be enough to stave off the threat of Chinese vehicles in the U.S.
▼ + stars: | 2024-05-15 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

Win Mcnamee | Getty ImagesDETROIT – President Joe Biden's plan to quadruple tariffs on China-made electric vehicles is unlikely to stave off the threat of more Chinese cars and trucks on U.S. roadways. Automotive and trade experts say the increased tariffs are a near-term protectionism act that may delay, but won't stop, Chinese automakers from coming to the U.S. with EVs. The EV tariffs, including other increases regarding battery materials, were among new tariff rates on $18 billion worth of Chinese imports. The quality and build of vehicles by Chinese automakers have gotten significantly better in recent years, as the Chinese government has subsidized their operations to grow domestic production. GM and others have found it hard to compete against budget and mainstream Chinese vehicles, including EVs.

Persons: Joe Biden, Win Mcnamee, Joe Biden's, It's, Dan Hearsch, Stellantis —, Warren Buffett, BYD, Morgan Stanley, Tim Hsiao, Lincoln Organizations: White, Getty, DETROIT, Communist, U.S . Automotive, Motors, U.S, — GM, Ford Motor, Chrysler, Warren, EV, Wall Street, China Association of Automobile Manufacturers, U.S . Vehicles, Lincoln Nautilus, Volvo, Biden Administration Locations: Rose, Washington , DC, China, Mexico, Americas, U.S

☆ China’s booming electric vehicle companies eye U.S. competitors they see as ‘not ready’
▼ + stars: | 2024-05-07 | by ( Janis Mackey Frayer | Jennifer Jett | ) www.cnbc.com time to read: +8 min

Despite lower price tags, Chinese EVs often have more powerful batteries and more advanced technology. The competition among hundreds of Chinese EV makers has spurred rapid innovation. Even Tesla CEO Elon Musk, who made a surprise visit to Beijing last week, has said that without trade barriers Chinese EV makers would "demolish" their competitors. Chinese EVs tend to be smaller, cheaper and more accessible to the masses — BYD's Seagull, a small all-electric hatchback, starts at less than $10,000. It would take time to set up a sales and distribution network, Fields said, and Chinese EV makers could face a perception issue among American consumers.

Persons: They're, Stella Li, America's Tesla, Tesla, BYD, Mark Fields, Elon Musk, Musk, Fields, they've, Li, Biden, Musk's, That's Organizations: Alliance for American Manufacturing, U.S, BYD, NBC News, Western, Communist Party, Ford, International Energy Agency, Western automakers, United States, Lawmakers, World Trade Organization, European, Rhodium Group, EV, China Association of Automobile Manufacturers Locations: China, EVs, U.S, BYD Americas, BYD, Shenzhen, United States, Beijing, Europe, United, Union, Chinese, Mexico, South Korea, Japan

☆ Tesla Reaches Deals in China on Self-Driving Cars
▼ + stars: | 2024-04-29 | by ( Keith Bradsher | ) www.nytimes.com time to read: +1 min

Tesla had faced a couple hurdles to offering the latest level of autonomous driving, which it calls supervised Full Self-Driving. It has needed approval from Chinese regulators, who questioned whether the company took adequate precautions to protect data. The government-linked China Association of Automobile Manufacturers later announced that Tesla and five Chinese automakers had obtained approval from authorities and the association for their data security precautions on dozens of car models. The rules bar automakers in China from using software that would identify the faces of anyone outside their vehicles, and include many other restrictions. Self-driving systems use cameras to guide vehicles.

Persons: Tesla, Elon Musk, Musk, Li Qiang, Xi Jinping, Li Organizations: Sunday, Communist Party, China Association of Automobile Manufacturers Locations: Beijing, China, Shanghai

☆ Musk makes surprise visit to Beijing as Tesla's China-made cars pass data security rules
▼ + stars: | 2024-04-29 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Local Chinese authorities have removed restrictions on Tesla cars after the company's China-made vehicles passed the country's data security requirements, the automaker said Sunday. Although Tesla's electric cars are some of the most popular vehicles in China, they have reportedly been banned from some government-related properties due to concerns about what data the U.S.-based automaker can collect. Tesla's press release did not specify which local authorities had removed restrictions on the cars. The Biden administration earlier this year announced a probe into whether imported cars from China pose national security risks due to their ability to potentially collect data about the U.S. and send it back to China. Tesla's vehicles were not the only ones that passed the data security rules.

