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☆ Tesla's retail sales in China surged after price cut -brokerage data
  + stars: | 2023-01-18 | by ( ) www.reuters.com   time to read: +1 min
SHANGHAI, Jan 17 (Reuters) - Tesla's (TSLA.O) retail sales surged in China in January after it slashed prices for its top-selling models earlier in the month, data compiled by China Merchants Bank International (CMBI) showed. Average daily sales for Tesla in China during the Jan. 9 to Jan. 15 period jumped 76% from the same period in 2022. Total sales were 12,654 vehicles over that period, CMBI's data showed. After cutting prices in China and other Asian markets, Tesla followed with price cuts in the United States and Europe. Xpeng's sales fell 36% from a year earlier in the week of Jan. 9 to Jan. 15, CMBI data showed.
☆ Tesla's retail sales in China surged after price cut, brokerage data says
  + stars: | 2023-01-17 | by ( ) www.reuters.com   time to read: +1 min
SHANGHAI, Jan 17 (Reuters) - Tesla's (TSLA.O) retail sales surged in China in January after it slashed prices for its top-selling models earlier in the month, data compiled by China Merchants Bank International (CMBI) showed. Average daily sales for Tesla in China during the Jan. 9 to Jan. 15 period jumped 76% from the same period in 2022 to 12,654 vehicles, CMBI's data showed. That compared to a 14.5% year-on-year decline in overall retail auto sales in China in the same week, although sales of electric and hybrid vehicles in the country increased 36.5%, the data showed. After cutting prices in China and other Asian markets, Tesla followed with price cuts in the United States and Europe. Xpeng's sales fell 36% from a year earlier in the week of Jan. 9 to Jan. 15, CMBI data showed.
☆ Chinese EV maker Xpeng joins Tesla, Seres in price cuts
  + stars: | 2023-01-17 | by ( ) www.reuters.com   time to read: +2 min
Xpeng lowered the starting prices for its best-selling pure electric P7 sedan to 209,900 yuan ($31,015), according to the notice, 12.5% lower than its previous level. EV makers, though many of them still loss-making, are therefore under pressure to cut prices to sustain sales volumes. Xpeng said it would offer car owners who purchased automobiles before the price cut extended maintenance services for free as compensation. Xpeng is also counting on a revamped version of the three-year-old P7 sedan to be launched in the first quarter to boost sales. The EV maker sold 59,066 P7 cars in 2022, 2.5% fewer than a year earlier.
☆ Tesla under fire in Germany over union concerns on working hours, contracts
  + stars: | 2023-01-16 | by ( ) www.reuters.com   time to read: +2 min
Workers were also increasingly fearful about discussing their working conditions openly because of non-disclosure agreements they were told to sign along with their work contracts, IG Metall said. Over time we are observing that this enthusiasm is withering," Irene Schulz of IG Metall Berlin-Brandenburg-Sachsen said in a statement. "Tesla is not doing enough to improve working conditions and is leaving too little time for leisure, family and recovery." Tesla China has also asked some staff to sign non-disclosure agreements, according to two sources with knowledge of the matter. Reuters found several people on LinkedIn with the title of "Security Intelligence Investigator" working for Tesla in Austin, San Francisco and Shanghai.
☆ Tesla cuts prices in U.S., Germany in pivot to drive sales
  + stars: | 2023-01-13 | by ( ) www.reuters.com   time to read: +2 min
The U.S. price cuts, announced late Thursday in U.S. time on the Model 3 and Model Y, ranged between 6% and 20% compared with the prices that held before the discount, according to a Reuters calculation. In Germany, Tesla cut prices on the Model 3 sedan and the Model Y crossover - its global top-seller - by between about 1% and amost 17% depending on the configuration. For a U.S. buyer of the long-range Model Y, the new Tesla price combined with the U.S. subsidy that took effect this month amounts to a discount of 31%. Tesla cut prices in China and other Asian markets last week. Tesla has also cut prices in South Korea, Japan, Australia and Singapore.
