DIRS.INFO The most relevant business & tech news

☆ Stocks making the biggest moves premarket: Exxon Mobil, Lockheed Martin, Walt Disney and more
▼ + stars: | 2023-10-09 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

An Exxon gas station sign is seen on October 06, 2023 in the Brooklyn borough of New York City. The Wall Street firm said the software stock is at an attractive entry point after its recent pullback. Exxon Mobil , Chevron , Occidental Petroleum — Energy stocks popped as oil prices rallied following the Hamas attack on Israel over the weekend. Blue Owl Capital — Shares of the investment company dropped 2.6% after Oppenheimer downgraded Blue Owl Capital to perform from outperform. Lockheed Martin — The aerospace and defense company saw shares rise about 4.5% in premarket trading following the surprise attack on Israel by Palestinian militant group Hamas over the weekend.

Persons: Walt, Nelson Peltz's, Trian's, Trian, Saket Kalia, Oppenheimer, Bristol Myers, Tesla, Lockheed Martin, — CNBC's Brian Evans, Lisa Kailai Han, Fred Imbert, Hakyung Kim, Yun Li, Tanaya Macheel, Pia Singh Organizations: Exxon, Walt Disney —, Street Journal, Management, JPMorgan, Spotify Technology, Barclays, Oracle, ISI, Exxon Mobil, Occidental Petroleum — Energy, Chevron, Occidental, Owl, Mirati Therapeutics, Bristol, Bristol Myers Squibb, China Passenger Car Association, Lockheed, Hamas Locations: Brooklyn, New York City, Chevron, Israel, China, Palestinian

☆ Stocks making the biggest moves midday: General Dynamics, United Airlines, Spotify and more
▼ + stars: | 2023-10-09 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Spotify — Shares of the music streaming service company fell 2.5% after Redburn Atlantic downgraded the streaming giant to neutral from buy. Tesla — The automaker's stock fell 2.3% in Monday trading upon news that the company's year-over-year sales declined 10.9% in China last month, according to data from the China Passenger Car Association. Oil stocks — Energy stocks soared following the escalation of the Israel-Hamas conflict over the weekend. Airline stocks — On a broader level, airline names were down after several major airlines suspended service to Israel following this weekend's attacks. United Airlines slid 5.3%, while Delta Air Lines and American Airlines shed 4.5% and 5.3%, respectively.

Persons: Elizabeth, Saket Kalia, Bristol Myers, Tesla, Baird, — Datadog, Hess, Northrop Grumman, Yun Li, Tanaya Macheel, Sarah Min, Jesse Pound Organizations: General Dynamics Corp, Spotify, Atlantic, Amazon, Barclays, Therapeutics, Bristol, Bristol Myers Squibb, China Passenger Car Association, Motorola Solutions, Motorola, Bank of America, — Energy, Halliburton, CF Industries, Defense, L3Harris Technologies, General Dynamics, Airline, United Airlines, Delta Air Lines, American Airlines Locations: NASSCO, Norfolk , Virginia, China, Israel, Palestine

☆ China's Golden Week: expected consumption boom disappoints
▼ + stars: | 2023-10-09 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —China has concluded its Golden Week holiday on a muted note, with key travel and spending data showing weaker-than-expected recovery in consumption amid a wider economic slump. Before the holiday, the ministry had expected domestic travel to hit 896 million trips, and tourism spending to reach 782.5 billion yuan ($107 billion). According to the National Immigration Administration, on average 1.48 million people crossed the border every day during the Golden Week holiday. Weakness at the box officeChina’s box office hit multi-year lows during the holiday week. A recovery in domestic consumption not related to the Golden Week also fell short of expectations.

Persons: ” Goldman Sachs, Tesla, BYD Organizations: Hong Kong CNN, Ministry of Culture, Tourism, National Immigration Administration, Shenyang North Railway, Stringer, Getty, Citi, Entertainment, Tencent, China Passenger Car Association Sunday, CNN, EV Locations: China, Hong Kong, Beijing, China's, Liaoning, AFP, Tourism

☆ Tesla's China-made EV sales volume falls 10.9% year-on-year in September
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +2 min

Tesla sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. Sales of China-made Model 3 and Model Y cars were down 12.0% from a month earlier. The U.S. automaker, which ships more China-made cars for exports at the beginning of each quarter while focusing on domestic deliveries at the end, almost doubled its China EV share from July to August. Tesla, the largest exporter of China-made EVs, is also facing a probe by the European Commission into subsidies for battery-powered cars from China, along with Renault and other Chinese automakers. Tesla's deliveries of China-made vehicles hit a record 247,217 in the second quarter.

