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☆ China to increase debt issuance in bid to revive economy
▼ + stars: | 2024-10-12 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +2 min

China plans to increase debt issuance to boost its economy. It announced plans for a new fiscal stimulus package on Saturday. AdvertisementChina has announced plans to ramp up government debt issuance in a bid to boost its economy. "We will increase support for local governments in resolving government debt risks, increase debt limits on a larger scale, and support local governments in resolving hidden debts," he said. Chinese equities rallied in September on the back of a series of easing measures announced by Beijing aimed at stimulating growth.

Persons: —, Lan Fo'an, Fo'an, Huang Yan Organizations: Service, China, Asia Investment, CSI, Shanghai QiuYang, Reuters Locations: China, Beijing, Asia

☆ Anhui Jianghuai Automobile says Nio unit, state-owned firm win bid for assets
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

Super chargers of Chinese electric vehicle (EV) maker Nio are placed at a delivery center of the company, in Nanxiang, Shanghai, China March 23, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsSHANGHAI/BEIJING, Dec 5 (Reuters) - Anhui Jianghuai Automobile (600418.SS) (JAC) said on Tuesday that electric vehicle maker Nio's (9866.HK) Anhui unit and a state-owned company of China's Hefei government won a bid for its assets worth a combined 4.58 billion yuan ($641.2 million). In October, JAC put up for sale the assets at the two plants, known as F1 plant and F2 plant where Nio has been producing its EVs. Regulators allowed Nio to produce and sell EVs in China via the collaboration with JAC in 2018 through which Nio paid JAC commission fees on each car it produced. Nio ranked ninth in terms of sales of EVs and plug-in hybrids in the first 10 months in China with 126,067 units, according to data from China Passenger Car Association.

Persons: Nio, Aly, JAC, Hengchuang, Zhang Yan, Brenda Goh, Jacqueline Wong Organizations: REUTERS, Rights, Anhui Jianghuai Automobile, Technology, Regulators, China Passenger Car Association, Thomson Locations: Nanxiang, Shanghai, China, Rights SHANGHAI, BEIJING, Anhui, HK, Hefei, Beijing

☆ Tesla's China-made EV sales fall 17.8% in Nov, biggest drop since Dec 2022
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

BEIJING/SHANGHAI, Dec 4 (Reuters) - Sales of U.S. automaker Tesla's (TSLA.O) China-made electric vehicles (EVs) skidded 17.8% in November from the same month a year earlier, to 82,432 cars, China Passenger Car Association (CPCA) data showed on Monday. That marked the biggest fall since December 2022 when Tesla's sales of China-made EVs fell 21% on the year as the U.S. automaker reduced output and cut prices to deal with rising inventories and weakening demand. Xi expressed his support for Tesla's development in China, the automaker said in a Weibo post. Li Auto (2015.HK) last month said mass production and delivery of its first full EV are scheduled for February. Smartphone maker Xiaomi (1810.HK) has also moved closer to EV production, with a unit of automaker BAIC Group (1958.HK) applying for regulatory approval to build two Xiaomi-branded cars.

Persons: Tesla's, EVs, BYD, Tesla, Elon Musk's, Musk, Xi Jinping, Xi, Li Auto, Qiaoyi Li, Zhang Yan, Brenda Goh, Bernadette Baum, Kirsten Donovan Organizations: U.S, China Passenger Car Association, APEC, Reuters, Li, HK, BAIC Group, Thomson Locations: BEIJING, SHANGHAI, China, San Francisco, Weibo

The world also said goodbye to former U.S. Secretary of State Henry Kissinger, who died Nov. 29. Political Cartoons View All 1277 ImagesAnother political figure who died this year was former U.S. first lady Rosalynn Carter, who died Nov. 19. Among the entertainers who left the world this year was singer Tina Turner, who died May 24. Here is a roll call of some influential figures who died in 2023 (cause of death cited for younger people, if available):___JANUARY___Fred White, 67. A Hall of Fame forward who helped the Chicago Blackhawks win the 1961 Stanley Cup Final.