☆ China passenger vehicle sales rise in Dec, Tesla sales slump 41% - data
  + stars: | 2023-01-10 | by ( ) www.reuters.com   time to read: +3 min
He predicted that China's passenger vehicle sales were likely to remain largely flat or slightly up in 2023. CPCA said on Tuesday that China's passenger vehicle sales in December rose 2.4% from a year earlier to 2.19 million units. Tesla saw its December sales in China plunge 41% from a year earlier despite offering deep discounts. Most other EV makers in China are still loss making, including Nio (9866.HK), Xpeng (9868.HK) and Li Auto (2015.HK). CPCA expects sales of new energy cars, mainly EVs, to hit 8.5 million units in 2023, accounting for 36% of total new car sales.
☆ Protesting Tesla China buyers vow more pressure over price cuts they missed
  + stars: | 2023-01-10 | by ( ) www.reuters.com   time to read: +4 min
[1/4] Tesla owners unhappy with the U.S. carmaker's price cuts discuss their situation at a Tesla delivery centre in Shanghai, China January 10, 2023. Similar protests by Tesla owners have sprung up in cities including Henan, Wuxi and Hangzhou in recent days, according to owners and social media posts. Tesla has faced online backlash over previous price cuts in China before but nothing as widespread as the current spontaneous protests. "We trusted the brand so much that we cancelled our orders for other brands for Tesla," said Yu, who stayed with a group of about 25 protesters at the Tesla Shanghai facility late into Tuesday evening. Analysts have said Tesla's price cuts were almost certain to boost China sales, which tumbled in December, and force other EV makers to cut prices too.
☆ Waiting times for some Tesla models in China increase after automaker discounts
  + stars: | 2023-01-09 | by ( ) www.reuters.com   time to read: +3 min
The waiting time for orders of the rear-wheel-drive and long-range versions of Model Y were a week longer on Monday than on Friday, Tesla's website showed. The wait time for all versions of the Model 3 and the performance version of the Model Y remained at one to four weeks as of Monday. People check a Tesla Model Y electric vehicle (EV) displayed at its booth during the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 4, 2021. Some of the buyers in China said they had been led to believe that the further discounts would not be coming. Comments on Chinese social media were largely negative toward the Tesla buyers who have protested, with many saying online they should have understood the terms of the contract.
☆ Honda's JV with GAC ends production of Acura brand in China
  + stars: | 2023-01-09 | by ( ) www.reuters.com   time to read: +1 min
GAC will continue to provide after-sales services to Acura customers in China through the joint venture's network, it said in a statement to Reuters. The joint venture will continue to produce other Honda brands. Acura is the second foreign car brand to exit China, the world's largest auto market, in recent months. In October GAC said it was closing its joint venture with Stellantis (STLA.MI), which made Jeep vehicles, following a sharp decline in Jeep sales in China over the past four years. GAC-Honda, which started producing Acura cars in 2016 in China, only sold 6,554 of them in the country in 2021, down 45% from the previous year.
☆ Tesla delivery time is longer on some China models after discounts
  + stars: | 2023-01-09 | by ( ) www.reuters.com   time to read: +2 min
The waiting time for orders of the rear-wheel-drive and long-range versions of Model Y was a week longer on Monday than it had been on Friday, Tesla's website showed. The wait time for all versions of the Model 3 and the performance version of the Model Y remained at one to four weeks as of Monday. A Tesla representative told Reuters on Saturday that the company has no plan to compensate those buyers for price cuts they had missed. Some of the buyers in China said they had been led to believe that the further discounts would not be coming. Comments on Chinese social media were largely negative toward the Tesla buyers who have protested, with many saying online they should have understood the terms of the contract.
