DIRS.INFO The most relevant business & tech news

☆ BYD set to be China's top-selling car brand for Nov, Tesla gains -data
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Toya Sarno Jordan/File PhotoSHANGHAI, Nov 30 (Reuters) - BYD was the top-selling car brand in China in the first four weeks of November, brokerage data showed, outperforming the Volkswagen brand in a reversal that highlights the pressure on legacy brands in the world's largest auto market. Tesla's (TSLA.O) retail sales in China also nearly doubled in November, from a year earlier, after the U.S. automaker cut prices and offered incentives on its Model 3 and Model Y, the data from China Merchants Bank International (CMBI) showed. Retail sales for BYD totaled 152,863 vehicles from Nov. 1 to Nov. 27, logging a nearly 83% increase in average daily sales compared to the same period a year earlier, according to the data. BYD's tally was higher than Volkswagen's retail sales of 143,602 retail sales and Toyota Motor Corp's (7203.T) 115,272, which were 0.3% and 0.5% lower, respectively, on the year. However, the Volkswagen AG group still outsold BYD, when the 36,847 units sold under the Audi brand are included.

☆ Futures rise as focus turns to Powell speech
▼ + stars: | 2022-11-30 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

"Fed Chair Powell is speaking, but past comments have done little other than chant 'hike, hike, hike'," said Paul Donovan, chief economist, UBS Global Wealth Management. "Powell has yet to explain the mechanism by which hiking rates is supposed to reduce inflation (which matters to analyzing when rates might peak) ... today's speech should signal a slowing of rate hikes." Hopes that the Fed will now hike rates in smaller increments and recent data pointing to a mild cooling in prices have positioned the benchmark S&P 500 index (.SPX) for its second straight month of gains. Traders see the Fed increasing rates by 50 basis points in December, with the rates peaking in June 2023. Reporting by Shreyashi Sanyal & Devik Jain; Additional reporting by Shubham Batra; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Dow falls ahead of Powell speech; Tesla shares boost Nasdaq
▼ + stars: | 2022-11-30 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +4 min

The Dow Jones Industrial Average (.DJI) has gained 17.5% in the last two months, while the Nasdaq index (.IXIC) has added 4.2%. Traders expect the Fed to increase rates by 50 basis points in December, with the rates peaking in June 2023. China Merchants Bank International said Tesla's sales in China in November were boosted by price cuts and incentives offered on its Model 3 and Model Y. So I don't really make much out of that, I'd like to see what Powell has to say," Saluzzi added. The S&P index recorded two new 52-week highs and no new low, while the Nasdaq recorded 35 new highs and 74 new lows.

☆ Mercedes-Benz cuts price of some electric models in China
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

BEIJING/FRANKFURT, Nov 16 (Reuters) - Mercedes-Benz said it had cut prices on some of its EQE and EQS models in China from Wednesday, citing changing market demand for top-end electric vehicles. Foreign carmakers are struggling to break into China's electric vehicle market, with only Tesla (TSLA.O) achieving higher sales figures. "The Top-End electric vehicle segment in China is still evolving ... Mercedes-Benz is repositioning certain EQ models in China," a spokesperson said. Mercedes-Benz sold 11,327 electric cars in China from January to August, according to the China Passenger Car Association, compared with Tesla, which sold almost 400,000, and China's BYD (002594.SZ), which sold nearly a million. Industry-wide sales are expected to slow into 2023, according to China Merchants Bank International, with some analysts expecting a price war.

