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☆ Asian stocks ease, dollar subdued as investors tread with caution
▼ + stars: | 2023-04-20 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.16% lower, while Japan's Nikkei (.N225) was up 0.07%. China's blue-chip CSI 300 Index (.CSI300) was down 0.16%, while the Shanghai Composite Index (.SSEC) eased 0.22%. Traders are bracing for meetings from central banks in the next few weeks as easing worries over the banking sector brings inflation and monetary policy back into focus. In currency markets, the U.S. dollar index fell 0.039%, with the euro up 0.04% to $1.0958. The yen weakened 0.08% to 134.83 per dollar, while sterling was last trading at $1.2432, down 0.05% on the day.

☆ 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.

☆ 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.

Islamabad, Pakistan CNN —Pakistan’s Foreign Minister will travel to India next month, the most senior-level visit in seven years in what is a major diplomatic breakthrough between two nuclear-armed neighbors with a long history of fractious relations. Bilawal Bhutto Zardari will attend the Shanghai Cooperation Organization’s (SCO) foreign ministers meeting on May 4-5 in the western Indian coastal state of Goa, Pakistan’s foreign ministry confirmed Thursday. This is the first time that the most senior Pakistani foreign office representative has visited India since 2016. Diplomatic relations between India and Pakistan have been beset by decades of distrust and occasional bouts of open conflict. The SCO and China’s growing hand in diplomacyThe SCO is an eight-member regional security and economic grouping led by China, and its members include India, Pakistan and Russia.

[1/3] BMW's concept model i Vision Dee is unveiled during an event at the Auto Shanghai show, in Shanghai, China April 18, 2023. While the battery-electric vehicle market share of German automakers in China is rising, it is still miniscule. The EV sales of all four German brands added up to only a quarter of BYD's in 2022. "The Chinese market is no longer as stable for German carmakers as it was," Thomas Luk, partner at management consultancy Kearney, said on the sidelines of the Shanghai show. Many are also adopting direct sales, an approach German automakers like BMW and Mercedes-Benz have also said in recent months they are moving towards.

☆ 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.

☆ 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.

☆ The Tesla factory where a worker was crushed to death had safety weaknesses, report says
▼ + stars: | 2023-04-19 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +2 min

Chinese inspectors want to punish Tesla after the death of a Shanghai factory worker, Caixin Global reported. A Chinese goverment investigation into the death of a Tesla employee in Shanghai concluded the electric carmaker has safety weaknesses, Chinese news site Caixin Global reported Wednesday. Meanwhile, people claiming to work at the Tesla Shanghai factory have complained on social media, and have appealed to Tesla CEO Elon Musk, saying their performance bonuses were cut after the employee's death. "Please pay attention to the performance of frontline workers at Tesla's Shanghai factory being arbitrarily deducted," one account tweeted. Two employees at Tesla's Shanghai factory told Reuters that supervisors pointed to a "safety incident" when they inquired about bonus cuts.

☆ 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.

☆ 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 electric car drive, led by BYD, leaves global brands behind
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +4 min

SHANGHAI, April 17 (Reuters) - China's auto market, the world’s largest, is accelerating toward an electric future – leaving established global brands stuck in the slow lane. China’s passenger car sales were down 13% in the first quarter, data from the China Passenger Car Association show. But sales of EVs and plug-in hybrids – an area where Chinese automakers led by BYD now dominate – were up 22%. BYD dominates China’s market for plug-in hybrids, cars that have a combustion engine but are capable of being charged and running for shorter distances on electric power. In a further threat to established brands, China’s exports are growing fast, led by EVs and PHEVs.

☆ Angry Tesla Shanghai workers vent to Elon Musk over bonus cuts
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +5 min

[1/3] Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. The situation marks a rare outburst of discontent at Tesla's Shanghai plant, whose workers Musk praised last year for burning "the 3 a.m. oil" to keep operations running during the city's two-month COVID lockdown. Some took to Twitter, owned by Musk and blocked in China, to tweet to the billionaire, his mother Maye Musk, and Tesla. "Please pay attention to the performance (bonus) of frontline workers at Tesla's Shanghai factory being arbitrarily deducted," said a person with the handle @AFeiywu on Twitter in a tweet directed at Elon Musk and Tesla's Asia unit. She recently completed a two-week tour in the country during which she visited the Shanghai factory and promoted her memoir.

