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☆ Apple supplier Foxconn cautious despite beating earnings forecasts
▼ + stars: | 2023-08-14 | by ( ) www.cnbc.com time to read: +3 min

A factory at the mobile phone plant of Rising Stars Mobile India, a unit of Foxconn in Tamil Nadu, India, on July 12, 2019. Apple supplier Foxconn beat estimates for second-quarter earnings on Monday thanks to a booming artificial intelligence sector but retained a cautious outlook for this year due to global economic uncertainties. Within the AI server supply chain, Foxconn has won a "very high" market share for GPU modules and substrates, Liu said. It was better than an average forecast of T$25.57 billion profit from 13 analysts, according to Refinitiv. Apple this month forecast that a sales slump would continue into this quarter, sending shares down despite beating Wall Street sales and profit targets in its fiscal third quarter.

Persons: Liu Young, Liu, Foxconn, Jun Seki Organizations: Stars Mobile India, Apple, Vedanta, Nissan, North, Wall Locations: Tamil Nadu, India, China, Wisconsin, Foxconn

☆ EVs: We want to be part of the global supply chain, says Indonesian Chamber of Commerce and Industry
▼ + stars: | 2023-08-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEVs: We want to be part of the global supply chain, says Indonesian Chamber of Commerce and IndustryArsjad Rasjid, chairman of the Indonesian Chamber of Commerce and Industry, says although the region's electric vehicle market is big enough for the country to cater to, "we want to be part of that global supply chain."

Persons: Industry Arsjad Rasjid Organizations: of Commerce, Industry, Indonesian Chamber of Commerce and Industry Locations: Indonesian

☆ Taiwan’s Foxconn says it sees ‘billions’ of dollars in India investments
▼ + stars: | 2023-08-14 | by ( Juliana Liu | ) edition.cnn.com time to read: +1 min

CNN —A month after exiting an ambitious project to help build one of India’s first chip factories, Taiwan’s Foxconn says it remains bullish about the world’s most populous nation and is planning “billions” of dollars in investments there, as multinationals seek to diversify their supply chains beyond China. Foxconn’s India operations account for about $10 billion — or just under 5% — of the company’s annual turnover, which stood at $6.627 trillion new Taiwan dollars ($207 billion) last year, Chairman Young Liu told a Monday earnings call. “There is a positive energy for this market,” he said in response to a question from CNN. Foxconn, best known for making Apple (AAPL)’s iPhones, has more than 30 factories in India, including 20 dormitories that house tens of thousands of workers. It was seen as a blow to the New Delhi government’s plans to turn the country into a tech manufacturing powerhouse.

Persons: Taiwan’s Foxconn, Young Liu, ”, ” Liu, Foxconn Organizations: CNN, “, Apple, Vedanta Locations: China, India, Taiwan, Delhi

☆ Biden urges 'fair agreement' between UAW and Detroit automakers that avoids plant closures
▼ + stars: | 2023-08-14 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

DETROIT – President Joe Biden is calling for a "fair agreement" between the United Auto Workers and Detroit automakers that avoids "painful" plant closures, as the sides engage in contentious contract negotiations for roughly 150,000 unionized U.S. auto workers. Biden – touted as the "most pro-union president" – said Monday that the negotiations provide a "win-win opportunity" for all sides, while calling for a "fair transition to a clean energy future." He also hailed the union's role in creating the American middle class, which he said these new contracts should sustain. I'm asking all sides to work together to forge a fair agreement," Biden said in a statement released by the White House. The UAW considered Biden's statement a win, as union leaders such as Fain have been calling for a "just transition" to all-electric vehicles, which threaten UAW jobs.

Persons: Joe Biden, Biden –, –, —, Biden, Shawn Fain, Stellantis, Fain, Biden's Organizations: UAW, DETROIT, United Auto Workers, Detroit, White, General Motors, Ford Motor, GM, Ford Locations: Warren , Michigan, Illinois

☆ Ford's CEO had a charging 'reality check' on his electric F-150 Lightning road trip
▼ + stars: | 2023-08-14 | by ( Nora Naughton | ) www.businessinsider.com time to read: +2 min

Ford CEO Jim Farley hit the road in an electric F-150 Lightning last week. Access to the Supercharger network in 2024 could ease these challenges. Farley hit the road in an F-150 Lightning last week , traversing Route 66 and the American West to put the electric truck through its paces. At the end of the trip on Sunday, Farley shared his experience with charging the massive electric pickup truck. But the Dearborn, Michigan-based car company is partnering with Tesla to make the Supercharger network available to Ford drivers starting next spring .