Persons: Wagner, Yevgeny Prigozhin, Prigozhin, Vladimir Putin’s, Henry Kissinger, Rosalynn Carter, Jimmy Carter, Silvio Berlusconi, Dianne Feinstein, James Buckley, James Abourezk, Nigel Lawson, Pervez Musharraf, Sandra Day O’Connor, Li Keqiang, Martti Ahtisaari, United Nations Bill Richardson, Gov, Sheila Oliver, Theodoros Pangalos, Tina Turner, Ike Turner, Suzanne Somers, Matthew Perry, Raquel Welch, Richard Belzer, Chaim Topol, Jacklyn Zeman, Lance Reddick, Alan Arkin, Paul Reubens, David McCallum, Richard Roundtree, Tom Sizemore, Jimmy Buffett, Sinéad O’Connor, Rita Lee Jones, Burt Bacharach, David Crosby, Fito Olivares, Ryuichi Sakamoto, Astrud Gilberto, Coco Lee, Tony Bennett, Harry Belafonte, Cormac McCarthy, William Friedkin, Bob Barker, Jerry Springer, Louise Glück, Jeff Beck, Mary Quant, Kaija Saariaho, Lloyd Morrisett, Fred White, Maurice, Verdine White, Ken Block, Walter Cunningham, Fay Weldon, ” Jan, Russell Pearce, Charles Simic, Lynette “ Diamond ” Hardaway, Donald Trump, Diamond, Constantine, Jan, Tatjana Patitz, George Michael’s, Lisa Marie Presley, Elvis Presley, Robbie Knievel, Evel Knievel, Ray Cordeiro, Elmo, Cookie, Gina Lollobrigida, Chris Ford, Crosby, Stills, Nash, Young, Cindy Williams, Shirley, “ Laverne, Billy Packer, Sylvia Syms, Alex ”, Barrett Strong, Norman Whitfield, “ Papa, Rollin ’ Stone, Tom Verlaine, Patti Smith, Bobby Hull, Paco Rabanne, Harry Whittington, Dick Cheney, Hsing Yun, ”, San Jose ”, Carlos Saura, Spain’s, Hugh Hudson, Oscar, “ Greystroke, Hans Modrow, David Jude Jolicoeur, Huey “, ” Smith, Little Richard, Lloyd Price, “, Leiji Matsumoto, Yamato ”, Tim McCarver, Stella Stevens, Jerry Lewis’s, John Munch, Ahmed Qureia, Betty Boothroyd, Ricou Browning, Gill, Gérard Latortue, Fontaine, Barbara Everitt Bryant, Ryan ”, Kenzaburo Oe, Judy Heumann, Gary Rossington, Lynyrd Skynyrd, Georgina Beyer, Traute Lafrenz, Rose, Peterson Zah, Tevye, Robert Blake, Jiang Yanyong, Bud Grant, Dick Fosbury, Pat Schroeder, Gloria Bosman, Jacqueline Gold, Britain’s Ann Summers, John Wick ”, John Jenrette, Juana La, Willis Reed, Darcelle, Paul O’Grady, Lily Savage, Emperor ”, Hedda Kleinfeld Schachter, Margaret Thatcher, Ben Ferencz, Nuremberg, Elisabeth Kopp, Michael Lerner, Jack Lipnick, “ Barton Fink, Bugsy Calhoun, Anne Perry, Thomas Pitt, William Monk, Al Jaffee, magazine’s, Charles Stanley, Richard Riordan, Todd Haimes, Tony Awards, Barry Humphries, Tony, Dame Edna Everage, Len Goodman, Carolyn Bryant Donham, Emmett Till, LeRoy “ Lee ” Carhart, Larry “, ___ Gordon Lightfoot, Tori Bowie, Vida, Grace Bumbry, Rock ”, Ovelha, Denny Crum, Heather Armstrong, Bobbie Spencer, Rolf Harris, Kenneth Anger, Doyle Brunson, Jim Brown, Timothy Keller, Andy Rourke, Ray Stevenson, Thor ”, Ed Ames, George Maharis, Carroll Cooley, Miranda, John Beasley, Kaija, George Winston, Ipanema ”, Robert Hanssen, Richard Snyder, Simon & Schuster, Françoise Gilot, Pablo Picasso —, Pat Robertson, Theodore “ Ted ” Kaczynski, Roger Payne, Treat Williams, Glenda Jackson, Daniel Ellsberg, Richard Nixon, Big, George Frazier, Lee Sarokin, Rubin “, ” Carter, Winnie Ewing, Sheldon Harnick, Jerry Bock, “ Fiorello, John Goodenough, Peg Yorkin, Sue Johanson, Yan Mingfu, John Berylson, James Lewis, poisonings, Mikala Jones, André Watts, Jane Birkin, Kevin Mitnick, San Francisco ”, Frank Sinatra, Lady Gaga, Hugh “ Sonny ” Carter Jr, Jimmy, Randy Meisner, Herman, Angus Cloud, Fezco, ” O’Neill, ___, Mark Margolis, Hector Salamanca, Saul, Sixto Rodriguez, flamed, Robbie Robertson, Tom Jones, Magoo, Timbaland, Aaliyah, Missy Elliott, Clarence Avant, Quincy Jones, Bill Withers, Ada Deer, Jerry Moss, Herb Alpert, Alpert, Michael Parkinson, Muhammad Ali, Miss Piggy, Jiri Cerny, Betty Tyson, Richard Nixon’s, John Warnock, Ron Cephas Jones, Howard Hubbard, Samuel “ Joe ” Wurzelbacher, Joe, Barack Obama, Gil Brandt, Tom Landry, Tex Schramm, Bill Richardson, Steve Harwell, Shabtai Shavit, Jordan, Ian Wilmut, Dolly, Prince Mangosuthu Buthelezi, Roy Kidd, Eno Ichikawa, Michael McGrath, Fernando Botero, Giorgio Napolitano, Matteo Messina Denaro, Michael Gambon, Albus Dumbledore, Harry Potter ”, Mankombu Sambasivan, Saad Eddin Ibrahim, Hosni Mubarak, Tim Wakefield, Dick Butkus, Michael Chiarello, Michael Chiarello ”, Masters, Burt Young, Paulie, Sylvester Stallone, Hughes Van Ellis, Kevin Phillips, Louise Meriwether, Mark Goddard, Major Don West, Rudolph Isley, Isley, unblinking, Piper Laurie, Chrissy Snow, Bobby Charlton, Bishan Bedi, Richard Moll, Xi Jinping, Wu Zunyou, Chandler Bing, Ken Mattingly, Bob Knight, Frank Borman, Steve Norton, Don Walsh, Mariana Trench, Terry R, Taylor, Daisaku Ikeda, Herbie Hancock, Bobby Ussery, George “ Funky ” Brown, Joanna ”, Marty Krofft, Pufnstuf, Donny, Marie ”, Terry Venables, Tim Dorsey, Serge A, Frances Sternhagen, ” “, Charlie Munger, Warren Buffett, Berkshire Hathaway, Gerald Ford, Shane MacGowan, Bernard McGhee Organizations: Wagner Group, Russian, White House, U.S, Supreme, United Nations, Greek Foreign, Republican, Hong, Boston Celtics, NBA, NBC, CBS, Television, Fame, Chicago Blackhawks, ”, New, of Fame, Louis Cardinals, “, Palestinian, Israel, South Dakota Democrat, Arab, Arab American U.S, Britain’s, Commons, . Census Bureau, Alabama ”, Zealand, Navajo, Minnesota Vikings, People, Playboy, Capitol, Juana La Cubana, New York Knicks, Guinness, World Records, Hollywood, Treasury, Southern Baptist Convention, Los Angeles, Roundabout Theatre Company, Air Force, Harlem Globetrotters, Janeiro Games, baseball’s, Germany’s Bayreuth, NCAA, Hall of Famer, Redeemer Presbyterian Church, Legion, Ames, Phoenix, FBI, Simon &, Christian Broadcasting Network, Republican Party, Christian Coalition, Harvard, Feminist Majority Foundation, “ Little, Communist Party, Millwall, New York Philharmonic, San, Brigade, Wing, Eagles, HBO, of Indian Affairs, M, Police, Carpenters, Adobe Systems, Pro Football Hall of Fame, Dallas Cowboys, escapist, Democratic, Zulu, Eastern, AA, Broadway, Communist, U.S . Senate, Red Sox, Yankees, Boston, Chicago Bears, Major, Isley Brothers, New York Times, Manchester United, India, Indiana, Nevada — Resorts, Atlantic City —, Navy, Associated Press, Soka Gakkai, Kentucky Derby, Kool, The, European, Barcelona, Tottenham, City Locations: Russia, Ukraine, Bakhmut, Russian, U.S, Finnish, New Mexico, New Jersey, British, Greece, American, Hong Kong, Italian, America, New York, Spanish, catwalks, Texas, Taiwan, Pakistan, Afghanistan, San, New Orleans, Rosebud, Arab American, Haiti, “, African, Brooklyn, London, Los, Mississippi, United States, Rivers, Georgia, Savannah, Louisville, New York City, Irish, HBO’s “ Rome, Brazilian, Ipanema, Moscow, Virginia, Montana, Vietnam, Canada, Asia, Chicago, Hawaii, France, South Africa, Wisconsin, Los Angeles, Czech, Eastern Kentucky, Colombian, ”, California, Tulsa, Finland, China, Nevada, Atlantic City, Florida, Berkshire