☆ Tesla owners in China protest against surprise price cuts they missed
  + stars: | 2023-01-07 | by ( ) www.reuters.com   time to read: +5 min
[1/3] People protest at a Tesla showroom in Chengdu, Sichuan, China, released January 6, 2023 in this picture obtained by Reuters from social media. After Friday's surprise discounts, Tesla's EV prices in China are now between 13% and 24% below their September levels. 'RETURN THE MONEY'Other videos appearing to be of Tesla owners protesting were also posted to Chinese social media platforms on Saturday. Tesla does not plan to compensate buyers who took delivery before the most recent price cut, a spokesman for Tesla China told Reuters on Saturday. Analysts have been positive about the potential for Tesla's price cuts to drive sales growth at a time when it is a year from announcing its next new vehicle, the Cybertruck.
☆ Tesla slashes Model 3, Model Y prices in China for second time in 3 months
  + stars: | 2023-01-06 | by ( ) www.reuters.com   time to read: +2 min
On Friday, the U.S. automaker slashed prices for all versions of its Model 3 and Model Y vehicles in China by between 6% to 13.5%, according to Reuters calculations based on the prices shown on the website. The starting price for Model 3, for instance, was cut to 229,900 yuan ($33,427) from 265,900 yuan. The Model 3 and Y have been the only models it delivers in China, though on Friday it announced prices for the Model S and Model X in China. The China prices of the Model 3 and Model Y cars are now 24% to 32% lower than in the United States, Tesla's largest market, Reuters calculations showed, due to reasons including different material and labour costs. Tesla will sell the Model S Plaid and Model X Plaid in China from 1,009,900 yuan and 1,039,900 yuan, respectively, nearly 10% higher than its U.S. prices, its website showed.
☆ Tesla cuts prices for Model 3, Model Y in China
  + stars: | 2023-01-06 | by ( ) www.reuters.com   time to read: 1 min
SHANGHAI, Jan 6 (Reuters) - Tesla (TSLA.O) cut prices for all versions of its Model 3 and Model Y vehicles in China, according to its Chinese website on Friday. The U.S. automaker reduced its starting price for Model 3 to 229,900 yuan ($33,427.84) from 265,900 yuan, and lowered it for Model Y to 259,900 yuan from 288,900 yuan, the website showed. ($1 = 6.8775 Chinese yuan)Reporting by Zhang Yan and Brenda Goh; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.
☆ Tesla's Dec sales of China-made cars fall to the lowest in five months
  + stars: | 2023-01-05 | by ( ) www.reuters.com   time to read: +1 min
[1/2] Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. REUTERS/Aly SongSHANGHAI, Jan 5 (Reuters) - Tesla Inc (TSLA.O) delivered 55,796 China-made electric vehicles in December, the lowest level in five months, according to data from the China Passenger Car Association (CPCA) on Thursday. It also marks the fewest monthly deliveries since July when most production at Tesla's Shanghai plant was suspended due to an upgrade to its production lines. For the whole of 2022, the U.S. automaker delivered 50% more vehicles produced in its Shanghai plant compared with 2021, the CPCA data showed. Tesla suspended production at its Shanghai plant, its most productive manufacturing hub, from Dec. 24 to Jan. 2 as part of the output reduction efforts, Reuters reported previously.
☆ Tesla, EV rivals absorb costs after China pulls plug on subsidy
  + stars: | 2023-01-05 | by ( ) www.reuters.com   time to read: +3 min
[1/2] A Tesla electric vehicle is seen through a charging point displayed during a media day for the Auto Shanghai show in Shanghai, China April 20, 2021. The subsidy accounted for around 3% to 6% of the cost of the best-selling electric vehicles in China last year, a Reuters analysis found. It paid out nearly $15 billion to encourage EV purchases through 2021, according to an estimate by China Merchants Bank International. Tesla, meanwhile, is defending its market share by selling the basic, rear-wheel drive Model Y for 288,900 yuan ($42,053.63) in China, unchanged from December. China's Association of Automobile Manufacturers said in December it expected sales of EVs and plug-in hybrids to grow by 35% in 2023, accounting for a third of total vehicle sales.
