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☆ Glory days for automakers like Ford, General Motors in China are over
▼ + stars: | 2024-09-03 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

London CNN —Foreign automakers have dominated China’s car market for decades, selling millions of vehicles and raking in enormous profits. Ford (F) and General Motors (GM) are also among firms seeing sales and market share vanish in China as local consumers spurn overseas brands to buy Chinese instead. The American automaker’s sales in China have halved from a peak of above 4 million in 2017 to 2.1 million last year. Last year, BYD sold a record 3.02 million vehicles globally, including plug-in hybrids, up 62% from 2022. Months later, Stellantis (STLA), which makes Citroen, Fiat, and Peugeot cars, bought a 20% stake in Chinese EV maker Leapmotor for about €1.5 billion ($1.7 billion).

Persons: Arno Antlitz, GM’s, Mary Barra, ”, Michael Dunne, Dunne, Xi Jinping’s, Tesla, Yilei Sun, Reuters Tesla, Li, Tu Le, Le, BYD, ” Dunne, Raul Bravo, Stellantis, “ Organizations: London CNN — Foreign, Volkswagen, Wolfsburg, Toyota, General Motors, China Passenger Car Association, Foreign, Japan’s Mitsubishi Motors, Honda, Hyundai, Ford, GM, EV, Tesla, Yilei, Reuters, International Energy Agency, “, CNN, Visitors, Automotive, Xinhua, Shutterstock, Auto, “ Global, UBS, Port, Citroen, Fiat, Peugeot, Leapmotor, Hedin Locations: China, London, Germany, Europe, American, Shanghai, Tesla's Shanghai, Beijing, EVs, Japan, North America, San Antonio, Chile, Chilean, AFP, Xpeng, Thailand, Hungary

☆ 8 things you need to know about EV startup founder William Li — known as China's version of Elon Musk
▼ + stars: | 2024-03-30 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +6 min

The Shanghai-based premium EV company was co-founded in 2014 by its CEO, William Li. William Li, also known as Bin Li, has been dubbed the "Elon Musk of China" for his push to develop self-driving EVs and his loyal fan base. He co-founded his first major company in his mid-twentiesBitauto, a car comparison website, was co-founded by Li in 2000. AdvertisementAnyone who purchases a Nio car can access "Nio Houses" equipped with meeting rooms, lounges, baristas, and supervised kids' play areas. To Li's dismay, Nio cars are not yet available for sale in the USLi has expressed dissatisfaction with the US tariffs on Chinese-made EVs.

Persons: William Li, Li, —, Bin Li, Elon, EVs, he's, Tesla, Zoey Zhang Li, Nio, Li livestreamed, HECTOR RETAMAL, ET7, ALY, Elon Musk Organizations: Service, REUTERS, Peking University, New York Stock Exchange, NYSE, CNBC, Reuters Locations: China, Shanghai, Anhui, Nio, Europe, Xiamen, Mexico

☆ 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’s Didi Q2 revenue grows as regulatory curbs ease
▼ + stars: | 2023-09-09 | by ( ) www.reuters.com time to read: +1 min

The Didi logo is seen on the facade of the company headquarters in Beijing, China November 9, 2021. Didi posted a net loss of 300 million yuan, the company said in a statement on Saturday. It was delisted from the New York Stock Exchange last year. Didi began to emerge from its regulatory troubles earlier this year, after China announced the end up of a cybersecurity investigation into the firm and allowed it to restore its apps to mobile app stores. ($1 = 7.3430 Chinese yuan renminbi)Reporting by Yelin Mo and Brenda Goh; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Didi Chuxing, Didi, Yelin Mo, Brenda Goh, William Mallard Organizations: REUTERS, Yilei, Rights, HK, SoftBank, Cyberspace Administration of, Reuters, New York Stock Exchange, China, Thomson Locations: Beijing, China, Rights BEIJING, Cyberspace Administration of China, U.S

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

☆ Tesla cuts Model S and X prices by over 6% in China
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

People wearing face masks following the coronavirus disease (COVID-19) outbreak check a Tesla Model X sport utility vehicle at a new Tesla showroom in Shanghai, China May 8, 2020. REUTERS/Yilei Sun/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowBEIJING, Aug 16 (Reuters) - Tesla (TSLA.O) has cut prices for its existing inventories of its premium Model S and Model X cars in China by as much as 6.9%, it said on Wednesday. A post from the carmaker on social media platform Weibo showed the price of the Model S cut 6.7% to 754,900 yuan ($103,477.58) from 808,900 yuan earlier. The Model X now starts from 836,900 yuan, down 6.9% from 898,900 yuan earlier. Tesla on Monday said it cut prices in China for its Model Y's long-range and performance versions starting on Aug. 14, which triggered concerns around its profit margins.

