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☆ Volvo Cars cuts margin and revenue aims after ditching 2030 electric vehicle target
▼ + stars: | 2024-09-05 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

Volvo Cars on Thursday scaled back its margin and revenue targets, after announcing it was no longer targeting 100% all-electric vehicle sales by 2030. Volvo Cars shares were 3.2% higher in early afternoon deals following a 10% decline so far this week. Numerous automakers have reported challenges related to the electric vehicle transition, particularly from underwhelming demand. Volvo Cars also announced Thursday that it was extending its partnership with U.S. chip giant Nvidia as it develops features including advanced driving assistance and autonomous driving. In July, the firm reported record quarterly operating profit of 8.2 billion Swedish kronor.

Persons: China's Geely Organizations: Volvo, China's, European Union, Volvo Cars, U.S, Nvidia, EV Locations: Shanghai, China, Swedish, U.S, Gothenburg, Sweden, Europe

☆ Sweden's Volvo Cars scraps plan to sell only electric vehicles by 2030
▼ + stars: | 2024-09-04 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Volvo Cars, which is owned by China's Geely Holding, had been among the first legacy carmakers to promise a complete switch to EVs. The firm said its long-term aim remains to become a fully electric carmaker. The target replaces a 2021 pledge for Volvo Cars' lineup to be fully electric by the end of the decade. The move means Volvo Cars follows in the footsteps of other industry players in scaling back its EV ambitions. Shares of Volvo Cars traded more than 4% lower Wednesday.

Persons: China's Geely, carmakers, Mercedes, Jim Rowan Organizations: Volvo, China's, Volvo Cars, Benz Group, Volkswagen Locations: Germany

☆ China drives EV boom this year amid strong demand for hybrid vehicles
▼ + stars: | 2024-05-14 | by ( Dylan Butts | ) www.cnbc.com time to read: +2 min

Nurphoto | Nurphoto | Getty ImagesElectric vehicle sales have risen sharply this year, led by growth in China and a strong demand for hybrid vehicles in particular, according to a report from Counterpoint Research. Sales of hybrid vehicles, which have both electric motors and combustion engines, vastly outpaced those of full battery-powered alternatives, rising 46% year over year. China extends leadChinese companies have been a huge beneficiary of the rise in demand for electric vehicles, especially firms that sell both BEVs as well as hybrids. According to Counterpoint, EV sales in China jumped 28% in the first quarter of 2023, amid an ongoing price war that has pushed down costs for consumers. But, while overall EV sales in the U.S. rose 2%, those of battery electric vehicles declined by 3% in the quarter.

Persons: BEV, Abhik Mukherjee, Tesla Organizations: Nurphoto, Getty, Counterpoint Research, EV, Geely Holdings, Li Auto, Volkswagen Locations: Lianyungang Port, Jiangsu Province, China, United States, Europe, U.S

☆ China Launches Powerful Jielong-3 Rocket, Paves Way for More Commercial Missions
▼ + stars: | 2024-02-03 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +3 min

BEIJING (Reuters) - A small but powerful Chinese rocket capable of sending payloads at competitive costs delivered nine satellites into orbit on Saturday, Chinese state media reported, in what is gearing up to be another busy year for Chinese commercial launches. It was the third launch of the rocket, developed by China Rocket Co, a commercial offshoot of a state-owned launch vehicle manufacturer, since December 2022. The cost is similar to the launches of other Chinese small-lift rockets including the Long March 11, but their payload sizes are significantly smaller. Other commercial companies in the Chinese vehicle launch sector includes Galactic Energy, whose Ceres-1 rocket made its debut flight in November 2020. Ceres-1 is capable of delivering a 300 kg payload to a 500 km sun-synchronous orbit.