Persons: Elon Musk, Tesla, Porte, Premier Li Qiang, Biden, Li Auto, Nio Organizations: Twitter, Viva Technology, Porte de, BEIJING — Local, Premier, Tesla's, China Association of Automobile Manufacturers, National Computer Network, Coordination Center of China Locations: Paris, France, BEIJING, China, Beijing

☆ China could flood U.S. electric-vehicle market with its offerings, Energy Secretary Jennifer Granholm warns
▼ + stars: | 2024-03-07 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

U.S. Energy Secretary Jennifer Granholm speaks to reporters during a press briefing at the White House in Washington, June 22, 2022. China could flood the U.S. electric-vehicle market with its offerings, Energy Secretary Jennifer Granholm warned Wednesday, weeks after President Joe Biden raised similar concerns. China is being perceived as a threat to the U.S. auto industry as U.S. vehicle exports decline and companies such as General Motors cut international operations. "We saw this happen in the solar industry ... there was a flooding of the market," Granholm said. China exported nearly 5 million vehicles in 2023, China Association of Automobile Manufacturers data showed, overtaking Japan to become the world's No.1 country for car exports in 2023.

Persons: Jennifer Granholm, Joe Biden, Granholm, Fitch Organizations: Energy, White, U.S, Motors, China Association of Automobile Manufacturers, EV Locations: Washington, China, U.S, Japan

TOKYO (AP) — Data from a Japanese auto industry association show that China overtook Japan as the world’s largest vehicle exporter last year. The Japan Automobile Manufacturers Association reported Japan exported 4.42 million vehicles in 2023, up 16% from a year earlier, while domestic auto sales totaled nearly 4.78 million vehicles. According to figures released earlier by the China Association of Automobile Manufacturers, China exported 4.91 million vehicles last year. Japan’s car exports totaled 4.2 million in 2022. Overall, auto sales in Japan have been mostly on the decline since 2000.

Organizations: TOKYO, Japan Automobile Manufacturers Association, China Association of Automobile Manufacturers, Toyota Locations: China, Japan

☆ China's EV stocks start 2024 in reverse gear as price wars pressure profitability
▼ + stars: | 2024-01-11 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

"We expect competition within the domestic market to remain intense and put pressure on pricing and profitability," Bernstein analysts said in a report on China's EV industry earlier this month. Morgan Stanley also highlighted competitions concerns in its note on Wednesday: "Investors remain cautious as China's auto market has had a volatile start to the year as competition and macro uncertainties persist." In mainland China, passenger EV sales growth fell to 28% in the third quarter of 2023, from 108% in the same period a year earlier, according to China Association of Automobile Manufacturers data quoted by Fitch Ratings. The growth slowdown will deepen in 2024, according to Fitch Ratings. "We expect China's domestic passenger car demand to increase modestly in 2024 to nearly 22 million units amid economic uncertainty," said Fitch Ratings.

Persons: Li Auto, Bernstein, Morgan Stanley, Fitch Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, China Association of Automobile Manufacturers, Fitch Locations: Shanghai, Hong Kong, Nio, BYD, Zhejiang, China

☆ Toyota partially halts output at Tianjin plant in China - Jiji
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Johanna Geron/File Photo Acquire Licensing RightsTOKYO, Dec 1 (Reuters) - Japan's Toyota Motor (7203.T) is partially suspending production at its plant in Tianjin, China, the Jiji news service reported on Friday, as global automakers face strong sales competition in the world's top auto market. A spokesperson for Toyota China did not immediately comment on the report. A representative for FAW (SASACJ.UL), Toyota's joint venture (JV) in the Tianjin plant, said he was not immediately able to comment. Reuters reported last month that Toyota has told dealers it will extend a plan to reduce output at its JV with FAW in China. Its sales and production in China over that period slipped compared to 2022 amid the rising competition.