☆ Exclusive: Tesla makes China boss highest-profile executive after Musk
  + stars: | 2023-01-03 | by ( ) www.reuters.com   time to read: +5 min
[1/2] Tesla's China chief Tom Zhu speaks at a delivery ceremony for China-made Tesla Model 3 vehicles in the Shanghai Gigafactory of the U.S. electric car maker in Shanghai, China December 30, 2019. The move makes Zhu the highest-profile executive at Tesla after Chief Executive Elon Musk, with direct oversight for deliveries in all of its major markets and operations of its key production hubs. Under Zhu, Tesla's Shanghai plant rebounded strongly from COVID lockdowns in China. Tesla country managers in China, Japan, Australia and New Zealand continued to report to Zhu, the notice showed. Zhu, who was born in China but now holds a New Zealand passport, joined Tesla in 2014.
☆ Exclusive: Tesla to run reduced output in Shanghai in January, plan shows
  + stars: | 2022-12-27 | by ( ) www.reuters.com   time to read: +2 min
SHANGHAI, Dec 27 (Reuters) - Tesla (TSLA.O) plans to run a reduced production schedule at its Shanghai plant in January, extending the reduced output it began this month into next year, according to an internal schedule reviewed by Reuters. Tesla did not specify a reason for the production slowdown in its output plan. Tesla suspended production at its Shanghai plant on Saturday, pulling forward an established plan to pause most work at the plant in the last week of December, Reuters has reported. Tesla's Shanghai plant, a complex that employs some 20,000 workers. Tesla has set a target for growth of 50% in output and electric vehicle deliveries in 2022.
☆ Tesla suspends production at Shanghai plant
  + stars: | 2022-12-24 | by ( ) www.reuters.com   time to read: +2 min
SHANGHAI, Dec 24 (Reuters) - Tesla suspended production at its Shanghai plant on Saturday, according to an internal notice and two people with knowledge of the matter, bringing ahead a previous plan to pause most work at the plant in the last week of December. Reuters reported earlier this month that the electric car giant planned to suspend Model Y production at the plant from Dec. 25 to Jan. 1. Tesla is also grappling with elevated inventory levels as its second largest market braces for a downturn. The Shanghai plant has been focused on making models for export in the last week, the person added. It has not been an established practice for the plant to shut down for a year-end holiday.
☆ Factbox: Tesla's key managers in China
  + stars: | 2022-12-22 | by ( ) www.reuters.com   time to read: +3 min
Here is a look at Zhu and other key China managers who have helped Tesla’s Shanghai factory roar back from lockdowns to bring the electric vehicle maker close to its global growth targets for the year. TOM ZHUZhu, who was born in China but now holds a New Zealand passport, joined Tesla in 2014. Lankton later hired Zhu to take charge of Tesla's charging facility construction in China, according to one of the people who is close to Zhu. The moves boosted Tesla's sales in China, and its revenue from China more than tripled in 2016 from 2015. SONG GANGSong Gang has been plant manager of Giga Shanghai since 2018.
☆ Tesla sends Shanghai boss and aides to jumpstart US output
  + stars: | 2022-12-21 | by ( Zhang Yan Hyunjoo Jin | Zhang Yan | Hyunjoo Jin | ) www.reuters.com   time to read: +6 min
Tesla did not respond to written requests for comment from Reuters sent to its Shanghai and global media relations accounts. Under Zhu, Tesla Shanghai rebounded strongly from lockdowns this year to bring Tesla close to its growth target for 2022 of 50% production growth. Among the projects the Shanghai team have worked on is Tesla's long-delayed Cybertruck, its next new model, a third person said. However, Zhu's colleagues in Shanghai believe he is in line for a more senior and wider-ranging role at Tesla, the two people said. The plant has excelled in applying cost-saving, factory-floor innovations for Tesla, including the use of massive casting machines to simplify production.