Persons: Xi Jinping, Ryan Woo, Jacqueline Wong Organizations: China, Co, Geely Holding, CAS Space, Chinese Academy of Sciences, Galactic Energy Locations: BEIJING, Yangjiang, Guangdong, Guangzhou, Lijian, Ceres, Beijing, Shandong

☆ Volvo shares jump 24% on higher sales, plans to stop Polestar funding
▼ + stars: | 2024-02-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Volvo Cars shares surged more than 24% Thursday after the Swedish automaker announced that it will stop funding subsidiary Polestar Automotive. Volvo earlier in the day reported a 10% year-on-year increase in fourth-quarter net sales to 148.1 billion Swedish krona ($14.16 billion), bringing its full-year 2023 total to 552.8 billion krona. Adjusted operating income jumped to 18.38 million krona from 12.17 million for the same period in 2022. The group announced that it may hand stewardship of ailing luxury car brand Polestar over to majority Volvo shareholder Geely Holding . "We are therefore evaluating a potential adjustment to Volvo Cars' shareholding in Polestar, including a distribution of shares to Volvo Cars' shareholders.

Organizations: Volvo, Volvo Cars, Polestar Automotive, Geely, Geely Sweden Holdings Locations: Seoul, South Korea, Swedish, Polestar, Geely Sweden

☆ China's Nio teams up with Geely on auto battery swapping
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +2 min

The deal makes Geely (GEELY.UL), whose brands range from Volvo to Zeekr, the second automaker to sign a battery swapping partnership with Chinese electric vehicle maker Nio. Battery swapping allows drivers to replace depleted packs quickly with fully charged packs, rather than plugging the vehicle into a charging point. They will look to establish an efficient battery asset management mechanism, build a unified battery swap operation and develop battery swappable vehicles compatible with each other's battery swap systems, the companies added. Battery swapping could ease the strain on power grids at peak times when drivers recharge, but industry analysts and executives expect it would only become feasible if batteries become more standardised. In 2021, Geely said it aimed to set up 5,000 battery swapping stations for EVs globally by 2025.

Persons: Annegret, Nio, Geely, Brenda Goh, Jacqueline Wong, Jamie Freed Organizations: REUTERS, Rights, HK, Zhejiang Geely Holding, Volvo, Changan Automobile, Nio, Beijing, Thomson Locations: Berlin, Germany, Rights BEIJING, Zhejiang, China

☆ Volvo shares tumble 14% to record low as Chinese owner Geely sells off stock
▼ + stars: | 2023-11-17 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Volvo Cars shares tumbled as much as 14% on Friday morning after its parent company Zhejiang Geely Holding Group began a sale of around 100 million shares of the Swedish carmaker. Volvo shares are down 25% year to date. Geely said in a statement earlier on Friday that it would release further shares of Volvo, which was in line with its long-term strategy. Geely will still hold 78.7% of Volvo shares following the sale, the statement said. Geely previously owned around 82% of Volvo, putting the sold shares at over 3%.

Persons: Geely Organizations: Volvo, Zhejiang Geely Holding, Reuters Locations: Edmonton, Edmonton , Alberta, Canada, Swedish, London

☆ Volvo Cars shares drop to record low as Geely trims stake
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

The sale of the 3.4% stake leaves Geely with a holding in Volvo Cars of 78.7%, the Chinese company said in a statement. Proceeds received by Geely Holding are intended to be used to support business development within the group," it added. It allows a wider base of shareholders to invest in Volvo Cars," the Swedish company's CEO Jim Rowan said in a statement. At 0926 GMT, Volvo Cars shares were down 10.9% at 36.38 crowns, having traded as low as 35.25 crowns. Geely Holding has committed to a lock-up period of 90 days for its remaining shareholding, "subject to customary exceptions and waivers" by the bookrunners.

