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☆ Exclusive: Self-driving startup Plus splits US and China operations amid tensions
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +4 min

SHANGHAI, Oct 11 (Reuters) - Self-driving truck startup Plus has split its Chinese and U.S. operations and struck a deal in which a key shareholder, China's Full Truck Alliance (FTA) (YMM.N), will focus on the China unit, Plus said on Wednesday. Plus, which had headquarters in Suzhou, China, and California, separated its operations into two independent companies. FTA increased its stake in Zhijia Technology via a stock swap arrangement that reduced its ownership in Plus, the company said. Plus declined to comment on the size of FTA's shareholding in Zhijia Technology. The stake in Zhijia Technology will help the company's work to develop autonomous trucking fleets - a potentially lucrative market amid a truck driver shortage in China.

Persons: Uber, Zhang Yan, Roxanne Liu, Brenda Goh Organizations: Alliance, Reuters, U.S, Sequoia, GGV, Zhijia Technology, Technology, New York Stock Exchange, Thomson Locations: SHANGHAI, China, Beijing, U.S, Suzhou, California, Huochebang, United States

☆ Chinese EV startup WM Motor files for bankruptcy
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: 1 min

WM Motor's founder and CEO Freeman Shen and Vice President of Strategic Planning, Lobo Lu attend the WM Motor brand launch event in Shanghai, China, December 11, 2017. REUTERS/Aly Song/File photo Acquire Licensing RightsBEIJING, Oct 10 (Reuters) - Chinese electric vehicle (EV) startup WM Motor has filed for bankruptcy, according to the national enterprise bankruptcy information disclosure platform. A court in Shanghai is handling the bankruptcy case, according to the disclosure dated Monday. Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Freeman Shen, Lobo Lu, Aly, Qiaoyi Li, Zhang Yan, Brenda Goh, Shri Navaratnam Organizations: WM Motor's, Strategic, WM, REUTERS, Rights, Thomson Locations: Shanghai, China, Rights BEIJING

☆ Chinese EV maker Xpeng says vice president suspended for investigation related to corruption
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: 1 min

A woman walks past a showroom of Chinese electric vehicle (EV) maker XPeng in Beijing, China February 4, 2023. REUTERS/Florence Lo/File Photo Acquire Licensing RightsCompanies Xpeng Inc FollowBEIJING, Oct 10 (Reuters) - Chinese electric vehicle maker Xpeng (9868.HK) said its vice president Li Feng has been suspended for an investigation related to corruption, according to a company statement on Tuesday. "The incident affected a small area and did not affect business and production links," the statement said. Xpeng has been strengthening supply chain management this year and some supply chain staff have been investigated, the statement added. Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Li Feng, Li, Xpeng, Qiaoyi Li, Zhang Yan, Brenda Goh, Andrew Heavens Organizations: REUTERS, Inc, BEIJING, HK, Media, Thomson Locations: XPeng, Beijing, China

☆ 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

☆ Tesla's China-made EV sales volume falls 10.9% year-on-year in September
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +2 min

Tesla sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. Sales of China-made Model 3 and Model Y cars were down 12.0% from a month earlier. The U.S. automaker, which ships more China-made cars for exports at the beginning of each quarter while focusing on domestic deliveries at the end, almost doubled its China EV share from July to August. Tesla, the largest exporter of China-made EVs, is also facing a probe by the European Commission into subsidies for battery-powered cars from China, along with Renault and other Chinese automakers. Tesla's deliveries of China-made vehicles hit a record 247,217 in the second quarter.

Persons: Aly, Tesla, BYD, Xpeng, Zhang Yan, Qiaoyi Li, Roxanne Liu, Brenda Goh, Toby Chopra Organizations: Artificial Intelligence, REUTERS, Rights, U.S, China Passenger Car Association, of, China EV, HK, European, Renault, Thomson Locations: Shanghai, China, Rights BEIJING, SHANGHAI, of China

☆ Tesla signs lease to open vast sales and service centre in Shanghai industrial park
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: +1 min

