DIRS.INFO The most relevant business & tech news

☆ Volkswagen takes on China's EV market with a higher-end car and $1 billion investment
▼ + stars: | 2023-04-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Volkswagen's ID.7 is set for release in Europe and China in the fall of 2023, and in North America in 2024. CNBC | Evelyn ChengBEIJING — German automaker Volkswagen is investing about $1 billion in China for electric car development, and releasing a vehicle targeted at a higher end of the market. German investment in China grew by nearly 61% in the first quarter from a year ago, China's Ministry of Commerce said Thursday. Overall, foreign investment in China grew by 4.9% year-on-year in the first three months of the year to 408.45 billion yuan ($59.33 billion). Vehicles for China will be produced locally, while those for Europe and North America will be produced in Germany, Volkswagen said.

☆ At Shanghai show, auto rivals lure drivers with in-car karaoke, crystal balls
▼ + stars: | 2023-04-20 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +4 min

[1/2] A Zeekr X is displayed at the Auto Shanghai show, in Shanghai, China April 18, 2023. REUTERS/Aly SongSHANGHAI, April 20 (Reuters) - Automakers keen to make a splash at the Shanghai auto show showed off vehicles boasting features from crystal balls to in-car karaoke systems and 3D dashboards, as competition to attract drivers heats up in the world's largest auto market. Chinese automakers have been grabbing market share from foreign rivals in recent years in part by courting drivers with tailored lifestyle services and by releasing new models more quickly. "So many new vehicles, so many new Chinese vehicles looking very good," said Patrick Koller, chief executive of French auto parts supplier Faurecia (EPED.PA). This costs a fortune and it doesn't give you the time to really mature innovations and technology," Koller said.

☆ BMW skids into ice cream melee at Shanghai auto show
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] A BMW booth is pictured at the Auto Shanghai show, in Shanghai, China, April 19, 2023. REUTERS/Aly SongSHANGHAI, April 20 (Reuters) - Chinese internet users berated German automaker BMW (BMWG.DE) on Thursday, accusing it of discrimination at the Shanghai auto show amid claims workers at its Mini booth favoured foreign over domestic visitors during an ice cream giveaway promotion. The controversy comes as BMW and fellow German automakers participate in the Shanghai auto show in full force as they fight to stay on top of consumer trends in a country where domestic rivals have been aggressively taking market share. One video showed two Chinese workers telling some local visitors to the Mini stand that the free ice cream had run out, only to offer a tub moments later to a Western attendee. "This has taken away my good feelings towards BMW," said one Weibo commentator.

☆ Toyota reveals two more electric cars for China
▼ + stars: | 2023-04-20 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Toyota displays a new concept electric car — developed jointly with BYD and FAW — at the Shanghai auto show in April 2023. CNBC | Evelyn ChengBEIJING — Toyota this week began taking orders for its first electric sedan in China, and announced two more models are set to come to the local market next year. The three cars are part of the Japanese car giant's bZ, or "beyond zero" lineup of battery-electric cars. Toyota, the world's largest automaker by vehicles sold, has been relatively cautious about investing in fully electric cars. The bZ sports car concept sedan is jointly developed by Toyota, BYD and Chinese state-owned FAW.

☆ From self-driving taxis to supercars, see the 18 the coolest cars at the Shanghai auto show
▼ + stars: | 2023-04-20 | by ( Tim Levin | ) www.businessinsider.com time to read: 1 min

Nissan Max-Out ConceptNissan Max-Out concept car. ALY SONG/REUTERSNissan also took the opportunity to trot out the Max-Out, an all-wheel-drive sports car that the company says represents "the future of EV performance." Right now, there isn't a single convertible electric sports car on the US market. The Max-Out, if it ever actually becomes a production model, could be the first.

☆ What If Your Tesla Could Run on Sodium?
▼ + stars: | 2023-04-19 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

Illustration: George DownsIf sodium is the new lithium, investors may need to rethink a favorite energy-transition trade. One of the most potentially disruptive snippets of news to come out of the Shanghai auto show this week wasn’t from Tesla or one of its flashy Chinese competitors but from a company that doesn’t make vehicles at all: CATL. The world’s largest battery producer said its first sodium-ion battery would power electric vehicles built by Chinese brand Chery, though it didn’t say when.