Persons: Aly, Tesla, BYD, Xpeng, Zhang Yan, Qiaoyi Li, Roxanne Liu, Brenda Goh, Toby Chopra Organizations: Artificial Intelligence, REUTERS, Rights, U.S, China Passenger Car Association, of, China EV, HK, European, Renault, Thomson Locations: Shanghai, China, Rights BEIJING, SHANGHAI, of China

☆ EU trade chief says the outcome of China EV probe cannot be prejudged
▼ + stars: | 2023-09-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

About two weeks ago, the European Commission announced an investigation into government subsidies for EV makers in China. watch nowChina's electric car exports have surged in recent months. Homegrown Chinese electric car companies Nio , Xpeng and BYD are among those that have started to expand to Europe, but in relatively small numbers so far. More than two-thirds of China's electric car exports to Europe were from Tesla and other international brands manufacturing in China, according to HSBC. China's Ministry of Commerce was quick to criticize the EU investigation and called it a "blatantly protectionist act" that would distort the global auto industry.

Persons: Dombrovskis, Cui Dongshu, Wan Gang Organizations: BEIJING —, European, European Commission, EV, EU, World Trade Organization, Moody's, HSBC, Volkswagen, VW, China's Ministry of Commerce, China Passenger Car Association, Audi, Wan, Science, Technology, Ministry of Finance Locations: BEIJING, BEIJING — Europe, China, Beijing, Europe

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

Still, it could hurt perceptions of Chinese EV makers as they expand abroad, Bernstein analysts said in a client note. Nio and Geely declined to comment on the EU probe, while BYD, Xpeng and SAIC did not respond to requests for comment. Shares in European carmakers were also among the biggest fallers on the euro zone stock index (.STOXXE50) in early trading. STRAINED RELATIONSThe anti-subsidy probe, initiated unusually by the European Commission and not from any industry complaint, comes amid broader diplomatic strains between the EU and China. It accounted for 40.25% of EV exports from China between January and April 2023.

Persons: Annegret, Ursula von der Leyen, Bernstein, BYD, CATL, Cui Dongshu, EVs, Donny Kwok, Brenda Goh, Ryan Woo, Anne Marie Roantree, Tom Hogue, Jamie Freed, Mark Potter Organizations: REUTERS, China, EV, EU, European, Ministry of Commerce, Eurasian Group, Reuters Graphics, Reuters Graphics Hong Kong, HK, Geely, SAIC, BMW, Volkswagen, Mercedes, European Commission, China Passenger Car Association, EVs, for Strategic, Internal Studies, Reuters, Thomson Locations: Berlin, Germany, Europe, China, SHANGHAI, BEIJING, Beijing, EU, Brussels, Southeast Asia, Reuters Graphics Hong, Shanghai, Xpeng, Shenzhen, SZ, Moscow, Russian, Ukraine, U.S, Hong Kong

Analysts said the probe could slow capacity expansion and the capital spending cycle of China's battery suppliers, although the move should not pose a big downside risk for Chinese EVs. Hong Kong shares of market leader BYD fell more than 3%. Nio and Geely declined to comment on the EU probe, while BYD, Xpeng and SAIC did not respond to requests for comment. GROWING MARKET SHAREEU officials believe Chinese EVs are undercutting the prices of local models by about 20% in the European market, piling pressure on European automakers to produce lower-cost electric vehicles. It accounted for 40.25% of EV exports from China between January and April 2023, up from 36.5% in 2022.