Persons: Johanna Geron, Jiji, Daniel Leussink, Rocky Swift, Brenda Goh, Edmund Klamann, Christina Fincher Organizations: Toyota, REUTERS, Rights, Toyota China, FAW, Reuters, JV, Lexus, China Association of Automobile Manufacturers, Thomson Locations: Zaventem, Belgium, Tianjin, China, Europe, North America, Tokyo, Shanghai

☆ Hybrid vehicle sales surge in China, posing fresh threat to foreign automakers
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +6 min

A Li L7 electric SUV by Li Auto is displayed at the Auto Shanghai show, in Shanghai, China April 18, 2023. One-third of total vehicle sales by Toyota, the world's top-selling automaker, are already hybrids and the company reported a 34% surge in hybrid sales in the six months to end-September, outpacing 9% growth in overall revenue. Sales of HEVs in China, which Toyota still dominates with four top-selling models, tumbled 15%, while gasoline car sales dropped 11%, underscoring potential challenges facing foreign automakers. But it was a failed trial, with sales of just over 4,000 units, and GM in 2020 halted sales. BYD is expanding PHEV sales overseas, offering Han, Qin and Song lineups in Latin America, which has less charging infrastructure.

Persons: Li Auto, Aly, Xu Min, Yale Zhang, BYD, Li, Han, Qin, Stellantis, Leapmotor, Xu, Bill Russo, Zhang Yan, Brenda Goh, Miyoung Kim, Gerry Doyle Organizations: Li, Auto, REUTERS, Rights, Toyota, Honda, Shanghai Jiao Tong University's Institute, Intelligent, Reuters, China Association of Automobile Manufacturers, HK, Automotive Foresight, Reuters Graphics, Prius, General Motors, Buick, GM, Li Auto, Jiao Tong University, HEVs, Thomson Locations: Auto Shanghai, Shanghai, China, Europe, U.S, outpacing, United States, Shanghai Jiao, Reuters Graphics CHINA, America, Leapmotor, North America

☆ Huawei-backed Aito says gets 50,000 orders for M7 car since relaunch
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

SHENZHEN, China, Oct 9 (Reuters) - Huawei-backed electric vehicle (EV) brand Aito has received more than 50,000 orders for its revamped M7 model within the first 25 days since it went on sale, the company said. The orders, which required a non-refundable deposit, would put Aito among China's five top-selling new energy vehicle manufacturers, based on sales data for August. The Aito brand, which Huawei makes in partnership with Seres Group (601127.SS), launched the M7 in July last year. As of June, Aito had shipped just 27,405 of the original M7, according to data from the China Association of Automobile Manufacturers. Huawei's intelligent automotive solution business brought in one billion yuan revenue in the first half of this year, a tiny fraction of the 310.9 billion yuan ($42.63 billion) its total business earned over that period, the company said in August.

Persons: Richard Yu, Huawei's, Aito, Yu, David Kirton, Brenda Goh, Zoey Zhang, Edmund Klamann Organizations: Huawei, Huawei's Smart, Weibo, Seres, China Association of Automobile Manufacturers, Chery, Thomson Locations: SHENZHEN, China, Shenzhen, Shanghai

☆ Putin lauds ‘excellent’ economic ties with China. Here’s how they’ve grown
▼ + stars: | 2023-09-12 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

“Relations between Russia and China in the sphere of economic cooperation have reached a very high level,” Vladimir Putin said, speaking at the Eastern Economic Forum in Vladivostok, Russia, according to Russian state-owned news agency TASS. Russian Prime Minister Mikhail Mishustin said in May that he expected trade with China would top $200 billion this year. As many Western banks have reduced their presence in Russia, China’s lenders swooped in to offer banking services. Between February 2022 and March this year, the assets of Chinese banks in the country more than quadrupled to $9.7 billion, according to data collected by KSE Institute at the Kyiv School of Economics. Of China’s four biggest banks, Bank of China and the Industrial and Commercial Bank of China saw the biggest increases in their Russian assets.

Persons: ” Vladimir Putin, Mikhail Mishustin, Putin, ”, Laura He, Josh Pennington, Alex Stambaugh, Mitch McCluskey, Anna Chernova Organizations: London CNN, “, Eastern Economic, Moscow, Russian, Organization of, Petroleum, International Energy Agency, China Association of Automobile Manufacturers, KSE Institute, Kyiv School of Economics, Bank of China, Industrial, Commercial Bank of China, European Central Bank Locations: Moscow, Beijing, Russia, China, Vladivostok, Ukraine, United States, Saudi Arabia, India, wean

☆ IAA Mobility: China's automakers take the world by storm with EV push
▼ + stars: | 2023-09-07 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Leonhard Simon/Getty ImagesEven before the show kicked off, Renault chief executive Luca de Meo was on French radio talking up the rapid advances made by Chinese EV makers. Competitors worry that Chinese brands may eventually dominate the global EV market. In Europe, the top destination for China’s car exports, sales of Chinese EVs are booming. Supply chain advantageA major factor contributing to the lower cost of Chinese EVs is the country’s dominance of the EV battery supply chain. However, geopolitical tensions could complicate Chinese EV firms’ global push.