A Tesla logo is seen at a groundbreaking ceremony of Tesla Shanghai Gigafactory in Shanghai, China January 7, 2019. REUTERS/Aly Song/File Photo Acquire Licensing RightsSHANGHAI, Oct 7 (Reuters) - Tesla (TSLA.O) has signed a leasing contract with Shanghai Waigaoqiao Free Trade Zone Group (600648.SS) to open a massive sales and service centre in an industrial park in the city, its biggest one in China, the government-owned company said. The company, the world's biggest electric car manufacturer, has nearly 300 stores across China. Reuters reported last year that it was considering closing some showrooms in flashy malls in cities like Beijing. Reporting by Zhang Yan and Brenda Goh; editing by Clelia OzielOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Aly, Elon Musk's, Zhang Yan, Brenda Goh, Clelia Organizations: Tesla Shanghai, REUTERS, Rights, Shanghai Waigaoqiao, Trade Zone Group, Reuters, Thomson Locations: Shanghai, China, Xin Park, Shanghai's Pudong, Beijing

☆ China forex reserves fall to $3.115 trln in September
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Athit Perawongmetha/File Photo Acquire Licensing RightsSHANGHAI, Oct 7 (Reuters) - China's foreign exchange reserves fell more than expected in September, official data showed on Saturday, as the U.S. dollar rose against other major currencies. China's reserves - the world's largest - fell $45 billion to $3.115 trillion last month, compared with $3.13 trillion tipped by analysts in a Reuters poll, from $3.16 trillion in August. The yuan fell 0.5% against the dollar in September, while the dollar rose 0.2% against a basket of other major currencies over the month . The value of China's gold reserves fell to $131.79 billion at the end of September from $135.22 billion at the end of August. Reporting by Albee Zhang and Zhang Yan and Kevin Yao; editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: China’s renminbi, Athit, Albee Zhang, Zhang Yan, Kevin Yao, Robert Birsel Organizations: REUTERS, Rights, U.S, Thomson Locations: U.S, Bangkok, Thailand, China

☆ Exclusive: China's Nio explores investment, tech alliances with Mercedes - sources
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +5 min

Nio, when contacted, denied it talked to Mercedes on a collaboration, calling it "untrue", without elaborating. Mercedes said in a separate response that there were no collaboration plans with Nio at the moment. Chinese EV companies may also be able to navigate potential trade barriers better by forging such tie-ups. Nio, whose investors include Chinese tech giant Tencent Holdings (0700.HK), has publicly called for more such tie-ups with established automakers. ($1 = 7.3127 Chinese yuan renminbi)Reporting by Zhang Yan and Brenda Goh; Additional reporting by Ilona Wissenbach in Frankfurt; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: William Li, Ola Kaellenius, Nio, Mercedes, Leapmotor, Elon Musk, Tesla, Nio's Li, Zhang Yan, Brenda Goh, Ilona Wissenbach, Muralikumar Organizations: HK, Mercedes, Benz, Nio, EV, Volkswagen, SAIC, Audi, VW's, Tencent Holdings, Thomson Locations: SHANGHAI, China, Tesla, Frankfurt

☆ Newly discovered pangolin species could aid in fight against extinction
▼ + stars: | 2023-09-27 | by ( Faye Chiu | Jenna Schnuer | ) edition.cnn.com time to read: +4 min

There are eight previously known species of pangolin — four found in Asia and four in Africa. Genomics can help protect threatened speciesThe scales’ form initially suggested they belonged to one of four species of pangolin found in Asia. But DNA analysis showed that their “genomic data provide robust and compelling evidence that it is a new pangolin species distinct from those previously recognized,” Hu said. An analysis of contraband pangolin scales revealed genetic markers not seen in known species, researchers said. “We also expect to find other pangolin species,” Hu said.

Persons: CNN —, —, ”, Jing, Yan Hu, pangolin, ” Hu, Aryn Wilder, Wilder, Manis mysteria, Feng Yang One, ” Wilder, “, Hu Organizations: CNN, State Key Laboratory for Conservation, Yunnan University, San Diego Zoo Wildlife Alliance Locations: Asia, Africa, Hong Kong, Yunnan

☆ Tesla working on 'gigacasting' tech to mould underbody in one piece -report
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

A staff member attends to customers inside a Tesla Model Y car at a showroom of the U.S. electric vehicle (EV) maker in Beijing, China February 4, 2023. The state-owned Chinese newspaper, which based its report after a recent visit to Tesla's Shanghai factory, did not say when and where the upgrade will happen. Reuters reported this month that Tesla was closing in on an innovation that would allow it to die cast nearly all of the underbody of an electric vehicle in one piece. Tesla has pioneered the use of huge presses with 6,000 to 9,000 tons of clamping pressure to mould the front and rear structures of its Model Y in its "gigacasting" process that has slashed production costs. Reporting by Zhang Yan, Albee Zhang and Bernard Orr; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Tesla, Zhang Yan, Albee Zhang, Bernard Orr, Edwina Gibbs Organizations: Tesla, U.S, REUTERS, Rights, Shanghai Securities, Reuters, HK, Zeekr, Shanghai Securities News, Thomson Locations: Beijing, China, Rights BEIJING, Shanghai

