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FILE PHOTO-People use their phones in front of the BYD Seagull that is displayed at the Auto Shanghai show, in Shanghai, China April 19, 2023. REUTERS/Aly Song/File PhotoNEW DELHI, Aug 2 (Reuters) - Chinese automaker BYD (002594.SZ) faces an ongoing Indian investigation over allegations that it paid too little tax on imported parts for cars it assembles and sells in the country, two sources with direct knowledge of the matter said. Although BYD has deposited this sum after the DRI's preliminary findings, the source added, the investigation is ongoing and could lead to additional tax charges and penalties. BYD in India and China did not reply to several requests seeking comment. One of the sources said BYD had not met these conditions, making it liable to pay either 70% or 100% depending on the value of the car.
Persons: Aly, BYD, Nikunj Ohri, Aditi Shah, Zoey Zhang, Alexander Smith Organizations: Auto, REUTERS, India's, of Revenue Intelligence, Companies, Xiaomi Corp, HK, Thomson Locations: Auto Shanghai, Shanghai, China, New Delhi, Beijing, India
SEOUL/SHANGHAI, July 31 (Reuters) - Chinese battery materials firms are ramping up investment in South Korea, announcing projects worth at least $4.4 billion this year to try to meet U.S. electric vehicle (EV) tax credit rules aimed at lowering reliance on China's supply chains. The IRA, designed to wean the U.S. off the Chinese supply chain for electric vehicles (EVs), will also eventually bar tax credits if any EV battery components were manufactured by a "foreign entity of concern", a provision aimed at China. South Korea has a free-trade agreement with the United States that would likely make batteries manufactured in the North Asian nation and later installed in U.S.-manufactured electric cars eligible for the federal tax credits. SK On and its supplier EcoPro Co (086520.KQ) also announced a joint venture with China's Green Eco Manufacture to make battery precursors in South Korea. POSCO Holdings (005490.KS) said last month it would cooperate with China's CNGR Advanced Material (300919.SZ) on nickel refining and precursor production in South Korea.
Persons: Kang Dong, hasn't, China's, 1,274.0000, Heekyong Yang, Zoey Zhang, Miyoung Kim, Tom Hogue Organizations: SK, U.S, Hyundai Motor Securities, China JV, U.S . Treasury Department, South, New Energy Technology, Reuters, Zhejiang, LG Chem, LG Energy, EcoPro, China's, POSCO Holdings, LG, Samsung SDI, EV, Thomson Locations: SEOUL, SHANGHAI, South Korea, United States, China, U.S, Korea, Ningbo, Seoul, South Korean, Korean, KS, Shanghai
BYD executives told Megha Engineering last week that the battery and EV maker wanted to drop pursuit of the investment, according to the two people with knowledge of that exchange. BYD, China's largest EV maker, declined to comment on the status of its investment proposal and whether it would pull the plan to produce electric cars in India. Megha Engineering did not respond to request to comment. A final decision on whether to approve BYD's investment proposal would be taken by Indian ministries of trade and heavy industries. In 2013 it started building electric buses in India with Megha Engineering, under a joint venture company called Olectra Greentech (OLEC.NS).
Persons: BYD, Megha, Aditi Shah, Zoey Zhang, Kevin Krolicki, Simon Cameron, Moore Organizations: Reuters, Megha Engineering, Engineering, automaker Tata Motors, Thomson Locations: DELHI, India, New Delhi, Hyderabad, China, Shanghai
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
REUTERS/Nick Carey/File PhotoNEW DELHI, July 14 (Reuters) - China's BYD Co (002594.SZ) has submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company, three people with direct knowledge of the plan told Reuters. The longer-term plan is to build a full line-up of BYD-brand EVs in India from hatchbacks to luxury models, one of the three people said. BYD, the world's largest producer of EVs and plug-in hybrid vehicles, did not immediately respond to a request for comment. If the India investment is approved, it would give BYD a presence in all major global car markets with the exception of the United States. The investment proposal also includes a plan by BYD and Megha to set up charging stations in India and build research and development and training centres, the sources said.
Persons: Nick Carey, BYD, Tesla, EVs, Sarita Chaganti Singh, Aditi Shah, Zoey Zhang, Shivangi Acharya, Kevin Krolicki, Jacqueline Wong Organizations: REUTERS, Reuters, BYD, Shivangi, Thomson Locations: Farnborough, Britain, DELHI, India, Hyderabad, hatchbacks, United States, New Delhi, Shanghai
Gallium is found in trace amounts in zinc ores and in bauxite, and gallium metal is produced when processing bauxite to make aluminium. Transphorm uses ultra thin layers of gallium nitride that are a micron, or one thousandth of a millimetre thick, on its semiconductors. "If you are already banking on gallium nitride and designing it into your platform, then you're in trouble," he said. A source at a Japanese automotive supplier told Reuters the company was weighing up whether to use gallium nitride or silicon carbide for future power semiconductors. "People have to look for other options, but gallium nitride is hard to replace, said the CMI's Neill.
