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☆ Ford pauses work on $3.5 billion battery plant in Michigan
▼ + stars: | 2023-09-25 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

[1/4] Ford Motor Company Chief Executive Bill Ford announces Ford will partner with Chinese-based, Amperex Technology, to build an all-electric vehicle battery plant in Marshall, Michigan, during a press conference in Romulus, Michigan U.S., February 13, 2023. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsSept 25 (Reuters) - Ford Motor (F.N) said Monday it has paused work on a $3.5 billion battery plant in Michigan, citing concerns about its ability to competitively operate the plant. The announcement comes as Ford has repeatedly upped its offer to the United Auto Workers union in contract talks. Republicans in Congress have been probing Ford's battery plant plan in Marshall, Michigan, using technology from CATL (300750.SZ), the world's largest battery maker. Ford has been awaiting guidance to determine if batteries operated by the Marshall plant would run afoul of the requirements.

Persons: Bill Ford, Ford, Rebecca Cook, Joe Biden, Marshall, David Shepardson, Nick Zieminski Organizations: Ford Motor Company, Amperex Technology, Romulus , Michigan U.S, REUTERS, Ford, United Auto Workers, UAW, Detroit Three, Republicans, Marshall, Thomson Locations: Marshall , Michigan, Romulus , Michigan, Michigan, CATL

☆ Ford Halts Work on E.V. Battery Plant in Michigan
▼ + stars: | 2023-09-25 | by ( Jack Ewing | More About Jack Ewing | ) www.nytimes.com time to read: +1 min

Ford Motor, in the midst of tense contract negotiations with striking United Automobile Workers, said on Monday that it was suspending construction of a battery factory in Michigan because of concerns that the plant might not be able to make products at a competitive price. It was unclear whether the halt was related to negotiations with the union, or to other issues. Ford has come under attack from Republican lawmakers because it plans to manufacture batteries at the plant in Marshall, Mich., using technology licensed from CATL, a Chinese company that is the world’s largest maker of batteries for electric cars. At the same time, Ford has warned that increases in pay and benefits sought by the U.A.W. If unions got all that they were asking for, “we would have to cancel our E.V.

Persons: Ford, Jim Farley Organizations: Ford, United Automobile Workers Locations: Michigan, Marshall, Mich, CATL

DETROIT (AP) — Ford Motor Co. said Monday that it's pausing construction of a $3.5 billion electric vehicle battery plant in Michigan until it is confident it can run the factory competitively. The move comes as the company is in the midst of national contract talks with the United Auto Workers union, which wants to represent workers at battery factories and win them top wages. In February, Ford announced plans to build the plant in Marshall, Michigan, employing about 2,500 workers to make lower-cost batteries for a variety of new and existing vehicles. But Ford spokesman TR Reid confirmed Monday that plant construction has been paused and spending has been limited on it. Earlier this year Virginia dropped out of the race for the same Ford plant after Republican Gov.

Persons: —, Ford, Marshall, TR Reid, ”, Shawn Fain, Sarah Lightner, Ford “, “, ” Lightner, Sam Abuelsamid, Abuelsamid, Biden, Glenn Youngkin, Joey Cappelletti, David Koenig Organizations: DETROIT, — Ford Motor, United Auto Workers union, UAW, Ford, Detroit, General Motors, EV, Amperex Technology, . Ltd, Republican State Rep, Guidehouse, Republican Gov, Chinese Communist Party, ____ Associated Press Locations: Michigan, Marshall , Michigan, Detroit, Marshall, China, U.S, Virginia, Lansing , Michigan, Dallas

☆ Ford pausing work on $3.5 billion Michigan electric vehicle battery plant
▼ + stars: | 2023-09-25 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —Ford is pausing work on a new, $3.5 billion electric vehicle battery plant in Michigan, even as the transition to electric vehicles has become a major sticking point in a United Auto Workers strike against automakers Ford, GM and Stellantis. No final decision has been made on whether the plant will, ultimately, become operational, said Ford spokesman T.R. If completed, the plant will be located on a 950-acre site in southern Michigan near the town of Marshall. The battery plant was planned to operate in addition to plants in Kentucky and Tennessee that Ford announced in 2021. Ford has said it plans to be able to produce 2 million electric vehicles globally by late 2026.