Persons: Jim Farley, Farley, Ford EVs, Tesla, Rivian Organizations: Morning, Twitter, Ford, GM Locations: American, Coalinga , California, Dearborn , Michigan

REUTERS/Phil NobleAug 14 (Reuters) - Ford Motor (F.N) on Monday named former Apple (AAPL.O) executive Peter Stern as the president of its newly formed Ford Integrated Services unit to help build new high-margin digital and subscription services. Stern, who previously oversaw Apple TV+, iCloud and Apple News+, will report to Ford CEO Jim Farley. In his new role, Stern will focus on integrating hardware, software and services across the company's Ford Blue, Model e and Ford Pro units. Ford now has more than 550,000 paid software and services subscribers, more than 80% of them through the Ford Pro commercial unit. "The basis for differentiation is shifting from the vehicles alone to the integration of hardware, software and services," Stern said.

Persons: Phil Noble, Peter Stern, Stern, Jim Farley, Ford, Doug Field, Michael Abbott, Farley, Ford's, We're, Nathan Gomes, Paul Lienert, Krishna Chandra Eluri, Sharon Singleton, Jonathan Oatis Organizations: Ford, REUTERS, Monday, Apple, Ford Integrated Services, Ford Pro, General, Thomson Locations: Liverpool, Britain, United States, Bengaluru, Detroit

☆ Biden's climate law has led to 86,000 new jobs and $132 billion in investments, new report says
▼ + stars: | 2023-08-14 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

More than 270 new clean energy projects have been announced since the passage of the Inflation Reduction Act (IRA), with private investments totaling $132 billion, according to the report. These investments are expected to be accompanied by more than 86,000 jobs, including 50,000 jobs related to electric vehicles. The Inflation Reduction Act “is not only working to strengthen supply chains but also to boost domestic manufacturing and create new jobs,” Bank of America said in the report. The nearly $370 billion clean energy and climate package, which passed on a party-line vote, was the largest climate investment in US history. The law is driving the most clean energy job growth in Georgia, South Carolina, Nevada and Tennessee.

Persons: it’s, Joe Biden, Biden, ” Organizations: New, New York CNN, of America, ” Bank of America, White, Bank of America, Washington Post Locations: New York, EVs, Georgia , South Carolina , Nevada, Tennessee, Wisconsin

Biden and UAW President Shawn Fain met briefly in the West Wing last month while UAW leadership was at the White House briefing senior staff on their positions. Fain has publicly warned that UAW is prepared to strike, saying nearly 150,000 members will strike if the three automakers do not meet their demands. Ford pointed out that it employs more UAW members and builds more cars and trucks at US plants than any other automaker. For the most part, those plants are joint ventures between automakers and battery makers, and thus will not be covered under the UAW contracts with the Big Three. But the union has yet to reach a deal with plant management on a contract, and workers there are paid about half of what UAW members are paid at the Big Three.

Persons: Joe Biden, –, —, ” Biden, Biden’s, Shawn Fain, Fain, Biden, ”, “, ” Ford, Stellantis, Ford, “ Stellantis, Vanessa Yurkevich Organizations: Washington DC CNN, United Auto Workers, – Ford, General Motors, “, AFL, CIO, UAW, Biden, Wing, White, Ford, Dodge, Chrysler, EV, CNN, Big, GM, Workers, LG Locations: Warren , Ohio

☆ Goldman Sachs tells clients to buy this major automaker on its 'strong' EV potential
▼ + stars: | 2023-08-13 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Toyota has big plans when it comes to electric vehicles — and investors are underappreciating its potential in the market, according to Goldman Sachs. The Wall Street bank suggests that Toyota's plans would raise its share of the global EV market to 8.6% in 2026 and 10.5% in 2030 from negligible levels today. "We think this strategy is grounded on Toyota's robust finances and ability to exercise control over its supply chain thanks to vertical integration," the Goldman analysts said. Goldman Sachs expects shares of Toyota Motor to rise by 15% to 2,800 Yen ($19.4) in the next 12 months. "This will not only allow it to utilize existing assets but also shorten the lead time from development to the start of production and the time to market," the Goldman analysts said.