Persons: Leonhard Simon, Luca de Meo, ” de Meo, ” “, ”, Dylan Khoo, Li Yunfei, Oliver Zipse, Khoo, It’s, — Hanna Ziady, Olesya Dmitracova Organizations: Hong Kong CNN, Visitors, Renault, Chinese EV, RTL Radio, China Association of Automobile Manufacturers, China Passenger Car Association, Union, UBS, Europe Auto, EV, New, Research, Deloitte, BMW, ABI Research, Jato Dynamics, “, China’s SAIC, MG, IAA, SNE Research Locations: China, Hong Kong, Munich, Germany, Chinese, Europe, Australia, Southeast Asia, Japan, Russia, New York, United States, France, British, United Kingdom, South Korean

☆ China's BYD H1 profit triples as deliveries break record
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +3 min

Net earnings for the six-months ending June 30 reached 10.95 billion yuan ($1.50 billion), up 204.7% from 3.6 billion yuan a year earlier, on a 72.7% rise in revenue to 260.12 billion yuan, BYD said in a stock market filing. The company posted a 6.82 billion yuan net profit for the April-June quarter, up 144.7%, a Reuters calculation showed. The Q2 earnings, the second highest quarterly number, was within BYD's net profit forecast of between 6.37 billion yuan and 7.57 billion yuan. Buoyed by its Dynasty and Ocean series of plug-in petrol-electric hybrids cars and battery-only electric vehicles (EV), BYD set a monthly sales record in July after deliveries hit 700,244 vehicles in the second quarter. Tesla recorded a decline in quarterly automotive gross margin in the second quarter, prioritising sales over earnings.

Persons: Aly, BYD, Warren Buffett's Berkshire Hathaway, Tesla, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Mike Harrison Organizations: Security, Auto, REUTERS, Rights, Volkswagen, Inc, U.S, EV, Tesla, BYD, China Association of Automobile Manufacturers, Reuters, Thomson Locations: Auto Shanghai, Shanghai, China, Rights BEIJING, Shenzhen, Singapore, Australia

☆ Changan Ford Motor to set up electric car JV with Chongqing Changan Auto
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +1 min

Workers assemble vehicles at a plant of Changan Ford, a joint venture between Changan Automobile and Ford Motor Company, in Harbin, Heilongjiang province, China February 22, 2017. REUTERS/Stringer/File PhotoBEIJING, Aug 11 (Reuters) - Changan Ford Motor plans to set up a new-energy passenger car joint venture with state-owned Chongqing Changan Automobile (000625.SZ), according to a document published by China's market regulator on Friday. Changan Ford Motor will own a 60% stake and Chongqing Changan Automobile will have the remaining 40% stake. In the future, the joint venture plans to engage in the "supply business of mainstream brand new energy passenger vehicles and the distribution business of Ford brand models that Changan Ford has invested in," the statement said. Officials at Ford and Changan could not immediately be reached for further comment.

Persons: Changan Ford, Stringer, Ford, Tesla, Farah Master, Twinnie Siu, Zhang Yan, Ben Klayman, Louise Heavens, Susan Fenton Organizations: Changan Automobile, Ford Motor Company, REUTERS, Ford Motor, Chongqing Changan Automobile, Ford, China Association of Automobile Manufacturers, Thomson Locations: Harbin, Heilongjiang province, China, BEIJING, Chongqing, Changan, Hong Kong, Shanghai, Beijing, Detroit

☆ China's Li Auto aims to outsell BMW, Mercedes, Audi in its home market in 2024
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