☆ Tesla cuts delivery waiting time for all model 3, model Y cars
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 15 (Reuters) - Tesla (TSLA.O) has cut the delivery waiting time for all Model 3 and Model Y vehicles to a minimum of one week, it said on its website on Tuesday. The U.S. automaker added to its electric vehicle inventory in Shanghai at its fastest pace ever in October, data from China Merchants Bank International (CMBI) showed, at a time when automakers and investors are bracing for a downturn in the world’s largest car market. read moreTesla had cut prices for its Model 3 and Model Y cars in China last month to boost sales. Last week, the company offered an additional rebate for buyers who take delivery this month and buy insurance from one of Tesla's partners. read moreReporting by Zhang Yan, Twinnie Siu and Ella Cao, Editing by Louise Heavens and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Musk says his companies will remain well positioned in 2023
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

Nov 11 (Reuters) - Elon Musk, who heads five companies including Tesla Inc (TSLA.O) and Twitter Inc, said in a tweet on Friday that his companies will be well positioned in 2023 despite the possibility of a tough economy. Twitter currently has $13 billion in debt and faces interest payments totaling close to $1.2 billion in the next 12 months. Meanwhile, electric carmaker Tesla added to its inventory in Shanghai, China, at its fastest pace ever in October. Musk told analysts last month that demand was strong in the quarter and he expected Tesla to be "recession-resilient". Musk is also the CEO of satellite internet company SpaceX, brain-chip startup Neuralink and tunneling enterprise The Boring Company.

☆ Tesla Shanghai adds to inventory at highest rate ever in October - brokerage data
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +3 min

That was the biggest gap between production and sales since Tesla opened its Shanghai Gigfactory in late 2019, CMBI data showed. Reuters GraphicsWhile Tesla's inventory numbers remain low relative to established automakers, building inventory has been a down-cycle indicator for the industry, forcing markdowns in past recessions of the kind Tesla has not yet faced. Tesla Chief Executive Elon Musk said last month China, Tesla’s second largest market, was in a “recession of sorts". Tesla cut prices for its Model 3 and Model Y cars in China last month to boost sales. Unlike traditional automakers, Tesla distributes through its own stores, rather than dealers, and so is left to hold and finance any inventory that has not been delivered to buyers.

☆ Tesla cuts China prices by up to 9% as analysts warn of 'price war'
▼ + stars: | 2022-10-24 | by ( Reuters Staff | ) www.reuters.com time to read: +3 min

FILE PHOTO: Visitors wearing face masks check a China-made Tesla Model Y sport utility vehicle (SUV) at the electric vehicle maker's showroom in Beijing, China January 5, 2021. REUTERS/Tingshu Wang/File PhotoThe price cuts, posted in listings on the electric vehicle (EV) giant’s China website on Monday, are the first by Tesla in China in 2022, and come after Tesla began offering limited incentives to buyers who opted for its insurance last month. The price cuts also follows Tesla Chief Executive Elon Musk’s comment last week that “a recession of sorts” was under way in China and Europe, and Tesla said it would miss its vehicle delivery target this year. China Merchants Bank International (CMBI) said Tesla’s price cuts underlined the growing competitive risk for EV makers in China, with industry-wide sales projected to slow into 2023. “The price cuts underscore the possible price war which we have been emphasising since August,” said Shi Ji, an analyst with CMBI.

☆ Tesla slashes China prices by up to 9% as analysts warn of 'price war'
▼ + stars: | 2022-10-24 | by ( Reuters Staff | ) www.reuters.com time to read: +4 min

FILE PHOTO: Visitors wearing face masks check a China-made Tesla Model Y sport utility vehicle (SUV) at the electric vehicle maker's showroom in Beijing, China January 5, 2021. China Merchants Bank International (CMBI) said Tesla’s price cuts underlined the growing competitive risk for EV makers in China, with industry-wide sales projected to slow into 2023. “The price cuts underscore the possible price war which we have been emphasising since August,” said Shi Ji, an analyst with CMBI. Analysts are warning of a growing car inventory glut for autos in China, where auto sales growth slowed in September while EV sales rose at their slowest pace in five months. But Tesla has also regularly adjusted prices of its cars in China, including reductions, reflecting government subsidies.