☆ Factbox: Tesla's Shanghai plant, targeted by worker protest, is key hub for EV maker
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

Here are key facts about Tesla's operation in Shanghai:BACKGROUNDTesla’s Shanghai plant, which began operations in late 2019, is the automaker’s largest manufacturing hub. The plant employs some 20,000 workers and accounted for more than half of Tesla’s global output in 2022. Some Tesla workers were told their performance bonuses were being cut because of the accident and took to social media to protest. KEY EXECUTIVETesla promoted its China chief Tom Zhu to take oversight of its global production and sales earlier this year. Under Zhu, the Tesla Shanghai plant managed a quick rebound from lost production last year due to COVID lockdowns in China.

☆ Tesla Shanghai factory workers appeal to Elon Musk on bonus cuts
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +4 min

[1/3] Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. "Please pay attention to the performance (bonus) of frontline workers at Tesla's Shanghai factory being arbitrarily deducted," said a person with the handle @AFeiywu on Twitter in a tweet directed at Elon Musk and Tesla's Asia unit. The workers said Tesla supervisors mentioned a "safety incident" when they were asked about reasons for the bonus cut. Several online posts claimed workers at the Shanghai plant were being unfairly punished for an incident this year at the factory where one worker died in February. According to a report published by the local Pudong government on April 12, there was a mechanical accident in the welding workshop at Tesla's Shanghai plant on Feb. 4 that killed one worker.

☆ Tesla Shanghai factory workers appeal to Elon Musk after being told of bonus cut
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +1 min

[1/3] Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. REUTERS/Aly SongCompanies Tesla Inc FollowSHANGHAI, April 17 (Reuters) - Workers from Tesla's (TSLA.O) Shanghai factory are taking to social media to appeal to Elon Musk and the Chinese public after being informed over the weekend about planned cuts to their performance bonuses, according to online posts and workers. Some took to Twitter, owned by Musk and blocked in China, to tweet to Elon Musk, his mother Maye Musk, and Tesla's accounts. "Please pay attention to the performance (bonus) of frontline workers at Tesla's Shanghai factory being arbitrarily deducted," said one post on Twitter in a reply to a tweet from Musk about a SpaceX launch. Tesla and Elon Musk did not immediately respond to requests for comment.

☆ Tesla workers criticized Elon Musk online, and some people even complained to his mom, after performance bonuses were cut at its Shanghai factory
▼ + stars: | 2023-04-17 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Workers at Tesla's Shanghai Gigafactory were told about bonus cuts over the weekend, per Reuters. Some Tesla workers at the company's biggest factory are complaining to Elon Musk and his mom on social media, after bonuses were cut following a fatal accident, Reuters reported. "Please pay attention to the performance of frontline workers at Tesla's Shanghai factory being arbitrarily deducted," one account tweeted. Two factory workers told Reuters that supervisors mentioned a "safety incident" when asked why their quarterly performance bonuses had been cut. "Deducting the performance bonus, which should be related to workers' output and has nothing to do with work safety, is even more unfair," he said.

But it serves to highlight the importance of one of the most inaccessible parts of southeast Asia to the global tin supply chain. Imports from Myanmar grew from 30,000 tonnes in 2012 to 89,000 tonnes in 2013 and mushroomed to almost 500,000 tonnes in 2016. CHINESE DEPENDENCEThe Myanmar tin boom occurred at the right time for China's tin smelters, many of which were struggling to bring on new mining capacity as Beijing steadily tightened environmental controls on the mining sector. However, the threat alone underscores the fragility of tin supply at a time when Indonesia, the largest exporter of the metal in refined form, is mulling an export ban to stimulate the build-out of downstream processing capacity. This is probably not going to be the last time tin gets spooked by unexpected news from Myanmar.

☆ Tesla Shanghai: Social media protests over 'unfair' bonus cuts
▼ + stars: | 2023-04-17 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Workers at Tesla’s electric vehicle manufacturing plant in Shanghai are reportedly using social media to protest against what they call unfair cuts in performance-related pay and to ask CEO Elon Musk to intervene. Social media posts published over the weekend by people who say they work at the factory — the company’s main export hub — expressed anger over recently announced cuts in their monthly bonus pay. They said they were given news of the “significant” and “malicious” cuts after a fatal accident occurred at the Tesla (TSLA) facility in February. Just six months later, in November, the Shanghai factory set a fresh monthly delivery record of more than 100,000 vehicles. In 2022, Tesla delivered 1.31 million vehicles globally, more than half of which were from Shanghai, according to the company’s financial results.

☆ 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.

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