People stand near the logo of Chinese electric vehicle (EV) maker Li Auto at a product launch event in Beijing, China May 25, 2021. REUTERS/Yilei Sun/File PhotoSHANGHAI, Aug 9 (Reuters) - Li Auto (2015.HK) said it aimed to outsell BMW (BMWG.DE), Mercedes-Benz (MBGn.DE) and Audi in China in 2024 as the up and coming Chinese automaker accelerates rollouts of new models and ramps up production. The company will launch four new models next year including three EVs, he said. But Li Auto managed to gain market share in the segment of cars priced above 300,000 yuan and grow profits this year with four extended-range hybrid vehicles targeting family users. ($1 = 7.2134 Chinese yuan renminbi)Reporting by Zhang Yan, Brenda Goh; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Li, Li Auto, Li Xiang, Tesla, Zhang Yan, Brenda Goh, Simon Cameron, Moore Organizations: REUTERS, Yilei, HK, BMW, Mercedes, Benz, Audi, Li Auto, China Association of Automobile Manufacturers, Thomson Locations: Beijing, China

☆ China's gasoline demand peak nears as EV boom hastens transition
▼ + stars: | 2023-07-28 | by ( Mohi Narayan | Thomson Reuters | Reports On Everything How Asia S Fuel Use Recovers The Fallout Of To Tracking How The Global Energy Transition Impacts Refinery Expansion Plans | ) www.reuters.com time to read: +5 min

The International Energy Agency (IEA) and consultancy Rystad Energy have brought forward forecasts of China's peak gasoline demand by about a year to 2024, while Chinese state majors PetroChina and Sinopec (600028.SS) see it in 2025. The earlier halt in gasoline demand growth in the world's No. Reuters GraphicsAs a result of accelerating EV sales, Paris-based IEA now expects Chinese gasoline demand to peak in 2024 at about 3.7 million barrels per day (bpd), bringing forward an earlier projection of demand plateauing in 2025/2026. The research arm of China's state refiner CNPC expects gasoline demand to peak in 2025, citing accelerating sales of EVs, and sees gasoline demand shrinking 2.3% annually between 2026 and 2030. China's massive move into petrochemicals is already causing a glut globally, prompting companies to shift investments to high-end energy transition materials.

Persons: Aly, refiners, Toril Bosoni, EV's, Gaurav Batra, Mukesh Sahdev, Ma Yongsheng, Mohi Narayan, Carman Chew, Matthew Chye, Chen Aizhu, Zoey Zhang, Andrew Hayley, Florence Tan, Sonali Paul Organizations: Porsche, Auto Shanghai, REUTERS, International Energy Agency, Rystad Energy, China Association of Automobile Manufacturers, Reuters Graphics, Reuters, China, Shenghong Petrochemical, Energy, Graphics, Thomson Locations: Shanghai, China, Jan, Sinopec, Asia, Reuters Graphics China, Paris, U.S, North America, India, Sun, New Delhi, Singapore, Beijing

☆ Global automakers scramble to reset China strategies as sales slow
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +6 min

Global automakers, who for years have dominated the market along with their Chinese state-run partners, have been slow to pivot to the fast-growing market for EVs with competitive offerings. "This major collaboration between Volkswagen and Xpeng is a milestone for our electrification strategy 'in China for China'," said Ralf Brandstatter, a VW board member on his social media account. Their deeper pockets give established foreign automakers who are determined to fight for share in China, the ability to play a long game. Kia (000270.KS) is to enter China's EV market with its first EV, the EV6 crossover, via imports in August. "The German brands benefit from significant global scale," said He Lei, CEO of Chinese EV trading platform xChuxing.

Persons: Aly, Yale Zhang, Ralf Brandstatter, We've, Mary Barra, Tu Le, Yang Honghai, Kia, Mercedes Benz, Volkswagen's Audi, Lei, It's, Bill Russo, Automobility, Zhang Yan, Brenda Goh, Kevin Krolicki Organizations: Audi, Volkswagen, Auto, REUTERS, General Motors, Toyota, China Association of Automobile Manufacturers, Global, BMW, Mitsubishi, Automotive Foresight, GM, Reuters Graphics Volkswagen, BYD, China's Xpeng, HK, SAIC, VW, Buick, Chevrolet, Cadillac, CHINA EV INC, Tesla, China EV Inc, Volkswagen's, EV, Mitsubishi Motors, Nissan, Ford, Renault, Thomson Locations: Auto Shanghai, Shanghai, China, SHANGHAI, CHINA, Kia China, KS