JSW held talks with senior LGES executives in Korea earlier this month, proposing a partnership to manufacture battery cells in India for EVs and energy storage, one of the people with direct knowledge of the discussions said. "Due diligence wise JSW is talking to a lot of people because it needs an ecosystem for an EV. JSW's billionaire chairman Sajjan Jindal has publicly aired his desire to build EVs and its talks to buy a stake in China's MG Motor (600104.SS). Toshiba said it is not able to confirm "at this point" if it is in talks with JSW for a partnership to build battery cells. Tesla is also eyeing India and is in talks with the government to build EVs and batteries there.

Persons: Danish Siddiqui, JSW, LGES, China's CATL, Sajjan Jindal, CATL, Narendra Modi's, JSW's, Ola, Aditi Shah, Neha Arora, Heekyong Yang, Daniel Leussink, Miho Uranaka, Zhang Yan, Alexander Smith Organizations: REUTERS, Danish, Korea's LG Energy, Panasonic, Toshiba, JSW's, Tesla, General Motors, China's, HK, Reuters, JSW, Tata Motors, TVS, Thomson Locations: Mumbai, India, DELHI, Korea, Korean, India's, New Delhi, Seoul, Tokyo, Shanghai

"Due diligence wise JSW is talking to a lot of people because it needs an ecosystem for an EV. JSW's billionaire chairman Sajjan Jindal has publicly aired his desire to build EVs and its talks to buy a stake in China's MG Motor (600104.SS). Toshiba said it is not able to confirm "at this point" if it is in talks with JSW for a partnership to build battery cells. All three sources declined to be identified as the talks are still ongoing and a final decision has not been made. Tesla is also eyeing India and is in talks with the government to build EVs and batteries there.

☆ China's Nio calls for 'open attitude' amid EU subsidy probe
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

Chinese Nio electric car is seen at Nio's first European plant and power swap station in Biatorbagy, Hungary, September 16, 2022. "We hope that the market environment can be simpler, let the market be the market. The European Commission said China's share of EVs sold in Europe has risen to 8% and could reach 15% by 2025. Its gross margin was 1% in the second quarter, versus 13% in the same quarter last year. Reporting by Zhang Yan and Brenda Goh Editing by Bernadette Baum and Philippa FletcherOur Standards: The Thomson Reuters Trust Principles.

Persons: Bernadett Szabo, William Li, Qin Lihong, EVs, Ursula von der Leyen, Li, Tesla, Nio, Zhang Yan, Brenda Goh, Bernadette Baum, Philippa Fletcher Organizations: REUTERS, Rights, HK, European Commission, Chamber of Commerce, Thomson Locations: Biatorbagy, Hungary, Europe, China

☆ Chinese EV maker Nio launches first mobile phone
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

A logo of the electric vehicle maker NIO is seen at its store in Beijing, China August 20, 2020. REUTERS/Tingshu Wang Acquire Licensing RightsSHANGHAI, Sept 21 (Reuters) - Chinese electric vehicle maker Nio Inc (9866.HK) launched its first mobile phone on Thursday, in hopes that better software and connectivity will boost the appeal of its EV cars amid a fierce price war in China. Chief Executive William Li, a big driver of the project, unveiled the Nio Phone in the commercial capital of Shanghai, highlighting features such as the ability to control multiple cars with one device, or to unlock a car even when switched off. 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. Reporting by Zhang Yan and Brenda Goh; Editing by Himani Sarkar and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, William Li, Nio, Zhang Yan, Brenda Goh, Himani Sarkar, Clarence Fernandez Organizations: REUTERS, Rights, Nio, HK, CYVN Holdings, Thomson Locations: Beijing, China, Shanghai

A parking bay reserved for electric car charging can be seen on display in London, Britain, October 19, 2018. REUTERS/Simon Dawson/File photo Acquire Licensing RightsSINGAPORE, Sept 18 (Reuters) - Fully electric refrigerated trucks for delivering food and pharmaceuticals are expected to give a Singapore-based startup the edge to crack into the crowded Chinese electric vehicle (EV) market. A viable cold storage electric vehicle could be a lucrative niche for Singauto inside the Chinese EV market, the world's largest. The constraint has slowed the adoption of pure electric trucks by cold-chain fleet operators, though automakers including Geely (GEELY.UL) and Toyota (7203.T) offer hybrid models and hydrogen-powered trucks as alternatives. Liu said Singauto can turn profitable with sales of 30,000 trucks, in part because it has outsourced the design, engineering and manufacturing of the vehicle.