Persons: Aly, China's Geely, bookrunners, Jim Rowan, Goldman Sachs, SEB, Geely, Terje Solsvik, Louise Rasmussen, Mark Potter Organizations: Volvo, Auto Shanghai, REUTERS, Rights, Swedish, HK, Volvo Cars, Geely, BNP, Marie Mannes, Thomson Locations: Shanghai, China, Rights OSLO, Swedish, Oslo, Stockholm

☆ 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

☆ Volvo Cars' sales of fully electric vehicles jump in October
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, Nov 3 (Reuters) - Volvo Cars' (VOLCARb.ST) sales in October grew 10% from a year earlier to 59,861 cars as fully electric car sales jumped but hybrid models fell, the Sweden-based group said on Friday. Volvo Cars said in a statement sales of fully electric cars rose 29% to account for 18% of all its cars sold in the month. Sales of hybrid cars, however, fell 8%. In total, all recharge models were up 7% to account for 36% of total sales. Volvo Cars said on Friday that sales in the biggest market Europe were up 13% in October.

Persons: China's Geely, Yves Herman, Jim Rowan, BEV, EVs, Anna Ringstrom, Terje Solsvik, Jacqueline Wong Organizations: Volvo, China's, HK, REUTERS, Motors, Ford, Volkswagen, Thomson Locations: STOCKHOLM, Sweden, Brussels, Belgium, Europe, U.S, China

☆ Volvo Cars' promise of EV boom falls on deaf ears as shares drop 12%
▼ + stars: | 2023-10-26 | by ( Marie Mannes | Thomson Reuters | Stockholm-Based Company News Correspondent Who Mainly Covers Anything To Do With Retail | ) www.reuters.com time to read: +2 min

As the company reported third-quarter earnings, Chief Executive Jim Rowan told Reuters that he saw healthy demand for its cars, and was optimistic the margins would increase further in the fourth quarter. Volvo's BEV margins were 9% in the quarter, a sharp increase from the previous quarter's figure of 3%. Rowan said he expected the trend of falling prices of raw materials to continue, helping the company increase margins further for the fourth quarter. Investors proved unconvinced, as Volvo shares, down 10% by 1014 GMT, after having fallen as much as 12%, looked set for their biggest ever one-day drop. EV makers have engaged in stiff competition this year, after Tesla ignited a price war intensified by new Chinese players.

Persons: Aly, Jim Rowan, EVs, BEV, Rowan, Jefferies, Philippe Houchois, Houchois, Tesla, China's Geely, Marie Mannes, Greta Rosen Fondahn, Terje Solsvik, Clarence Fernandez Organizations: Volvo, Auto Shanghai, REUTERS, Rights, Reuters, Benz, Motors, Ford, Volkswagen, China's, Thomson Locations: Shanghai, China, Rights STOCKHOLM, EVs

☆ Volvo Cars September sales rise 25%, demand up in China
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Aly Song/File Photo Acquire Licensing RightsSTOCKHOLM, Oct 5 (Reuters) - Volvo Cars' (VOLCARb.ST) sales rose 25% in September from a year earlier to 61,666 cars as sales grew in China as well as in the U.S. and Europe, the Sweden-based group said on Thursday. In August, the group's total sales were up 18% on the back of increased demand in Europe and the U.S. while sales fell in China. Sales of fully electric cars were up 52% to account for 15% of all its cars sold in the month. All recharge models - also including hybrid cars - grew 37% to account for 34% of total sales. Shares in Volvo Cars, which targets double-digit retail sales growth for the full year, were up 2% in early trade.

Persons: Aly, China's Geely, Anna Ringstrom, Essi Organizations: Volvo, Auto Shanghai, REUTERS, Rights, China's, HK, Thomson Locations: Shanghai, China, Rights STOCKHOLM, U.S, Europe, Sweden

☆ China's Nio to launch first mobile phone in Sept to boost appeal of EV
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

Nio's founder and chief executive, William Li, was a key driver of the phone project, which the automaker is targeting mainly at drivers of its cars. As the smartphone trend fuels great demand for connectivity, from drivers, more automakers are seeking ways to stay ahead of the growing competition. But Nio's phone project has raised concern among some investors as the company battles widening losses and a sales slump amid a price war started by Tesla in January. Nio posted a net loss of 6.12 billion yuan ($839.51 million) in the second quarter, versus a loss of 2.75 billion yuan in the corresponding period a year ago. Li said Nio would launch the first model of its new EV brand targeting the mass market in the second half of 2024.

