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Electric vehicles drove that change. In the first quarter of 2023, Russians purchased more Chinese cars than Lada, the beloved Soviet-era marque. That helps Chinese manufacturers churn out an electric vehicle for around 10,000 euros less than European competitors, according to Grant Thornton. Among the growing list of unwelcoming policies, the European Commission’s trade defence unit is considering ways to stem the tide of Chinese electric vehicle imports, according to Politico. How far China’s carmakers can make inroads further West will be decided by much more than assessments of their competency.

Persons: Bill Russo, Nio, Grant Thornton, Bernstein, Emmanuel Macron, CATL, Una Galani, Thomas Shum Organizations: Reuters, HK, Volkswagen, World Trade Organization, International Energy Agency, Global Times, Beijing, Lada, Chery, Amperex Technology, Politico, Ford Motor, Toyota, Nissan, Twitter, Thomson Locations: HONG KONG, BYD, People’s Republic, Europe, China, Shanghai, Hong Kong, New York, Japan, London ., European, United States, North America, France, Thailand, West

☆ Why are other automakers chasing Tesla's 'Gigacasting'?
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +4 min

Here's a look at Gigacasting and how the innovation is forcing automakers to scramble to match Tesla:WHAT IS GIGACASTING? The Giga Press is an aluminium die-casting machine adopted by Tesla at its factories in the U.S., China and Germany. The house-sized machines are able to produce aluminium parts far bigger than anything used before in auto manufacturing. Toyota said it expected that using aluminium die-casting would eliminate dozens of sheet metal parts from assembly and reduce waste. The global aluminium die-casting market was worth almost $73 billion last year and is projected to top $126 billion by 2032, showed an AlixPartners analysis.

Persons: Matthew Childs, Tesla, Elon Musk, Zeekr, Kevin Krolicki, Christopher Cushing Organizations: REUTERS, Toyota, Giga Press, EVs, WHO, Industries, Buhler Group, HK, General Motors, Hyundai Motor, Volvo, EV, Thomson Locations: London, Britain, U.S, China, Germany, Italy, Europe, Japan, Gothenburg, Sweden

[1/2] The logo of Chinese carmaker Geely Auto is pictured at the second media day for the Shanghai auto show in Shanghai, China April 17, 2019. Thailand's Board of Investment held discussions with five major Chinese EV makers including Geely during a roadshow to China in April, its Secretary-General Narit Therdsteerasukdi said. "All expressed keen interest in Thailand's policy to develop a regional EV production base and an integrated EV supply chain," Narit said, without providing more details of the talks with Geely. BYD and China's Great Wall Motor Co Ltd (601633.SS) are already working on building local EV production in Thailand. China's Great Wall Motor has said it is considering a research and development centre in Thailand that could work on battery-powered pickup trucks.

Persons: Aly Song BANGKOK, Geely, Narit Therdsteerasukdi, JAC Motors, Narit, Aston Martin, China's, Devjyot Ghoshal, Zhang Yan, Jamie Freed Organizations: Shanghai, REUTERS, Reuters, of Investment, BYD Co, Chongqing Changan Automobile Co, Jiangling Motors Corp Ltd, EV, Wall Motor Co, Volvo, Aston, Malaysian carmaker Proton, Toyota Motor Corp, Isuzu Motors, Thomson Locations: Shanghai, China, Thailand, Chongqing, Geely, Swedish, Southeast Asia

☆ Aston Martin stock soars after $295 million Geely investment
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

May 18 (Reuters) - Aston Martin's (AML.L) stock popped nearly 22% on Thursday, after the luxury carmaker announced a 234 million pound investment by China's Geely (0715.HK), that will see the automotive firm become its third-largest shareholder. Geely will acquire about 42 million ordinary shares from Chairman Lawrence Stroll's Yew Tree, which is currently the Aston Martin's largest stakeholder, at 335 pence apiece and subscribe for another 28 million shares at the same price. Aston Martin shares, which closed at 231.2 pence on Wednesday, were trading up to 279.4 pence at 0727 GMT. "Our decision to increase our shareholding in Aston Martin reflects our confidence in the company's growth prospects, its technologies and its management team," said Geely Chairman Eric Li. The investment gives Geely a 17% stake in the company and entitles it to one board seat, behind number two shareholder Saudi Arabia's Public Investment Fund (PIF).