Persons: Simon Dawson, Liu Yuqiang, Liu, China's CATL, Wang Xun, ” Wang, We're, Chen Aizhu, Kevin Krolicki, Zhang Yan, Miyoung Kim Organizations: REUTERS, Rights, Singauto Technology, Reuters, EV, Toyota, Shanghai, Automotive Technology, Cynergy Global Investment, Thomson Locations: London, Britain, Rights SINGAPORE, Singapore, Beijing, Qingdao, Southeast Asia, China, U.S, Asia

☆ China EV adviser sees tech tie-ups resolving EU trade conflicts
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

Robotic arms assemble cars in the production line for Leapmotor's electric vehicles at a factory in Jinhua, Zhejiang province, China, April 26, 2023. Meanwhile, European automakers can also leverage China's EV technologies to accelerate their transition to electrification, he added. Chinese EV maker Xpeng (9868.HK) in July struck a deal with Volkswagen (VOWG_p.DE) to jointly build two new models based on Xpeng's EV platform in China. Others, like LeapMotor (9863.HK) are also seeking to license its EV technologies to foreign partners. Chinese battery maker CATL (300750.SZ) has been ramping up its German plant and is building another site in Hungary.

Persons: Dong Yang, EVs, Ursula von der Leyen, Zhang Yan, Brenda Goh, David Evans Organizations: REUTERS, Rights, European Commission, EV, China's Ministry of Machinery, BAIC Group, Gang, Munich IAA, European, Xpeng, HK, Volkswagen, Thomson Locations: Jinhua, Zhejiang province, China, Europe, Munich, Hungary

REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING/SHANGHAI, Sept 8 (Reuters) - China's passenger vehicle sales returned to growth in August year-on-year, as deeper discounts and tax breaks for environmentally friendly and electric vehicles boosted consumer sentiment even as economic growth remains weak. Buoyed by hefty discounts, Tesla's share of China's electric vehicle (EV) market almost doubled in August to 13.2 percent from 7.5 percent in July, according to Reuters calculations based on the CPCA data. Tesla (TSLA.O) sold 64,694 cars in China in August, the data showed, while deliveries of its China-made Model Y hit 65,316 last month, topping the CPCA passenger vehicle model sales. Sales of new energy vehicles (NEVs), which have underpinned China's auto sales growth, were up 34.5% in August, accounting for 36.9% of total car sales. However, the company introduced its restyled Model 3 a starting price 12% higher than the previous, base rear-wheel drive model.

Persons: Aly, General Cui Dongshu, Tesla, Warren Buffett, Xpeng, Qiaoyi Li, Zhang Yan, Brenda Goh, Kim Coghill, Miral Organizations: Auto, REUTERS, Rights, China Passenger Car Association, Reuters, Reuters Graphics, U.S, EV, Monday, IAA Mobility, HK, Thomson Locations: Auto Shanghai, Shanghai, China, Rights BEIJING, SHANGHAI, Europe, Munich

☆ In U.S.-China AI contest, the race is on to deploy killer robots
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +26 min

In this high-tech contest, seizing the upper hand across fields including AI and autonomous weapons, like Ghost Shark, could determine who comes out on top. This could become critical if the United States intervened against an assault by Beijing on Taiwan. Cheap and expendableThe AI military sector is dominated by software, an industry where change comes fast. Still, the available disclosures of spending on AI military research do show that outlays on AI and machine learning grew sharply in the decade from 2010. The Costa-Mesa, California-based company now employs more than 1,800 staff in the United States, the United Kingdom and Australia.

