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Search resuls for: "Shanghai Gigafactory"


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☆ Tesla’s China Deliveries Fell Sharply in December Despite Discounts
  + stars: | 2023-01-05 | by ( Selina Cheng | ) www.wsj.com   time to read: 1 min
Hong Kong— Tesla Inc. delivered far fewer China-made electric vehicles in December than in November and the company has extended discounts for another two months during a period of weakening demand. Tesla delivered almost 55,800 Model 3 and Model Y vehicles from its Shanghai gigafactory during the last month of 2022—a figure that includes exports—according to data released Thursday by the China Passenger Car Association.
☆ Tom Zhu: Elon Musk’s right-hand man at Tesla
  + stars: | 2023-01-04 | by ( Laura He | ) edition.cnn.com   time to read: +5 min
Hong Kong CNN —Tesla’s China chief has reportedly been given a big promotion. Tom Zhu, Tesla's executive in charge of China, speaks as a new Tesla experience store opens near West Lake on August 18, 2015 in Hangzhou, China. Zhu joined Tesla in 2014 and has been described as “pragmatic,” “industrious” and “a workaholic” by the Chinese media. Aerial view of Tesla Shanghai Gigafactory at Lingang New Area on July 11, 2021 in Shanghai, China. Tesla’s China successZhu’s reported promotion came after an impressive performance by Tesla’s China operations.
☆ Exclusive: Tesla makes China boss highest-profile executive after Musk
  + stars: | 2023-01-03 | by ( ) www.reuters.com   time to read: +5 min
[1/2] Tesla's China chief Tom Zhu speaks at a delivery ceremony for China-made Tesla Model 3 vehicles in the Shanghai Gigafactory of the U.S. electric car maker in Shanghai, China December 30, 2019. The move makes Zhu the highest-profile executive at Tesla after Chief Executive Elon Musk, with direct oversight for deliveries in all of its major markets and operations of its key production hubs. Under Zhu, Tesla's Shanghai plant rebounded strongly from COVID lockdowns in China. Tesla country managers in China, Japan, Australia and New Zealand continued to report to Zhu, the notice showed. Zhu, who was born in China but now holds a New Zealand passport, joined Tesla in 2014.
☆ Tom Zhu, who reportedly just became Tesla's 2nd most-powerful exec, slept at a Chinese factory during COVID lockdown — a habit he shares with CEO Elon Musk
  + stars: | 2023-01-03 | by ( Sawdah Bhaimiya | ) www.businessinsider.com   time to read: +3 min
Reuters reported Tuesday that Tesla has made executive Tom Zhu head of US plants and sales. The role effectively makes Zhu Tesla's second-most powerful executive after Elon Musk. Like Musk, Zhu has a habit of sleeping overnight in Tesla facilities, according to Reuters. Like Musk, Zhu's committment to Tesla has extended to overnight stays in Tesla facilities in the past. Zhu reportedly slept in Tesla's Shanghai Gigafactory alongside other employees during the city's two-month COVID-19 lockdowns last year, in an effort to keep the plant running, per Reuters.
☆ Tom Zhu: China boss is now highest-profile Tesla executive after Elon Musk
  + stars: | 2023-01-03 | by ( ) edition.cnn.com   time to read: +4 min
The move makes Zhu the highest-profile executive at Tesla after Elon Musk, with oversight for deliveries in all of its major markets and all of its production outside the still-ramping Tesla plant in Germany. Under Zhu, Tesla’s Shanghai plant rebounded strongly from Covid lockdowns in China. Tesla country managers in China, Japan, Australia and New Zealand continued to report to Zhu, the notice showed. Sleeping roughZhu, who was born in China but now holds a New Zealand passport, joined Tesla in 2014. Tesla board member James Murdoch said in November the company had recently identified a potential successor to Musk without naming the person.
☆ Tesla makes China boss Tom Zhu its highest-profile executive after Elon Musk
  + stars: | 2023-01-03 | by ( ) www.cnbc.com   time to read: +4 min
In this article TSLA Follow your favorite stocks CREATE FREE ACCOUNTTom Zhu Xiaotong, Tesla's current executive in charge of China, speaks as a new Tesla experience store opens on Aug. 18, 2015 in Hangzhou, China. The move makes Zhu the highest-profile executive at Tesla after Chief Executive Elon Musk, with direct oversight for deliveries in all of its major markets and operations of its key production hubs. Under Zhu, Tesla's Shanghai plant rebounded strongly from Covid lockdowns in China. Tesla country managers in China, Japan, Australia and New Zealand continued to report to Zhu, the notice showed. Zhu, who was born in China but now holds a New Zealand passport, joined Tesla in 2014.
☆ Factbox: Tesla's key managers in China
  + stars: | 2022-12-22 | by ( ) www.reuters.com   time to read: +3 min
Here is a look at Zhu and other key China managers who have helped Tesla’s Shanghai factory roar back from lockdowns to bring the electric vehicle maker close to its global growth targets for the year. TOM ZHUZhu, who was born in China but now holds a New Zealand passport, joined Tesla in 2014. Lankton later hired Zhu to take charge of Tesla's charging facility construction in China, according to one of the people who is close to Zhu. The moves boosted Tesla's sales in China, and its revenue from China more than tripled in 2016 from 2015. SONG GANGSong Gang has been plant manager of Giga Shanghai since 2018.