☆ Vietnam EV maker VinFast sees sales boom, path to breakeven
▼ + stars: | 2023-05-17 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Vuong projected sales of between 40,000 and 50,000 cars this year, up from EV sales of about 7,400 in 2022 when the company's only market was Vietnam. In addition, Vuong said VinFast planned to add two other models to its lineup: an electric pickup truck and a battery-powered city or "mini car." VinFast, which began operations in 2019, has a plant in Vietnam and plans for a second plant to open in North Carolina in 2025. An electric pickup truck would face competition from Rivian Automotive Inc (RIVN.O), Ford Motor Co's (F.N) F-150 Lightning and other models. The entry-level, small EV would face competition from Chinese-made electric vehicles, including from BYD.

☆ Battle for China's electric SUV market heats up at home and abroad
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +5 min

The trend will spread abroad with growing exports of China-made electric SUVs. The market for SUVs has boomed in China over the past decade and now represents almost 40% of all cars sold, with 400 SUV models of all fuel types. Legacy automakers Volkswagen (VOWG_p.DE), BMW (BMWG.DE) and Toyota (7203.T) are counting on new electric SUVs to bolster China sales. Tesla and Renault (RENA.PA) have already been exporting their China-made electric SUVs to Europe on a large scale. Chinese automakers have their own plans to grow electric SUV sales to Europe.

☆ Analysis: Battle for China's electric SUV market heats up at home and abroad
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +5 min

☆ Geely's London black cab unit unveils new large EV platform
▼ + stars: | 2023-05-04 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

[1/2] A worker places a taxi sign onto the roof panel of a TX electric taxi inside the LEVC (London Electric Vehicle Company) factory in Coventry, Britain, January 18, 2023. REUTERS/Phil Noble/File PhotoANSTY, England, May 5 (Reuters) - Geely (0175.HK) unit London Electric Vehicle Company (LEVC) on Friday unveiled a new, large electric-vehicle (EV) platform for vehicles ranging from people-movers to commercial vans that it said could also be used by other units of the Chinese carmaker. But executives said they could not provide details of which EVs LEVC would focus on first, when the new EVs might roll off the production line or where they will be made. As such, Geely faces complexities that larger EV makers BYD (002594.SZ) and Tesla Inc (TSLA.O) have avoided. LEVC Managing Director Chris Allen told Reuters that the brand was positioning itself within the Geely group to provide larger EVs that "give more space, more opportunities, more flexibility with a larger vehicle size."

☆ Geely's EV brand Zeekr jumps on the 'gigapress' bandwagon
▼ + stars: | 2023-04-27 | by ( Norihiko Shirouzu | ) www.reuters.com time to read: +5 min

REUTERS/Aly Song/File PhotoApril 27 (Reuters) - Geely's EV brand Zeekr is the latest to join a growing list of automakers that have turned to the "gigapress" die casting technique pioneered by Tesla to slash the cost of electric cars. "In the future, Zeekr will use giga-casting technology on more models," Jiang said. Metal and plastic die casting has long been used in manufacturing, but its application to large aluminium underbodies in carmaking is relatively new. The front and rear sections are then connected with large under-floor battery packs to form a three-piece EV chassis. 'MEGA-CASTING'Other automakers turning to large die casting include General Motors (GM.N), which is using the technology to help design its Cadillac Celestiq electric saloon.

☆ Mobileye shares plunge after self-driving tech company cuts guidance amid Tesla's EV price war
▼ + stars: | 2023-04-27 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Mobileye signage during the company's IPO at the Nasdaq MarketSite in New York, US, on Wednesday, Oct. 26, 2022. Shares of Mobileye, Intel 's self-driving subsidiary, were trading sharply lower on Thursday after the company cut its full-year forecast, citing weakness in China's electric vehicle market. In January, the company guided to revenue between $2.192 billion and $2.282 billion and an operating loss between $110 million and $160 million. China's EV market has been roiled by Tesla 's recent aggressive price cuts and a reduction in government incentives for EV buyers. Mobileye counts Chinese EV makers Nio and Zeekr, a unit of Chinese automaker Geely, among its customers.

☆ 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.

☆ 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.

☆ 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.