☆ 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

☆ Tesla offers cash rebate on top models in China
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +3 min

Tesla said it would offer new buyers of its Model Y and Model 3 vehicles a cash rebate of 3,500 yuan ($483) if they could cite a referral from an existing owner. Tesla also said new buyers would have free access to its Enhanced Autopilot driver-assistance system for 90 days. It is continuing an earlier offer announced in June of 7,000-yuan rebates to buyers of its more expensive Model S and Model X vehicles in China. A number of Tesla owners posted their referral codes online and invited others to use them on Friday, suggesting the cash rebate could be widely available for new buyers. Earlier this week, Tesla cut prices on the Model 3 and Model Y by between 3% and 4% in Japan.

Persons: Tesla, Li Auto, Ralf Brandstatter, Premier Li Qiang, Qiaoyi Li, Zhang Yan, Brenda Goh, Shri Navaratnam, Sonali Paul Organizations: China's EV, China Association of Automobile Manufacturers, Premier, EVs, Thomson Locations: BEIJING, China, China's, Shanghai, Japan

On Thursday, regulators orchestrated an agreement between Tesla (TSLA.O) and 15 Chinese rivals to avoid “abnormal pricing”, sealing the deal at a signing ceremony in Shanghai, Bloomberg reported. Perhaps as a result, sellers of internal combustion engines frequently offered steeper discounts compared to battery-powered rivals, Citi’s data show. In this case, at least, it appears to be trying to keep competition healthy, targeting only “abnormal pricing”. If nothing else, Beijing’s intervention offers a welcome pause in hostilities. Over 30 brands in China announced discounts in the first three months of the year, according to industry consultancy Automobility.

Persons: It’s, Bill Russo, AlixPartners, Tesla, Antony Currie, Thomas Shum Organizations: Reuters, Tesla, Bloomberg, FAW Audi, BAIC Hyundai, Citi, HK, country’s Ministry of Industry, Information Technology, China Association of Automobile Manufacturers, Thomson Locations: HONG KONG, Beijing, Shanghai, Xpeng, China

☆ Tesla smashed it last quarter but China’s BYD did even better
▼ + stars: | 2023-07-03 | by ( Laura He | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —BYD outpaced Tesla in the second quarter as the Chinese carmaker posted record sales of hybrid and electric vehicles. Between April and June, BYD (BYDDF) sold more than 700,000 vehicles, almost double the number sold in the same quarter last year and setting a new quarterly record. Tesla and BYD are among the bestselling EV makers in the world. BYD still lags behind Tesla globally in terms of pure EV sales. In May, BYD sold around 119,000 pure EVs, more than double from the same period last year.

Persons: Hong Kong CNN — BYD, Warren Buffett, BYD, Shanghai Gigafactory Organizations: Hong Kong CNN, Tesla, China Association of Automobile Manufacturers Locations: Hong Kong, BYD, China, Shenzhen, Shanghai

☆ Battle for China's electric SUV market heats up at home and abroad
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +5 min

The trend will spread abroad with growing exports of China-made electric SUVs. The market for SUVs has boomed in China over the past decade and now represents almost 40% of all cars sold, with 400 SUV models of all fuel types. Legacy automakers Volkswagen (VOWG_p.DE), BMW (BMWG.DE) and Toyota (7203.T) are counting on new electric SUVs to bolster China sales. Tesla and Renault (RENA.PA) have already been exporting their China-made electric SUVs to Europe on a large scale. Chinese automakers have their own plans to grow electric SUV sales to Europe.

☆ Analysis: Battle for China's electric SUV market heats up at home and abroad
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +5 min

While other automakers like Volkswagen AG (VOWG_p.DE) have also been caught out by the sharp shift in China, Japanese automakers stand out because of their limited showing in the fast-growing category of electric and plug-in hybrid sales. Mitsubishi, like some other Japanese automakers, does not break out China sales figures. Industry data analysed by Reuters showed its first-quarter sales in China fell by 58% from a year earlier. Nissan Motor Co Ltd (7201.T) posted a 45.8% drop in China sales and Mazda Motor Corp (7261.T) sales were down 66.5% in the first quarter. "Japanese automakers could face a similar struggle in the United States as in China," he said.

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