Persons: Angelika Warmuth, Ursula von der Leyen, BYD, CATL, der Leyen, Li Qiang, Cui Dongshu, EVs, Donny Kwok, Brenda Goh, Ryan Woo, Anne Marie Roantree, Tom Hogue, Jamie Freed Organizations: BYD Company, REUTERS, China, EV, European Commission, EU . European, Analysts, HK, Geely, SAIC, EU, Chamber of Commerce, China Passenger Car Association, Center, Strategic, Internal Studies, Volvo, Thomson Locations: Munich, Germany, Europe, HONG KONG, SHANGHAI, Hong Kong, Beijing, Shanghai, Xpeng, Shenzhen, SZ, China, Moscow, Russian, Ukraine, New Delhi, Brussels, U.S

☆ Head of Chinese auto industry group urges EU be objective on China EVs
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Sept 14 (Reuters) - China's electric vehicle (EV) industrial chain is highly competitive, Cui Dongshu, secretary general of the China Passenger Car Association, said on Thursday, urging the EU to take an objective view of the industry's development. Cui made the comments in a post on his own WeChat account, responding to an EU anti-subsidy probe into Chinese EVs. The EU could not arbitrarily use unilateral economic or trade tools to prevent development of EV products in Europe or increase their operating costs, Cui wrote. The price of China-made cars exported to Europe is generally almost double the domestic price, he said, adding that China's strong EV exports is not the outcome of hefty state subsidies. Reporting by Qiaoyi Li and Brenda Goh; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Cui Dongshu, Cui, Qiaoyi Li, Brenda Goh, Kim Coghill Organizations: China Passenger Car Association, EU, Thomson Locations: BEIJING, EU, Europe, China

☆ China auto industry body 'firmly opposes' EU probe on Chinese EV subsidies, urges objectivity
▼ + stars: | 2023-09-14 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Employees work on the assembly line of C11 electric SUV at a factory of Chinese EV startup Leapmotor on April 26, 2023 in Jinhua, Zhejiang Province of China. Vcg | Visual China Group | Getty ImagesThe European Union should "objectively" consider China's electric vehicle industry and its highly competitive industrial supply chain, the head of a China automobile industry body on Thursday. This comes a day after the European Commission, the executive arm of the European Union, unexpectedly launched an "anti-subsidy" investigation into China's EV makers. "The EU should view the development of China's electric vehicle industry objectively, rather than arbitrarily employing unilateral economic and trade tools to restrict the development or increase operating costs of China's electric vehicle products in Europe," he added. He added that Chinese cars exported to Europe are generally retailing at nearly double the prices in mainland Chinese markets.

Persons: Cui Dongshu, Cui, Ursula von der Leyen Organizations: Visual China, Getty, European Commission, European Union, China's, China Passenger Car Association, CNBC, of Locations: Jinhua, Zhejiang Province, China, Europe, Strasbourg, EU, U.S, Beijing

HONG KONG (AP) — China's Commerce Ministry has protested a decision by the European Union to investigate exports of Chinese electric vehicles, saying Thursday that it is a “protectionist” act aimed at distorting the supply chain. The EU announced Wednesday it will probe government subsidies provided to Chinese automakers that the EU contends keep EV prices artificially low. China has become the biggest market for electric vehicles after investing billions in subsidies to gain an edge. “It’s naked protectionist behavior that will seriously disrupt and distort the global automotive industrial chain and supply chain including the European Union, and will have a negative impact on China–EU economic and trade relations,” he said. Cui urged the EU to take an “objective view of the development of China’s electric vehicle industry” instead of using what he said are economic and trade tools to increase the costs of Chinese electric vehicles in Europe.

Persons: Yadong, “, ”, Cui Dongshu, ” Cui, Cui Organizations: —, Commerce, European Union, EU, China Passenger Car Association Locations: HONG KONG, China, EVs, Japan, Europe, Beijing, EU

☆ EU to investigate 'flood' of Chinese electric cars, weighing tariffs
▼ + stars: | 2023-09-13 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +6 min

"Global markets are now flooded with cheaper electric cars. It is also unusual in that it is brought by the European Commission itself, rather than in response to an industry complaint. GRINDING GEARSThe influx of cheaper Chinese electric vehicles has already prompted some European carmakers to take action. At the same time Von der Leyen stressed the importance of electric vehicles to the EU's ambitious environmental objectives. The founder of Nio warned in April that Chinese EV makers should brace for the possibility that foreign governments would impose protectionist policies.