☆ Tesla sends Shanghai boss and aides to jumpstart US output
  + stars: | 2022-12-21 | by ( Zhang Yan Hyunjoo Jin | Zhang Yan | Hyunjoo Jin | ) www.reuters.com   time to read: +6 min
Tesla did not respond to written requests for comment from Reuters sent to its Shanghai and global media relations accounts. Under Zhu, Tesla Shanghai rebounded strongly from lockdowns this year to bring Tesla close to its growth target for 2022 of 50% production growth. Among the projects the Shanghai team have worked on is Tesla's long-delayed Cybertruck, its next new model, a third person said. However, Zhu's colleagues in Shanghai believe he is in line for a more senior and wider-ranging role at Tesla, the two people said. The plant has excelled in applying cost-saving, factory-floor innovations for Tesla, including the use of massive casting machines to simplify production.
☆ Exclusive: Tesla readies revamped Model 3 with project 'Highland' -sources
  + stars: | 2022-11-28 | by ( ) www.reuters.com   time to read: +6 min
[1/2] A Tesla Model 3 sedan, its first car aimed at the mass market, is displayed during its launch in Hawthorne, California, U.S. March 31, 2016. Tesla’s Shanghai Gigafactory will put the redesigned Model 3 into production in the third quarter of 2023, they said. CHANGE YOU CAN SEEThe redesign for the Model 3 builds on the revamp of the Model S -- Tesla’s premium EV sedan -- that was released last year. The Model 3, Tesla’s cheapest EV starting at just under $47,000 in the United States, had been the automaker’s best-seller but is being overtaken by the Model Y crossover. KEEP IT SIMPLEMusk has pushed a simplified approach to design and production at Tesla that the Highland project extends, said the people with knowledge of the development.
☆ Exclusive: Tesla has considered exporting EVs from Shanghai to U.S., Canada
  + stars: | 2022-11-12 | by ( ) www.reuters.com   time to read: +5 min
Tesla's evaluation has included consideration of whether parts made by Tesla's China-based suppliers would be compliant with regulations in the United States and Canada, they said. Tesla would not be the first U.S. automaker to ship made-in-China vehicles to the United States. Tesla's Shanghai Gigafactory has the capacity to produce 1.1 million electric vehicles per year after an upgrade earlier this year, making it Tesla's most productive manufacturing hub. The Shanghai plant makes Model 3 sedans and Model Y crossovers to sell in China and for export to markets including Europe, Australia and Southeast Asia. That means Tesla vehicles could potentially be exported to North America at a competitive price.
☆ EXCLUSIVE Tesla mulls exporting China-made EVs to United States-sources
  + stars: | 2022-11-11 | by ( ) www.reuters.com   time to read: +5 min
Tesla's Shanghai Gigafactory has the capacity to produce 1.1 million electric vehicles per year after an upgrade earlier this year, making it Tesla's most productive manufacturing hub. The California plant, Tesla's first, produces the Model S, the Model 3 sedans and the Model X and Model Y crossovers. At the same time, the price gap between Tesla cars sold in China and the United States has been widening, reflecting both higher U.S. prices and new discounts in China. Tesla sells the Model Y for the equivalent of $49,344 in China, compared to the U.S. price of $65,990. loadingTesla would not be the first U.S. automaker to ship made-in-China vehicles to the United States.
☆ Tesla Shanghai adds to inventory at highest rate ever in October - brokerage data
  + stars: | 2022-11-09 | by ( ) www.reuters.com   time to read: +3 min
That was the biggest gap between production and sales since Tesla opened its Shanghai Gigfactory in late 2019, CMBI data showed. Reuters GraphicsWhile Tesla's inventory numbers remain low relative to established automakers, building inventory has been a down-cycle indicator for the industry, forcing markdowns in past recessions of the kind Tesla has not yet faced. Tesla Chief Executive Elon Musk said last month China, Tesla’s second largest market, was in a “recession of sorts". Tesla cut prices for its Model 3 and Model Y cars in China last month to boost sales. Unlike traditional automakers, Tesla distributes through its own stores, rather than dealers, and so is left to hold and finance any inventory that has not been delivered to buyers.
☆ From Teslas to BMWs, cars are piling up on land and at sea in German port of Bremerhaven
  + stars: | 2022-11-07 | by ( Lori Ann Larocco | ) www.cnbc.com   time to read: +4 min
Krisztian Bocsi | Bloomberg | Getty ImagesThe Port of Bremerhaven, the main roll on/roll off port in Germany and one of the largest automobile hubs in the world, is experiencing gridlock. He said car imports into Bremerhaven from the U.S. and Mexico are operating on a timeline of months. Bremerhaven is Europe's fourth-largest containership port, with annual capacity over 5 million TEU [twenty-foot equivalent unit] containers. Another UK strike nearsAt the Port of Liverpool in the U.K., a fourth strike is set for November 14-21 if no deal with port management is reached. Braun told CNBC that since these strikes are well organized there is time in advance to plan and circumvent the port, diverting trade elsewhere.