Persons: Goldman Sachs, —, Tesla, Kota Yuzawa, Toyota's, Goldman, — CNBC's Michael Bloom Organizations: Toyota, Kota, Goldman Locations: U.S

☆ Cybertruck superfans waited years for the launch. Now Elon Musk has to deliver.
▼ + stars: | 2023-08-12 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

The stakes are high for Tesla's Cybertruck launch. A slowdown in EV growth could create a headache for the Cybertruck launch. The long-awaited Tesla Cybertruck is finally on its way , and the stakes are high for CEO Elon Musk. A successful Cybertruck launch will be key to meeting that goal, and graduating Tesla from a scrappy startup to an automotive powerhouse. The pickup truck market is a different ballgameThe US pickup truck market is one of the most lucrative in the world, presenting a huge opportunity for Musk and Tesla.

Persons: Elon Musk, Tesla, Jessica Caldwell, Edmunds, Rivian's R1T, Ford's, It's, Sam Fiorani Organizations: Tesla, Tesla's, AutoForecast Solutions

☆ Yes, cold weather affects EV batteries. Here's why they drain faster.
▼ + stars: | 2023-08-12 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +4 min

EV car batteries drain much quicker in cold conditions, significantly affecting their performance. Charging EV batteries in cold weatherCharging can also be an issue in cold conditions. The Idaho National Laboratory reported that EV batteries can take up to three times as long to charge in cold temperatures. But some startups are seeking to make cold weather issues a thing of the past. There are a few ways that drivers of electric vehicles can prolong their cars' battery lives in cold weather.

Persons: Tesla, Venkat Srinivasan, Insider's Tim Levin, Anna Stefanopoulou, Stefanopoulou, EVs, Domenick Nati Organizations: EV, Reuters, South, Korea Fair Trade Commission, Center for Energy Storage Science, University of Michigan's Energy Institute, Wired, Idaho National Laboratory, Bay Technology, Bloomberg Locations: Argonne, Idaho, Bay, British

☆ Only one car model sold for under $20,000 in July — but experts say vehicle prices are stabilizing
▼ + stars: | 2023-08-11 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Even as prices improve, there was only one car model sold below $20,000 in July. Today, that's not the case, but experts say buyers might see some relief from sky-high car prices soon. The only car model that sold below $20,000 last month was the Mitsubishi Mirage, transacting for an average $19,205, according to Kelley Blue Book. Now, it's challenging to find a ride in the $20,000 price range even if a shopper is considering used. They hit $53,469 in July, down nearly 18% less from $65,108 one year ago, per Kelley Blue Book.

Persons: that's, Kelley, Kia Rio, COVID, That's, Rebecca Rydzewski Organizations: Mitsubishi Mirage, Toyota Corolla, Nissan, Cox Automotive

☆ Cybertruck fans are nitpicking Elon Musk's final design as Tesla gets ready to deliver the long-awaited truck
▼ + stars: | 2023-08-11 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

The Cybertruck likely still has enough juice to rock the EV truck segment. As the Cybertruck gets closer to launch, photos of the vehicle have circulated on Tesla enthusiast blogs and forums. The video made rounds on Tesla CEO Elon Musk's social media website X, formerly known as Twitter, earlier this month. Tesla's take on the truckDespite comparisons and nitpicks, industry experts believe the Tesla Cybertruck still has the juice to disrupt the truck market as we know it. Do you have an order in for the Tesla Cybertruck?

Persons: Elon, Cybertruck, Ford's, Jim Farley, Tesla's, Karl Brauer, Ivan Drury, Edmunds, Tesla Organizations: Tesla, Ford, iSeeCars

☆ The internet just went on a wild quest that could result in floating trains and cheap EVs
▼ + stars: | 2023-08-11 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +8 min

The internet went wild over claims scientists discovered a room-temperature superconductor. Here's how a room-temperature superconductor could change everything:Revolutionize the medical industryMRI machines currently depend on liquid helium coolant to keep cool enough to operate. A room-temperature superconductor would go a step further in helping create these fields under normal conditions. With room-temperature superconductors, EV makers might be able to take a closer step towards delivering cheap battery-run cars. This is where room-temperature superconductors could one day step in.

