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☆ China's Nio to build factory for budget EVs - sources
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Feb 21 (Reuters) - Chinese electric vehicle (EV) maker Nio Inc (9866.HK) plans to build a factory in Chuzhou city in the eastern province of Anhui to produce budget EVs under a new brand, said three people with knowledge of the matter. Neither Nio nor the Chuzhou local government immediately responded to requests for comment. Nio's main brand, Nio, is positioned for the premium car segment to compete with brands such as BMW, Audi and Mercedes-Benz in China and Europe. More than a quarter of the new cars sold in January in China were either pure electric or plug-in hybrids, according to China Passenger Car Association. Reporting by Zhang Yan, Zhuzhu Cui and Brenda Goh; Editing by Christopher Cushing and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ EV maker Lotus Tech to go public in the U.S. via deal with L Catterton SPAC
▼ + stars: | 2023-01-31 | by ( Brenda Goh | ) www.reuters.com time to read: +2 min

Lotus Tech is the luxury electric vehicle maker division of sports car brand Group Lotus, which is in turn owned jointly by Chinese automaker Geely (GEELY.UL) and Malaysia's Etika Automotive. The unit is headquartered in the central Chinese city of Wuhan and produces cars through a partnership with Geely. Lotus Tech's existing shareholders, including Geely, Etika and NIO Capital, an investment firm founded by the CEO of Chinese electric vehicle maker Nio Inc , will retain their interests in the company and own 89.7% of it following the deal, it said. The company plans to use the proceeds from the combination of the businesses for product innovation and to expand its global distribution network. "We expect the partnership to provide significant support as Lotus Tech expands globally, with promising brand collaboration and strategic partnership potential worldwide," Lotus Tech's Chief Executive Officer Feng Qingfeng said.

☆ Tesla shares extend losses on demand worries in China
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

Dec 27 (Reuters) - Tesla Inc (TSLA.O) shares fell 8% on Tuesday after a Reuters report that Tesla was planning to run a reduced production schedule in January at its Shanghai plant sparked worries of a drop in demand in the world's biggest car market. The world's most valuable automaker's production cuts at the Shanghai plant come amid a rising number of COVID-19 infections in the country. Hayes also added that Tesla's stock was facing a "perfect storm" of high-interest rates, tax loss selling and share sales by some funds that hold a significant amount of Tesla stock. Tax loss selling is when an investor sells an asset at a capital loss to lower or eliminate the capital gain realized by other investments, for income tax purposes. Reporting by Akash Sriram in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese EV maker Nio cuts delivery guidance for fourth quarter, citing Covid disruptions
▼ + stars: | 2022-12-27 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

Chinese electric car company Nio delivered more than 5,000 cars in April despite Covid restrictions in some parts of China, albeit down sharply from nearly 10,000 vehicle deliveries in March. Chinese electric vehicle maker Nio Inc. lowered its fourth quarter outlook for deliveries, citing supply chain disruptions stemming from Covid outbreaks. Nio now projects that it will deliver between 38,500 to 39,500 electric vehicles in the fourth quarter of 2022, down from its initial estimate of 43,000 to 48,000 vehicles, according to a press release on Tuesday. The company cited supply chain disruptions due to Covid outbreaks in major Chinese cities, which slowed down operations in December. Last week, Nio launched two new electric SUV models, the EC7 and the ES8.

That compares with a valuation of about $9 billion in its maiden external fundraising last year. In doing so, it joins a growing list of Chinese automakers looking to launch or expand sales of EVs in the region. The automotive group led by founder Li Shufu now houses seven brands manufacturing electric vehicles, of which three are high-end brands. According to two of the sources, Zeekr also considered Hong Kong as its listing venue but picked New York in the hope of achieving a higher valuation. Zeekr was established by Geely, formally known as Zhejiang Geely Holding Group (GEELY.UL), in April 2021 to tap into increasing Chinese demand for premium EVs.

HONG KONG, Dec 12 (Reuters) - Zeekr, Chinese automaker Geely's upmarket electric car brand, has confidentially filed for a U.S. initial public offering, aiming to raise more than $1 billion, three sources with direct knowledge of the matter told Reuters. That compares with a valuation of about $9 billion in its maiden external fundraising last year. In doing so, it joins a growing list of Chinese automakers looking to launch or expand sales of EVs in the region. According to two of the sources, Zeekr also considered Hong Kong as its listing venue but picked New York in the hope of achieving a higher valuation. It said in October it would spin Zeekr off but did not identify a listing venue or the likely value of an offering.