☆ China's Zeekr launches electric SUV, targets Europe
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Zoey ZhangCHENGDU, China, April 12 (Reuters) - Chinese electric vehicle maker Zeekr on Wednesday launched a compact, all-electric sport utility vehicle, as it targeted a premium market in China that has been dominated by German automakers. The Geely-owned [RIC:RIC:GEELY.UL] brand said it also planned to offer the SUV-styled Zeekr X and its Zeekr 001 EV sedan in Western Europe without saying when that would be. The company will start delivering the Zeekr X in China from June with a target of delivering 40,000 this year, An said. After Europe, Zeekr will target Asian markets outside China, An said without providing details. It sold 15,234 of its two existing models - the 001 sedan and the 009 multi-purpose vehicle - in the first quarter, accounting for just 2% of China's battery electric vehicle sales.

☆ China's Zeekr launches SUV to boost premium EV sales
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: 1 min

Companies Zhejiang Geely Holding Group Co Ltd FollowCHENGDU, China, April 12 (Reuters) - Chinese electric vehicle (EV) maker Zeekr on Wednesday launched a new compact sports utility vehicle (SUV) as the Geely-owned (GEELY.UL) brand strives for market share in a premium segment previously dominated by German rivals. With a starting price of 189,800 yuan ($27,615.31), the Zeekr X SUV offers features such as the ability to unlock the car using facial recoginition technology and an in-vehicle refridgerator, CEO Andy An said at an event in China's southwestern city of Chengdu. The company will start delivering the Zeekr X from June this year, he added. ($1 = 6.8730 Chinese yuan renminbi)Reporting by Zoey Zhang and Brenda Goh Editing by Kenny Maxwell and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Geely shares jump after automaker beats revenue expectations for 2022
▼ + stars: | 2023-03-22 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

In this article 175-HK Follow your favorite stocks CREATE FREE ACCOUNTwatch nowChinese automaker Geely beat revenue expectations for 2022, sending shares surging Wednesday. Geely reported its 2022 revenue surged 45.6% from a year ago to 148 billion yuan ($21.49 billion), while profit jumped 8.5% to reach 5.26 billion yuan. Analysts had expected Geely to report 135.4 billion yuan in revenue, according to a Refinitiv consensus estimate. Geely said total sales climbed 8% last year to over 1.4 million units. The company said its high-end models accounted for 23% of total sales in 2022, or 252,787 units.

☆ Analysis: CATL's 'price war' shows its power, and China's EV edge
▼ + stars: | 2023-02-26 | by ( ) www.reuters.com time to read: +6 min

"It's very much a market share game," said Caspar Rawles, chief data officer at Benchmark Mineral Intelligence. Contemporary Amperex Technology Co Ltd - more widely known by its initials - is the dominant global supplier with a 37% share of the EV market. For CATL, the discount is a way to head off a bid by Chinese EV makers to seek alternatives. CATL batteries power Volkswagen's (VOWG_p.DE) I.D. "The reductions that CATL is offering would help the Chinese EV industry," said James Frith, a principal at battery-tech focused venture capital group Volta Energy Technologies.

1 EV maker worldwide in 2022, but China's BYD (002594.SZ) and others are closing the gap fast, according to a Reuters analysis of global and regional EV sales data provided by EV-volumes.com. In fact, BYD passed Tesla in EV sales last year in the Asia-Pacific region, while the Volkswagen Group (VOWG_p.DE) has been the EV leader in Europe since 2020. Reuters GraphicsThe most significant challenges to Tesla are coming from established automakers and a group of Chinese EV manufacturers. Tesla's vehicles offered features, such as the ability to navigate into a parking space or make rude sounds, that other vehicles lacked. IDRA, the Italian company that builds huge presses to form large one-piece castings that are the building blocks of Tesla vehicles, said it is now getting orders from other automakers.

☆ Analysis: In China, Tesla could win electric vehicle price battle – but lose the war
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +7 min

[1/5] Visitors check a Tesla Model 3 car next to a Model Y displayed at a showroom of the U.S. electric vehicle (EV) maker in Beijing, China February 4, 2023. REUTERS/Florence LoSummarySummary Companies Tesla price cuts have jumpstarted sales in world no. Most immediately, Tesla's January price cuts drove deliveries of its China-made vehicles up 18% from December. From 15% in 2020, its share of the China EV market fell by a third to just 10% in 2022, according to data from the CPCA. After the latest price cuts, the Model 3 starts at about $34,000 and the Model Y at $38,000.