☆ China's CATL unveils condensed matter battery to power civil aircraft
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, April 19 (Reuters) - Chinese battery giant CATL (300750.SZ) on Wednesday unveiled a condensed matter battery that it said could supply enough energy to power electric passenger aircraft for civil aviation use. CATL will also be able to start mass production of the condensed matter battery for electric vehicle uses later this year, Wu added. Condensed matter technology is being embraced by battery makers competing to develop new materials to improve energy density of the current generation of lithium-ion batteries, which is under 300 Wh/kg. Chinese electric vehicle (EV) maker Nio (9866.HK) is planning to power its ET7 cars with a semi-solid state battery with 360 Wh/kg energy density developed by Beijing Welion New Energy Technology. Reporting by Zhang Yan, Albee Zhang and Brenda Goh Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ As EV costs tumble in China, an export wave builds
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +4 min

[1/5] People use their phones in front of the BYD Seagull that is displayed at the Auto Shanghai show, in Shanghai, China April 19, 2023. Patrick Koller, chief executive of French auto supplier Faurecia (EPED.PA), said the entry-level EV market in Europe was an open lane for Chinese automakers. Koller said he had met with the CEO or chairman of more than two dozen Chinese automakers in Shanghai. Renault’s (RENA.PA) Dacia ships the Spring EV, an entry-level hatchback like the BYD Seagull, to Europe and ranked as the second-largest EV exporter from China last year after Tesla. BYD has not announced export plans for the Seagull, which is priced below what is now the best selling EV in China, the BYD Dolphin, which is priced from 116,800 yuan ($17,000) in China.

☆ Chinese EV giant BYD says self-driving tech is more valuable for factories than cars
▼ + stars: | 2023-04-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BYD's new luxury brand Yangwang is selling its first model, the U8, for more than 1 million yuan ($160,000). SHANGHAI — Fully autonomous driving is "basically impossible" and the technology would be better applied to manufacturing, according to Chinese battery and electric car company BYD . Many electric car and tech companies are working on self-driving technology. But BYD, by far the largest domestic seller of electric cars in China, has taken a different view. "We think self-driving tech that's fully separated from humans is very, very far away, and basically impossible," Li Yunfei, a spokesperson for BYD, said in Mandarin, translated by CNBC.

[1/2] 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 SongSHANGHAI, April 19 (Reuters) - At the Shanghai auto show this week, the largest crowds can be found around an unassuming, bright yellow hatchback parked at the booth of China's largest electric carmaker BYD (002594.SZ). "This redefines the whole market in terms of a price value proposition," he said. Russo predicts the value proposition of the Seagull will be compelling to overseas customers. "Affordability is attractive to everyone anywhere, whether it's an emerging market, the United States or Europe, this kind of car with this kind of value proposition will sell," he said.

☆ Podcast: Fox digs deep to avoid court and Tesla’s China challenge
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: 1 min

Follow on Apple, Google or Spotify. A pricey, 11th hour settlement saves Rupert Murdoch from taking the stand but is it the end of Fox News’ troubles? As the Shanghai auto show gets underway we look at why Tesla has ended up in the slow lane in China. Plus, the messy battle between Ron DeSantis and Disney is set to get…messier. Our Standards: The Thomson Reuters Trust Principles.

☆ Cars and concepts at the Shanghai auto show
▼ + stars: | 2023-04-18 | by ( Dave Lucas | ) www.reuters.com time to read: 1 min

Evans Chebet retained his Boston Marathon title and fellow Kenyan Hellen Obiri won the women's race as the city marks the 10-year anniversary of the bombings that claimed three lives and injured scores more.

☆ Analysis: China’s Xpeng takes cues from Tesla for its new EV platform
▼ + stars: | 2023-04-18 | by ( Paul Lienert | ) www.reuters.com time to read: +3 min

[1/2] He Xiaopeng, the co-founder, chairman and CEO of XPeng Motors attends a news conference ahead of the Shanghai Auto Show, in Shanghai, China April 16, 2023. "It's obvious the design of the (G6) came from the Model Y," industry analyst Sandy Munro told Reuters. Xpeng's simplified vehicle platform design - in effect, a three-piece frame that is both flexible and scalable - saves on parts, tooling, development and assembly time, and appears to have been lifted from Tesla, according to Munro. Such a platform has the potential to give Tesla, Xpeng and other automakers considering this approach a new weapon to help restore margins hit by recent price wars in China and other markets. Reporting by Paul Lienert in Detroit, Editing by Ben Klayman and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ VW, Rivian, Nissan, BMW lose access to US EV tax credits
▼ + stars: | 2023-04-17 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Aly Song/File PhotoApril 17 (Reuters) - The U.S. Treasury said on Monday that Volkswagen, BMW, Nissan, Rivian, Hyundai and Volvo electric vehicles will lose access to a $7,500 tax credit under new rules for battery sourcing. VW said it was "fairly optimistic" the ID.4 SUV will qualify for the tax credit. Treasury also disclosed General Motors Co (GM.N) electric Chevrolet Bolt and Bolt EUV will qualify for the full $7,500 tax credit. GM said earlier it expected at least some of its EVs would qualify for the $7,500 tax credit under the new rules, including the 2023 Cadillac Lyriq and forthcoming Chevrolet Equinox EV SUV and Blazer EV SUV. Treasury in December said EVs ineligible for the $7,500 consumer tax credit could qualify for a commercial leasing $7,500 credit.