Persons: Umesh Mishra, Mishra, Transphorm, Alastair Neill, Transphorm's Mishra, Neill, Nick Carey, Daniel Leussink, Christina Amann, Zoey Zhang, Matt Scuffham, David Evans Organizations: Alliance, micron, Critical Minerals Institute, Reuters, Infineon, Canada's GaN Systems, Thomson Locations: China, Goleta , California, Tokyo, Berlin, Shanghai
SAN FRANCISCO, June 30 (Reuters) - Tesla (TSLA.O) is set to report record vehicle deliveries, after the top electric vehicle maker increased discounts and other incentives to boost sales in the face of economic uncertainty and rising competition. Tesla is expected as early as this weekend to report global deliveries of 445,000 vehicles in April to June, according to the average estimates of nine analysts by Refinitiv. Tesla CEO Elon Musk's plan to sharply increase sales this year faces challenges from aging and limited product line-ups as competition intensifies especially in China, and demand softens. It has avoided major price cuts in the past couple of months but has increased discounts, another form of sales incentive. Tesla is set to increase China sales by 13% from the previous quarter to a record number of vehicles, according to an analyst.
Persons: Tesla, Elon Musk's, Graphics Tesla, Thomas Martin, Goldman Sachs, Hyunjoo Jin, Akash Sriram, Joseph White, Zoey Zhang, Peter Henderson, Matthew Lewis Organizations: FRANCISCO, Refinitiv, Graphics, Reuters, Globalt Investments, Thomson Locations: China, United States, Supercharging, Europe, Berlin, San Francisco, Bengaluru, Detroit, Shanghai
A Model 3 starts at $40,240 and the price may fall to $25,240 when the $7,500 federal tax credit and another $7,500 from the California tax rebate kick in, depending on income and other requirements. SUPPLY CHAIN TWEAKSAnalysts said Tesla may have tweaked its battery supply chain to meet both battery mineral and battery component requirements for federal subsidy. Tesla used CATL's LFP battery cells for its Model 3 Rear Wheel Drive and nickel-based cells from an unidentified supplier for its Model 3 Long Range, analysts said. CATL and other suppliers like LG Energy Solution (373220.KS) do not have factories to make Tesla cells in the United States. Tesla has also started delivering China-made Model 3s and Model Ys to Canada, freeing up some capacity for U.S.-made models.
Persons: Tesla, Biden, Caspar Rawles, CATL, Morgan Stanley, Adam Jonas, Hyunjoo Jin, David Shepardson, Zoey Zhang, Mark Porter Organizations: FRANCISCO, Toyota, Panasonic, U.S, Mineral Intelligence, BMI, LG Energy, Panasonic Holdings, Tesla, Thomson Locations: WASHINGTON, California, Nevada, KS, United States, North America, U.S, China, Canada, Shanghai
CNN —A Labrador and German shepherd mix named Zoey has claimed the record for the longest tongue on a living dog. At 12.7 centimeters (5 inches), Zoey’s tongue is longer than a soda can, according to Guinness World Records. Her owners, Sadie and Drew Williams from Metairie, Louisiana, US, said people often comment on how long Zoey’s tongue is. “She will pretty much go fetch anything you throw and swim in any body of water that’s available,” said Drew Williams. “Every now and then while we’re out taking her on a walk, people will come up to her and want to pet her,” said Drew Williams.
Persons: Zoey, Sadie, Drew Williams, , , Sadie Williams, we’re, ” Rickert, Saint Bernard Organizations: CNN, Guinness World Records, Records, Bisbee Locations: Labrador, Metairie , Louisiana, Tucson , Arizona
What had started as a diary of hair styles and piercings grew into a conceptual art project as Echeverri evolved as an artist. “I don’t want to overburden the work,” says Tillmans, who prefers to see it as Echeverri was: sly, cerebral and self-deprecating. The exhibit in New York also includes “Identidad Payasa” (2017), a series of double portraits where the artist shared the lens with street clowns in Mexico City. First, Echeverri would take their photos in full costume, then ask the clowns to recreate the look on him, a way of embodying their position. Tillmans says the photos show how much Echeverri empathized with the clowns — they were both artists, putting on a visual performance and wearing masks.