Persons: Tesla, China's BYD, Liz Lee, Himani Sarkar Organizations: REUTERS, Yilei, Inc, BEIJING, Weibo, Beijing, Thomson Locations: Shanghai, China

☆ China Evergrande NEV shares jump on $3.2 bln plan to lower debt
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +1 min

A view of the electric vehicle (EV) factory of China Evergrande New Energy Vehicle Group in Tianjin, China October 20, 2021. REUTERS/Yilei SunBEIJING/HONG KONG, Aug 15 (Reuters) - China Evergrande New Energy Vehicle Group (NEV) (0708.HK) shares jumped nearly 50% on Tuesday after the electric vehicle unit of cash-strapped property firm China Evergrande Group (3333.HK) announced a $3.2 billion plan to repay debt and stay afloat. The overall package also includes a debt-for-equity swap of HK$20.89 billion ($2.67 billion) involving China Evergrande, its founder Hui Ka Yan, and his unit Xin Xin (BVI) Ltd, among others converting loans to shares, NEV said. After the deal is completed, China Evergrande's stake in the unit will be diluted to 46.86%. Shares in NEV jumped as much as 47% before paring down its gain to 16%.

Persons: Hui Ka Yan, Xin Xin, NEV, Roxanne Liu, Clare Jim, Miyoung Kim, Jamie Freed Organizations: Energy Vehicle Group, REUTERS, Sun, HK, China Evergrande, Thomson Locations: China, Tianjin, Sun BEIJING, HONG KONG, Dubai, NEV, Hong Kong, Beijing

☆ Evergrande NEV shares set to open sharply higher after share sale to NWTN
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: 1 min

A view of the electric vehicle (EV) factory of China Evergrande New Energy Vehicle Group in Tianjin, China October 20, 2021. REUTERS/Yilei SunHONG KONG, Aug 15 (Reuters) - Shares of China Evergrande New Energy Vehicle Group (0708.HK)(NEV) are set to open 14.7% higher on Tuesday, after the company said it has agreed to sell new shares to U.S.-listed NWTN (NWTN.O) for $500 million. After completion of the deal, NWTN, a mobility technology company, will hold about a 27.5% stake in NEV.($1 = 7.8205 Hong Kong dollars)Reporting by Clare Jim; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Clare Jim, Muralikumar Organizations: Energy Vehicle Group, REUTERS, HK, U.S, Thomson Locations: China, Tianjin, HONG KONG, NEV, Hong Kong

☆ China EV brand Zeekr to launch its first luxury sports car
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

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. REUTERS/Yilei Sun/File PhotoSHANGHAI, Aug 10 (Reuters) - China's Zeekr, Geely Automobile's (0175.HK) electric vehicle brand, said on Thursday it will launch its first luxury sports car, which will be priced above 1 million yuan ($140,000). BYD launched an electric off-road SUV with a starting price of 1.098 million yuan as the first model under its luxury brand Yangwang in January. Founded in 2021 as a premium EV brand, Zeekr has three models for sales with starting prices ranging from 189,800 yuan to 499,000 yuan. ($1 = 7.2116 Chinese yuan renminbi)Reporting by Zhang Yan, Brenda Goh; Editing by Edmund Klamann and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Geely Automobile's, Tesla, EVs, BYD, Zeekr, Zhang Yan, Brenda Goh, Edmund Klamann Organizations: REUTERS, Yilei, HK, EV, Thomson Locations: Ningbo, Zhejiang province, China

☆ China's Li Auto aims to outsell BMW, Mercedes, Audi in its home market in 2024
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