☆ China's Li Auto sees higher deliveries in Q4; third-quarter loss widens
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +1 min

Dec 9 (Reuters) - China's Li Auto Inc on Friday forecast higher delivery of vehicles and a rise in revenue in the fourth quarter, banking on a production ramp-up and better cost management. The electric vehicle maker saw net loss widen to 1.65 billion yuan ($237.55 million) compared with a net loss of 21.5 million yuan a year ago for the third quarter ended Sept.30. Most auto makers have been hit by rising material costs and a global chip shortage, but Li Auto said that it was expecting higher deliveries and production scale up as global supply chain issues ease. Vehicle sales for the company jumped 22.5% from a year ago to 9.05 billion yuan in the reported quarter, while margins dropped to 12% from 21.1%. It dispatched 26,524 cars in the September quarter, with October and November deliveries already at more than 25,000 units.

Rare protests in major Chinese cities over the weekend against the country's strict zero-COVID curbs have hit growth expectations in the world's second-largest economy. U.S.-listed shares of Chinese companies such as Bilibili Inc , Alibaba Group Holding Ltd , JD.com Inc , Baidu Inc and Nio Inc , however, eked out gains, rising between 1% and 2.2%. Declining issues outnumbered advancers for a 2.47-to-1 ratio on the NYSE and for a 1.95-to-1 ratio on the Nasdaq. The S&P index recorded 11 new 52-week highs and two new lows, while the Nasdaq recorded 74 new highs and 102 new lows. Reporting by Ankika Biswas and Shreyashi Sanyal in Bengaluru; Editing by Shounak Dasgupta and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Wall St set to open lower on China's anti-lockdown protests; Apple slips
▼ + stars: | 2022-11-28 | by ( Ankika Biswas | ) www.reuters.com time to read: +3 min

As China's strict zero-COVID policy aimed at stamping out COVID-19 with lockdowns and quarantines has become a lightning rod for frustrations, protests erupted over the weekend as a show of solidarity with rare displays of defiance. Although there were no signs of new protests in Beijing or Shanghai on Monday, the curbs so far have led to concerns over China's economic growth and its trickle-down effect on global companies. ET, Dow e-minis were down 216 points, or 0.63%, S&P 500 e-minis were down 33.75 points, or 0.84%, and Nasdaq 100 e-minis were down 99 points, or 0.84%. On Friday, the Nasdaq closed lower, weighed down by Apple in a subdued holiday-shortened trading session for Wall Street. Reporting by Ankika Biswas and Shreyashi Sanyal in Bengaluru; Editing by Savio D'Souza and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Wall St futures slip on China COVID woes; Apple falls
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +2 min

As China's strict policy aimed at stamping out COVID-19 with lockdowns and quarantines has become a lightning rod for frustrations, protests erupted over the weekend as a show of solidarity with rare displays of defiance in China. ET, Dow e-minis were down 184 points, or 0.54%, S&P 500 e-minis were down 31.75 points, or 0.79%, and Nasdaq 100 e-minis were down 105.25 points, or 0.89%. However, street protests against zero-COVID policy in China underline a harsher reality that is undermining market sentiment, at least for now," said Rabobank analysts in a note. On Friday, the Nasdaq closed lower, weighed down by Apple in a subdued holiday-shortened trading session for Wall Street, as investors watched Black Friday sales and COVID-19 cases in China. Reporting by Ankika Biswas in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Cramer's lightning round: Enphase Energy is a buy
▼ + stars: | 2022-11-28 | by ( Krystal Hur | ) www.cnbc.com time to read: 1 min

Loading chart...Rio Tinto PLC : "You need to see commodity inflation come back. I will say, it's a great hedge against long-term inflation, though." Loading chart...Enphase Energy : "It is doing so well, and every time it's down $15, $20, I want to come on air and just say, 'you know what you've got to do? ... We are not recommending stocks that are losing money." Loading chart...Dycom Industries : "I think that Dycom's okay."

☆ Nio reports strong third-quarter revenue as it gears up for a big year-end production push
▼ + stars: | 2022-11-10 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Employees stand next to a ET7 sedan at a NIO Inc. dealership in Shanghai, China, on Wednesday, June 8, 2022. Adjusted loss per share: 30 cents, versus 6 cents per share in the year-ago period. 30 cents, versus 6 cents per share in the year-ago period. With the ET5 now available, Nio is working to increase production and shorten customer waiting times, Li said. Nio said that investors should expect it to deliver 43,000 and 48,000 vehicles in the fourth quarter, generating total revenue between RMB17,368 million ($2.4 billion) and RMB19,225 million ($2.7 billion).

