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☆ China's car sales shrink 2.9% in June as big-ticket spending falters
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

Car sales in June totalled 1.91 million units, down 2.9% from last year, CPCA data showed. However, sales advanced 2.5% to 9.65 million units in the first half of the year. Reuters GraphicsMeanwhile, sales of new energy vehicles (NEVs), including pure battery electric cars and plug-in hybrids, jumped more than 25% in June, accounting for roughly 35% of the total car sales. NEV sales surged more than 37% to 3.09 million units in the first six months. Reuters GraphicsChinese automakers counted more on overseas markets to sustain their sales growth, with car exports soaring 56% in June.

Persons: Tesla, BYD, Li Auto, Xpeng, Qiaoyi Li, Zhang Yan, Brenda Goh, Dhanya Ann Thoppil, Robert Birsel Organizations: China Passenger Car Association, Reuters, Reuters Graphics, EVs, China Association of Automobile Manufacturers, Thomson Locations: BEIJING, SHANGHAI, China

☆ China's auto group retracts pledge to avoid 'abnormal pricing'
▼ + stars: | 2023-07-08 | by ( ) www.reuters.com time to read: +1 min

[1/5] Cars drive on the road during the evening rush hour in Beijing, China, July 1, 2019. REUTERS/Jason Lee/File PhotoSHANGHAI, July 8 (Reuters) - The China Association of Auto Manufacturers (CAAM), citing antitrust law, on Saturday retracted a pledge to avoid "abnormal pricing" made two days earlier by 16 automakers, including Tesla. Thursday's CAAM-organised pledge by the companies, including Chinese electric vehicle (EV) makers Nio, Li Auto and Xpeng, had been interpreted by some as signalling a truce in a price war that has threatened industry-wide profitability. CAAM said it would urge the 16 companies and other association members to strictly comply with the antitrust law and compete fairly with independent pricing. Reporting by Zhang Yan and Brenda Goh; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Jason Lee, Thursday's, Li Auto, CAAM, Zhang Yan, Brenda Goh, William Mallard Organizations: REUTERS, China Association of Auto Manufacturers, Tesla, Elon, Ministry of Industry, Information Technology, Thomson Locations: Beijing, China, SHANGHAI

☆ Tesla offers cash rebate on top models in China
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +3 min

Tesla said it would offer new buyers of its Model Y and Model 3 vehicles a cash rebate of 3,500 yuan ($483) if they could cite a referral from an existing owner. Tesla also said new buyers would have free access to its Enhanced Autopilot driver-assistance system for 90 days. It is continuing an earlier offer announced in June of 7,000-yuan rebates to buyers of its more expensive Model S and Model X vehicles in China. A number of Tesla owners posted their referral codes online and invited others to use them on Friday, suggesting the cash rebate could be widely available for new buyers. Earlier this week, Tesla cut prices on the Model 3 and Model Y by between 3% and 4% in Japan.

Persons: Tesla, Li Auto, Ralf Brandstatter, Premier Li Qiang, Qiaoyi Li, Zhang Yan, Brenda Goh, Shri Navaratnam, Sonali Paul Organizations: China's EV, China Association of Automobile Manufacturers, Premier, EVs, Thomson Locations: BEIJING, China, China's, Shanghai, Japan

On Thursday, regulators orchestrated an agreement between Tesla (TSLA.O) and 15 Chinese rivals to avoid “abnormal pricing”, sealing the deal at a signing ceremony in Shanghai, Bloomberg reported. Perhaps as a result, sellers of internal combustion engines frequently offered steeper discounts compared to battery-powered rivals, Citi’s data show. In this case, at least, it appears to be trying to keep competition healthy, targeting only “abnormal pricing”. If nothing else, Beijing’s intervention offers a welcome pause in hostilities. Over 30 brands in China announced discounts in the first three months of the year, according to industry consultancy Automobility.

