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Brussels/London CNN —The European Union is launching an investigation into China’s state support for makers of electric vehicles as soaring imports of their cars stoke fears for the future of European auto manufacturers. “So I can announce today that the commission is launching an anti-subsidy investigation into electric vehicles coming from China.”Europe levies a duty of 10% on cars imported from China. That compares with duty of 27.5% in the United States, and China’s manufacturers have taken advantage to carve out a significant and rapidly growing foothold in the European market. And in the last five years, EU imports of Chinese cars have quadrupled. The European Commission investigation could lead to the imposition of tariffs on Chinese EV imports, and von der Leyen’s announcement rattled the stocks of China’s biggest EV companies listed in Hong Kong.

Persons: Ursula von der Leyen, “, ” von der Leyen, von der, Warren Buffett, Nio, Li Yunfei, Oliver Zipse, Luca de Meo, ”, Sigrid de Vries, Laura Organizations: London CNN, China Passenger Car Association, UBS, The, EV, European Automobile Manufacturers ’ Association, Senior, EU, Jato Dynamics, BMW, Renault, European Locations: Brussels, London, Europe, China, United States, Hong Kong

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

☆ IAA Mobility: China's automakers take the world by storm with EV push
▼ + stars: | 2023-09-07 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Leonhard Simon/Getty ImagesEven before the show kicked off, Renault chief executive Luca de Meo was on French radio talking up the rapid advances made by Chinese EV makers. Competitors worry that Chinese brands may eventually dominate the global EV market. In Europe, the top destination for China’s car exports, sales of Chinese EVs are booming. Supply chain advantageA major factor contributing to the lower cost of Chinese EVs is the country’s dominance of the EV battery supply chain. However, geopolitical tensions could complicate Chinese EV firms’ global push.

Persons: Leonhard Simon, Luca de Meo, ” de Meo, ” “, ”, Dylan Khoo, Li Yunfei, Oliver Zipse, Khoo, It’s, — Hanna Ziady, Olesya Dmitracova Organizations: Hong Kong CNN, Visitors, Renault, Chinese EV, RTL Radio, China Association of Automobile Manufacturers, China Passenger Car Association, Union, UBS, Europe Auto, EV, New, Research, Deloitte, BMW, ABI Research, Jato Dynamics, “, China’s SAIC, MG, IAA, SNE Research Locations: China, Hong Kong, Munich, Germany, Chinese, Europe, Australia, Southeast Asia, Japan, Russia, New York, United States, France, British, United Kingdom, South Korean

☆ 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

☆ Tesla's China-made EV deliveries rise 9.3% y/y in August
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: 1 min

Chinese flag and Tesla logo is seen through a magnifier in this illustration taken January 7, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBEIJING, Sept 4 (Reuters) - U.S. automaker Tesla (TSLA.O) sold 84,159 China-made electric vehicles (EVs) in August, a 9.3% rise from a year earlier, data from the China Passenger Car Association (CPCA) showed on Monday. Sales of China-made Model 3 and Model Y cars rose 30.9% from a month earlier. Chinese rival BYD (002594.SZ), with its Dynasty and Ocean series of EVs and petrol-electric hybrid models, recorded deliveries of 274,086 passenger vehicles in August, a jump of 57.5% year-on-year. Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Christopher Cushing and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Tesla, BYD, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Louise Heavens Organizations: REUTERS, Rights, U.S, China Passenger Car Association, of, Thomson Locations: Rights BEIJING, China, of China

☆ Tesla releases refreshed Model 3 with longer driving range in China
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +3 min

Visitors check a Tesla Model 3 car at a showroom of the U.S. electric vehicle (EV) maker in Beijing, China February 4, 2023. The updated version of the Model 3 was Tesla's first new or restyled car since it launched its global best-seller, the Model Y, in 2020. The new Model 3 promises a longer driving range for China, according to the company's website. Reuters first reported last November that Tesla was developing a revamped version of the Model 3 in a project codenamed "Highland". In China, the new Model 3 starts at 259,900 yuan ($35,807.78), the company's website showed on Friday.