☆ VW, Rivian, Nissan, BMW lose access to U.S. EV tax credits
▼ + stars: | 2023-04-17 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Aly Song/File PhotoApril 17 (Reuters) - The U.S. Treasury said Monday that Volkswagen, BMW, Nissan, Rivian, Hyundai and Volvo electric vehicles will lose access to a $7,500 tax credit under new battery sourcing rules. Treasury also disclosed General Motors (GM.N) electric Chevrolet Bolt and Bolt EUV will qualify for the full $7,500 tax credit. GM said earlier it expected at least some of its EVS would qualify for the $7,500 tax credit under the new rules, including the 2023 Cadillac Lyriq and forthcoming Chevrolet Equinox EV SUV and Blazer EV SUV. Earlier, Ford Motor (F.N) and Chrysler-parent Stellantis (STLAM.MI) said most of their electric and PHEV models would see tax credits halved to $3,750 on April 18. Treasury in December said EVs ineligible for the $7,500 consumer tax credit could qualify for a commercial leasing $7,500 credit.

☆ China's Xpeng aims to cut costs with new vehicle manufacturing platform
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +2 min

[1/5] He Xiaopeng, the co-founder, chairman and CEO of XPeng Motors attends a news conference ahead of the Shanghai Auto Show, in Shanghai, China April 16, 2023. REUTERS/Aly SongSHANGHAI, April 16 (Reuters) - China's electric vehicle (EV) maker Xpeng (9868.HK) unveiled on Sunday a new platform it developed in-house for making vehicles, which it said will reduce the development and manufacturing costs for its company's upcoming models. He said that these cost reductions would give Xpeng an edge against its rivals in an increasingly competitive market. Xpeng will build its G6 SUV, which will debut at the Shanghai auto show starting on Tuesday, as the first model to be built on the SEPA 2.0, according to the company. Xpeng's rival Tesla (TSLA.O) uses massive casting machines, also known as gigapresses, to make large single pieces of vehicle underbodies.

☆ China's Zeekr hires ex-Lexus brand veteran to helm Europe operations -memo
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, April 14 (Reuters) - China's Zeekr has hired a former Lexus executive to helm its operations in Europe, according to a memo seen by Reuters, as the electric vehicle (EV) maker plans to sell into the region later this year. Spiros Fotinos, who spent 24 years with Toyota (7203.T) and led the brand management of Lexus globally, joined Zeekr in September as the chief executive officer of Zeekr Europe to oversee the brand's operation in the region, the memo showed. The Geely-owned (GEELY.UL) (0175.HK) brand said on Wednesday it planned to offer the SUV-styled Zeekr X and its Zeekr 001 EV sedan in western Europe. Zeekr previously said it would start delivering in Europe in the fourth quarter of this year. It aims to sell 140,000 Zeekr cars this year, doubling the figure in 2022, An added.

☆ Tesla to skip Shanghai Autoshow, organiser's plan shows
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, April 14 (Reuters) - Tesla will not occupy a booth at China's largest annual autoshow to be held next week in Shanghai, according to plans published by the event's organisers. The financial hub is set to host Auto Shanghai between April 18-27. It is Asia's largest auto show where brands from BYD (002594.SZ) to Volkswagen (VOWG_p.DE) are expected to show off their latest models and technologies. Tesla, which has a large electric vehicle factory in Shanghai, has attended the show in past years. Tesla and Auto Shanghai did not immediately respond to a request for comment when asked about the U.S. automaker's participation at the Shanghai auto show on Friday.

☆ Warren Buffett-backed BYD announces new shock absorption tech for premium EVs
▼ + stars: | 2023-04-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BYD's Han electric car, pictured here at the 2021 Shanghai auto show, is one of the most popular new energy vehicles in China. SHENZHEN, China — Electric vehicle giant BYD is banking on new driver-assist technology to smooth out car rides and get the edge on its EV competition. BYD, backed by Warren Buffett's Berkshire Hathaway , announced Monday a new technological system for stabilizing car rides through rugged terrain, sharp turns and even shallow water. The shock absorption tech is set to be a feature of the company's recently launched premium brand Yangwang. Part of the tech system uses the same "lidar" sensors used in assisted driving, according to BYD.