Persons: It’s, Bill Russo, AlixPartners, Tesla, Antony Currie, Thomas Shum Organizations: Reuters, Tesla, Bloomberg, FAW Audi, BAIC Hyundai, Citi, HK, country’s Ministry of Industry, Information Technology, China Association of Automobile Manufacturers, Thomson Locations: HONG KONG, Beijing, Shanghai, Xpeng, China

☆ Retail investors are chasing this rally in big numbers and have found a new favorite sector instead of A.I.
▼ + stars: | 2023-07-06 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Retail investors aren't slowing down in the current market environment. Elon Musk 's Tesla beat Wall Street expectations for vehicle deliveries by about 20,000 units on Monday, with analysts forecasting 445,925. The stock rose about 7% on the news and also lifted peer EV stocks Rivian and Lucid higher. Meanwhile, net retail purchases of Tesla stock soared to $1.2 billion over the past five trading sessions, according to the note. About 13% of the total trading volume for Rivian stock has been retail investors over the past five sessions, the note added.

Persons: that's, Lucas Mantle, Mantle, Elon Musk, Nikola, Tesla Organizations: VandaTrack Weekly, EV Locations: TSLA

☆ Chinese automakers are winning in a key area that will make it even harder for American competitors to catch up
▼ + stars: | 2023-07-06 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Chinese automakers have a better handle on what their customers want than other car companies. Chinese automakers know what their customers want better than others — and that's why they're likely to beat out rival car companies, especially those from the US. Chinese auto players are already growing rapidly: They're expected to outsell foreign brands in China for the first time this year. "This freshness is a really critical buying factor for Chinese brands," Dyer said. "They will become bigger and stronger competitors and players — potentially, a source of disruption for some of the mature market automakers," Dyer added.

Persons: AlixPartners, That's, Stephen Dyer, Dyer, Li Organizations: US, Asia Automotive, Ford, GM, Volkswagen Locations: China, AlixPartners, Japan, Germany, Korea

☆ Chinese automakers to take majority of home market for first time - forecast
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +3 min

It would represent the first time Chinese automakers have controlled a majority share of China's car market - the world's largest. For the past four decades, China's auto market has been dominated by established global brands such as VW and Toyota operating in joint ventures with Chinese partners. AlixPartners forecast China's overall auto sales would grow 3% this year to 24.9 million vehicles, recovering to the level of sales before COVID-19. Dyer forecast annual sales of Chinese-branded cars in overseas markets would grow to 9 million vehicles by 2030. China's market also faces massive overcapacity, and Dyer forecast a wave of consolidation.

Persons: Jason Lee, AlixPartners, Tesla, Stephen Dyer, Dyer, haven't, Zhang Yan, Kevin Krolicki, Devika Organizations: REUTERS, VW, Toyota, HK, Xpeng Motors, Thomson Locations: Beijing, China, Japan, U.S, Asia, Europe, South America, South East Asia, South Asia, Shanghai, Singapore

☆ China's Xpeng sees sales turnaround in second half with new EV model
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

Xpeng has received a "significant" amount of orders for its newly launched G6 pure electric crossover, president Brain Gu told reporters on Wednesday. Xpeng, which saw first-half sales drop by 40%, will start the delivery of its G6 compact crossover this month with a starting price 20% lower than Tesla's best-selling model of Model Y. With G6, Xpeng also introduced its most advanced autonomous driving capabilities into the category of EVs priced at 250,000 yuan ($34,500.37) or below, Gu said. Shares of Xpeng in Hong Kong had gained more than 20% after it announced prices for the G6 last Thursday. ($1 = 7.2463 Chinese yuan renminbi)Reporting by Zhang Yan and Brenda Goh; Writing by Meg Shen; Editing by Toby Chopra and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Xpeng, Brain Gu, BYD, Gu, Zhang Yan, Brenda Goh, Meg Shen, Toby Chopra, Devika Organizations: Tesla, Thomson Locations: SHANGHAI, HK, Shanghai, China, Hong Kong

☆ BYD launches its most direct Tesla competitor yet
▼ + stars: | 2023-07-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

The Denza N7 is set to begin deliveries in about two weeks, according to the company. In another page from Nio's playbook, the Denza N7 launch in Beijing was followed by a live music performance. Its prior electric model, the D9 multi-purpose vehicle, claims more than 10,000 sales a month since since March. At the time Zeng said he expected competition in China's new energy vehicle market would move into the 400,000 yuan to 500,000 yuan price range and above. The 100,000 yuan to 200,000 yuan price range has been the primary price range for cars in China, Zeng said.