☆ Tesla's China-made EV sales skid 17.8% on year in November
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Dec 4 (Reuters) - Sales of U.S. automaker Tesla (TSLA.O)'s China-made electric vehicles skidded 17.8% in November from the same month a year earlier, to 82,432 cars, China Passenger Car Association (CPCA) data showed on Monday. Deliveries of China-made Model 3 and Model Y cars rose 14.3% from October. Chinese rival BYD (002594.SZ), with its Dynasty and Ocean series of EVs and petrol-electric hybrid models, saw passenger vehicle deliveries set another record at 301,378 vehicles, up 0.09% from October and up 31% from a year earlier. Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Christopher Cushing and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, BYD, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Bernadette Baum Organizations: U.S, China Passenger Car Association, Thomson Locations: BEIJING, China

☆ China adds Nio to list of approved vehicle manufactures - website
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

Chinese Nio electric car is seen at Nio's first European plant and power swap station in Biatorbagy, Hungary, September 16, 2022. REUTERS/Bernadett Szabo/File Photo Acquire Licensing RightsSHANGHAI, Dec 4 (Reuters) - Electric vehicle maker Nio (9866.HK) has been added to a Chinese industry ministry database permitting companies to produce vehicles in the country, according to the ministry's website. The website gave no details on whether or when a manufacturing licence was granted to Nio, which has since 2018 partnered with Anhui Jianghuai Automobile Group (JAC) to produce electric vehicles on a contract basis. U.S. luxury EV maker Lucid Group (LCID.O) has also been advised of the low likelihood for approval, sources have told Reuters. The last EV maker to receive both permits was Shandong-headquartered EV maker Sinogold in May 2019.