Persons: William Li, Li, Tesla, Nio, Zhang Yan, Brenda Goh, Clarence Fernandez Organizations: HK, Zhejing, Huawei Technologies, Seres, CYVN Holdings, EV, Thomson Locations: SHANGHAI

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. Geely in December said Zeekr had confidentially filed for a U.S. IPO, without detailing size or listing date. If successful, a $1 billion IPO would be the largest U.S. listing by a Chinese firm for over two years since ride-hailing giant Didi raised $4.4 billion in mid 2021. Geely, formally Zhejiang Geely Holding Group (GEELY.UL), established Zeekr in April 2021 to tap into increasing Chinese demand for high-end EVs. ($1 = 7.2883 Chinese yuan renminbi)Reporting by Julie Zhu in Hong Kong and Scott Murdoch in Sydney; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: HONG KONG, Geely, Zeekr, Didi, Andy, Julie Zhu, Scott Murdoch, Christopher Cushing Organizations: REUTERS, Yilei, U.S, Zhejiang Geely Holding, Thomson Locations: Ningbo, Zhejiang province, China, HONG, Hangzhou, Hong Kong, Singapore, London , New York, Boston , California, U.S, Zhejiang, Netherlands, Sweden, Israel, Kazakhstan, Sydney

☆ China EV maker Zeekr to start investor tour ahead of $1 billion U.S. IPO
▼ + stars: | 2023-08-23 | by ( ) www.cnbc.com time to read: +2 min

A Zeekr 001 electric vehicle (EV) by Geely is seen displayed at the Zeekr booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. Geely in December said Zeekr had confidentially filed for a U.S. IPO, without detailing the size or listing date. If successful, a $1 billion IPO would be the largest U.S. listing by a Chinese firm for over two years since ride-hailing giant Didi raised $4.4 billion in mid-2021. Geely, formally Zhejiang Geely Holding Group, established Zeekr in April 2021 to tap into increasing Chinese demand for high-end EVs. ($1 = 7.2883 Chinese yuan renminbi)

Persons: Geely, Zeekr, Didi, Andy Organizations: Auto Shanghai, U.S, Zhejiang Geely Holding Locations: Shanghai, China, Zeekr, Hangzhou, Hong Kong, Singapore, London , New York, Boston , California, U.S, Zhejiang, Netherlands, Sweden, Israel, Kazakhstan

☆ China's Geely unveils auto robotics brand JI YUE
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Maxim Shemetov/File PhotoBEIJING, Aug 14 (Reuters) - Chinese automaker Geely Holding Group (0175.HK) on Monday unveiled a premium intelligent technology brand JI YUE, which stems from Geely's cooperation with Baidu Inc (9888.HK) on "automotive robotics", and introduced its first model. JI YUE 01, the flagship model under the new brand will be produced by Geely and is expected to debut in the last quarter of this year, the company said. Baidu will provide its know-how in smart cockpits, autonomous driving and artificial intelligence technologies, which will be applied in JI YUE cars, Geely added. Also on Monday, China's industry ministry website showed three electric vehicles under the JI YUE brand were seeking regulatory approvals. Geely had co-funded an electric vehicle venture Jidu with Baidu.

Persons: Maxim, YUE, Geely, Zhang Yan, Ella Cao, Meg Shen, Tomasz Janowski Organizations: REUTERS, Geely Holding, HK, Baidu Inc, Baidu, JI, Thomson Locations: Moscow, Russia, BEIJING, China, Beijing, Hong Kong

STOCKHOLM, July 20 (Reuters) - Sweden-based automaker Volvo Cars (VOLCARb.ST) reported a 54% fall in second-quarter operating earnings on Thursday as the year-ago period's profit was boosted by a one-off gain, and it forecast healthy demand for its vehicles despite pricing pressures. Volvo Cars, majority-owned by China's Geely Holding (GEELY.UL), said earnings before interest and taxes (EBIT) fell to 5.0 billion Swedish crowns ($488.62 million) from a year-ago 10.8 billion. Volvo said its sales performance was driven by improved production output and that it expected supply and demand to continue to normalise in the wider markets. The company added that the normalisation would bring some additional pricing pressures, but that demand for its cars were expected to be healthy despite high interest rates squeezing its customers and overall market. Volvo reiterated its guidance of solid double-digit growth in retail sales for the full year.