Persons: Yang Dongsheng, Tesla, Tu Le, Denza, playbook, Denza's, Zhao Changjiang, BYD, Nvidia Orin, Orin isn't, Yang, Craig Zeng, Zeng Organizations: Bloomberg, Getty, Tesla's, Tesla, Benz Group, Tech, Benz, BMW, Audi, Qualcomm, Nvidia, CNBC Locations: Beijing, BEIJING, China, Weibo, Thailand, Hong Kong, Macao, Europe

SummarySummary Companies Tesla jumps on upbeat Q2 vehicle deliveriesChinese automakers climb on strong June salesOil stocks up as Saudi Arabia, Russia announce supply cutsFutures: Nasdaq up 0.18%, Dow down 0.14%, S&P flatJuly 3 (Reuters) - Nasdaq futures rose on Monday as Tesla shares extended gains after the electric-vehicle maker reported record vehicle deliveries in the second quarter. Tesla (TSLA.O) gained 6.6% in premarket trading, a day after the company's quarterly vehicle deliveries topped market estimates on the back of incentives and steeper discounts. ET, Dow e-minis were down 49 points, or 0.14%, S&P 500 e-minis were up 1.5 points, or 0.03%, and Nasdaq 100 e-minis were up 27.5 points, or 0.18%. Trading volumes are expected to be thin with markets open for just half the day, ahead of the Independence Day holiday on Tuesday. U.S.-listed shares of Chinese carmakers Xpeng , Li Auto and Nio rose between 5.8% and 9.1% after the companies reported a surge in June vehicle deliveries compared with a year earlier.

Persons: Tesla, Susannah Streeter, Hargreaves Lansdown, Investors, Li Auto, Bansari Mayur Kamdar, Johann M, Pooja Desai, Vinay Dwivedi Organizations: Nasdaq, Dow, Hargreaves, Investors, Dow e, Chevron, Exxon Mobil, Fidelity National Information Services, Financial, Thomson Locations: Saudi Arabia, Russia, Worldpay, Bengaluru

☆ Stocks making the biggest moves in the premarket: Tesla, Apple, AstraZeneca and more
▼ + stars: | 2023-07-03 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in premarket trading. Tesla — Tesla shares popped nearly 7% after the electric vehicle company posted second-quarter delivery and production numbers that topped Wall Street's expectations. Electric vehicle stocks — Electric vehicle stocks rose broadly after Tesla posted strong-than-expected production and delivery numbers for the second quarter. Chinese internet stocks — Shares of China-based technology stocks gained before the bell, lifting the KraneShares CSO China Internet ETF . Energy stocks — Energy stocks gained in premarket trading, lifted by a rise in oil prices after top exporters cut supply for August.

Persons: Tesla, Xpeng, Rivian, Lucid, Janet Yellen, —, Jesse Pound Organizations: Apple, AstraZeneca —, AstraZeneca, United Airlines —, China, Energy, — Energy, Halliburton, ConocoPhillips, Devon Energy, Occidental Petroleum Locations: Nio, China, Beijing, Chevron

☆ Stock Market Today: Dow Futures Hover, Tesla Jumps
▼ + stars: | 2023-07-03 | by ( ) www.wsj.com time to read: +2 min

Stock futures edged higher to kick off the second half of 2023, with shares of growth companies—and particularly Tesla—leading premarket. Tesla’s stock jumped over 6% in premarket trading after the electric-vehicle maker posted a record quarter for sales . The stock market ended last week on solid footing after the Fed’s preferred inflation measure, the personal-consumption expenditures price index, notched its lowest reading in two years. Stock futures mostly ticked up. Futures tied to the tech-focused Nasdaq-100 rose 0.3%, while those tied to the S&P 500 added 0.1%.

Persons: Tesla, Janet Yellen’s, Hong, Hang Seng, Alexander Novak, Bitcoin Organizations: Federal, Stock, Futures, Dow, Nikkei, Brent, Securities and Exchange Commission Locations: . U.S, U.S, China, Shanghai, Saudi Arabia

Tesla (TSLA.O) gained 7.4% to hit a nine-month high, a day after its car deliveries topped market estimates on the back of incentives and steeper discounts. The consumer discretionary sector (.SPLRCD) that includes Tesla rose 1.5%, leading gains among the top 11 S&P 500 sectors, while healthcare stocks (.SPXHC) declined. Fidelity National Information Services (FIS.N) added 5.4% as buyout groups weighed bids for a majority stake in Worldpay, co-owned by the financial services firm, according to a Financial Times report. Advancing issues outnumbered decliners by a 2.02-to-1 ratio on the NYSE and a 1.53-to-1 ratio on the Nasdaq. The S&P index recorded 12 new 52-week highs and no new low, while the Nasdaq recorded 42 new highs and 33 new lows.