Persons: Bernadett Szabo, Nio, Cui Zhuzhu, Zhang Yan, Brenda Goh, Emelia Sithole Organizations: REUTERS, Rights, HK, Anhui Jianghuai Automobile, China Securities Journal, Tesla Inc, Reuters, Lucid, Sinogold, China Passenger Car Association, Thomson Locations: Biatorbagy, Hungary, Anhui, JAC's, Shanghai, China, Shandong

☆ Volkswagen to launch China-specific entry level electric platform
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +4 min

Volkswagen electric ID car is seen during a construction completion event of SAIC Volkswagen MEB electric vehicle plant in Shanghai, China November 8, 2019. Chinese new car buyers are younger, tech savvy and like a immersive digital experience from their cars, he added. China was a very “price-sensitive” market and Volkswagen needed to optimise costs, Brandstaetter said. Volkswagen in July struck a deal with Chinese EV maker Xpeng Inc (9868.HK) to boost its EV line up. It has two new models under development as part of that partnership that will target mid-level consumers and be produced on an older generation Xpeng platform.

Persons: Aly, Ralf Brandstaetter, Brandstaetter, “, Luehrmann, Volkswagen's, Zhang Yan, Brenda Goh, Victoria Waldersee, Kim Coghill Organizations: Volkswagen, SAIC Volkswagen, REUTERS, Rights, Volkswagen Group China Technology Company, SAIC, FAW, JAC Motors, Xpeng, HK, Thomson Locations: Shanghai, China, Rights HEFEI, BERLIN, Hefei, BYD, Germany

☆ Hybrid vehicle sales surge in China, posing fresh threat to foreign automakers
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +6 min

A Li L7 electric SUV by Li Auto is displayed at the Auto Shanghai show, in Shanghai, China April 18, 2023. One-third of total vehicle sales by Toyota, the world's top-selling automaker, are already hybrids and the company reported a 34% surge in hybrid sales in the six months to end-September, outpacing 9% growth in overall revenue. Sales of HEVs in China, which Toyota still dominates with four top-selling models, tumbled 15%, while gasoline car sales dropped 11%, underscoring potential challenges facing foreign automakers. But it was a failed trial, with sales of just over 4,000 units, and GM in 2020 halted sales. BYD is expanding PHEV sales overseas, offering Han, Qin and Song lineups in Latin America, which has less charging infrastructure.

Persons: Li Auto, Aly, Xu Min, Yale Zhang, BYD, Li, Han, Qin, Stellantis, Leapmotor, Xu, Bill Russo, Zhang Yan, Brenda Goh, Miyoung Kim, Gerry Doyle Organizations: Li, Auto, REUTERS, Rights, Toyota, Honda, Shanghai Jiao Tong University's Institute, Intelligent, Reuters, China Association of Automobile Manufacturers, HK, Automotive Foresight, Reuters Graphics, Prius, General Motors, Buick, GM, Li Auto, Jiao Tong University, HEVs, Thomson Locations: Auto Shanghai, Shanghai, China, Europe, U.S, outpacing, United States, Shanghai Jiao, Reuters Graphics CHINA, America, Leapmotor, North America

☆ China's Nio, Changan Auto to jointly develop battery-swapping EVs
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of NIO seen on an EL6 car model is pictured at the NIO House, the showroom of the Chinese premium smart electric vehicle manufacture NIO Inc. in Berlin, Germany August 17, 2023. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsSHANGHAI, Nov 21 (Reuters) - Nio (9866.HK) said on Tuesday it would partner with Changan Automobile (000625.SZ) to develop battery-swapping electric vehicles, in an attempt by the loss-making Chinese EV maker to ease costs. The partnership will also see Nio and state-owned Changan on building and sharing battery-swapping stations and standardising batteries, Nio said in a statement to Reuters. Battery swapping allows drivers to replace depleted packs quickly with fully charged packs, rather than plugging the vehicle into a charging point. By Nov. 21, Nio had 2,113 battery swapping stations in China and nearly 1 million charging poles.

