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☆ Hyundai Motor to make BAIC's ARCFOX electric cars in Beijing - report
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Beijing Hyundai sign is seen at an entrance to the Beijing Hyundai Motor plant in Chongqing, China October 8, 2018. REUTERS/Yilei Sun/File Photo Acquire Licensing RightsSEOUL, Oct 11 (Reuters) - Hyundai Motor has decided to produce Beijing Automotive Group Co's EV brand ARCFOX cars at its plant in Beijing in a bid for a breakthrough in a major market where it has been struggling to make a foothold, a news report said on Wednesday. The plan is for Beijing Hyundai Motor, a joint venture of Hyundai Motor (011760.KS) and Beijing Automotive Group (BAIC), to produce the ARCFOX vehicles, and the companies are discussing the details, the report cited the sources as saying. Beijing Hyundai Motor will likely oversee the design, production and quality control and use its plant in Beijing, the report said. When asked to comment on the report, Hyundai Motor said it was "currently reviewing various measures for EV production, but nothing has been decided," in a statement to Reuters.

Persons: BAIC, Jack Kim, Heekyong Yang, William Maclean Organizations: Beijing Hyundai, REUTERS, Yilei, Rights, Hyundai, Beijing Automotive, Korea Economic, Beijing Hyundai Motor, Hyundai Motor, Beijing Automotive Group, Reuters, Kia, Thomson Locations: Beijing, Chongqing, China, Rights SEOUL, Korea

☆ Beijing Hyundai cuts asking price for Chongqing auto plant by 30%
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

A Beijing Hyundai sign is seen at an entrance to the Beijing Hyundai Motor plant in Chongqing, China October 8, 2018. REUTERS/Yilei Sun/File Photo Acquire Licensing RightsSHANGHAI, Oct 9 (Reuters) - Beijing Hyundai Motor has cut the minimum asking price for its auto plant in the southwestern Chinese city of Chongqing by almost 30% to 2.58 billion yuan ($353.38 million) after putting it up for sale in August. The price cut for the plant, a joint venture between South Korea's Hyundai Motor (011760.KS) and Beijing Automotive Group Co, was disclosed in a filing on the China Beijing Equity Exchange late last month. Beijing Hyundai Motor is selling the land use rights, equipment and other facilities belonging to its plant as the South Korean automaker rejigs its strategy in China amid fierce price competition and slowing demand. The original asking price was 3.68 billion yuan, and the statement did not give a reason for the reduction.

Persons: Brenda Goh, Zhang Yan, Joyce Lee, Jamie Freed Organizations: Beijing Hyundai, REUTERS, Yilei, Rights, South Korea's Hyundai, Beijing Automotive Group, China Beijing Equity Exchange, South, Hyundai, U.S, Thomson Locations: Beijing, Chongqing, China, South, South Korean, Seoul

☆ China to be centre of Mercedes-Benz 2025 EV sales drive, Automobilwoche says
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, July 23 (Reuters) - Mercedes-Benz (MBGn.DE) is making China, the world's top auto market, central to its next electric vehicle (EV) campaign starting in 2025, its CEO told German magazine Automobilwoche. From 2025, all of Mercedes-Benz's new vehicle platforms will only make EVs under a strategy the German luxury automaker outlined in 2021. A senior executive told Automobilwoche the models the company plans to launch in China based on the upcoming MB.EA platform were being reviewed to ensure they better meet the needs of local customers, singling out space and digital content. China remains the most relevant market for Germany's automakers, but local brands are in control with an 81% share of the Chinese EV market in 2022, Counterpoint Research found. China also has a significant stake in Mercedes-Benz, whose top two shareholders are Beijing Automotive Group Co Ltd (1958.HK) and Geely (GEELY.UL) Chairman Li Shufu.

Persons: Ola Kaellenius, Automobilwoche, Li Shufu, Christoph Steitz, Barbara Lewis Organizations: Benz, Mercedes, EV, Research, Beijing Automotive Group Co, HK, Thomson Locations: FRANKFURT, China, Berlin, Ukraine

☆ Chinese delegation to meet with Germany's top corporate brass next week
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +3 min

FRANKFURT/BERLIN, June 16 (Reuters) - A Chinese delegation led by Premier Li Qiang will meet Germany's top CEOs next week as part of a visit to Europe, hoping to strengthen ties at a time when Berlin is pursuing a strategy to lessen its economic dependence on Beijing. A meeting between Li and a group of German and Chinese CEOs is scheduled for June 19, according to people familiar with the plans. Mercedes-Benz (MBGn.DE), SAP (SAPG.DE) and Siemens Energy (ENR1n.DE) all confirmed that their CEOs would meet with the delegation. The CEO of Volkswagen (VOWG_p.DE) division Audi will also participate, a person familiar with the matter said. BASF (BASFn.DE), Bayer (BAYGn.DE), Infineon (IFXGn.DE), Volkswagen (VOWG_p.DE) and BMW (BMWG.DE), all companies with major business ties to China, declined to comment.

Persons: Premier Li Qiang, Li, Li Shufu, Mercedes, Roland Busch, Olaf Scholz, Robert Habeck, Andrew Small, Marshall, Siegfried Russwurm, Ilona Wissenbach, Hakan Ersen, Christoph Steitz, Ludwig Burger, Patricia Weiss, Christina Amann, Andreas Rinke, Rene Wagner, Sarah Marsh, Jan Schwartz, Alexander Huebner, Raju Gopalakrishnan, Louise Heavens Organizations: Premier, Mercedes, Benz, SAP, Siemens Energy, Volkswagen, Audi, Beijing Automotive Group Co, HK, Siemens, Pacific Committee, BASF, Bayer, Infineon, BMW, Thomson Locations: FRANKFURT, BERLIN, Europe, Berlin, Beijing, China, Asia, German, Germany, Frankfurt, Hamburg, Munich

☆ Cutting ties with China is 'unthinkable', Mercedes-Benz CEO tells Bild am Sonntag
▼ + stars: | 2023-04-29 | by ( ) www.reuters.com time to read: +1 min

But Ola Kaellenius said decoupling from China, the world's second largest economy, was "unthinkable for almost all of German industry". "The major players in the global economy, Europe, the U.S. and China, are so closely intertwined that decoupling from China makes no sense," he was quoted as saying. German carmakers depend on the Chinese car market, the world's largest, and Mercedes-Benz counts China's Beijing Automotive Group Co Ltd (1958.HK) and Geely Chairman Li Shufu as its two top shareholders. China accounted for 18% of revenues and 37% of car sales at Mercedes-Benz in 2022 and Kaellenius predicted more to come. "Our sales figures in China are increasing and I am quite optimistic that we will also grow this year.

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