Persons: Juan Pablo Echeverri, James Fuentes, Wolfgang Tillmans, , Tillmans, Echeverri, Miss Fotojapón, ” yokes, , Organizations: Miss Locations: Manhattan, Bridges, Berlin, León, Mexico, Colombia, New York, Mexico City
China's Zeekr launches electric SUV, targets Europe
  + stars: | 2023-04-13 | by ( ) www.reuters.com   time to read: +3 min
REUTERS/Zoey ZhangCHENGDU, China, April 12 (Reuters) - Chinese electric vehicle maker Zeekr on Wednesday launched a compact, all-electric sport utility vehicle, as it targeted a premium market in China that has been dominated by German automakers. The Geely-owned [RIC:RIC:GEELY.UL] brand said it also planned to offer the SUV-styled Zeekr X and its Zeekr 001 EV sedan in Western Europe without saying when that would be. The company will start delivering the Zeekr X in China from June with a target of delivering 40,000 this year, An said. After Europe, Zeekr will target Asian markets outside China, An said without providing details. It sold 15,234 of its two existing models - the 001 sedan and the 009 multi-purpose vehicle - in the first quarter, accounting for just 2% of China's battery electric vehicle sales.
China's Zeekr launches SUV to boost premium EV sales
  + stars: | 2023-04-12 | by ( ) www.reuters.com   time to read: 1 min
Companies Zhejiang Geely Holding Group Co Ltd FollowCHENGDU, China, April 12 (Reuters) - Chinese electric vehicle (EV) maker Zeekr on Wednesday launched a new compact sports utility vehicle (SUV) as the Geely-owned (GEELY.UL) brand strives for market share in a premium segment previously dominated by German rivals. With a starting price of 189,800 yuan ($27,615.31), the Zeekr X SUV offers features such as the ability to unlock the car using facial recoginition technology and an in-vehicle refridgerator, CEO Andy An said at an event in China's southwestern city of Chengdu. The company will start delivering the Zeekr X from June this year, he added. ($1 = 6.8730 Chinese yuan renminbi)Reporting by Zoey Zhang and Brenda Goh Editing by Kenny Maxwell and David GoodmanOur Standards: The Thomson Reuters Trust Principles.
Our earnings definitely fluctuate from month to month — but this past year, we've averaged about $10,000 a month in revenue and made around $130,000 in revenue total. Typically, glamping Airbnbs feature tiny homes, trailers, or tents. It's a large piece of land, so the glamping Airbnb and the mountain home operate as completely separate Airbnbs. Investing back into your listings is crucial to scalingBerghoff's glamping Airbnb exterior. Unique experiences are the future of AirbnbBerghoff's glamping Airbnb.
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.
Details about Tesla's Cybertruck battery strategy, including use of 4680 cells and consideration of other options, have not been reported. The Tesla-designed 4680 cell - so named for its external dimensions (46mm diameter, 80mm length) - is crucial to future production plans. Last year, LG said it planned to open a new 4680 production line at its Ochang plant in Korea in the second half of 2023. Tesla also has been installing first-generation 4680 cells with "wet" cathodes in so-called structural packs in Texas-built Model Ys. Tesla plans to use a cathode with more than 90% nickel in the next generation of 4680 cells, two sources said.
[1/3] Students walk past stalls during the orientation week at The University of Sydney, in Camperdown, Australia February 15, 2023. 'BIG RUSH'The shortage has meanwhile jumpstarted one of the few subsets of Australian residential property, the student accommodation sector, that languished during COVID. Before 2020, Chinese students accounted for about 40% of the A$40 billion ($27 billion) Australia made educating foreigners annually. But China's reopening has raised the issue about the availability of beds in a "welcome sign" for investors, said Brad Williams, managing director of AMP Capital's diversified infrastructure trust, Australia's third-largest owner of purpose-built student accommodation. Tomas Johnsson, CEO of UniLodge Australia, the country's biggest operator of purpose-built student accommodation, said some developers were even paying more to speed up construction.
Rystad Energy sees the global market deficit of lithium shrinking to around 20,000 to 30,000 tonnes of lithium carbonate equivalent (LCE) this year, from 76,000 tonnes LCE in 2022. Out to 2025 it expects lithium supply to grow on average by 34% a year against an annual demand growth rate of 25%. MINERS UNFAZEDThe decline in lithium prices in China, the world's biggest consumer, has hit lithium producers overseas. LITHIUM CARBONATE SINKSThe price decline has been sharp. "A lithium carbonate price of 200,000-300,000 yuan per tonne is where both upstream and downstream will feel comfortable," said Rystad's Zou.