Persons: It's, gloriously, Dr Niladri Banerjee, Banerjee, Michael Fuhrer, Massoud Pedram, Eugene Hoshiko, they'd, Jason Laurea, Lawrence, Robert Knopes, Getty Images Elon, Tesla Organizations: Imperial College London, Theory, School of Physics, Monash University, University of Southern, Airport, Lawrence Livermore National Laboratory, MIT's, Science, Fusion Center, Fusion Systems, Getty Images, TechCrunch Locations: South Korea, Australia, University of Southern California, Shanghai, China, Pudong, levitating, Lawrence Livermore

☆ BYD calls on China automakers to unite, 'demolish the old' in global push
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +4 min

BYD (002594.SZ) used an event this week to mark a production milestone to celebrate a bigger purpose: the emergence of China as a global auto manufacturing powerhouse. China's automakers are locked in a bruising price war that was started by Tesla (TSLA.O) in January and which shows no signs of easing. It ends with a call for China's automakers to "demolish the old legends and achieve new world-class brands," under the slogan, "Chinese Autos". said Li Xiang, CEO of Li Auto, who reposted the BYD video. In July, the industry group representing China's automakers retracted a pledge to avoid "abnormal pricing" brokered between 16 automakers, including BYD.

Persons: Aly, Wang Chuanfu, BYD –, BYD, Li Auto, William Li, Li Xiang, Wang Yuanli, Wall, Wang, Great Wall, Zhang Yan, Brenda Goh, Kevin Krolicki Organizations: Security, Auto, REUTERS, Tesla, FAW Group, HK, BYD's, Technology, China's Auto Business, China Association of Auto Manufacturers, BYD, Volkswagen, Thomson Locations: Auto Shanghai, Shanghai, China, Weibo, Europe

☆ Ford exec expects software to boost revenue for commercial trucks, vans
▼ + stars: | 2023-08-10 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

[1/3] A model of the Ford F-150 Lightning electric pickup is parked in front of the Ford Motor Company World Headquarters in Dearborn, Michigan, U.S. April 26, 2022. REUTERS/Rebecca Cook/File PhotoCompanies Ford Motor Co FollowAug 10 (Reuters) - Ford Motor (F.N) expects to incorporate more and better software into the trucks and vans in its highly profitable Ford Pro commercial vehicle business and grow revenues by $4,000-$5,000 per vehicle by 2026, a top executive said on Thursday. Navin Kumar, chief financial officer of Ford Pro, said the automaker would look to boost revenue with software- and data-driven fleet services, safety and security services, partial vehicle autonomy and insurance. Ford Pro will continue to offer a full portfolio of combustion engine, hybrid electric and full electric vehicles, Kumar said. Its second-generation EVs, including the successor to the F-150 Lightning pickup, will be more profitable, in terms of their ability to generation additional software and services revenue.

Persons: Rebecca Cook, Navin Kumar, Kumar, Morgan, Paul Lienert, David Gregorio Our Organizations: Ford, Ford Motor Company, REUTERS, Ford Pro, Transit Courier, Thomson Locations: Dearborn , Michigan, U.S, Europe, Detroit

☆ Vietnamese EV maker VinFast gets go ahead for Nasdaq SPAC listing
▼ + stars: | 2023-08-10 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Shareholders of Hong Kong-based Black Spade Acquisition (BSAQ.A), a blank-check company, voted on Thursday to approve the merger with VinFast. VinFast, in a joint statement with Black Spade, said it would list on the Nasdaq under the ticker symbol VFS "on or around August 15". It leaves VinFast's existing shareholders, including parent company Vingroup and Vuong, Vietnam's richest man, with 99% of shares in the company. "The voting results today are a vote of confidence in VinFast from Black Spade shareholders," VinFast's global head Thuy Le said in the statement. Black Spade was founded by the private investment arm of Lawrence Ho, son of the late gambling mogul Stanley Ho.