☆ Tesla hits 3,000 cars a week in Berlin, Austin later than planned
  + stars: | 2022-12-19 | by ( ) www.reuters.com   time to read: +2 min
BERLIN, Dec 19 (Reuters) - Tesla's (TSLA.O) German plant produced 3,000 cars last week for the first time, the carmaker tweeted late on Sunday - but the milestone was reached over two months later than planned in both Berlin and Austin, Texas, according to a memo seen by Reuters. The memo, which Reuters reported on in September, projected 3,000 units in weekly output from the Gruenheide plant near Berlin in the first week of October and from Tesla's plant in Austin, Texas, in the first week of November. Yet it took until last week for Tesla to post celebratory pictures on Twitter stating it had reached that target in both locations - last Thursday for Austin, and Sunday for Berlin. Tesla did not respond to requests for comment on the memo or the delay in hitting the 3,000-car output target in Berlin and Austin. Musk and Tesla often set ambitious targets, and the company is often late meeting them.
☆ Gotion and PTT Group plan battery venture in Thailand
  + stars: | 2022-12-15 | by ( ) www.reuters.com   time to read: 1 min
BEIJING, Dec 15 (Reuters) - Volkswagen-backed Chinese battery maker Gotion High Tech (002074.SZ) will partner Thailand's PTT Group in the production and export of battery modules and packs in Thailand, the company said in a Shenzhen filing on Thursday. Gotion's Singapore unit will set up a joint venture with PTT for the projects with initial registered capital of 300 million Thai Baht ($8.60 million), the company said. ($1 = $1.0000)($1 = 34.9000 baht)Reporting by Zhang Yan, Ella Cao and Meg Shen Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.
☆ Tesla to suspend Model Y output in Shanghai in last week of Dec-memo
  + stars: | 2022-12-09 | by ( ) www.reuters.com   time to read: +3 min
Tesla is targeting production of just over 20,000 Model Y vehicles for the last three weeks of December combined, including the week of suspended output, according to the memo. By contrast, Tesla had kept the output of Model Y at a weekly rate of about 13,000 vehicles in November, equivalent to 39,000 over a three-week period, the people said. It was not clear how and whether output of the Model 3 would be affected by the planned suspension of output of the Model Y in the last week of the month. The Model Y represents the largest share of production at the Shanghai plant. Reuters reported on Monday that Tesla planned to cut December output of the Model Y at its Shanghai plant by more than 20% from November.
☆ China Nov passenger vehicle sales drop 9.5%, first fall in six months - CPCA
  + stars: | 2022-12-08 | by ( ) www.reuters.com   time to read: +3 min
Vehicle sales last month fell 9.5% from a year earlier to 1.67 million units, the first decline since May, according to the China Passenger Car Association (CPCA). The association said it expects passenger vehicle sales to reach 20.6 million units next year, flat from 2022, a forecast more optimistic than some street views. Analysts at China Merchants Bank International expect retail passenger vehicle sales in China, the world's biggest car market, to drop 6% next year due to the expiry of a purchase-tax cut. But the incentives did little to boost vehicle sales in recent months, as many COVID restrictions remained in place. November sales of Toyota Motor Corp (7203.T) in China fell 18.4% from a year ago, while Nissan Motor (7201.T) saw a 52.5% drop in its sales.
☆ Tesla offers additional discount to Chinese buyers on some models
  + stars: | 2022-12-07 | by ( ) www.reuters.com   time to read: +1 min
SHANGHAI, Dec 7 (Reuters) - Tesla is offering a limited time discount of 6,000 yuan ($859.20) to Chinese buyers on some models from Wednesday through to the end of 2022, a company representative said on Wednesday. This comes in addition to a previously announced 4,000 yuan insurance subsidy, but is only applicable for customers buying a current car model and completing delivery by the end of December. Local media outlet Wallstreetcn first reported the discount. The move is the latest by the U.S. automaker to adjust its prices in China. Reporting by Zhang Yan and Casey Hall; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.
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