Persons: Hogan, Investors, Li Auto, Bansari Mayur Kamdar, Johann M, Pooja Desai, Vinay Dwivedi Organizations: Dow, Nasdaq, Riley, General Motors, Ford, EV, Rivian Automotive, Traders, Apple, Microsoft, Dow Jones, Fidelity National Information Services, Financial, NYSE, Thomson Locations: Worldpay, Bengaluru

☆ Shares of Chinese Tesla rival Xpeng rocket 11% as EV deliveries return to growth
▼ + stars: | 2023-07-03 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Shares of Xpeng surged in pre-market trade in the U.S. after the Chinese electric vehicle maker reported a quarterly return to growth for car deliveries, following more than a year of declines. Xpeng on Saturday said it delivered 23,205 cars in the second quarter of 2023, logging a 27% quarter-on-quarter rise. That was still lower than the 34,422 cars delivered in the second quarter of last year. Tesla's strategy seems to be working with the company reporting global vehicles deliveries of 466,140 in the second quarter, beating analysts expectations. Nio meanwhile delivered 10,707 vehicles in June and 23,520 cars in the second quarter, not far ahead of Xpeng.

Persons: Xpeng, Nio, Li, Warren Buffett, BYD Organizations: Inc, Li Auto Locations: U.S, Xpeng, China, Tesla, Guangzhou

☆ Stock Market Today: Dow Slips, Tesla Jumps
▼ + stars: | 2023-07-03 | by ( ) www.wsj.com time to read: +1 min

That will be followed Friday with the June jobs report, which economists expect to show continued resilience in the labor market. The Nasdaq Composite was up, the S&P 500 was around flat and the Dow industrials were edging lower. The yield on the benchmark 10-year Treasury note dipped to 3.811%, from 3.818% Friday. The Shanghai Composite rose 1.3%, its largest gain in nearly two months. The international benchmark for oil climbed after Russia's Deputy Prime Minister Alexander Novak said his country would cut oil exports in August.

Persons: Tesla, Nio, Janet Yellen’s, Hang Seng, Alexander Novak, Bitcoin Organizations: Federal, Nasdaq, Dow, EV, Nikkei, Brent, Securities and Exchange Commission Locations: U.S, China, Shanghai, Saudi Arabia

☆ You may never need to plug in your electric car again. Here's how.
▼ + stars: | 2023-07-01 | by ( Tim Levin | ) www.businessinsider.com time to read: +7 min

Some startups are convinced that EV charging needs a fundamental overhaul. Battery swapping and wireless EV charging could someday make owning an EV way more convenient. Quick, convenient, and cheap battery swapping will be key for getting everyone else on board, John de Souza, Ample's cofounder and president, told Insider. He added that even at highway speeds, Electreon's roads can keep a vehicle's battery topped up indefinitely. "We need all the solutions together in order to accelerate the adoption of electric vehicles," he said.

Persons: Long, John de Souza, Ample's, de Souza, Electreon, Oren Ezer, Ezer Organizations: Toyota Locations: Francisco, California, Europe

☆ Chinese EV maker Xpeng's shares jump after pricing SUV below Tesla Model Y, lifts peers
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

June 30 (Reuters) - Electric-car maker Xpeng Inc priced its latest G6 sport utility vehicle about 20% lower than Tesla's (TSLA.O) Model Y in China, sending its U.S.-listed shares up 7.6% in premarket trading on Friday. U.S.-listed shares of its peers Li Auto and Nio also rose 0.3% and 2.2%, respectively, in trading before the bell. Xpeng is pinning hopes on the new SUV to help turnaround its sales, after the company reported lackluster deliveries in May. The price of Xpeng G6 starts at 209,900 yuan ($28,882.01), compared with Tesla Model Y's starting price of 263,900 yuan in China. Beijing's 520 billion yuan tax break for new energy vehicle purchases is also expected to boost demand.