Persons: Florence Lo, Tesla, Zhang Yan, Hyunjoo Jin, Daniel Leussink Brenda Goh, Christian Schmollinger, Kevin Krolicki Organizations: Tesla, U.S, REUTERS, Rights, EV, China Passenger Car Association, Volkswagen, Mercedes, Reuters, Thomson Locations: Beijing, China, Europe, East, Australia, Japan, Shanghai, Fremont , California, Munich

☆ Volkswagen, Renault shares hit by rare ‘sell’ rating as Chinese competition grows
▼ + stars: | 2023-09-01 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

London CNN —Shares in Europe’s largest carmaker Volkswagen and its French rival Renault dropped sharply Friday after UBS analysts recommended investors dump the stocks, citing the growing threat to their business from Chinese competitors. Volkswagen was down 4.4% in late afternoon trade in Europe and Renault 5.6% lower, while the benchmark STOXX Europe 600 index was flat. China is the biggest single market for Volkswagen but its sales there have been declining in the face of pressure from local competitors. In their note, the UBS analysts highlighted the threat to the carmaker from “highly competitive” Chinese EVs. Volkswagen, Renault and other global players have been teaming up with Chinese companies, too.

Persons: ” Patrick Hummel, David Lesne, Juan Perez, Carrascosa, BYD, Warren Buffett, ”, “, —, Geely Organizations: London CNN —, Volkswagen, French, Renault, UBS, Swiss, “ Renault, China Passenger Car Association . Vehicles Locations: Europe, China

☆ China's EV slowdown drags down Nvidia's 'next billion-dollar business'
▼ + stars: | 2023-08-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Nvidia automotive segment primarily sells chip systems for assisted driving. Colette Kress Nvidia's Chief Financial OfficerThe $253 million segment revenue was also well below the $309.3 million forecast by a FactSet analyst poll. Although still a fraction of the chipmaker's business, automotive revenue has grown rapidly from just over $100 million a quarter two years ago. Bloomberg | Bloomberg | Getty ImagesCounterpoint's Wang pointed out that Nvidia's products are concentrated in the high-end automotive segment. Analog Devices on Wednesday reported automotive revenue of $747.6 million for the three months ended July 29, down by 5% from the prior quarter.

Persons: Jensen Huang, Alex Wong, Huang didn't, Colette Kress, Brady Wang, Xpeng, Xpeng's, Xinzhou Wu, Xiaopeng, Huang, Counterpoint's Wang, David Wong Organizations: Nvidia, Getty, Local, Counterpoint Research, Nvidia Nio, Bloomberg, NVIDIA, Robotics, Nomura, Qualcomm, China Passenger Car Association Locations: BEIJING, China, Xpeng, Santa Clara , California

☆ Exclusive: China's Xiaomi wins state planner nod to make EVs amid glut in autos
▼ + stars: | 2023-08-23 | by ( Julie Zhu | ) www.reuters.com time to read: +4 min

A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. Xiaomi, which owns the world's third largest smartphone brand by shipments, did not immediately respond to a request for comment. Xiaomi plans to produce about 100,000 EVs next year, said one of the sources. But Xiaomi, which reported an 18.9% drop in its latest quarterly revenue in May, has its own compulsions for foraying into EVs. Xiaomi plans to use the thousands of stores it has as showrooms for its electric cars, Reuters previously reported.

Persons: Francis Mascarenhas, HONG KONG, Xiaomi, Tesla, NDRC, MIIT, Lei Jun, Julie Zhu, Muralikumar Organizations: REUTERS, Xiaomi Corp, HK, National Development, Reform Commission, EV, Ministry of Industry, Reuters, Lucid, Beijing Daily, China Passenger Car Association, Thomson Locations: Mumbai, India, HONG, Beijing, Shanghai, Reuters U.S, China, China ., EVs

☆ Tesla makes further price cuts in China, reducing models S and X by $7,400 to $8,500
▼ + stars: | 2023-08-16 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Tesla on Wednesday slashed the price of the existing inventory of its Model S and Model X cars in China, as the company looks to boost sales amid rising competition in one of its key markets. The Model S is now offered at 754,900, reduced from 808,900 yuan. The electric car maker, run by billionaire Elon Musk, made another round of price cuts this week for the Model Y and Model 3 in China. In the U.S., Tesla has rolled out cheaper versions of it Model S and Model X vehicles — which are not new issues, but are range limited by software. Shares of Chinese electric vehicle upstarts Xpeng , Nio and Li Auto were all lower in morning trading in the U.S.