Persons: Mike Blake, VinFast, Black Spade, Pham Nhat Vuong, Thuy Le, Nikola Corp, EVs, VinFast's, Vuong, Lawrence Ho, Stanley Ho, Phuong Nguyen, Kirsten Donovan, Susan Fenton Organizations: Los Angeles Auto, REUTERS, U.S, Nasdaq, of Hong, VinFast, Black, Black Spade, Faraday, Nikola, Vingroup, Tesla, Thomson Locations: Los Angeles , California, U.S, HANOI, of Hong Kong, VinFast, North Carolina, Black, United States, Haiphong, Vietnam

☆ Indonesia gives automakers more time to qualify for EV credits in investment bid
▼ + stars: | 2023-08-10 | by ( Stefanno Sulaiman | ) www.reuters.com time to read: +3 min

[1/5] A worker stands near a Mini Cooper Electric car, that is displayed during the Gaikindo Indonesia International Auto Show in Tangerang, near Jakarta, Indonesia, August 10, 2023. REUTERS/Willy KurniawanTANGERANG, Indonesia, Aug 10 (Reuters) - Indonesia said on Thursday it would give automakers two more years to qualify for electric vehicle incentives in Southeast Asia's largest auto market, a move followed by investment commitments by China's Neta EV brand and Mitsubishi Motors. The moves announced at the Jakarta auto show come as Indonesia races Thailand and India to build out an EV industry as an alternative to China, the world’s largest producer. Indonesia is Southeast Asia’s largest auto market and its second-largest production hub behind Thailand. Until now, only two manufacturers have shifted enough production to Indonesia to qualify for full incentives: Wuling Motors (0305.HK) and Hyundai (005380.KS).

Persons: Willy Kurniawan TANGERANG, Agus Gumiwang Kartasasmita, ” Agus, Wuling, Hiroyuki Ueda, Stefanno Sulaiman, Kevin Krolicki, Conor Humphries Organizations: Cooper, REUTERS, China's, Mitsubishi Motors, Toyota, Daihatsu, Honda, Mitsubishi, New Energy Automobile, Wuling Motors, HK, Hyundai, Wuling, Air EV, Reuters, Gaikindo, Auto Show, Astra Motor, PT Astra International, Thomson Locations: Indonesia, Tangerang, Jakarta, Thailand, India, China, Southeast, Neta, Gaikindo Indonesia

☆ China EV brand Zeekr to launch its first luxury sports car
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

A man walks past a sign of Geely's new premium electric vehicle (EV) brand Zeekr at its factory in Ningbo, Zhejiang province, China April 15, 2021. REUTERS/Yilei Sun/File PhotoSHANGHAI, Aug 10 (Reuters) - China's Zeekr, Geely Automobile's (0175.HK) electric vehicle brand, said on Thursday it will launch its first luxury sports car, which will be priced above 1 million yuan ($140,000). BYD launched an electric off-road SUV with a starting price of 1.098 million yuan as the first model under its luxury brand Yangwang in January. Founded in 2021 as a premium EV brand, Zeekr has three models for sales with starting prices ranging from 189,800 yuan to 499,000 yuan. ($1 = 7.2116 Chinese yuan renminbi)Reporting by Zhang Yan, Brenda Goh; Editing by Edmund Klamann and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Geely Automobile's, Tesla, EVs, BYD, Zeekr, Zhang Yan, Brenda Goh, Edmund Klamann Organizations: REUTERS, Yilei, HK, EV, Thomson Locations: Ningbo, Zhejiang province, China

☆ China's Hozon to start selling Neta EVs in Indonesia from Q4
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

The company also plans to start localized assembly and production for its products in Indonesia from the second quarter of 2024, it said. Wang Chengjie, president director of PT NETA Auto Indonesia, said the local assembly plant will have a production capacity of 30,000 units annually. Hozon, which exported 6,970 cars in the first half of this year, has been selling its Neta EVs to Southeast Asian countries including Thailand, Myanmar and Nepal. It is building its first overseas plant in Thailand and aims to start production there in January 2024. Hozon's Neta V was the second best-selling EV in Southeast Asia in the first quarter, following BYD's Atto 3, according to research firm Counterpoint.