Persons: Li Auto, Warren Buffett, Tesla, BEV, Chavi Mehta, Brenda Goh, Krishna Chandra Organizations: Xpeng Inc, HK, Tesla's, Tesla, Citigroup, Refinitiv, Thomson Locations: China, U.S, Bengaluru

☆ Tesla to hit record quarterly sales in China even as market share shrinks - analysts
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, June 28 (Reuters) - Tesla (TSLA.O) is set to hit another record quarter with its China sales while it faces mounting pressure from local competitors such as BYD eating into its share in the world's largest auto market, analysts say. Deutsche Bank predicted Tesla's China sales to hit 153,000 units in the second quarter, while globally it could sell 448,000 units in total. Tesla will announce global sales numbers over the weekend, while China sales will be available from association data in the first week of July. It has outsold Tesla in Singapore in the first five months while its Atto 3 outsold Tesla's Model 3 in Australia in May. As its Shanghai plant achieves an annual production capacity of over 1 million units, Tesla is selling into new markets in the region including Thailand and Malaysia with China-made cars.

Persons: Shi Ji, Shi, Tesla, Yale Zhang, BYD, Zhang Yan, Brenda Goh, Lincoln Organizations: U.S, China Merchants Bank International Securities, Guangzhou Automobile Group, Deutsche Bank, Automotive Foresight, EV, HK, Thomson Locations: SHANGHAI, China, Shanghai, North America, Singapore, Australia, Thailand, Malaysia

☆ Big Tech fund manager reveals how to trade expensive valuations — and the stocks to buy
▼ + stars: | 2023-06-27 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Investors should focus on trading momentum rather than worry too much about lofty valuations in Big Tech stocks, according to chief investment officer Patrick Armstrong. "I've kept the mega-cap tech stocks that have really been the driver of returns for my portfolio and for the market," Armstrong told CNBC's Squawk Box Europe Monday. Yet Big Tech valuations have pushed the index's forward average price-to-earings ratio to 21 times, its highest level since 2004, barring a brief period in 2018 and 2021, according to FactSet data. Despite his discomfort about these steep valuations, Armstrong said he's not selling yet for two reasons. Armstrong added that if the economy slips into a recession, the recent tech rally could become a period of stagnation, with Big Tech stocks treading water as they attempt to grow into their lofty valuations.

Persons: Patrick Armstrong, Armstrong, I've, CNBC's, It's, he's, you've Organizations: Global Equity Strategy, Big Tech, Tech, Microsoft, Apple, Adobe, Investors Locations: Big Tech

☆ Volkswagen China chief asks China's premier Li for clarity on data transfers
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

BERLIN, June 27 (Reuters) - Volkswagen's (VOWG_p.DE) head of its business in China said on Tuesday that the carmaker needed clarity on cross-border data transfers in a meeting with the country's Premier Li Qiang, asking how China would cooperate with Europe amid rising political tensions. "As a globalized industry, the transformation of the automotive sector highly depends on international exchange of personnel, data and knowledge. We therefore need more clarity on cross-border data transfers," executive Ralf Brandstaetter said, according to a copy of the speech held at a World Economic Forum meeting in Tianjin. "What are the major considerations of China, and how China will cooperate with Europe in this regard?" SAIC Volkswagen Automotive Co joined in the price war in March, offering 3.7 billion yuan ($512.52 million) in cash subsidies for car purchases in China.

Persons: Li Qiang, Ralf Brandstaetter, Brandstaetter, Victoria Waldersee, Matthias Williams Organizations: Volkswagen, Qualcomm, Horizon Robotics, Tesla, SAIC Volkswagen Automotive Co, Thomson Locations: BERLIN, China, Europe, Tianjin, North America, Italian, Hefei

☆ A 20-year fund manager shares 8 mega-trend stocks he's betting will take market share — and the 5 he's shorting
▼ + stars: | 2023-06-23 | by ( Laila Maidan | ) www.businessinsider.com time to read: +8 min

Gary Black says the stock market will continue to trend higher with volatility this year. What the remainder of 2023 has in store for the stock market is anyone's guess at this point. But Gary Black, a 20-year fund manager, and the portfolio manager and managing partner at The Future Fund, has a more positive outlook. The next mega trend is big data and cyber security. mega trend losersOn the side of stocks being shorted, these are the companies that Black expects will lose market share due to these mega trends.