Persons: Annegret, Nio, Tesla, Zhang Yan, Brenda Goh, Christopher Cushing, Miral Organizations: REUTERS, Rights, HK, Changan Automobile, Reuters, China Passenger Car Association, Thomson Locations: Berlin, Germany, China, Beijing

The upheaval at Documenta is just one example of how Europe’s art world is being torn by debates about Israel and Gaza, as some institutions have moved to postpone the shows of artists who have criticized Israel. Documenta was initially staged in 1955 as the first large-scale exhibition in West Germany of the art of the European avant-garde. It was a direct response to the Degenerate Art Show, the denunciatory exhibition of modern art staged by the Nazis in Munich in 1937. Although the mural was taken down, it set off a monthslong debate in Germany’s art world about antisemitism, Palestinian activism and Germany’s relationship to formerly colonized countries. Hoskote said Documenta was one of the art world’s greatest events, partly because it had always been a forum for new ideas.

Persons: Documenta’s, — Simon Njami, Gong Yan, Kathrin, Inés Rodríguez, —, ”, Bracha Lichtenberg Ettinger, Ranjit Hoskote, Anaïs Duplan, Ai Weiwei, ” Ai, Ai, Galerie Max Hetzler, Lisson’s, Claudia Roth, Documenta, Hoskote Organizations: Venice Biennale, Folkwang, Israel, Art Newspaper, Galerie Max, Berlin, Die Locations: Israel, Kassel, Germany, Gaza, Venice, India, Essen, Haitian, United States, B.D.S, London, Lisson, New York, Paris, West Germany, Munich, Nazi, Indonesia

☆ China's Li Auto says to start mass production of its first EV in Feb
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

Staff members stand at the booth of Chinese electric vehicle (EV) maker Li Auto, at a shopping mall in Beijing, China November 3, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsCompanies Li Auto Inc FollowSHANGHAI, Nov 17 (Reuters) - Li Auto (2015.HK) said on Friday it will start mass production and delivery of its first pure electric car in February, as the up and coming Chinese automaker bets on fast charging technologies to solve range anxiety for EV users. The MEGA MPV will also be the first model to be produced at Li Auto's Beijing plant with a designed capacity of 100,000 units annually. Founded in 2015, Li Auto has been offering four extended range hybrid SUVs targeting family users. ($1 = 7.2441 Chinese yuan renminbi)Reporting by Zhang Yan, Brenda Goh; Editing by Muralikumar Anantharaman and Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Auto, Tingshu Wang, Li, Zhang Yan, Brenda Goh, Muralikumar Anantharaman, Raju Gopalakrishnan Organizations: REUTERS, HK, Li Auto, Thomson Locations: Beijing, China

☆ BAIC unit applies for approval to build Xiaomi-branded EVs in China
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +3 min

People clean the floor at the stall of the BAIC Group automobile maker at the IEEV New Energy Vehicles Exhibition in Beijing, China October 18, 2018. REUTERS/Thomas Peter/File Photo Acquire Licensing RightsBEIJING, Nov 15 (Reuters) - A unit of Beijing-based automaker BAIC Group <1958.HK> has applied to regulators for approval to build two Xiaomi-branded <1810.HK> electric vehicles (EVs), China's industry ministry website showed on Wednesday. The filing indicates that BAIC will be the manufacturer for these two models, even though Xiaomi has built a plant that can produce 200,000 EVs annually in Beijing. The new EVs will be built at a site that is the same address as the Xiaomi plant, China Business News reported. Both BAIC and Xiaomi did not immediately respond to requests for comment on the EV applications.

Persons: Thomas Peter, Xiaomi, ORV, Max, Lu Weibing, Qiaoyi Li, Zhang Yan, Brenda Goh, Mo Yelin, Muralikumar Anantharaman, Kim Coghill Organizations: BAIC Group, New Energy Vehicles Exhibition, REUTERS, Rights, BAIC, HK, CATL's, Ministry of Industry, China Business News, STAR, Reuters, Tesla Inc, Lucid, Thomson Locations: Beijing, China, Rights BEIJING, Shanghai

☆ Cosmic ‘Christmas tree’ dazzles in new image captured by Hubble and Webb
▼ + stars: | 2023-11-09 | by ( Ashley Strickland | ) edition.cnn.com time to read: +5 min

New details of the celestial feature have emerged in the colorful image, which unites the observational powers of Hubble Space Telescope in visible light and the James Webb Space Telescope in infrared light, which is invisible to the human eye. Hubble has long been used to search for faint, distant galaxies across different wavelengths of light. This cosmic effect occurs when closer objects — such as the galactic clusters — act like a magnifying glass for distant objects. The Webb and Hubble composite image includes "Mothra," a star system magnified by the galactic cluster pair as well as another unseen object. NASA/ESA/CSA/STScIThe team nicknamed the star system Mothra due to its extreme magnification and brightness.