Persons: Tingshu Wang TANGERANG, Hozon Auto, Wang Chengjie, Hozon's Neta, Stefanno Sulaiman, Zhang Yan, Kim Coghill Organizations: Beijing International Automotive, Auto, REUTERS, Hozon, Gaikindo, PT NETA Auto, Thomson Locations: Auto China, Beijing, China, Indonesia, SHANGHAI, Southeast Asia, Gaikindo Indonesia, Hozon, Thailand, Myanmar, Nepal, Jakarta, Shanghai

☆ The EV plateau is coming. It's bad news for companies like Ford and Tesla.
▼ + stars: | 2023-08-10 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Current EV market growth "cannot be sustained," analyst says. The cap for rapid EV growth appears to be around 7% of the market. After years of rapid growth, the electric vehicle market is heading for a plateau. The states with the biggest share of electric vehicle sales are also the slowest to grow sales at the moment, according to a recent study from iSeeCars. California, Oregon, and Washington – where EV sales account for between about 7% and 10% of the market – are currently among the slowest-adopting states, the study found.

Persons: Tesla, Ford, It's, Sam Fiorani, Fiorani, Karl Brauer Organizations: Morning, EV, GM, Ford, AutoForecast Solutions Locations: iSeeCars . California , Oregon, Washington

☆ A market pullback would be a healthy catalyst for repositioning, says Laffer Tengler Investments CEO
▼ + stars: | 2023-08-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA market pullback would be a healthy catalyst for repositioning, says Laffer Tengler Investments CEONancy Tengler, CEO & CIO of Laffer Tengler Investments, joins 'The Exchange' to discuss a mismatch in the supply and demand of lithium for EVs, how to grow exposure to the secular tailwinds of digitization, and an acceleration in tech spending.

Persons: Laffer, Nancy Tengler Organizations: Laffer, Investments

☆ Indonesia says Mitsubishi Motors plans to invest $375 mln in 2024
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

A man walks near Mitsubishi cars as he visits Tokyo Motor Show in Tokyo, Japan October 24, 2019. "We are optimistic that, if implemented, this can boost investment and increase demand to use EVs," Agus said. A Mitsubishi spokesperson said executives from its Tokyo headquarters on Wednesday met with Agus for talks, declining to comment further. Mitsubishi reported combined retail and wholesale sales in the ASEAN region of 120,000 vehicles for the three months to June 30, dropping 1.6% from a year earlier. In Thailand, its retail and wholesale sales slumped to 17,000 units during that period, down from 25,000 a year earlier.

Persons: Soe Zeya, Agus Gumiwang Kartasasmita, Agus, Bernadette Christina, Fransiska, Rocky Swift, Daniel Leussink, Louise Heavens, David Evans Organizations: Mitsubishi, Tokyo Motor, REUTERS, Mitsubishi Motors, Wednesday, Japan's Nikkei, Guangzhou Automobile Group, Thomson Locations: Tokyo, Japan, JAKARTA, Indonesia, Thailand, China, ASEAN, Jakarta

☆ China's Li Auto aims to outsell BMW, Mercedes, Audi in its home market in 2024
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

People stand near the logo of Chinese electric vehicle (EV) maker Li Auto at a product launch event in Beijing, China May 25, 2021. REUTERS/Yilei Sun/File PhotoSHANGHAI, Aug 9 (Reuters) - Li Auto (2015.HK) said it aimed to outsell BMW (BMWG.DE), Mercedes-Benz (MBGn.DE) and Audi in China in 2024 as the up and coming Chinese automaker accelerates rollouts of new models and ramps up production. The company will launch four new models next year including three EVs, he said. But Li Auto managed to gain market share in the segment of cars priced above 300,000 yuan and grow profits this year with four extended-range hybrid vehicles targeting family users. ($1 = 7.2134 Chinese yuan renminbi)Reporting by Zhang Yan, Brenda Goh; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Li, Li Auto, Li Xiang, Tesla, Zhang Yan, Brenda Goh, Simon Cameron, Moore Organizations: REUTERS, Yilei, HK, BMW, Mercedes, Benz, Audi, Li Auto, China Association of Automobile Manufacturers, Thomson Locations: Beijing, China

☆ Without the threat of EVs it's easier for crude prices to keep climbing, says Jim Cramer
▼ + stars: | 2023-08-09 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Without the threat of EVs it's easier for crude prices to keep climbing, says Jim Cramer'Mad Money' host Jim Cramer talks crude oil prices, the EV market and how to trade in the energy space right now.

Persons: Jim Cramer Organizations: EV

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