Persons: Ursula von der Leyen, BYD, EVs, Nio, Mercedes Benz, Stellantis, France's, Tesla, VDA, Von der Leyen, Simone Tagliapietra, Kingsmill Bond, Foo Yun Chee, Philip Blenkinsop, Kim Miyoung, Brenda Goh, Anne Marie Roantree, Nick Carey, Kate Abnett, Gabriela Baczynska, Louise Heavens Organizations: EU, Investigation, European EV, European Commission, European Union, Renault, BMW, HK, China Passenger Car Association, Dynamics, Volvo, EV, VW, France's Renault, Japan, Rocky Mountain Institute, Thomson Locations: BRUSSELS, Brussels, China, Moscow, Ukraine, Germany, France, Europe, U.S

Brussels/London CNN —The European Union is launching an investigation into China’s state support for makers of electric vehicles as soaring imports of their cars stoke fears for the future of European auto manufacturers. “So I can announce today that the commission is launching an anti-subsidy investigation into electric vehicles coming from China.”Europe levies a duty of 10% on cars imported from China. That compares with duty of 27.5% in the United States, and China’s manufacturers have taken advantage to carve out a significant and rapidly growing foothold in the European market. And in the last five years, EU imports of Chinese cars have quadrupled. The European Commission investigation could lead to the imposition of tariffs on Chinese EV imports, and von der Leyen’s announcement rattled the stocks of China’s biggest EV companies listed in Hong Kong.

Persons: Ursula von der Leyen, “, ” von der Leyen, von der, Warren Buffett, Nio, Li Yunfei, Oliver Zipse, Luca de Meo, ”, Sigrid de Vries, Laura Organizations: London CNN, China Passenger Car Association, UBS, The, EV, European Automobile Manufacturers ’ Association, Senior, EU, Jato Dynamics, BMW, Renault, European Locations: Brussels, London, Europe, China, United States, Hong Kong

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

☆ 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 auto workers bear the brunt of price war as fallout widens
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +9 min

Millions of auto workers and suppliers in China are feeling the heat as an electric vehicle price war forces carmakers to shave costs anywhere they can. State-run China Automotive News estimates there are over 100,000 auto suppliers in the country. Suppliers typically negotiate prices once a year, but many have been pressed to lower prices on a quarterly basis in 2023, two senior executives at auto suppliers said. And in June, a group of small suppliers wrote to state-owned Changan Automobile to push back against 10% price reductions. Three months later, he told Reuters that price cuts had been more aggressive in 2023 than in previous years.

Persons: Aly, Mike Chen, Chen, carmakers, Tesla, George Magnus, Elon Musk, Mike Chen's, Li Auto, Liu, Changan Automobile's, Chen Yudong, They've, Zhang Yan, Brenda Goh, Kripa Jayaram, Marius Zaharia, David Clarke Organizations: SAIC Volkswagen, REUTERS, Rights, Shanghai, SAIC, Volkswagen, VW, Oxford University's China, China Passenger Car Association, Tesla, GM, HK, Changan Automobile, Mitsubishi Motors, Toyota, Hyundai, China Automotive, Automobile, EV, Reuters, Thomson Locations: Shanghai, China, China's, Beijing, Shenzhen, Hefei, Chongqing, Chery's, Qingdao

☆ Tesla's China-made EV deliveries rise 9.3% y/y in August
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: 1 min

Chinese flag and Tesla logo is seen through a magnifier in this illustration taken January 7, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBEIJING, Sept 4 (Reuters) - U.S. automaker Tesla (TSLA.O) sold 84,159 China-made electric vehicles (EVs) in August, a 9.3% rise from a year earlier, data from the China Passenger Car Association (CPCA) showed on Monday. Sales of China-made Model 3 and Model Y cars rose 30.9% from a month earlier. Chinese rival BYD (002594.SZ), with its Dynasty and Ocean series of EVs and petrol-electric hybrid models, recorded deliveries of 274,086 passenger vehicles in August, a jump of 57.5% year-on-year. Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Christopher Cushing and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Tesla, BYD, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Louise Heavens Organizations: REUTERS, Rights, U.S, China Passenger Car Association, of, Thomson Locations: Rights BEIJING, China, of China

☆ Volkswagen, Renault shares hit by rare ‘sell’ rating as Chinese competition grows
▼ + stars: | 2023-09-01 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