Persons: CNN — Ford, T.R, Reid, Ford’s, Ford, “, ”, ” Ford, Shawn Fain Organizations: CNN, United Auto Workers, Ford, GM, Marshall, General Motors, UAW, Ford Motor Co, Amperex Technology, SK Innovations Locations: Michigan, Marshall, United States, Kentucky, Tennessee, South Korea

"Due diligence wise JSW is talking to a lot of people because it needs an ecosystem for an EV. JSW's billionaire chairman Sajjan Jindal has publicly aired his desire to build EVs and its talks to buy a stake in China's MG Motor (600104.SS). Toshiba said it is not able to confirm "at this point" if it is in talks with JSW for a partnership to build battery cells. All three sources declined to be identified as the talks are still ongoing and a final decision has not been made. Tesla is also eyeing India and is in talks with the government to build EVs and batteries there.

Persons: Danish Siddiqui, JSW, LGES, China's CATL, Sajjan Jindal, CATL, Narendra Modi's, JSW's, Ola, Aditi Shah, Neha Arora, Heekyong Yang, Daniel Leussink, Miho Uranaka, Zhang Yan, Alexander Smith Organizations: REUTERS, Danish, Korea's LG Energy, Panasonic, Toshiba, JSW's, Tesla, General Motors, China's, HK, Reuters, JSW, Tata Motors, TVS, Thomson Locations: Mumbai, India, DELHI, Korea, Korean, India's, New Delhi, Seoul, Tokyo, Shanghai

JSW held talks with senior LGES executives in Korea earlier this month, proposing a partnership to manufacture battery cells in India for EVs and energy storage, one of the people with direct knowledge of the discussions said. "Due diligence wise JSW is talking to a lot of people because it needs an ecosystem for an EV. JSW's billionaire chairman Sajjan Jindal has publicly aired his desire to build EVs and its talks to buy a stake in China's MG Motor (600104.SS). Toshiba said it is not able to confirm "at this point" if it is in talks with JSW for a partnership to build battery cells. Tesla is also eyeing India and is in talks with the government to build EVs and batteries there.

☆ US Republicans push for security review of China-linked battery company
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Amanda Andrade Rhoades/File Photo Acquire Licensing RightsWASHINGTON, Sept 20 (Reuters) - Republican lawmakers on Wednesday urged the U.S. Treasury Department to conduct a security review over China-linked ownership of Gotion Inc, which plans to build electric vehicle battery plants in Michigan and Illinois, arguing its management is under Beijing's sway. The move is the latest push by Republicans to question Chinese-linked EV battery producers looking to set up shop in the U.S., possibly with access to taxpayer funding. The governors of Michigan and Illinois have announced plans for Gotion to open EV plants in their states, facilities expected to create thousands of jobs. Those include the company's founder Li Zhen and his son whom, they said, were members of CCP organizations. The Treasury Department, Gotion and Gotion High-Tech did not respond immediately to requests for comment.

Persons: Marco Rubio, Amanda Andrade Rhoades, Janet Yellen, Li Zhen, Joe Biden, Tesla, Ford, Michael Martina, Timothy Gardner Organizations: Capitol, REUTERS, Rights, Republican, Wednesday, U.S . Treasury Department, Gotion Inc, Foreign Investment, China's Communist Party, Germany's Volkswagen AG, Gotion, Tech, CCP, Treasury Department, Republicans, CATL, Thomson Locations: Ukraine, Washington , U.S, China, Michigan, Illinois, U.S, United States

☆ Republican lawmaker seeks details of Tesla relationship with Chinese battery company CATL
▼ + stars: | 2023-09-19 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Florence Lo/File Photo Acquire Licensing RightsWASHINGTON, Sept 19 (Reuters) - A senior Republican in Congress asked Tesla (TSLA.O) Tuesday to detail its relationship with Chinese battery manufacturer CATL (300750.SZ) amid concerns electric vehicle subsidies are flowing to foreign entities raising security concerns. Smith said the committee is concerned CATL "may be trying to negotiate other agreements like the agreement with Ford." The question is how what precisely constitutes a "foreign entity of concern", and so far no foreign battery supplier has been labeled as such. In July, Smith and Mike Gallagher, Republican chair of the Select Committee on China, demanded Ford answer questions about the CATL deal. Ford told Reuters Tuesday it agrees that "U.S. taxpayer dollars should support American manufacturers, not foreign entities of concern."