☆ Tesla owners in China protest against abrupt price cuts they missed
▼ + stars: | 2023-01-08 | by ( ) edition.cnn.com time to read: +4 min

After Friday’s surprise discounts, Tesla’s EV prices in China are now between 13% and 24% below their September levels. A Tesla sign is seen at its factory in Shanghai, China, May 13, 2021. ‘Return the money’Other videos appearing to be of Tesla owners protesting were also posted to Chinese social media platforms on Saturday. Tesla does not plan to compensate buyers who took delivery before the most recent price cut, a spokesman for Tesla China told Reuters on Saturday. Analysts have been positive about the potential for Tesla’s price cuts to drive sales growth at a time when it is a year from announcing its next new vehicle, the Cybertruck.

☆ Tesla owners in China protest against surprise price cuts they missed
▼ + stars: | 2023-01-07 | by ( ) www.reuters.com time to read: +5 min

[1/3] People protest at a Tesla showroom in Chengdu, Sichuan, China, released January 6, 2023 in this picture obtained by Reuters from social media. After Friday's surprise discounts, Tesla's EV prices in China are now between 13% and 24% below their September levels. 'RETURN THE MONEY'Other videos appearing to be of Tesla owners protesting were also posted to Chinese social media platforms on Saturday. Tesla does not plan to compensate buyers who took delivery before the most recent price cut, a spokesman for Tesla China told Reuters on Saturday. Analysts have been positive about the potential for Tesla's price cuts to drive sales growth at a time when it is a year from announcing its next new vehicle, the Cybertruck.

☆ Tesla says it will assist police probe into fatal crash in China
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +2 min

China is Tesla's second-largest market, and the crash was among the top trending topics on the Weibo social media platform on Sunday. Calls to police in Raoping, the county where the accident happened, went unanswered on Sunday. Tesla has faced claims of brake failure in China before. In that instance, Tesla said speeding violations were behind her crash but promised to improve how it addressed customer complaints. Reporting by Liz Lee, Zhang Yan, Liangping Gao and Cui Zhuzhu; Editing by Brenda Goh and William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Tesla weighs reset for China retail strategy even as sales boom
▼ + stars: | 2022-09-20 | by ( ) www.cnbc.com time to read: +4 min

Tesla's China recruitment website showed more than 300 openings for service jobs as of Thursday. Musk said last week on Twitter, in response to a Tesla owner in Texas who complained that he had been waiting a month to get his vehicle fixed, that he had made "advancing Tesla service to make it awesome" a top priority. That has allowed it more leeway to adjust a retail strategy that had been initially modeled on Apple's stores. More than half of Tesla's showrooms in seven of China's biggest cities, including Shenzhen and Chengdu, are now in downtown areas, according to a Reuters count based on Tesla's China website. Nio, like Tesla, has a network of high profile urban stores in China.

☆ Volkswagen does not see chip shortage ending in 2023, Automobilwoche reports
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +1 min

A Volkswagen logo is seen as it launches its ID.6 and ID.6 CROZZ SUV at a world premiere ahead of the Shanghai Auto Show, in Shanghai, China April 18, 2021. REUTERS/Aly Song/File PhotoBERLIN, Sept 19 (Reuters) - Volkswagen (VOWG_p.DE) no longer sees chip shortages ending in 2023, and the German carmaker is preparing for the "new normal" of supply chain disruptions, Murat Aksel, head of procurement on the Volkswagen board, told German weekly Automobilwoche. However, Aksel warned that "what we've seen in the supply chains over the past two years, this is the new normal," adding that Volkswagen is investing heavily in early detection. "With the new geopolitical issues, if anything, it's going to get even more complex and challenging," added Aksel. Register now for FREE unlimited access to Reuters.com RegisterWriting by Miranda Murray, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen focuses on regions to reduce supply chain vulnerability
▼ + stars: | 2022-04-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Aly Song/File PhotoBERLIN, April 19 (Reuters) - Volkswagen (VOWG_p.DE) said on Tuesday that a new growth plan would aim to reduce its vulnerability to the effects of global conflicts, such as supply chain disruption and rising prices, by divesting more power to its regions and brands. "The latest geopolitical changes and increased block-building have been exposing our global vulnerability, particularly with regards to the U.S.," Volkswagen Chief Executive Herbert Diess said in a LinkedIn post. read moreVolkswagen warned last week that it was feeling the impact of rising prices and supply chain bottlenecks, with deliveries in March down 37.3% from last year. read moreMercedes-Benz (MBGn.DE) Chief Technology Officer Markus Schaefer said last week that the German carmaker was also tightening its supply chains in light of global bottlenecks. Diess first announced a reshuffling of responsibilities at Volkswagen last December, after weeks of clashes between the CEO and labour unions over his leadership.

Search resuls for: "Shanghai Auto Show"

25 mentions found