London CNN —Shares in Europe’s largest carmaker Volkswagen and its French rival Renault dropped sharply Friday after UBS analysts recommended investors dump the stocks, citing the growing threat to their business from Chinese competitors. Volkswagen was down 4.4% in late afternoon trade in Europe and Renault 5.6% lower, while the benchmark STOXX Europe 600 index was flat. China is the biggest single market for Volkswagen but its sales there have been declining in the face of pressure from local competitors. In their note, the UBS analysts highlighted the threat to the carmaker from “highly competitive” Chinese EVs. Volkswagen, Renault and other global players have been teaming up with Chinese companies, too.

Persons: ” Patrick Hummel, David Lesne, Juan Perez, Carrascosa, BYD, Warren Buffett, ”, “, —, Geely Organizations: London CNN —, Volkswagen, French, Renault, UBS, Swiss, “ Renault, China Passenger Car Association . Vehicles Locations: Europe, China

☆ Tesla releases refreshed Model 3 with longer driving range in China
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +3 min

Visitors check a Tesla Model 3 car at a showroom of the U.S. electric vehicle (EV) maker in Beijing, China February 4, 2023. The updated version of the Model 3 was Tesla's first new or restyled car since it launched its global best-seller, the Model Y, in 2020. The new Model 3 promises a longer driving range for China, according to the company's website. Reuters first reported last November that Tesla was developing a revamped version of the Model 3 in a project codenamed "Highland". In China, the new Model 3 starts at 259,900 yuan ($35,807.78), the company's website showed on Friday.

Persons: Florence Lo, Tesla, Zhang Yan, Hyunjoo Jin, Daniel Leussink Brenda Goh, Christian Schmollinger, Kevin Krolicki Organizations: Tesla, U.S, REUTERS, Rights, EV, China Passenger Car Association, Volkswagen, Mercedes, Reuters, Thomson Locations: Beijing, China, Europe, East, Australia, Japan, Shanghai, Fremont , California, Munich

☆ China's EV slowdown drags down Nvidia's 'next billion-dollar business'
▼ + stars: | 2023-08-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Nvidia automotive segment primarily sells chip systems for assisted driving. Colette Kress Nvidia's Chief Financial OfficerThe $253 million segment revenue was also well below the $309.3 million forecast by a FactSet analyst poll. Although still a fraction of the chipmaker's business, automotive revenue has grown rapidly from just over $100 million a quarter two years ago. Bloomberg | Bloomberg | Getty ImagesCounterpoint's Wang pointed out that Nvidia's products are concentrated in the high-end automotive segment. Analog Devices on Wednesday reported automotive revenue of $747.6 million for the three months ended July 29, down by 5% from the prior quarter.

Persons: Jensen Huang, Alex Wong, Huang didn't, Colette Kress, Brady Wang, Xpeng, Xpeng's, Xinzhou Wu, Xiaopeng, Huang, Counterpoint's Wang, David Wong Organizations: Nvidia, Getty, Local, Counterpoint Research, Nvidia Nio, Bloomberg, NVIDIA, Robotics, Nomura, Qualcomm, China Passenger Car Association Locations: BEIJING, China, Xpeng, Santa Clara , California

☆ Exclusive: China's Xiaomi wins state planner nod to make EVs amid glut in autos
▼ + stars: | 2023-08-23 | by ( Julie Zhu | ) www.reuters.com time to read: +4 min

A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. Xiaomi, which owns the world's third largest smartphone brand by shipments, did not immediately respond to a request for comment. Xiaomi plans to produce about 100,000 EVs next year, said one of the sources. But Xiaomi, which reported an 18.9% drop in its latest quarterly revenue in May, has its own compulsions for foraying into EVs. Xiaomi plans to use the thousands of stores it has as showrooms for its electric cars, Reuters previously reported.