There is perhaps no Zoom meeting less satisfying than one scheduled on a cold weekday morning to talk about food — specifically, the food that one ought to eat in Paris. And so was the Paris culinary scene, driven by that thrilling hunt for places both new and old, French and not, an obsession among natives and tourists alike. As with a similar list we made for New York — and as part of our ongoing T 25 series, which has surfaced significant and memorable travel destinations, buildings, interiors, art, fashion and books — we wanted to name the essential Parisian dishes to eat right now. The final list, which appears in unranked alphabetical order below and covers most arrondissements, isn’t what we expected, nor is it like the myriad Parisian food rankings we’ve all encountered before. Above all, it speaks to the fact that great food — particularly in Paris, particularly right now — looks forward and backward at once: That’s what makes eating there (and debating where to eat there) so deliciously freewheeling.
Persons: I’d, Dominique Ansel, Dorie Greenspan, Moko Hirayama, Omar Koreitem, Aude, Mercerie, Daniel Rose, Jessica Yang, Pierre Hermé, chou, — Kurt Soller Organizations: New York Locations: Paris, New, 11th, Marie, America, France, Italy, Africa, Asia, Philippines
"Geely will make consistent investments into LEVC because this is a very unique project." Nan said LEVC and Geely would seek to attract other investors to its zero-emission portfolio and would look to partner with other carmakers to develop new technology. "Geely fully supports the new transition strategy laid out by LEVC's board and executive team," Geely said in a statement. As such, Geely faces a complexity that larger EV makers BYD (002594.SZ) and Tesla (TSLA.O) have avoided. Allen said LEVC was exploring a range of commercial and passenger car models on a common electric platform.
Now, Chief Executive Elon Musk is using that superior profitability as a weapon in the EV price war he started. That emboldened automakers to push EV prices higher. Vietnamese EV startup Vinfast said Thursday it will use price promotions to fight back against Tesla. Chinese EV market leader BYD Co Ltd(002594.SZ) announced price increases effective Jan. 1 after Beijing phased out EV subsidies. However, BYD's gross margins of $5,456 per vehicle give it more headroom in a price war than VW, Toyota or GM.
[1/2] The logo of BYD is pictured at the 2022 Paris Auto Show in Paris, France October 17, 2022. While BYD has not fully articulated its global ambitions in public, a concerted worldwide push has become the single most important strategic focus for China's biggest EV maker, four sources familiar with BYD management's thinking said. "BYD is taking a cautious approach to the U.S.," the person said. "I would say BYD at this point is already better positioned than Tesla in the EV era." "America is going to be a key, key part of this global push strategy," one said.
[1/4] The BYD Atto 3 EV car is displayed at the 39 Thailand International Motor Expo, in Bangkok, Thailand, November 30, 2022. The company announced in September it would build an EV assembly plant in Thailand with annual capacity of 150,000 cars from 2024. Talks are underway to select a site for the Vietnam plant, said the sources, who declined to be named because the discussions are confidential. The Vietnam plant will export components to the assembly plant to be built in Thailand, one source said. That would pose a direct challenge to VinFast, a Vietnamese EV maker that began selling cars in 2019 and plans to expand in the United States and Europe.
Experts say China could face more than a million COVID deaths next year. Authorities in Sanya on the southern Hainan island have lined up 18 pharmacies to distribute free drugs. mRNA VACCINES FOR GERMANSIn China, only deaths caused by pneumonia and respiratory failure after contracting COVID are being classified as COVID fatalities. Germany said it has sent its first batch of BioNTech (22UAy.DE) COVID vaccines to China to be administered initially to German expatriates. China has nine domestically developed COVID vaccines approved for use.
China's BYD to launch a second new EV brand in 2023 -executive
  + stars: | 2022-12-15 | by ( ) www.reuters.com   time to read: +1 min
SHANGHAI, Dec 15 (Reuters) - China's BYD Co will launch a new "professional and personal" electric car brand in 2023, a senior executive said on Thursday as the automaker expands its range following a year of strong sales. The new brand will be an addition to Yangwang, a premium brand set for launch in the first quarter of 2023 that it announced last month. Having ditched gasoline vehicles from its product mix this year, BYD has been able to capitalise on a range of incentives for electric cars offered by the central and local governments. Luo said BYD has sold cars to 35 countries outside China since it started exporting to Norway last May. Reporting by Zoey Zhang and Brenda Goh; Writing by Liz Lee; editing by Christian Schmollinger and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.
BEIJING, Dec 15 (Reuters) - China's BYD Co will launch a new "professional and personal" electric car brand in 2023, Brian Luo, the company's branding assistant general manager, said on Thursday. The new brand will be an addition to Yangwang, a premium brand slated for launch in the first quarter of 2023. Reporting by Zoey Zhang and Brenda Goh; Writing by Liz Lee; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.
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