Persons: Tesla, Elon Musk, Li Organizations: Tesla, U.S, Li Auto, China Passenger Car Association Locations: Beijing, China, Weibo, U.S

☆ Tesla stock falls after cutting prices in China again
▼ + stars: | 2023-08-15 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Tesla is back to cutting prices in China, and investors don’t seem happy about it. The manufacturer announced a significant discount for its Model Y in China on Monday, saying two models would be discounted by 14,000 yuan ($1,929) effective immediately. The price cuts, Tesla’s first since January, reflect rising competition in China, particularly within its fast-moving electric vehicle sector. Tesla slashed prices several times in China between October and January after losing market share. In May, the company had reversed course, hiking prices globally, with the biggest increase made in China.

Persons: Hong Kong CNN — Tesla, don’t, Tesla’s, ”, Warren Buffett, Tesla, Elon Musk Organizations: Hong Kong CNN, Tesla’s, HSBC, CNN, China Passenger Car Association, Tesla, Analysts Locations: Hong Kong, China, New York, Shanghai

☆ Tesla cuts prices in China for select Model Y versions
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

Companies Tesla Inc FollowBEIJING, Aug 14 (Reuters) - Tesla (TSLA.O) on Monday said it has cut prices in China for its Model Y long-range and performance versions starting on Aug. 14, sending its shares lower on concern of further pressure on its profit margins. The electric-car company reduced the starting prices of both models by 14,000 yuan ($1,934.58). The Model Y Long Range's starting price drops 4.5% to 299,900 yuan and the starting price of the Model Y Performance is now 349,900 yuan, down 3.8%. 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. Last month, Tesla CEO Elon Musk said further price cuts were a possibility, even if it squeezed the automaker's margins.

Persons: Tesla, Chris McNally, Tingshu Wang, Elon Musk, Liz Lee, Samrhitha Arunasalam, Akash Sriram, Christian Schmollinger, Tom Hogue, Sharon Singleton Organizations: Tesla Inc, BEIJING, REUTERS, Deutsche Bank, Tesla's, China Passenger Car Association, Shanghai, Thomson Locations: China, U.S, Europe, Beijing, United States, Tesla's China, Bengaluru

☆ Tesla cuts prices in China for some Model Y versions
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

The logo of car manufacturer Tesla is seen at a branch office in Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann/File PhotoCompanies Tesla Inc FollowBEIJING, Aug 14 (Reuters) - Tesla Inc (TSLA.O) has cut prices in China for its Model Y long-range and performance versions starting on Aug. 14, the company said in a notice on Monday. The car company dropped the starting prices of both models by 14,000 yuan ($1,934.58). The Model Y Long Range's starting price drops 4.5% to 299,900 yuan and the starting price of the Model Y Performance is now 349,900 yuan, down 3.8%. Last month Tesla CEO Elon Musk said further price cuts were a possibility, even if it squeezed the automaker's margins.

Persons: Arnd, Tesla, Elon Musk, Liz Lee, Christian Schmollinger, Tom Hogue Organizations: REUTERS, Inc, BEIJING, Tesla Inc, Tesla's, China Passenger Car Association, Shanghai, Thomson Locations: Bern, Switzerland, China, United States, Tesla's China

Sales of Tesla's (TSLA.O) China-made vehicles fell 31% in July from June, data from China Passenger Car Association (CPCA) showed on Thursday, marking its first month-on-month decline since December, when it struggled with rising inventories. Tesla sold 64,285 China-made EVs in July, up 128% from 28,217 a year earlier when a scheduled upgrade to its Shanghai factory curbed production. Meanwhile BYD (002594.SZ), with its Dynasty and Ocean series of EVs and petrol-electric hybrid vehicles, said it posted a 61% year-on-year rise in July sales to 261,105 passenger vehicles, including 18,169 which were exported. CPCA is set to publish full data for July later this month, with sales of new energy passenger vehicles in China estimated to reach 750,000. Still, BYD outsold Tesla China by 29% in EV sales in the first half while its lower-priced Dolphin EV outsold Tesla's Model 3, which is expected to be revamped in September.