☆ His COVID lockdowns made him one of the most unpopular politicians in China. Xi Jinping just made him the 2nd-most powerful man in the country. Meet Li Qiang.
  + stars: | 2022-11-05 | by ( Matthew Loh | ) www.businessinsider.com   time to read: +7 min
They key to his success is his loyalty to President Xi Jinping, experts say. But on October 23, Chinese President Xi Jinping made it clear: It didn't matter. Xi Jinping, Li Qiang, and other members of China's new top leadership walk in order of their rank. But his real value to Xi comes in the form of his loyalty to Xi, Wu said. Xi Jinping doesn't look into other things.
☆ Tesla’s China price cut plays offence and defence
  + stars: | 2022-10-27 | by ( Katrina Hamlin | Thomson Reuters | Katrina Hamlin Is Global Production Editor | ) www.reuters.com   time to read: +3 min
HONG KONG, Oct 27 (Reuters Breakingviews) - Tesla’s (TSLA.O) China price cut is a double-edged sword. China is increasingly important for Tesla and its investors, accounting for around a quarter of the electric-car maker’s top line in the first nine months of 2022. If sales reach nearly $120 billion next year as forecast by Refinitiv, a 9% cut would equate to around $2.5 billion in revenue. Chinese drivers, though, are starting to snub international badges in favour of home-grown alternatives, especially for electric and premium models. The company posted the price cuts on its China website on Oct. 24.
☆ Tesla cuts China prices by up to 9% as analysts warn of 'price war'
  + stars: | 2022-10-24 | by ( Reuters Staff | ) www.reuters.com   time to read: +3 min
FILE PHOTO: 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. REUTERS/Tingshu Wang/File PhotoThe price cuts, posted in listings on the electric vehicle (EV) giant’s China website on Monday, are the first by Tesla in China in 2022, and come after Tesla began offering limited incentives to buyers who opted for its insurance last month. The price cuts also follows Tesla Chief Executive Elon Musk’s comment last week that “a recession of sorts” was under way in China and Europe, and Tesla said it would miss its vehicle delivery target this year. China Merchants Bank International (CMBI) said Tesla’s price cuts underlined the growing competitive risk for EV makers in China, with industry-wide sales projected to slow into 2023. “The price cuts underscore the possible price war which we have been emphasising since August,” said Shi Ji, an analyst with CMBI.
☆ Tesla slashes China prices by up to 9% as analysts warn of 'price war'
  + stars: | 2022-10-24 | by ( Reuters Staff | ) www.reuters.com   time to read: +4 min
FILE PHOTO: 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. China Merchants Bank International (CMBI) said Tesla’s price cuts underlined the growing competitive risk for EV makers in China, with industry-wide sales projected to slow into 2023. “The price cuts underscore the possible price war which we have been emphasising since August,” said Shi Ji, an analyst with CMBI. Analysts are warning of a growing car inventory glut for autos in China, where auto sales growth slowed in September while EV sales rose at their slowest pace in five months. But Tesla has also regularly adjusted prices of its cars in China, including reductions, reflecting government subsidies.
☆ Tesla cuts starter prices for Model 3, Model Y in China by up to 9%
  + stars: | 2022-10-24 | by ( ) www.reuters.com   time to read: +1 min
SHANGHAI, Oct 24 (Reuters) - Electric vehicle giant Tesla (TSLA.O) has cut starter prices for its Model 3 and Model Y cars by as much as 9% in China, according to listings on the company's Chinese website on Monday. The starting price for the Model 3 sedan was reduced to 265,900 yuan ($36,727.03) from 279,900 yuan, while that for Model Y sport utility vehicle was cut to 288,900 yuan from 316,900 yuan, the product prices listed on its Chinese website showed. Tesla has been adjusting the prices in line with costs, the company told Reuters in a statement. Capacity utilisation at its Shanghai Gigafactory has improved, while the supply chain remains stable, leading to lower costs, it said. Tesla has upgraded its Shanghai factory to be able to produce 22,000 Model 3s and Model Ys per week in total, Reuters previously reported.
☆ Tesla shares fall further as it cuts price on cars in China
  + stars: | 2022-10-24 | by ( ) edition.cnn.com   time to read: +3 min
The price cuts, posted in listings on the electric vehicle giant’s China website on Monday, are the first by Tesla in China in 2022, and come after Tesla began offering limited incentives to buyers who opted for Tesla’s insurance last month. Shares of Tesla (TSLA) fell nearly 4% in US premarket trading on the report about lower prices for its cars in China. The price cuts come after Tesla CEO Elon Musk said last week that “a recession of sorts” was under way in China and Europe and Tesla said it would miss its vehicle delivery target this year. “The price cuts underscore the possible price war which we have been emphasizing since August,” said Shi Ji, an analyst with CMBI. But Tesla has also regularly adjusted prices of its cars in China, including reductions, reflecting government subsidies.
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