Persons: Florence, Tesla, Jason Smith, Elon Musk, Smith, Ford, Musk, Mike Gallagher, Janet Yellen, David Shepardson, Stephen Coates Organizations: Fair for Trade, Services, REUTERS, Rights, Republican, Ford, Republicans, Nissan, Reuters, American, U.S . Treasury, Treasury, Thomson Locations: Beijing, China, Michigan, CATL, United States

☆ Republican lawmaker seeks details of Tesla relationship with Chinese battery maker CATL
▼ + stars: | 2023-09-19 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

Smith said the committee is concerned CATL "may be trying to negotiate other agreements like the agreement with Ford." Republicans in Congress have been probing Ford Motor's (F.N) planned $3.5 billion investment to build a battery plant in Michigan using technology from CATL, the world's largest battery maker. The question is what precisely constitutes a "foreign entity of concern", and so far no foreign battery supplier has been labeled as such. Tesla, CATL and Nissan did not immediately respond to requests for comment. In July, Smith and Mike Gallagher, Republican chair of the Select Committee on China, demanded Ford answer questions about the CATL deal.

Persons: Florence, Tesla, Jason Smith, Elon Musk, Smith, Ford, Musk, Mike Gallagher, Janet Yellen, David Shepardson, Stephen Coates, Himani Organizations: Fair for Trade, Services, REUTERS, Rights, Republican, Ford, Reuters, Republicans, Nissan, American, U.S . Treasury, Treasury, Thomson Locations: Beijing, China, Michigan, CATL, United States, America

A parking bay reserved for electric car charging can be seen on display in London, Britain, October 19, 2018. REUTERS/Simon Dawson/File photo Acquire Licensing RightsSINGAPORE, Sept 18 (Reuters) - Fully electric refrigerated trucks for delivering food and pharmaceuticals are expected to give a Singapore-based startup the edge to crack into the crowded Chinese electric vehicle (EV) market. A viable cold storage electric vehicle could be a lucrative niche for Singauto inside the Chinese EV market, the world's largest. The constraint has slowed the adoption of pure electric trucks by cold-chain fleet operators, though automakers including Geely (GEELY.UL) and Toyota (7203.T) offer hybrid models and hydrogen-powered trucks as alternatives. Liu said Singauto can turn profitable with sales of 30,000 trucks, in part because it has outsourced the design, engineering and manufacturing of the vehicle.

Persons: Simon Dawson, Liu Yuqiang, Liu, China's CATL, Wang Xun, ” Wang, We're, Chen Aizhu, Kevin Krolicki, Zhang Yan, Miyoung Kim Organizations: REUTERS, Rights, Singauto Technology, Reuters, EV, Toyota, Shanghai, Automotive Technology, Cynergy Global Investment, Thomson Locations: London, Britain, Rights SINGAPORE, Singapore, Beijing, Qingdao, Southeast Asia, China, U.S, Asia

☆ China EV adviser sees tech tie-ups resolving EU trade conflicts
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

Robotic arms assemble cars in the production line for Leapmotor's electric vehicles at a factory in Jinhua, Zhejiang province, China, April 26, 2023. Meanwhile, European automakers can also leverage China's EV technologies to accelerate their transition to electrification, he added. Chinese EV maker Xpeng (9868.HK) in July struck a deal with Volkswagen (VOWG_p.DE) to jointly build two new models based on Xpeng's EV platform in China. Others, like LeapMotor (9863.HK) are also seeking to license its EV technologies to foreign partners. Chinese battery maker CATL (300750.SZ) has been ramping up its German plant and is building another site in Hungary.

Persons: Dong Yang, EVs, Ursula von der Leyen, Zhang Yan, Brenda Goh, David Evans Organizations: REUTERS, Rights, European Commission, EV, China's Ministry of Machinery, BAIC Group, Gang, Munich IAA, European, Xpeng, HK, Volkswagen, Thomson Locations: Jinhua, Zhejiang province, China, Europe, Munich, Hungary

Still, it could hurt perceptions of Chinese EV makers as they expand abroad, Bernstein analysts said in a client note. Nio and Geely declined to comment on the EU probe, while BYD, Xpeng and SAIC did not respond to requests for comment. Shares in European carmakers were also among the biggest fallers on the euro zone stock index (.STOXXE50) in early trading. STRAINED RELATIONSThe anti-subsidy probe, initiated unusually by the European Commission and not from any industry complaint, comes amid broader diplomatic strains between the EU and China. It accounted for 40.25% of EV exports from China between January and April 2023.