Persons: Tesla, BYD, Xpeng, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Kim Coghill, Alexander Smith Organizations: Tesla, China Passenger Car Association, General Motors, Volkswagen, EV, Authorities, Thomson Locations: BEIJING, SHANGHAI, China, Shanghai

☆ Tesla's China-made EV sales in July down 31% mth/mth
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

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 PhotoBEIJING, Aug 3 (Reuters) - U.S. automaker Tesla (TSLA.O) sold 64,285 China-made electric vehicles (EVs) in July, down 31% from a month earlier, data from the China Passenger Car Association (CPCA) showed on Thursday. Sales of China-made Model 3 and Model Y cars were up 128% from 28,217 a year earlier when a scheduled upgrade to Tesla's Shanghai factory lowered production. Chinese rival BYD (002594.SZ), with its Dynasty and Ocean series of EVs and petrol-electric hybrid vehicles, posted a 61% year-on-year rise in July sales to 261,105 passenger vehicles, including 18,169 exported. Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; editing by Christopher Cushing and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, Tesla, BYD, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Jason Neely Organizations: REUTERS, U.S, China Passenger Car Association, of, Thomson Locations: China, Beijing, BEIJING, of China, Shanghai

☆ Russia's economic isolation from the West is deepening its China dependency – car imports from the Asian nation shot up 540%
▼ + stars: | 2023-07-28 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Russian imports of Chinese cars rocketed 543% in the first half, local media reported. Russia now gets 70% of its imported cars from China, compared with just 10% prior to the Ukraine war. That highlights Russia's growing economic dependency on China – thanks to Moscow's deepening from the West. Before the Ukraine war, Chinese cars made up just 10% of Russia's car imports, according to the report. Xi has not publicly condemned Russia's war on Ukraine and continues to ramp up trading ties with Moscow.

Persons: Putin, Cui Dongshu, Vladimir Putin, Xi Organizations: Service, Motors, Ford, Mercedes, Benz, RBC, Federal Customs Service, European Union, –, China Passenger Car Association, Global Times, UN Security Council Locations: Russia, China, Ukraine, Wall, Silicon, – Russia, Western, Moscow

☆ China’s Rebound Falters, Tripped Up by Debt and Weak Exports
▼ + stars: | 2023-07-16 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +5 min

China’s economy is flashing many warning signs. Weak spending is pushing China close to a dangerous trend known as deflation: Consumer prices are flat, and wholesale prices paid by companies are actually falling. “It’s not a strong recovery; the economy is quite weak,” said Wang Dan, the chief economist at Hang Seng Bank China. Some companies are also moving supply chains out of China, which will have a longer-lasting effect on exports, Mr. Fattal said. But a huge accumulation of debt, particularly at the level of local governments, has made that hard to do.

Persons: ”, Diana Choyleva, “ It’s, Wang Dan, Richard Fattal, Fattal, Lou Jiwei, Cui Dongshu, Fu Linghui, Lou, Ms, Wang, Li You Organizations: Enodo, National Bureau, Statistics, Investment, Hang Seng Bank China, National Bureau of Statistics, Administration, Customs, Companies, Workers, China, China Passenger Car Association Locations: Shanghai, London, China, Baoding, United States, Europe

☆ Renault and China’s Geely will invest up to $7.7 billion to build hybrid and gas engines
▼ + stars: | 2023-07-11 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Carmakers Renault and Geely have announced a joint venture to build engines for hybrid and gasoline-powered vehicles, with the partners investing a maximum of €7 billion ($7.7 billion) in total. Renault said Tuesday that, together with its Chinese counterpart, it planned to create a new company that aimed to produce up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions a year. Renault and Geely expect the new company to supply engines and other components to several global auto brands, including Volvo, Nissan and Mitsubishi, as well as for their own cars. Vehicles sold included those powered by batteries, plug-in hybrid engines and fuel cell engines. Tesla’s deliveries from its Shanghai factory more than doubled in the second quarter, accounting for over half of its record global sales, data from the CPCA showed.