Persons: James Webb, Hubble, Webb, ”, Rogier Windhorst, Windhorst, ” Windhorst, Haojing Yan, Yan, José Diego Organizations: CNN, Hubble, James Webb Space, Arizona State University’s School of Earth, Exploration, University of Missouri, Astrophysical Journal, NASA, ESA, CSA, Institute of Physics, Astrophysics Locations: Arizona, Japanese, Cantabria, Spain

☆ Exclusive: Geely's Zeekr edges closer to US IPO, to make filing public this week - sources
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +3 min

The EV brand will publish its prospectus and its shares could start being traded on the bourse within weeks of the announcement, the sources said. Zeekr confidentially filed for a U.S. initial public offering last December, aiming to raise more than $1 billion, Reuters has reported. However, the company is likely to raise less than the targeted amount from the IPO, one of the sources said. It offers four EV models in China, with its 001 crossover priced from 269,000 yuan ($36,927.22) as its best-selling EV. ($1 = 7.2846 Chinese yuan renminbi)Reporting by Zhang Yan in Shanghai and Scott Murdoch in Sydney.

Persons: Goldman Sachs, Morgan Stanley, Zeekr, Zeekr confidentially, Didi, Amnon Shashua, Andy, Zhang Yan, Scott Murdoch, Kane Wu, Kim Coghill Organizations: bourse, underwriters, U.S, Reuters, Mobileye, Intel Corp, Tesla, Zhejiang Geely, Thomson Locations: SHANGHAI, New York, China, United States, Beijing, Zhejiang, Zeekr, Netherlands, Sweden, Germany, Israel, Kazakhstan, Shanghai, Sydney, Hong Kong

☆ Exclusive: Baidu placed AI chip order from Huawei in shift away from Nvidia -sources
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +4 min

Baidu ordered 1,600 of Huawei Technologies' 910B Ascend AI chips - which the Chinese firm developed as an alternative to Nvidia's A100 chip - for 200 servers, the source said, adding that by October, Huawei had delivered more 60% of the order, or about 1,000 chips, to Baidu. Baidu, alongside Chinese peers such as Tencent (0700.HK) and Alibaba (9988.HK), is known to be a long-time client of Nvidia. Baidu was not previously known to be a AI chip customer of Huawei. Huawei's website says it has since 2020 collaborated with Baidu to make its AI platform compatible with Huawei hardware. Baidu has developed its own line of Kunlun AI chips, which the company says supports large-scale AI computing, but the company has mainly relied on Nvidia's A100 chip to train its LLM.

Persons: Aly, Baidu, Ernie, Yelin Mo, Zhang Yan, Brenda Goh, Josh Ye, Gerry Doyle Organizations: Baidu, Artificial Intelligence, REUTERS, Rights, HK, Huawei, U.S ., Nvidia, Huawei Technologies, U.S, HUAWEI, Reuters, Thomson Locations: Shanghai, China, Rights BEIJING, SHANGHAI, U.S, Beijing, Hong Kong

☆ Chinese EV upstart Nio plans to cut workforce by a tenth
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

The logo of NIO seen on an EL6 car model is pictured at the NIO House, the showroom of the Chinese premium smart electric vehicle manufacture NIO Inc. in Berlin, Germany August 17, 2023. Nio has told staff the reduction exercise would be completed in November, it said in a statement to Reuters. "We still have a gap between our overall performance and expectations," it told staff in an email, adding that it needed to improve efficiency and ensure adequate resources. Apart from the layoffs, Nio said it would defer or cut long-term project investments that would not contribute to financial performance within three years. Reporting by Zhang Yan, Qiaoyi Li and Brenda Goh Editing by Tomasz Janowski and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Annegret, Nio, Li Auto, BYD, Tesla, Zhang Yan, Qiaoyi Li, Brenda Goh, Tomasz Janowski, Clarence Fernandez Organizations: REUTERS, Rights, HK, EVs, Reuters, U.S, China's EV, Thomson Locations: Berlin, Germany, Rights SHANGHAI, BEIJING, China, China's, Europe

But areas of the market dominated by small stocks and frequented by the country's retail investors have done surprisingly well. Scores of retail investors are dabbling in micro-cap stocks - stocks whose market capitalisation is tiny - operating under the radar of big funds and investors and their massive market-moving flows. Strategies such as Cui's stand out this year in a stock market depressed by China's wobbly economy, heightened geopolitical risks and surging overseas interest rates. Some brokerages are starting to recommend micro stocks to clients. GF Securities said in an October strategy report that buying micro stocks is part of a new investment paradigm in a stock market suffering from anaemic growth, and global decoupling risks.

Persons: Aly, horribilis, Joseph Cui, Cui, Yuan Yuwei, Helen Wu, Wu, Yi Huiman, Lu Deyong, Seres, Lu, Huang Yan, Jason Xue, Samuel Shen, Summer Zhen, Vidya Ranganathan, Simon Cameron, Moore Organizations: REUTERS, Rights, Huawei Technologies, Regulators, Wisdom Asset, China Securities Regulatory Commission, Huawei, Security Technology, TRS Information Technology, Automotive, Seres, Securities, Shanghai QiuYang, Thomson Locations: Shanghai, China, Rights SHANGHAI, HONG KONG, United States, ChatGPT, Ningbo, Summer, Hong Kong

☆ China EV maker BYD reports record quarterly profit of $1.42 bln in Q3
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

BYD electric vehicles are seen at a BYD dealership in Brasilia, Brazil October 24, 2023. Net profit for the third quarter reached 10.41 billion yuan ($1.42 billion), a 82.2% increase from a year earlier, on a 38.5% rise in revenue to 162.2 billion yuan, BYD said in a market filing. It flagged earlier this month that third-quarter net profit could as much as double. That was a smaller increase than the second quarter when profit was up 145%. The third-quarter earnings was within its forecast range of between 9.55 billion yuan and 11.55 billion yuan.