Persons: America’s, Shane Arnott, Anduril, ” Arnott, Arnott, ”, “, Mick Ryan, Eric Schmidt, hasn’t, Lloyd Austin, –, Stuart Russell, Russell, Kathleen Hicks, “ We’ll, Palmer Luckey, Luckey, ” Arnott didn’t, Biden, Tsai Ing, Frank Kendall, Datenna, Martijn Rasser, Feng Yanghe, Feng, Palmer, ” Anduril, Arnott wouldn’t, David Lague, Edgar Su, Catherine Tai, Peter Hirschberg Organizations: Australian Navy, Ghost Sharks, Sharks, Reuters, Defense, Australian, Chinese Communist Party, Beijing, People’s Liberation Army, PLA, Department of Defense, Pentagon, Australia’s Department of Defence, Australian Defence Force, Technologists, University of California, U.S ., U.S, Teledyne FLIR, Facebook, VR, Military, . Air Force, FH, U.S . Central Intelligence Agency, Department, Statistics, Harvard University, Biden Administration, Special, Command, Ministry of Defense, Veteran Locations: China, Australia, United States, Sydney, Britain, Japan, Singapore, South Korea, Europe, Asia, Ukraine, ”, America, U.S, Taiwan, East Asia, Beijing, Russian, Berkeley, Fort Campbell , Tennessee, Kenya, “, Russia, Colorado, Zhuhai, Netherlands, Costa, Mesa , California, United Kingdom, Virginia, Canberra, Washington

☆ China's Xpeng says German carmakers ready to tackle crisis as EV race hots up
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Angelika Warmuth/File Photo Acquire Licensing RightsMUNICH, Sept 6 (Reuters) - German carmakers are ready to tackle their worst crisis, an executive at Chinese EV maker Xpeng said on Wednesday, as China's carmakers expand overseas, putting pressure on Europe in the race to electrify. Globally, China leads EV sales, the latest data from tech industry researcher Counterpoint shows. The U.S. has the fastest growing EV sales with Germany in third place. "The Chinese companies are flooding into overseas markets like mushrooms, deepening their sense of crisis," Gu said. German Chancellor Olaf Scholz said EV competition from abroad should be a spur, not a worry for German carmakers.

Persons: Olaf Scholz, Hildegard Mueller, Markus Soeder, Angelika Warmuth, Xpeng, Brian Gu, Gu, Jia Jianxu, Zheng, Zhang Yan, Victoria Waldersee, Josephine Mason, Elaine Hardcastle Organizations: German Association of, Automotive, REUTERS, Rights, HK, IAA, EV, Germany, Reuters, Volkswagen, SAIC, Xuanyuan Academy, Germany's IAA, New Energy Vehicle Congress, Gang, Thomson Locations: Bavarian, Munich, Germany, Europe, Xpeng, China, U.S, Britain, France

☆ China's 'father of EVs' urges cooperation on EV scaleup
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

Chinese Minister of Science and Technology Wan Gang attends the International Forum on Electric Vehicle Pilot Cities and Industrial Development in Beijing, China June 6, 2017. REUTERS/Thomas Peter/File Photo Acquire Licensing RightsMUNICH, Sept 6 (Reuters) - China's industrial policy adviser and "father of EVs" Wan Gang said efficient batteries, better EV architectures and intelligent driving systems were key to scaling up EVs, calling for international collaboration on research and standards. Speaking at China's World New Energy Vehicle Congress taking place in Munich, Wan, a former science minister widely regarded as a key promoter of EVs in China, said hybrid and fuel cell vehicles powered by hydrogen were an essential part of the transition to low-carbon mobility. "We need to promote the whole supply chain of low-carbon development," he added. Reporting by Zhang Yan, Victoria Waldersee; Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Peter, Zhang Yan, Victoria Waldersee, Friederike Heine Our Organizations: of Science, Technology Wan Gang, Electric Vehicle, Industrial Development, REUTERS, Rights, Gang, New Energy Vehicle Congress, Thomson Locations: Beijing, China, Munich, Wan

☆ CATL Chairman: we need partnerships to address disparities in EV growth
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: 1 min

MUNICH, Sept 6 (Reuters) - Chinese battery giant CATL's (300750.SZ) chairman Robin Zeng called for global partners to accelerate electric vehicle development at a Chinese EV forum at the Munich auto show IAA Mobility on Wednesday. Zeng said in a speech addressing an audience including heads of major German suppliers that there was a growing disparity in EV adoption across different regions worldwide due to differences in policies, industrial foundations and technology development. He pointed to higher proportions of electric vehicles among total car sales in China and Europe, with the United States, South East Asia, and Australia lagging behind. Reporting by Zhang Yan, Victoria Waldersee; Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Robin Zeng, Zeng, Zhang Yan, Victoria Waldersee, Friederike Heine Our Organizations: Thomson Locations: MUNICH, Munich, China, Europe, United States, South East Asia, Australia

☆ China's Xpeng says German carmakers ready to tackle crisis in EV race
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +4 min

Globally, China leads EV sales, the latest data from tech industry researcher Counterpoint shows. The U.S. has the fastest growing EV sales with Germany in third place. Chinese companies including Xpeng, BYD and Leapmotor (9863.HK) are seeking the higher margins and faster growth overseas markets can offer, which means they are challenging European companies on their home turf with cheaper models. "The Chinese companies are flooding into overseas markets like mushrooms, deepening their sense of crisis," Gu said. German Chancellor Olaf Scholz said EV competition from abroad should be a spur, not a worry for German carmakers.