☆ Tesla shares fall further as it cuts price on cars in China
▼ + stars: | 2022-10-24 | by ( ) edition.cnn.com time to read: +3 min

The price cuts, posted in listings on the electric vehicle giant’s China website on Monday, are the first by Tesla in China in 2022, and come after Tesla began offering limited incentives to buyers who opted for Tesla’s insurance last month. Shares of Tesla (TSLA) fell nearly 4% in US premarket trading on the report about lower prices for its cars in China. The price cuts come after Tesla CEO Elon Musk said last week that “a recession of sorts” was under way in China and Europe and Tesla said it would miss its vehicle delivery target this year. “The price cuts underscore the possible price war which we have been emphasizing since August,” said Shi Ji, an analyst with CMBI. But Tesla has also regularly adjusted prices of its cars in China, including reductions, reflecting government subsidies.

HONG KONG, Oct 20 (Reuters Breakingviews) - Automakers are hitting China’s growth limit. The industry achieved four consecutive months of double-digit growth in September when deliveries reached 2.3 million, 33% higher than a year earlier, per the China Association of Auto Manufacturers. Register now for FREE unlimited access to Reuters.com RegisterAs incentives expire, cars could follow a similar route to China’s commercial vehicles. Truck tales: A boom in China's sales of commercial vehicles proved to be short-livedBattery powered: China's strong EV sales mask slower deliveries of traditional motorsFollow @KatrinaHamlin on Twitter(The author is a Reuters Breakingviews columnist. CONTEXT NEWSChina's passenger car retail sales rose 33.2% in September from a year earlier to 2.3 million, according to data released by the China Association of Auto Manufacturers on Oct. 11.

☆ China auto market faces slowdown as inventory builds - CMBI
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

Automakers had delivered 1 million vehicles to dealers in China over the first nine months of this year, a record volume for the world's largest auto market, analysts at China Merchants Bank International (CMBI) said. Register now for FREE unlimited access to Reuters.com RegisterThe China Association of Automobile Manufactures reports overall vehicle sales. CMBI analysts used insurance registration data to track retail sales separate from wholesale deliveries to dealers. The diverging trend in deliveries to dealers and retail sales "makes us very concerned about automakers' wholesale volume in 2023," the CMBI report said. "We expect China's wholesale volume to fall in 2023, with more significant decline for internal-combustion engine (ICE) vehicles than this year."

☆ China auto sales growth slows in Sept as signs of softening demand emerge
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +3 min

China's overall auto sales growth also slowed compared to the previous two months, growing 25.7% in September to 2.61 million vehicles. The market is overall relatively weak," said Cui Dongshu, secretary general of the China Passenger Car Association (CPCA). CPCA, which focuses on retail sales of cars, said earlier on Tuesday that China's passenger car sales in September rose 21.2% from a year earlier to 1.95 million. CAAM, which tracks broader auto sales including passenger vehicles, buses and trucks, has said it hopes the government will extend those incentives next year. In September, China's vehicle exports increased 73.9% from a year ago, CAAM said and EVs accounted for one-sixth of them.

☆ Exclusive: Tesla to keep output at upgraded Shanghai plant below maximum -sources
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +3 min

Since the plant opened in its second largest market in late 2019, Tesla has sought to run the facility in China's commercial hub at full capacity, and recently upgraded its weekly output by 30%, to a maximum of 22,000 vehicles. Register now for FREE unlimited access to Reuters.com RegisterTesla did not immediately respond to a request for comment on Tuesday. The upgraded factory can produce 14,000 Model Ys and 8,000 Model 3s, the sources added. Now Tesla plans to turn out 20,500 units a week for the rest of the year, for a total of 13,000 Model Ys and 7,500 Model 3s, the sources said. Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020.

☆ EXCLUSIVE Tesla to keep output at upgraded Shanghai plant below maximum -sources
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. Since the plant opened in its second largest market in late 2019, Tesla has sought to run the facility in China's commercial hub at full capacity, and recently upgraded its weekly output by 30%, to a maximum of 22,000 vehicles. The upgraded factory can produce 14,000 Model Ys and 8,000 Model 3s, the sources added. Tesla has sought to keep it running at full capacity, except during the upgrade and a city-wide COVID-19 lockdown for two months this year. Now Tesla plans to turn out 20,500 units a week for the rest of the year, for a total of 13,000 Model Ys and 7,500 Model 3s, the sources said.

Search resuls for: "China Merchants Bank International"

15 mentions found