Persons: Annegret, Ursula von der Leyen, Bernstein, BYD, CATL, Cui Dongshu, EVs, Donny Kwok, Brenda Goh, Ryan Woo, Anne Marie Roantree, Tom Hogue, Jamie Freed, Mark Potter Organizations: REUTERS, China, EV, EU, European, Ministry of Commerce, Eurasian Group, Reuters Graphics, Reuters Graphics Hong Kong, HK, Geely, SAIC, BMW, Volkswagen, Mercedes, European Commission, China Passenger Car Association, EVs, for Strategic, Internal Studies, Reuters, Thomson Locations: Berlin, Germany, Europe, China, SHANGHAI, BEIJING, Beijing, EU, Brussels, Southeast Asia, Reuters Graphics Hong, Shanghai, Xpeng, Shenzhen, SZ, Moscow, Russian, Ukraine, U.S, Hong Kong

Analysts said the probe could slow capacity expansion and the capital spending cycle of China's battery suppliers, although the move should not pose a big downside risk for Chinese EVs. Hong Kong shares of market leader BYD fell more than 3%. Nio and Geely declined to comment on the EU probe, while BYD, Xpeng and SAIC did not respond to requests for comment. GROWING MARKET SHAREEU officials believe Chinese EVs are undercutting the prices of local models by about 20% in the European market, piling pressure on European automakers to produce lower-cost electric vehicles. It accounted for 40.25% of EV exports from China between January and April 2023, up from 36.5% in 2022.

Persons: Angelika Warmuth, Ursula von der Leyen, BYD, CATL, der Leyen, Li Qiang, Cui Dongshu, EVs, Donny Kwok, Brenda Goh, Ryan Woo, Anne Marie Roantree, Tom Hogue, Jamie Freed Organizations: BYD Company, REUTERS, China, EV, European Commission, EU . European, Analysts, HK, Geely, SAIC, EU, Chamber of Commerce, China Passenger Car Association, Center, Strategic, Internal Studies, Volvo, Thomson Locations: Munich, Germany, Europe, HONG KONG, SHANGHAI, Hong Kong, Beijing, Shanghai, Xpeng, Shenzhen, SZ, China, Moscow, Russian, Ukraine, New Delhi, Brussels, U.S

Here are the big questions about the move, which led to a slide in shares of Chinese EV makers on Thursday:WHY EXPORT TO EUROPE AND HOW MUCH HAS IT GROWN? That is mainly due to Beijing's decade-old industry promotion policy of incentives and subsidies that enabled China to become the world's biggest EV market and control the global EV supply chain, including raw materials. The single largest exporter is Tesla, accounting for 40% of China's EV exports between January and April, U.S. thinktank the Center for Strategic and International Studies says. Chinese state subsidies for electric and hybrid vehicles totalled $57 billion between 2016 and 2022, consultants AlixPartners have estimated. It paid out nearly $15 billion to encourage EV purchases through 2021, China Merchants Bank International has estimated.

Persons: Annegret, Bill Russo, EVs, BYD, AlixPartners, Brenda Goh, Ellen Zhang, Miyoung Kim, Clarence Fernandez Organizations: REUTERS, Rights, European Commission, EV, EU, Volkswagen, Renault, BMW, WHO, Center for Strategic, International Studies, Volvo, SAIC's, MG, HK, China Merchants Bank International, Thomson Locations: Berlin, Germany, China, Shanghai, Europe, United States, CHINA, Netherlands, Denmark

The focus is shifting to a new front: Synthetic graphite, an element developed in the late 19th century, but only redirected toward EVs in the past decade. Synthetic graphite could account for nearly two-thirds of the EV battery anode market by 2025, estimates Benchmark Mineral Intelligence. "It’s easier to set up a synthetic graphite production facility than it is to commission new mining sites for natural graphite” because producers can take advantage of incentives in last year's U.S. Inflation Reduction Act to build synthetic graphite capacity in the U.S. or Free Trade Agreement partners, she said. Other experts note synthetic graphite is generally higher purity and offers better and more predictable performance than natural graphite. Still, the construction of new production facilities for synthetic graphite, even with federal incentives, requires a staggering investment, said Novonix's Burns.