Persons: Gary Black, Phillip Wool, it's, Black, He's, cybertruck, Tesla, Elon Musk, Eli Lilly, Lilly, LULU, Armour Organizations: Federal, Federal Reserve, EV, Tesla, Company, Palo Alto Networks, Nvidia, Toyota, CNBC, Bloomberg, UA, MAX Holdings Locations: China's, overproducing

Powell is due to deliver his semiannual monetary policy testimony before the House Financial Services Committee at 10 a.m. Still, the benchmark S&P 500 (.SPX) has advanced 14.3% so far this year. It holds chances of a recession at 25%, and in that base case, it expects the S&P 500 to rise to 4,500 - about 2.5% higher than current levels. ET, Dow e-minis were down 17 points, or 0.05%, S&P 500 e-minis were down 1.25 points, or 0.03%, and Nasdaq 100 e-minis were down 12.5 points, or 0.08%. Reporting by Shubham Batra and Johann M Cherian in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Jerome, Powell, Peter Andersen, Goldman Sachs, Li Auto, Cleveland Fed's Loretta Mester, Shubham Batra, Johann M, Arun Koyyur Organizations: FedEx, China, Dow, Nasdaq, Federal, Financial, Fed, Andersen Capital Management, Tesla Inc, Dow e, Coinbase, Nio Inc, Xpeng, Thomson Locations: Texas, U.S, China, Chicago, Bengaluru

The total tax breaks will amount to 520 billion yuan, Vice Minister of Finance Xu Hongcai said at a press conference. The announcement follows a June 2 Cabinet meeting during which authorities said they would extend and optimise the tax exemption and study policies to promote NEV development. Analysts said the cap on the purchase tax exemption would help drive growth of cheaper models that are mainly produced by domestic firms rather than premium vehicles from foreign makers. NEV sales rose 10.5% in May from a month earlier, showed data from the China Passenger Car Association. The tax break was announced in 2014 and extended in 2017, 2020 and 2022.

Persons: Finance Xu Hongcai, Cui Dongshu, Li Auto, Warren, Berkshire Hathaway, Susan Zou, Qiaoyi Li, Liz Lee, Siyi Liu, Donny Kwok, Miyoung Kim, Christopher Cushing Organizations: China, Auto, Ministry of Finance, Finance, China Passenger Car Association, EV, HK, Reuters, Berkshire, Volkswagen, Analysts, Tesla, Rystad Energy, Thomson Locations: BEIJING, SHANGHAI, China, BYD, Beijing, Hong Kong

The total tax breaks will amount to 520 billion yuan, Vice Minister of Finance Xu Hongcai said at a press conference. The announcement follows a June 2 Cabinet meeting during which authorities said they would extend and optimise the tax exemption and study policies to promote NEV development. The tax break was announced in 2014 and extended in 2017, 2020 and 2022. NEV sales rose 10.5% in May from a month earlier, showed data from the China Passenger Car Association. They jumped 60.9% from a year earlier when COVID-19 curbs still roiled auto production and sales.

Persons: Finance Xu Hongcai, Cui Dongshu, Li Auto, Susan Zou, Qiaoyi Li, Liz Lee, Siyi Liu, Donny Kwok, Miyoung Kim, Christopher Cushing Organizations: China, Auto, Ministry of Finance, Finance, China Passenger Car Association, EV, HK, Reuters, Tesla, Rystad Energy, Thomson Locations: BEIJING, SHANGHAI, China, BYD, Beijing, Hong Kong

All S&P 500 sub-sectors fell, with the rate-sensitive real estate sector (.SPLRCR) leading the declines, with a 0.8% drop. In the previous session, Wall Street's main indexes fell as investors booked profits in the wake of a sustained market rally amid signs of weakening global demand. Still, the benchmark S&P 500 (.SPX) has advanced around 14% so far this year. If a U.S. recession becomes more likely, Goldman Sachs (GS.N) said investors should maintain upside exposure to equities by using options to hedge a potential 23% fall in the S&P 500 index (.SPX). It holds chances of a recession at 25%, and in that base case, it expects the S&P 500 to rise to 4,500 - about 2.5% higher than current levels.

Persons: Jerome Powell, Powell, Volcker, that's, Peter Cardillo, Goldman Sachs, Li Auto, advancers, Shubham Batra, Johann M Cherian, Ankika Biswas, Stephen Culp, Arun Koyyur Organizations: FedEx, China EV, Dow, Financial, U.S, Fed, Spartan Capital Securities, United Parcel Service, Dow Jones, Nasdaq, Nio Inc, Xpeng, Adobe, Capital Markets, NYSE, Thomson Locations: China, U.S, Bengaluru

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