People stand near the logo of Chinese electric vehicle (EV) maker Li Auto at a product launch event in Beijing, China May 25, 2021. REUTERS/Yilei Sun/File PhotoSHANGHAI, Aug 9 (Reuters) - Li Auto (2015.HK) said it aimed to outsell BMW (BMWG.DE), Mercedes-Benz (MBGn.DE) and Audi in China in 2024 as the up and coming Chinese automaker accelerates rollouts of new models and ramps up production. The company will launch four new models next year including three EVs, he said. But Li Auto managed to gain market share in the segment of cars priced above 300,000 yuan and grow profits this year with four extended-range hybrid vehicles targeting family users. ($1 = 7.2134 Chinese yuan renminbi)Reporting by Zhang Yan, Brenda Goh; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Li, Li Auto, Li Xiang, Tesla, Zhang Yan, Brenda Goh, Simon Cameron, Moore Organizations: REUTERS, Yilei, HK, BMW, Mercedes, Benz, Audi, Li Auto, China Association of Automobile Manufacturers, Thomson Locations: Beijing, China

☆ Global investors skip Ant’s buyback after valuation slumps 70% - Bloomberg News
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

A sign of Antchain, the blockchain technology branch under Ant Group, is seen at Ant Group's booth during the World Artificial Intelligence Conference (WAIC) in Shanghai, China, July 8, 2021. REUTERS/Yilei Sun/File PhotoAug 7 (Reuters) - A number of global investors are opting out of Ant Group's (688688.SS) proposed share buyback after the Chinese fintech's valuation was slashed by more than 70%, Bloomberg News reported on Monday. However, a few money managers, including Fidelity Investments and T. Rowe Price Group, have agreed to sell their shares, the report added. In July, Ant Group announced a surprise share buyback of up to 7.6% of its equity interest at a price that represents a group valuation of about 567.1 billion yuan ($78.68 billion). Ant Group, Warburg Pincus, GIC, Fidelity Investments and T. Rowe Price Group did not immediately respond to Reuters' request for comment.

Persons: Ant Group's, Warburg Pincus, Rowe Price, Nilutpal, Varun Organizations: Ant, Artificial Intelligence, REUTERS, Yilei, Bloomberg, Plan Investment, Carlyle Group, Fidelity Investments, Rowe Price Group, Ant Group, GIC, Reuters, Thomson Locations: Shanghai, China, Canada, Bengaluru

☆ 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.

☆ China's Nio resumes production at its two Hefei factories
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

[1/4] A Nio ES8 electric SUV changing its battery is seen inside a power station at a JAC Motors-NIO plant in Hefei, Anhui province, China December 14, 2018. REUTERS/Yilei SunBEIJING, Nov 3 (Reuters) - Chinese electric vehicle maker Nio (9866.HK) said on Thursday it has resumed production at its two factories in the eastern city of Hefei, after COVID-19 curbs disrupted operations and delayed deliveries. "Production is resumed at the moment," said a company representative, declining to say whether it was a full or partial resumption. Nio said on Wednesday it had suspended production because of COVID curbs, leading to delays in deliveries when sales are booming, triggering a steep drop in its shares. Nio sold 10,059 cars last month, nearly three times its sales from October 2021, after introducing new models such as ET5.

☆ China's Evergrande delivers first electric vehicles
▼ + stars: | 2022-10-29 | by ( ) www.reuters.com time to read: +1 min

[1/2] A view of the electric vehicle (EV) factory of China Evergrande New Energy Vehicle Group in Tianjin, China October 20, 2021. REUTERS/Yilei SunBEIJING, Oct 29 (Reuters) - China Evergrande New Energy Vehicle Group Ltd (0708.HK) has started deliveries of its Hengchi 5 electric vehicle, with the first 100 customers getting their cars on Saturday, it said on its official Wechat account. The company, a unit of heavily indebted property developer China Evergrande Group (3333.HK), launched production of the vehicle at a plant in the northern city of Tianjin last month. Evergrande is aiming to shift the group's primary business from real estate to the automobile venture over the next decade, with plans to make 1 million vehicles by 2025. ($1 = 7.2499 Chinese yuan renminbi)Reporting by Jenny Wang and Dominique Patton; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

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