Persons: Simon Dawson, ”, Victoria Hugill, It's, Chris Burns, Norway's, Vianode, Hans Erik Vatne, Vatne, Bob Galyen, China’s CATL, Novonix's Burns, “, Fastmarkets, Burns, Paul Lienert, Nick Carey, Timothy Gardner Organizations: REUTERS, Mineral Intelligence, EV, U.S, Trade, Infrastructure Investment, Jobs Act, Norsk Hydro, Hydro, Galyen Energy, Thomson Locations: London, Britain, United States, Europe, China, U.S, Bainbridge , Georgia, Chattanooga , Tennessee, North America, Detroit

☆ UBS loves these electric vehicle stocks — and says one offers China's 'answer to Tesla Model 3'
▼ + stars: | 2023-09-08 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

UBS named electric vehicle stocks it likes in China and described one car as a "Chinese answer to Tesla Model 3." It enjoyed some edge not only over foreign incumbents, but also Chinese EV startups," UBS analysts led by Paul Gong wrote in a Sept. 1 research note. UBS described the Seal model as having a large interior space, with 5G connectivity and a rotating cockpit screen. "The result is a decent alternative to Tesla Model 3 at 10-20% lower selling price," the analysts wrote. Chinese EV stocks Alongside BYD, the bank is buy-rated on Great Wall Motor , which has several EV models.

Persons: BYD, Paul Gong, — CNBC's Michael Bloom, Ganesh Rao Organizations: UBS, Tesla, China EV, Hong, Toyota, BYD, Li, Amperex Technology, Shenzhen Stock Exchange, VW, Renault Locations: China, Europe, Hong Kong

☆ PetroChina buys EV charging firm Potevio New Energy
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

Model of petrol pump is seen in front of PetroChina logo in this illustration taken March 25, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 8 (Reuters) - PetroChina has acquired 100% of electric vehicle (EV) charging firm Potevio New Energy Co Ltd in the latest lower-carbon investment by China's top oil and gas company, parent CNPC said on Friday. Set up in 2010, Potevio New Energy was among China's first state-owned companies engaged in EV charging network building and operations. It ran 50,000 charging points in more than 50 Chinese cities as of end-2021, according to its official WeChat account. PetroChina last month set up a new entity based in the southeastern city of Putian in Fujian province to focus on investing and operating EV charging facilities.

Persons: Dado Ruvic, CNPC, PetroChina, Jason Neely Organizations: REUTERS, PetroChina, New Energy Co Ltd, Potevio, Energy, EV, SAIC Motor Corp, Beijing, Thomson Locations: Putian, Fujian

☆ China's Xpeng says German carmakers ready to tackle crisis as EV race hots up
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Angelika Warmuth/File Photo Acquire Licensing RightsMUNICH, Sept 6 (Reuters) - German carmakers are ready to tackle their worst crisis, an executive at Chinese EV maker Xpeng said on Wednesday, as China's carmakers expand overseas, putting pressure on Europe in the race to electrify. Globally, China leads EV sales, the latest data from tech industry researcher Counterpoint shows. The U.S. has the fastest growing EV sales with Germany in third place. "The Chinese companies are flooding into overseas markets like mushrooms, deepening their sense of crisis," Gu said. German Chancellor Olaf Scholz said EV competition from abroad should be a spur, not a worry for German carmakers.

Persons: Olaf Scholz, Hildegard Mueller, Markus Soeder, Angelika Warmuth, Xpeng, Brian Gu, Gu, Jia Jianxu, Zheng, Zhang Yan, Victoria Waldersee, Josephine Mason, Elaine Hardcastle Organizations: German Association of, Automotive, REUTERS, Rights, HK, IAA, EV, Germany, Reuters, Volkswagen, SAIC, Xuanyuan Academy, Germany's IAA, New Energy Vehicle Congress, Gang, Thomson Locations: Bavarian, Munich, Germany, Europe, Xpeng, China, U.S, Britain, France

☆ Cummins, Daimler, PACCAR form joint venture for US battery cell production
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian Bimmer Acquire Licensing RightsSept 6 (Reuters) - Accelera, a zero-emissions business unit of Cummins (CMI.N), Daimler Trucks & Buses US Holding and PACCAR (PCAR.O) said on Wednesday they formed a joint venture to advance battery cell production in the United States. Daimler Truck, Accelera and PACCAR will each own 30% of the joint venture, which will initially focus on LFP battery technology family for commercial battery-electric trucks. "This planned joint venture enables economies of scale beyond Daimler Truck," said Martin Daum, CEO of Daimler Truck. LFP battery-cell maker EVE Energy (300014.SZ) will also serve as the technology partner in the joint venture with a 10% ownership. LFP battery cells were developed in the United States, but Chinese companies such as BYD (002594.SZ) and CATL (300750.SZ) currently dominate global production.