Persons: London CNN — Carmakers, ” Renault, Jim Saker, — Organizations: London CNN, London CNN — Carmakers Renault, Geely, Renault, Volvo, Nissan, Mitsubishi, Reuters, NurPhoto, Getty, Hong, Saudi Aramco, Centre for Automotive Management, Loughborough University, EV, ”, China Passenger Car Association . Vehicles Locations: Hong Kong, Saudi, United Kingdom, China, Shanghai

☆ 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

☆ Tesla is laying off a bunch of its Shanghai Gigafactory workers, weeks after Elon Musk visited and praised their hard work
▼ + stars: | 2023-07-07 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Tesla is laying off some staff at the Shanghai Gigafactory, Bloomberg reported. Tesla is laying off some staff at its Gigafactory in Shanghai, Bloomberg reported, five weeks after Elon Musk praised them. A video of the world's richest person giving a late-night speech to his Tesla staff was then shared by the Chinese state newspaper Global Times. Before leaving on a private jet back to the US, Musk also purchased burgers and soft drinks for 100 of the Gigafactory workers. Tesla workers then criticized Musk on Chinese social media, and some people even complained to his mom on Twitter.

Persons: Tesla, Elon Musk, Musk, It's, Musk's, who've Organizations: Shanghai Gigafactory, Bloomberg, Morning, Shanghai, Global Times, Reuters, China Passenger Car Association, CNN, Twitter Locations: Shanghai, China

☆ Tesla is offering cash rebates to buyers in China despite promising to end 'abnormal pricing' in the world's biggest EV market
▼ + stars: | 2023-07-07 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Tesla is offering rebates worth nearly $500 to Chinese buyers of a Model 3 or Y, Reuters reported. The move comes just a day after Elon Musk's carmaker pledged to help end price wars in China. Just a day after Tesla pledged to end a lengthy price war in China, Elon Musk's EV maker hatched a new plan to sell more cars. Tesla began cutting prices of its Model Y and Model 3 in China in October last year amid an economic downturn hit sales. According to data from the China Passenger Car Association, Tesla delivered a record 93,000 vehicles in China in the three months to June 30.

Persons: Tesla, Elon Musk's carmaker Organizations: Reuters, Morning, Elon Musk's, EV, Bloomberg, China Passenger Car Association Locations: China

☆ Tesla’s China deliveries account for more than half of global sales
▼ + stars: | 2023-07-05 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Tesla’s deliveries from its Shanghai factory more than doubled in the second quarter, accounting for over half of its record global sales, according to a Chinese trade group. In June, Tesla China reported wholesale deliveries of 93,680 vehicles, up 19% from the same period a year ago, preliminary data from the CPCA showed. The robust shipments from the Shanghai factory boosted Tesla’s global sales, sending its shares soaring. On Sunday, the company announced it delivered over 466,000 vehicles worldwide in the second quarter, the highest quarterly number on record. In terms of battery powered EVs, BYD sold 352,163 vehicles in the second quarter, outpacing Tesla China’s figure of just under 250,000.

Persons: Hong Kong CNN —, Tesla, Elon Musk, It’s, Warren Buffett, BYD, outpacing Tesla Organizations: Hong Kong CNN, CNN, China Passenger Car Association, Shanghai Gigafactory Locations: Hong Kong, Shanghai, Tesla China, China

[1/2] A Tesla logo is seen outside a showroom of the carmaker in Beijing, China May 31, 2023. REUTERS/Thomas Peter/File PhotoBEIJING/SHANGHAI, July 4 (Reuters) - U.S. automaker Tesla (TSLA.O) and its chief Chinese rival BYD (002594.SZ) achieved record deliveries of their China-made vehicles in the second-quarter, China Passenger Car Association (CPCA) data showed, as a fight for market share heats up. Tesla reported record deliveries of 466,140 globally for the second quarter. This was also the first time BYD's monthly sales surpassed 250,000 units and meant that between April to June, BYD delivered 700,244 vehicles, the data showed. In June, Beijing announced 520 billion yuan ($71.67 billion) worth of purchase tax breaks on new-energy vehicles through the end of 2027.

Persons: Thomas Peter, Tesla, BYD, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Himani Sarkar, Conor Humphries Organizations: REUTERS, U.S, China Passenger Car Association, EV, Thomson Locations: Beijing, China, BEIJING, SHANGHAI, Shanghai

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

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