Persons: Adriano Machado, BYD, Qiaoyi Li, Zhang Yan, Brenda Goh, Jamie Freed, Louise Heavens Organizations: REUTERS, Rights, Thomson Locations: Brasilia, Brazil, Rights BEIJING, SHANGHAI

☆ Global EV battery supply chain puzzles over China graphite curbs
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +6 min

Graphite powder, used for battery paste, is pictured in a Volkswagen pilot line for battery cell production in Salzgitter, Germany, May 18, 2022. China dominates the global EV battery supply chain including production of graphite - the single largest component. Graphite companies in the country process both the natural material mined domestically and overseas, as well as synthetic forms. Under the new rules, China will require export permits starting Dec. 1 for high-end synthetic graphite, as well as key forms of natural graphite. NATURAL GRAPHITE HITGlobal companies using natural graphite include Hitachi Chemical, part of Japan's Resonac Holdings Corp (4004.T), South Korea's POSCO Future M (003670.KS) and Japan's Mitsubishi Chemical, which produces natural graphite at two plants in China, according to research firm CRU Group.

Persons: Fabian Bimmer, Sunit Kapur, Zhang Yan, Siyi Liu, Brenda Goh, Satoshi Sugiyama, Heekyong Yang, Seoul ， Paul Lienert, Jing Xu, Dominique Patton, Tony Munroe, David Evans Organizations: Volkswagen, REUTERS, Rights, EV, Qingdao, Reuters, China's Ministry of Commerce, Gotion High Tech, BTR, Material Technology, Hitachi Chemical, Japan's Resonac Holdings Corp, Mitsubishi Chemical, CRU Group, Mitsubishi, Resources, Materials, Thomson Locations: Salzgitter, Germany, Beijing, China, Japan, South Korea, United States, U.S, Shanghai, Ningbo Shanshan, Indonesia, Finland, Japan's, Australia, Mozambique, U.S ., Louisiana, North Carolina, Toyko, Seoul ，, Detroit

☆ Stellantis nears deal to buy 20% of Chinese EV maker Leapmotor - Bloomberg News
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

A flag with the logo of Stellantis is seen at the company's corporate office building in Saint-Quentin-en-Yvelines near Paris, France, May 5, 2021. The partnership would also give Stellantis access to the EV maker's parts and certain technologies, according to the report. Stellantis, whose brands include Fiat and Peugeot, has only a very small presence in China, the world's largest auto market. The group and rivals such as Renault (RENA.PA) are concerned about growing competition from cheap Chinese electric cars in Europe. The companies are hammering out the final details of a transaction and an announcement could be made in the coming days, Bloomberg said.

Persons: Gonzalo Fuentes, Stellantis, Leapmotor, Akanksha, Gilles Guillaume, Giulio Piovaccari, Zhang Yan, Keith Weir, Shilpi Majumdar, Shweta Agarwal, Mike Harrison, Jan Harvey Organizations: REUTERS, Stellantis, Bloomberg, Zhejiang, HK, Fiat, Peugeot, Renault, Hong Kong, Guangzhou Automobile Group, Thomson Locations: Saint, Yvelines, Paris, France, China, Europe, Hong Kong, Bengaluru, Milan, Shanghai

Investors were also excited by Tuesday's approval of an additional 1 trillion yuan ($136.76 billion) of sovereign bond issuance. Drawing investors back into China's $10.5 trillion stock market, particularly the foreign buyers that have fled in droves this year, would stem further slides in a market which fell to its lowest since 2019 earlier this week. "China's central government is endorsing the stock market," said Qi Wang, chief investment officer of UOB Kay Hian's wealth management division in Hong Kong. Huijin last bought ETFs during the 2015 stock market crash, and during the money market liquidity crunch in 2013. Still, China's stock markets have to overcome earlier heavy selling from foreigners, burnt by Xi's previous crackdowns on internet companies and other sectors, and its earlier stringent zero-COVID policy.

