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☆ Chinese EV startup Nio is changing its global strategy with U.S., EU tariffs on the horizon
▼ + stars: | 2024-05-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

NIO launches its second brand ONVO and its first model L60 on May 15. SHANGHAI — Chinese electric car startup Nio is adjusting its approach to global markets in light of geopolitical developments, CEO William Li told reporters Thursday. Nio launched its lower-priced brand Onvo on Wednesday with a new L60 SUV that's about $4,000 cheaper than Tesla's Model Y. "For example, in Europe we previously used a direct sales method," said Li, who founded Nio about 10 years ago. That can include local distribution or production, Li said, describing the strategy overall as "global capability, local operation."

Persons: Ai Tiecheng, NIO, ONVO, William Li, Li, Nio, BYD Organizations: NIO, CNBC, GAC's Locations: Shanghai, China, SHANGHAI, Europe

☆ China's automakers must adapt quickly or lose out on the EV boom in the face of regulatory scrutiny abroad and competition at home
▼ + stars: | 2024-05-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

The automaker is the joint venture partner of Honda and Toyota in China, and has an electric car brand called Aion. Expanding outside ChinaLike other automakers in China, GAC is also turning overseas. China's overseas car sales surged last year, putting the country on par with Japan as the world's largest exporter of cars. Dyer expects that to drive overseas demand for Chinese electric cars. Chinese consumers placed almost twice as much importance on tech features compared with U.S. consumers, Dyer said, citing AlixPartners' survey.

Persons: Evelyn Cheng, Tesla, Feng Xingya, Feng, Wei Haigang, Wei, Stephen Dyer AlixPartners, There's, Stephen Dyer, AlixPartners, Dyer, BYD, Nio, CATL, Zhong Shi Organizations: CNBC, GAC, Labor, Huawei, Honda, Toyota, China Passenger Car Association, EU, U.S, Factories, Greater China Business U.S, Ministry of Commerce, Tech, Volkswagen, SAIC Motor, Battery, China Automobile Dealers Association, Automotive, Robotics, Lotus Technology, Geely Locations: Beijing, Evelyn Cheng BEIJING, China, East, Mexico, Japan, Malaysia, Thailand, Egypt, Brazil, Turkey, Amsterdam, Greater China, Asia, U.S, Europe

☆ Clorox's cyber chief leaves as recovery from cyberattack continues - Bloomberg News
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

REUTERS/David Ryder/File Photo Acquire Licensing RightsNov 15 (Reuters) - Clorox's (CLX.N) chief information security officer, Amy Bogac, has left the company as it works to recover from a cyberattack, Bloomberg News reported on Wednesday, citing an internal memo. The incident in August threw the cleaning supplies maker's order fulfillment facilities out of gear for more than a month, and forced it to trim its annual revenue forecast. The memo does not address the reasons for Bogac's departure, the Bloomberg report said, adding that Chau Banks, Clorox's chief information and data officer, would fill the role on an interim basis. The Pine-Sol maker's net revenue fell 20% in the first quarter ended Sept. 30, when its products were off the shelves for a short period following the cyberattack. Clorox was among several companies including MGM Resorts International (MGM.N) and Caesars Entertainment (CZR.O) to be hit by cyber attacks this year.

Persons: David Ryder, Amy Bogac, Clorox, Chau Banks, Juveria Tabassum, Shilpi Majumdar Organizations: Life Care, of Kirkland, REUTERS, Bloomberg, Reuters, MGM Resorts International, Caesars Entertainment, Thomson Locations: Kirkland , Washington , U.S, Chau

☆ 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

☆ Xi adds oversight risk to China EV battery growth plans
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +5 min

Three battery industry executives - including two at CATL - and two people close to regulators working with the industry told Reuters they understood Xi’s remarks as a warning to both the company and the wider battery industry. Consultant Rystad Energy estimates that battery production capacity in China will reach 1,338 gigawatt hours (GWh) by year end, up 23%. But EV sales in China have started to slow, prompting CATL to offer discounts to smaller EV makers in China in February in exchange for locking in future orders. EXCESS CAPACITY RISKZeng told investors in May that the recent wave of investment worth billions of dollars in battery production could leave excess capacity as technology evolves. CATL told investors that the partnership, which it said was based on "commercial considerations" has been moving ahead.

☆ Stellantis Jeep joint venture in China to file for bankruptcy
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +4 min

GAC (601238.SS), which approved the bankruptcy filing, said the joint venture had liabilities of almost 111% of its assets of 7.3 billion yuan ($1.00 billion). In the following days, GAC criticised Stellantis and said it was "deeply shocked" by comments from the European carmaker about the end of their joint venture in China. He said then he did not see a major long-term impact from the company's decision to break the joint venture. The former AMC invested in a Beijing Jeep joint venture in 1984, the first such deal for vehicle production in China by an American brand. Tesla (TSLA.O) is the only global automaker that was granted a waiver to produce cars in China without a joint venture.

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