Persons: Olaf Scholz, Hildegard Mueller, Markus Soeder, Angelika Warmuth, Xpeng, China's carmakers, Brian Gu, Gu, Mueller, ” Gu, “, ”, Jia Jianxu, Zheng, Zhang Yan, Victoria Waldersee, Josephine Mason, Elaine Hardcastle Organizations: German Association of, Automotive, REUTERS, Rights, HK, IAA, Automotive Industry, EV, Germany, Reuters, Volkswagen, SAIC, Xuanyuan Academy, Germany's IAA, New Energy Vehicle Congress, Gang, Thomson Locations: Bavarian, Munich, Germany, Europe, China, U.S, Britain, France

☆ China's Leapmotor looks to sell EV tech as it targets export growth
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +3 min

"For us, to survive, we have to achieve at least 500,000 to 1 million units of annual sales globally. The top 10 automakers in the world all have annual sales of more than 4 million units. Leapmotor had sales of almost 111,000 EVs in China in 2022, up from just over 44,000 in 2021. With European automakers scrambling to take a larger share of an EV boom in China that has largely left them behind, several have been looking at or licensing EV technology developed in China. Reporting by Zhang Yan in Munich, writing by Kevin Krolicki; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Zhu Jiangming, Leonhard Simon, Leapmotor, ” Zhu, Xpeng, Zhu, Zhang Yan, Kevin Krolicki, Hugh Lawson Organizations: REUTERS, Rights, HK, Reuters, Volkswagen, Toyota, Audi, SAIC Motor Corp, VW, Thomson Locations: Munich, Germany, China, Europe, Australia, New Zealand

☆ China's auto workers bear the brunt of price war as fallout widens
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +9 min

Millions of auto workers and suppliers in China are feeling the heat as an electric vehicle price war forces carmakers to shave costs anywhere they can. State-run China Automotive News estimates there are over 100,000 auto suppliers in the country. Suppliers typically negotiate prices once a year, but many have been pressed to lower prices on a quarterly basis in 2023, two senior executives at auto suppliers said. And in June, a group of small suppliers wrote to state-owned Changan Automobile to push back against 10% price reductions. Three months later, he told Reuters that price cuts had been more aggressive in 2023 than in previous years.

Persons: Aly, Mike Chen, Chen, carmakers, Tesla, George Magnus, Elon Musk, Mike Chen's, Li Auto, Liu, Changan Automobile's, Chen Yudong, They've, Zhang Yan, Brenda Goh, Kripa Jayaram, Marius Zaharia, David Clarke Organizations: SAIC Volkswagen, REUTERS, Rights, Shanghai, SAIC, Volkswagen, VW, Oxford University's China, China Passenger Car Association, Tesla, GM, HK, Changan Automobile, Mitsubishi Motors, Toyota, Hyundai, China Automotive, Automobile, EV, Reuters, Thomson Locations: Shanghai, China, China's, Beijing, Shenzhen, Hefei, Chongqing, Chery's, Qingdao

☆ Xpeng says it plans to expand into more European markets next year
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

People visit at the XPeng Motors booth at the Auto Shanghai show, in Shanghai, China, April 19, 2023. REUTERS/Aly Song/File photo Acquire Licensing RightsMUNICH, Sept 4 (Reuters) - Chinese electric vehicle maker Xpeng (9868.HK) plans to expand into more European markets, including Germany, Britain and France in 2024, president Brian Gu told reporters on Monday at the IAA Mobility motor show in Munich. China's EV makers are seeking to expand in the region, aiming for higher margins and faster growth in overseas markets and challenging European companies on their home turf with cheaper models. Chinese EV makers are also struggling with a bruising price war at home that has squeezed their profitability and capped growth. While their EV sales picked up rapidly in South East Asia and South America, the European market has remained difficult for Chinese auto brands.

Persons: Aly, Brian Gu, Gu, ”, Zhang Yan, Victoria Waldersee, Josephine Mason, Jason Neely Organizations: Auto, REUTERS, Rights, HK, IAA Mobility, China's, EV, Thomson Locations: Auto Shanghai, Shanghai, China, Germany, Britain, France, Munich, Israel, Netherlands, Norway, South East Asia, South America, Europe

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