Persons: Francis Mascarenhas, HONG KONG, Xiaomi, Tesla, NDRC, MIIT, Lei Jun, Julie Zhu, Muralikumar Organizations: REUTERS, Xiaomi Corp, HK, National Development, Reform Commission, EV, Ministry of Industry, Reuters, Lucid, Beijing Daily, China Passenger Car Association, Thomson Locations: Mumbai, India, HONG, Beijing, Shanghai, Reuters U.S, China, China ., EVs

☆ Tesla makes further price cuts in China, reducing models S and X by $7,400 to $8,500
▼ + stars: | 2023-08-16 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Tesla on Wednesday slashed the price of the existing inventory of its Model S and Model X cars in China, as the company looks to boost sales amid rising competition in one of its key markets. The Model S is now offered at 754,900, reduced from 808,900 yuan. The electric car maker, run by billionaire Elon Musk, made another round of price cuts this week for the Model Y and Model 3 in China. In the U.S., Tesla has rolled out cheaper versions of it Model S and Model X vehicles — which are not new issues, but are range limited by software. Shares of Chinese electric vehicle upstarts Xpeng , Nio and Li Auto were all lower in morning trading in the U.S.

Persons: Tesla, Elon Musk, Li Organizations: Tesla, U.S, Li Auto, China Passenger Car Association Locations: Beijing, China, Weibo, U.S

☆ Tesla stock falls after cutting prices in China again
▼ + stars: | 2023-08-15 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Tesla is back to cutting prices in China, and investors don’t seem happy about it. The manufacturer announced a significant discount for its Model Y in China on Monday, saying two models would be discounted by 14,000 yuan ($1,929) effective immediately. The price cuts, Tesla’s first since January, reflect rising competition in China, particularly within its fast-moving electric vehicle sector. Tesla slashed prices several times in China between October and January after losing market share. In May, the company had reversed course, hiking prices globally, with the biggest increase made in China.

Persons: Hong Kong CNN — Tesla, don’t, Tesla’s, ”, Warren Buffett, Tesla, Elon Musk Organizations: Hong Kong CNN, Tesla’s, HSBC, CNN, China Passenger Car Association, Tesla, Analysts Locations: Hong Kong, China, New York, Shanghai

☆ Tesla cuts prices in China for select Model Y versions
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

Companies Tesla Inc FollowBEIJING, Aug 14 (Reuters) - Tesla (TSLA.O) on Monday said it has cut prices in China for its Model Y long-range and performance versions starting on Aug. 14, sending its shares lower on concern of further pressure on its profit margins. The electric-car company reduced the starting prices of both models by 14,000 yuan ($1,934.58). The Model Y Long Range's starting price drops 4.5% to 299,900 yuan and the starting price of the Model Y Performance is now 349,900 yuan, down 3.8%. Visitors wearing face masks check a China-made Tesla Model Y sport utility vehicle (SUV) at the electric vehicle maker's showroom in Beijing, China January 5, 2021. Last month, Tesla CEO Elon Musk said further price cuts were a possibility, even if it squeezed the automaker's margins.

Persons: Tesla, Chris McNally, Tingshu Wang, Elon Musk, Liz Lee, Samrhitha Arunasalam, Akash Sriram, Christian Schmollinger, Tom Hogue, Sharon Singleton Organizations: Tesla Inc, BEIJING, REUTERS, Deutsche Bank, Tesla's, China Passenger Car Association, Shanghai, Thomson Locations: China, U.S, Europe, Beijing, United States, Tesla's China, Bengaluru

☆ Tesla cuts prices in China for some Model Y versions
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

The logo of car manufacturer Tesla is seen at a branch office in Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann/File PhotoCompanies Tesla Inc FollowBEIJING, Aug 14 (Reuters) - Tesla Inc (TSLA.O) has cut prices in China for its Model Y long-range and performance versions starting on Aug. 14, the company said in a notice on Monday. The car company dropped the starting prices of both models by 14,000 yuan ($1,934.58). The Model Y Long Range's starting price drops 4.5% to 299,900 yuan and the starting price of the Model Y Performance is now 349,900 yuan, down 3.8%. Last month Tesla CEO Elon Musk said further price cuts were a possibility, even if it squeezed the automaker's margins.

Persons: Arnd, Tesla, Elon Musk, Liz Lee, Christian Schmollinger, Tom Hogue Organizations: REUTERS, Inc, BEIJING, Tesla Inc, Tesla's, China Passenger Car Association, Shanghai, Thomson Locations: Bern, Switzerland, China, United States, Tesla's China

Search resuls for: "China Passenger Car Association"

25 mentions found