Persons: Daimler, Fabian Bimmer, Martin Daum, Nathan Gomes, Krishna Chandra Organizations: IAA Transportation, REUTERS, Cummins, Daimler Trucks, Toyota, Ford Motor, Hyundai, Daimler, EVE Energy, Thomson Locations: Hanover, Germany, United States, Bengaluru

☆ China's Xpeng says German carmakers ready to tackle crisis in EV race
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +4 min

Globally, China leads EV sales, the latest data from tech industry researcher Counterpoint shows. The U.S. has the fastest growing EV sales with Germany in third place. Chinese companies including Xpeng, BYD and Leapmotor (9863.HK) are seeking the higher margins and faster growth overseas markets can offer, which means they are challenging European companies on their home turf with cheaper models. "The Chinese companies are flooding into overseas markets like mushrooms, deepening their sense of crisis," Gu said. German Chancellor Olaf Scholz said EV competition from abroad should be a spur, not a worry for German carmakers.

Persons: Olaf Scholz, Hildegard Mueller, Markus Soeder, Angelika Warmuth, Xpeng, China's carmakers, Brian Gu, Gu, Mueller, ” Gu, “, ”, Jia Jianxu, Zheng, Zhang Yan, Victoria Waldersee, Josephine Mason, Elaine Hardcastle Organizations: German Association of, Automotive, REUTERS, Rights, HK, IAA, Automotive Industry, EV, Germany, Reuters, Volkswagen, SAIC, Xuanyuan Academy, Germany's IAA, New Energy Vehicle Congress, Gang, Thomson Locations: Bavarian, Munich, Germany, Europe, China, U.S, Britain, France

☆ CATL Chairman: we need partnerships to address disparities in EV growth
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: 1 min

MUNICH, Sept 6 (Reuters) - Chinese battery giant CATL's (300750.SZ) chairman Robin Zeng called for global partners to accelerate electric vehicle development at a Chinese EV forum at the Munich auto show IAA Mobility on Wednesday. Zeng said in a speech addressing an audience including heads of major German suppliers that there was a growing disparity in EV adoption across different regions worldwide due to differences in policies, industrial foundations and technology development. He pointed to higher proportions of electric vehicles among total car sales in China and Europe, with the United States, South East Asia, and Australia lagging behind. Reporting by Zhang Yan, Victoria Waldersee; Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Robin Zeng, Zeng, Zhang Yan, Victoria Waldersee, Friederike Heine Our Organizations: Thomson Locations: MUNICH, Munich, China, Europe, United States, South East Asia, Australia

☆ China's auto workers bear the brunt of price war as fallout widens
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +9 min

Millions of auto workers and suppliers in China are feeling the heat as an electric vehicle price war forces carmakers to shave costs anywhere they can. State-run China Automotive News estimates there are over 100,000 auto suppliers in the country. Suppliers typically negotiate prices once a year, but many have been pressed to lower prices on a quarterly basis in 2023, two senior executives at auto suppliers said. And in June, a group of small suppliers wrote to state-owned Changan Automobile to push back against 10% price reductions. Three months later, he told Reuters that price cuts had been more aggressive in 2023 than in previous years.

Persons: Aly, Mike Chen, Chen, carmakers, Tesla, George Magnus, Elon Musk, Mike Chen's, Li Auto, Liu, Changan Automobile's, Chen Yudong, They've, Zhang Yan, Brenda Goh, Kripa Jayaram, Marius Zaharia, David Clarke Organizations: SAIC Volkswagen, REUTERS, Rights, Shanghai, SAIC, Volkswagen, VW, Oxford University's China, China Passenger Car Association, Tesla, GM, HK, Changan Automobile, Mitsubishi Motors, Toyota, Hyundai, China Automotive, Automobile, EV, Reuters, Thomson Locations: Shanghai, China, China's, Beijing, Shenzhen, Hefei, Chongqing, Chery's, Qingdao