Persons: China's Geely, Refinitiv, Marie Mannes, Anna Ringstrom, Jacqueline Wong Organizations: Volvo, China's, Thomson Locations: STOCKHOLM, Sweden, China, Gothenburg

☆ EV brand Smart plans funding led by Tianqi Lithium
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, July 13 (Reuters) - EV brand Smart said on Thursday it planned to raise $250-300 million via series-A funding which it hoped would enhance its long-term sustainable development strategy and accelerate its global development. Chinese lithium producer Tianqi Lithium Corp (002466.SZ) has agreed to invest $150 million in the fund raising, Smart said in a statement. Smart, a joint venture of Germany's Mercedes-Benz Group AG (MBGn.DE) and China's Zhejiang Geely Holding Group (GEELY.UL), said both firms will remain equal controlling shareholders. "Thanks to the support from Mercedes-Benz and Geely, Smart now is accelerating its global development and business operation. Meanwhile, we are more than glad to welcome the strategic investments of worldwide industry leaders, such as Tianqi Lithium," Smart's Global CEO Tong Xiangbei said in the statement.

Persons: Smart, Germany's Mercedes, Tong Xiangbei, Zhang Yan, Brenda Goh, Meg Shen Organizations: Lithium Corp, Benz Group AG, Zhejiang Geely Holding, Mercedes, Benz, Smart, Thomson Locations: SHANGHAI, Zhejiang

☆ Geely, Renault strike deal to develop gasoline engines, hybrid technology
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Geely logo is seen at a car dealership in Shanghai, China August 17, 2021. REUTERS/Aly SongJuly 11 (Reuters) - China's Geely Automobile Holdings (0175.HK) and French car maker Renault SA (RENA.PA) on Tuesday said they will invest up to 7 billion euros ($7.71 billion) in a new equally held joint venture to develop gasoline engines and hybrid technology for automobiles. The JV aims to have an annual production capacity of up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions, Renault added. Saudi Aramco (2222.SE), which signed a letter of intent with Renault and Geely in March, is evaluating a strategic investment in the new company, Renault said. Big oil firms have worked with automakers to develop sustainable fuels and hydrogen engines in recent years.

Persons: Aly Song, Eric Li, Harish Sridharan, Nivedita Bhattacharjee, Eileen Soreng Organizations: REUTERS, Geely Automobile Holdings, HK, Renault SA, Geely Holding, Renault, Volvo, Proton, Nissan, Mitsubishi Motors, Torino, JV, Reuters, Saudi Aramco, Geely, Aramco, Thomson Locations: Shanghai, China, Saudi, Bengaluru

Volvo Cars, majority-owned by China's Geely Holding, said operating earnings fell to 5.1 billion Swedish crowns ($494.63 million) in the quarter from a year-ago 6 billion crowns, beating a mean forecast of 3.6 billion crowns, according to Refinitiv estimates. The automaker reaffirmed its outlook for "solid double-digit growth" in retail sales this year, provided there were no major supply disruptions. While demand for the company's cars was healthy, macroeconomic conditions were challenging, CEO Jim Rowan said. Lithium prices, a large source of cost for electric cars, had started to decline, expecting the full effect to kick in a few months' time, the CEO said. ($1 = 10.3107 Swedish crowns)Reporting by Marie Mannes, editing by Essi LehtoOur Standards: The Thomson Reuters Trust Principles.