☆ Chinese EV brand Zeekr is now worth more than Xpeng
▼ + stars: | 2023-02-13 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

Pictured here is a Zeekr electric vehicle charging station in Dongguan, Guangdong province of China, on Nov. 14, 2022. BEIJING — Geely -backed electric car brand Zeekr said Monday it's now valued at $13 billion after a $750 million raise from Chinese battery giant CATL and others. Zeekr is not yet publicly listed, but Geely said in December the brand filed confidentially for an initial public offering in the U.S. The new $13 billion valuation makes Zeekr worth more on paper than Xpeng , which had a market value of $8.01 billion, according to Refinitiv Eikon data accessed Monday. Nio and Li Auto are worth much more, with market valuations of $17.22 billion and $25.22 billion, respectively, the data showed.

☆ Geely's EV brand Zeekr raises $750 million in fresh funding round
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Feb 13 (Reuters) - Zeekr, the electric car brand of China's Geely Automobile Holdings (0175.HK), is raising $750 million from five new and existing investors in a funding round that values the brand at $13 billion. Zeekr, which sells two purely electric car models, said in a statement on Monday that proceeds from the funding round will be used to support technology research and the global expansion of the Zeekr brand. The investors include Amnon Shashua, CEO and founder of autonomous driving technology company Mobileye Global (MBLY.O) - majority owned by Intel Corp (INTC.O) - and the Guangzhou city municipal government’s investment arm Yuexiu Industrial Fund, both new investors in the company. Supporters of the funding round also include Chinese battery maker CATL (300750.SZ), already among Zeekr's backers. Reporting by Zhang Yan and Brenda Goh; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Volvo readies EV blitz in biggest product revamp under Geely
▼ + stars: | 2023-02-02 | by ( Norihiko Shirouzu | ) www.reuters.com time to read: +3 min

[1/5] A Volvo S60 is displayed during the inauguration of Volvo Cars first U.S. production plant in Ridgeville, South Carolina, U.S., June 20, 2018. The Swedish carmaker, wholly owned by China’s Zhejiang Geely Holding Group, is expected to launch at least six new battery electric vehicles through 2026, the two people told Reuters. The previously unreported product plans amount to the largest revamp of Volvo’s model line-up since Geely acquired the brand from Ford Motor Co (F.N) in 2010. Under Geely, Volvo initially started to share technologies such as car platforms with Geely. Volvo has carved out and sold its gasoline engine and hybrid powertrain operations to Geely.

LONDON/HONG KONG, Feb 1 (Reuters Breakingviews) - China has been a golden goose for western carmakers like Volkswagen (VOWG_p.DE) and BMW (BMWG.DE). Chinese groups like electric vehicle leader BYD (002594.SZ), (1211.HK) are targeting foreign markets. At JATO’s estimate of 56,000 euros, the average price of an electric vehicle in Europe is still too high for most punters. The lower cost of manufacturing in China may help Chinese carmakers absorb tariffs, while western groups could suffer from reprisals. The result may be that western groups have to jostle for a smaller place in their home markets but also cut prices, hurting profitability.

☆ Tesla has growing competition in China — these are the most popular electric SUVs challenging Elon Musk in the crucial market
▼ + stars: | 2023-01-31 | by ( Tim Levin | ) www.businessinsider.com time to read: +3 min

(Note: Since China considers both electric and plug-in hybrid vehicles as "new energy vehicles," this ranking includes both types of EVs.) BYD SongThe BYD Song Plus DM-i plug-in hybrid. The BYD Song Plus DM-i plug-in hybrid. BYD Yuan PlusThe BYD Yuan Plus. BYD TangThe BYD Tang electric SUV.

☆ Exclusive: Geely plans to turn maker of London black cabs into EV powerhouse
▼ + stars: | 2023-01-23 | by ( Nick Carey | ) www.reuters.com time to read: +4 min

"Geely will make consistent investments into LEVC because this is a very unique project." Nan said LEVC and Geely would seek to attract other investors to its zero-emission portfolio and would look to partner with other carmakers to develop new technology. "Geely fully supports the new transition strategy laid out by LEVC's board and executive team," Geely said in a statement. As such, Geely faces a complexity that larger EV makers BYD (002594.SZ) and Tesla (TSLA.O) have avoided. Allen said LEVC was exploring a range of commercial and passenger car models on a common electric platform.

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