[1/6] A view shows model TO3 of Leapmotor, a Chinese automobile manufacturer, displayed during an event a day ahead of the official opening of the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 4, 2023. Chinese EV makers, including BYD (002594.SZ), Nio (9866.HK) and Xpeng (9868.HK) are all targeting Europe's EV market, where sales soared nearly 55% to about 820,000 vehicles in the first seven months of 2023, making up about 13% of all car sales. The arrival of Chinese EV makers in Europe has raised concerns they could dominate EV sales. Xpeng President Brian Gu said while European carmakers currently lag behind China, they have made a "huge commitment" to EVs with partnerships and large investments in technology. "I would never discount the large (carmakers) trying really hard to come back and focus on this important transition," Gu said.

Persons: Leonhard Simon, Luca de Meo, De Meo, Hildegard Mueller, Oliver Zipse, Oliver Blume, Brian Gu, Gu, Ferdinand Dudenhoeffer, Dudenhoeffer, Nick Carey, Victoria Waldersee, Gilles Gillaume Christina Amann, Zoey Zhang, Jan Schwartz, Friederike Heine, Clarence Fernandez, Sharon Singleton Organizations: REUTERS, China EV, Renault, Reuters, HK, Europe's EV, Zhejiang Leapmotor Technology, EV, German Association of, Automotive Industry, Jato Dynamics, BMW, Benz, Klasse, Volkswagen, Auto, Thomson Locations: Munich, Germany, China, MUNICH, BYD, Zhejiang, Europe, Asia

A Renault wallbox charging station is used by a Renault Captur hybrid car at a dealership in Les Sorinieres, near Nantes, France, October 23, 2020. Chinese EV makers, including BYD (002594.SZ), Nio (9866.HK) and Xpeng (9868.HK) are all targeting Europe's EV market, where sales soared nearly 55% to about 820,000 vehicles in the first seven months of 2023, making up about 13% of all car sales. The arrival of Chinese EV makers in Europe has raised concerns they will undercut local carmakers and dominate EV sales. Mercedes-Benz (MBGn.DE) will present its CLA compact class and BMW (BMWG.DE) its Neue Klasse, both of which target higher range and efficiency, while halving production costs. Volkswagen (VOWG_p.DE) CEO Oliver Blume told reporters that through its partnerships in China, the carmaker aims to cut battery cell costs by 50%.

Persons: Stephane Mahe, Luca de Meo, De Meo, Fabian Brandt, Oliver Wyman, Gilles Le Borgne, Oliver Blume, " Blume, Nick Carey, Victoria Waldersee, Gilles Gillaume, Christina Amann, Friederike Heine, Clarence Fernandez, Sharon Singleton Organizations: Renault, REUTERS, China EV, Reuters, HK, Europe's EV, EV, Jato Dynamics, Benz, BMW, Klasse, Volkswagen, Greenpeace, Protesters, Thomson Locations: Les Sorinieres, Nantes, France, China, MUNICH, BYD, Europe, Munich, Asia

☆ Munich car show shines spotlight on China competition in EV race
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +2 min

A Renault wallbox charging station is used by a Renault Captur hybrid car at a dealership in Les Sorinieres, near Nantes, France, October 23, 2020. About 41% of exhibitors at this year's event are headquartered in Asia, with the number of Chinese companies having more than doubled, including players across batteries and EV production such as BYD, CATL and XPeng. "Europe needs to stop being naive from a macroeconomic point of view in the face of China," Gilles Le Borgne, Renault's (RENA.PA) engineering head, told journalists on Sunday, pointing to the country's control of the full battery supply chain. Chinese and German players, including top German carmakers and suppliers and China's LeapMotors and Horizon Robotics, will also speak at a Chinese EV conference set for Wednesday and Thursday for the first time outside China as part of the IAA. ($1=0.9273 euros)Reporting by Victoria Waldersee, Gilles Gillaume and Christina Amann; Editing by Friederike Heine and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephane Mahe, Gilles Le Borgne, Fabian Brandt, Oliver Wyman, Victoria Waldersee, Gilles Gillaume, Christina Amann, Friederike Heine, Clarence Fernandez Organizations: Renault, REUTERS, Rights, Horizon Robotics, EV, IAA, Mercedes, Benz, BMW, Klasse, Volkswagen, Thomson Locations: Les Sorinieres, Nantes, France, Asia, Europe, China

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