☆ Baillie Gifford funds bought more shares of China's Pinduoduo, NIO in Q3
▼ + stars: | 2022-10-28 | by ( Summer Zhen | ) www.reuters.com time to read: +1 min

[1/2] The offices of Baillie Gifford are seen in Edinburgh, Scotland, Britain, November 3, 2018. The Edinburgh-based investment group added 110,737 shares of e-commerce platform Pinduoduo (PDD.O) and 50,039 shares of electric vehicle maker NIO Inc during the July to September period, the latest 13F filings to the U.S. Securities and Exchange Commission showed. Baillie Gifford also sold 7,033,302 shares of Li Auto during the period. At end-September, Pinduoduo was Baillie Gifford's 12th largest U.S.-listed holding with a market value of $1.77 billion and NIO was the 16th. Reporting by Summer Zhen; Editing by Vidya Ranganathan and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ China ADRs tumble as Xi's new team sparks worries over economy's path
▼ + stars: | 2022-10-24 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

Chinese President Xi Jinping votes during the closing ceremony of the 20th National Congress of the Communist Party of China, at the Great Hall of the People in Beijing, China October 22, 2022. REUTERS/Tingshu WangOct 24 (Reuters) - U.S.-listed shares of Chinese companies slumped on Monday after President Xi Jinping's new leadership team sparked investor concerns that ideology-driven policies would be prioritized at the cost of private sector growth. The iShares MSCI China ETF (MCHI.O) tanked 10%, tracking its steepest one-day drop ever. "By consolidating power, Xi is likely to face little opposition to this form of nationalization of corporate interests." Xi secured a precedent-breaking third leadership term on Sunday and introduced the new Politburo Standing Committee stacked with loyalists.

☆ China ADRs slump on fears Xi's new team to favor state over growth
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tingshu WangOct 24 (Reuters) - U.S.-listed shares of China firms slumped in premarket trading after Xi Jinping's newly unveiled leadership team sparked investor fears that ideology-driven policies would be prioritized at the cost of private sector growth. The iShares MSCI China ETF (MCHI.O) skid 8.6%, tracking a sharp fall in Hong Kong shares (.HSI), led by losses in technology and property sector. Register now for FREE unlimited access to Reuters.com RegisterXi secured a precedent-breaking third leadership term on Sunday and introduced the new Politburo Standing Committee stacked with loyalists. read moreMusic streaming co Tencent Music , e-commerce platform Pinduoduo (PDD.O) and mobile game publisher Bilibili shed between 10% and 15%. Register now for FREE unlimited access to Reuters.com RegisterReporting by Medha Singh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ BYD flags huge quarterly profit jump as China sales surge past Tesla
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +3 min

Shares in BYD jumped. By comparison, Tesla sold just over 318,000 electric vehicles in China during the first nine months of the year. The China Association of Automobile Manufacturers has estimated that EV sales in China will increase by about 56% this year to 5.5 million units - a market far greater than most countries' entire auto sales. EVs are also expected to account for 20% of overall China vehicle sales this year, up from 13.6% in 2021, the industry association said. Some subsidies for electric vehicles are set to expire this year although the government has extended an exemption of the purchase tax for EVs to the end of 2023.

☆ Cramer's lightning round: Stay long on CF Industries
▼ + stars: | 2022-10-18 | by ( Krystal Hur | ) www.cnbc.com time to read: +1 min

I say, stay long." Loading chart...Dutch Bros Inc : "I want you to put half the position on now, and then half when it goes below $30. I'm going to have to say, once again, [don't buy.]" Loading chart...Cano Health Inc : "I like the healthcare space, I think they do quality healthcare work, and I'm going to have to say that I think it's worth buying." I have to say, [don't buy]."

☆ Tesla investors to focus on demand issues in earnings report
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +3 min

Oct 18 (Reuters) - Tesla Inc's (<TSLA.O>) quarterly report on Wednesday will likely show whether the Elon Musk-led electric-vehicle maker is facing any weakness in demand that is starting to weigh on the wider auto industry. Although Musk has said Tesla "does not have a demand problem", the company's latest report on deliveries showed that it made 22,000 more EVs than it delivered to customers in the third quarter. "A top concern right now is demand in China as wait times seem to be shrinking," RBC Capital Markets said. read moreAnalysts say pricing is a key factor that could help Tesla make up for a possible demand drop and boost revenue. "If there is a big sale of Tesla stock by Musk after earnings, that will be a strong sign that the Twitter deal is on the cusp of closing," said Adam Badawi, a law professor at UC Berkeley.

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