Persons: China's, Huang Yan, QiuYang, Huang, Pan Gongsheng, Qi Wang, UOB Kay, Huijin, Fabiana Fedeli, Fedeli, Goldman Sachs, Samuel Shen, Ankur Banerjee, Brigid Riley, Vidya Ranganathan Organizations: Central Huijin Investment, Shanghai QiuYang, People's Bank of China, Sino, CSI, Huijin, China Asset Management Co, Singapore's United Overseas Bank, G Investments, Thomson Locations: SHANGHAI, SINGAPORE, Shanghai, China, Hong Kong, Tokyo

☆ China's Great Wall Motor is first EV maker to respond to EU anti-subsidy probe
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

Haval cars produced by Chinese automaker Great Wall Motors are on display for sale at a dealership in Artyom near Vladivostok, Russia, March 22, 2023. REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSHANGHAI, Oct 24 (Reuters) - China's Great Wall Motor said it had formally submitted responses to the European Commission's anti-subsidy investigation of Chinese-made electric vehicles (EVs), while calling for a fair and open trade environment. Great Wall, which provided its answers to the European Commission on Oct. 11, was the first automaker to have done so, he added. Great Wall Motor plans to build a plant in Europe and Germany was one of the candidates for the site, the German publication Automobilwoche said in May. Great Wall Motor ranked eighth in terms of sales of pure electric and plug-in hybrid cars in China during the first nine months of the year, industry figures show.

Persons: Tatiana Meel, Mu Feng, Mu, Automobilwoche, Ursula von der Leyen, EVs, Zhang Yan, Brenda Goh, Clarence Fernandez Organizations: automaker Great Wall, REUTERS, Rights, Weibo, European Commission, Great, European, EV, BMW, Renault, World Trade Organization, HK, Wall Motor, Thomson Locations: Artyom, Vladivostok, Russia, China, EU, Moscow, Ukraine, Europe, Germany, Brussels, China . China

☆ EV battery firm CATL's Sept China market share slumps, bodes ill for Q3 results
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +3 min

People walk past the booth of the battery manufacturer Contemporary Amperex Technology Co. Limited (CATL) at the Auto Shanghai show, in Shanghai, China April 18, 2023. CATL reports quarterly results on Thursday, and investors will be on the look out for the extent the world's largest EV battery maker bore the brunt of the EV sales slowdown in China and rising pressure from automakers to cut battery prices. "This... is an incentive for CATL to offer some price cuts to secure its market share." CATL's setback also comes amid weakening EV sales in China that stoked an intense price war among automakers and a subsequent cost reduction pressure on battery firms and other suppliers. Shares in Shenzhen-listed CATL dropped 15% so far this year, lagging a 6% drop in broader market (.CSI300).

Persons: Aly, Qiaoyi Li, Zhang Yan, Brenda Goh, Miyoung Kim Organizations: Amperex Technology, ., Auto, REUTERS, Rights, Electric, EV, Citi, China Automotive Battery Innovation Alliance, HK, LSEG, Ford, Thomson Locations: Auto Shanghai, Shanghai, China, Rights BEIJING, Michigan, U.S, Shenzhen

☆ Exclusive: China's Nio considers tapping dealers to boost EV sales in Europe - sources
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +4 min

But the company has started assessing dealers in key European markets, two of the sources said, after the company's president last month said sales in Europe were not meeting expectations. One person said Nio had found that Europe had its "peculiarities", without elaborating, and that the company was planning to expand into more European countries. Its Firefly project, however, is evaluating its channel model for Europe, including direct sales, agency or dealers. Nio, which ranks ninth by sales volume among manufacturers of electric and hybrid cars in China, does not break down its sales in Europe. Nio does not use dealers in China but instead relies on a direct sales model similar to one pioneered by Tesla (TSLA.O).

Persons: Annegret, Nio, Qin Lihong, Zhang Yan, Brenda Goh, Sonali Paul Organizations: REUTERS, Rights, HK, European Commission, Tesla, Thomson Locations: Berlin, Germany, HK, Europe, Norway, Netherlands, Sweden, Denmark, BYD, Nio, France, Italy, Hungary, Switzerland, Austria, China, Southeast Asia

☆ Exclusive: Self-driving startup Plus splits US and China operations amid tensions
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +4 min

SHANGHAI, Oct 11 (Reuters) - Self-driving truck startup Plus has split its Chinese and U.S. operations and struck a deal in which a key shareholder, China's Full Truck Alliance (FTA) (YMM.N), will focus on the China unit, Plus said on Wednesday. Plus, which had headquarters in Suzhou, China, and California, separated its operations into two independent companies. FTA increased its stake in Zhijia Technology via a stock swap arrangement that reduced its ownership in Plus, the company said. Plus declined to comment on the size of FTA's shareholding in Zhijia Technology. The stake in Zhijia Technology will help the company's work to develop autonomous trucking fleets - a potentially lucrative market amid a truck driver shortage in China.

Persons: Uber, Zhang Yan, Roxanne Liu, Brenda Goh Organizations: Alliance, Reuters, U.S, Sequoia, GGV, Zhijia Technology, Technology, New York Stock Exchange, Thomson Locations: SHANGHAI, China, Beijing, U.S, Suzhou, California, Huochebang, United States

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