☆ At Shanghai show, auto rivals lure drivers with in-car karaoke, crystal balls
▼ + stars: | 2023-04-20 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +4 min

[1/2] A Zeekr X is displayed at the Auto Shanghai show, in Shanghai, China April 18, 2023. REUTERS/Aly SongSHANGHAI, April 20 (Reuters) - Automakers keen to make a splash at the Shanghai auto show showed off vehicles boasting features from crystal balls to in-car karaoke systems and 3D dashboards, as competition to attract drivers heats up in the world's largest auto market. Chinese automakers have been grabbing market share from foreign rivals in recent years in part by courting drivers with tailored lifestyle services and by releasing new models more quickly. "So many new vehicles, so many new Chinese vehicles looking very good," said Patrick Koller, chief executive of French auto parts supplier Faurecia (EPED.PA). This costs a fortune and it doesn't give you the time to really mature innovations and technology," Koller said.

☆ VW, Rivian, Nissan, BMW lose access to US EV tax credits
▼ + stars: | 2023-04-17 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Aly Song/File PhotoApril 17 (Reuters) - The U.S. Treasury said on Monday that Volkswagen, BMW, Nissan, Rivian, Hyundai and Volvo electric vehicles will lose access to a $7,500 tax credit under new rules for battery sourcing. VW said it was "fairly optimistic" the ID.4 SUV will qualify for the tax credit. Treasury also disclosed General Motors Co (GM.N) electric Chevrolet Bolt and Bolt EUV will qualify for the full $7,500 tax credit. GM said earlier it expected at least some of its EVs would qualify for the $7,500 tax credit under the new rules, including the 2023 Cadillac Lyriq and forthcoming Chevrolet Equinox EV SUV and Blazer EV SUV. Treasury in December said EVs ineligible for the $7,500 consumer tax credit could qualify for a commercial leasing $7,500 credit.

☆ VW, Rivian, Nissan, BMW lose access to U.S. EV tax credits
▼ + stars: | 2023-04-17 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Aly Song/File PhotoApril 17 (Reuters) - The U.S. Treasury said Monday that Volkswagen, BMW, Nissan, Rivian, Hyundai and Volvo electric vehicles will lose access to a $7,500 tax credit under new battery sourcing rules. Treasury also disclosed General Motors (GM.N) electric Chevrolet Bolt and Bolt EUV will qualify for the full $7,500 tax credit. GM said earlier it expected at least some of its EVS would qualify for the $7,500 tax credit under the new rules, including the 2023 Cadillac Lyriq and forthcoming Chevrolet Equinox EV SUV and Blazer EV SUV. Earlier, Ford Motor (F.N) and Chrysler-parent Stellantis (STLAM.MI) said most of their electric and PHEV models would see tax credits halved to $3,750 on April 18. Treasury in December said EVs ineligible for the $7,500 consumer tax credit could qualify for a commercial leasing $7,500 credit.

Imbalance had long riled Nissan executives who complained Renault did not pay its fair share of costs for innovation and development. In a joint statement to Reuters, Nissan and Renault said they were working toward final partnership terms that would make them more competitive. Nissan will invest and provide technology for the venture but will limit its operational involvement, one of the people told Reuters. In rebalancing talks, Nissan has pushed for protection of its technology to limit any downside from continued partnership, people involved have said. Among technology Nissan wants to protect is its work on solid-state lithium-ion battery making and its e-Power electric hybrid powertrain, the people said.

☆ China's Zeekr launches SUV to boost premium EV sales
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: 1 min

Companies Zhejiang Geely Holding Group Co Ltd FollowCHENGDU, China, April 12 (Reuters) - Chinese electric vehicle (EV) maker Zeekr on Wednesday launched a new compact sports utility vehicle (SUV) as the Geely-owned (GEELY.UL) brand strives for market share in a premium segment previously dominated by German rivals. With a starting price of 189,800 yuan ($27,615.31), the Zeekr X SUV offers features such as the ability to unlock the car using facial recoginition technology and an in-vehicle refridgerator, CEO Andy An said at an event in China's southwestern city of Chengdu. The company will start delivering the Zeekr X from June this year, he added. ($1 = 6.8730 Chinese yuan renminbi)Reporting by Zoey Zhang and Brenda Goh Editing by Kenny Maxwell and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

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