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☆ Tesla shares close down 5% after price cuts, Model 3 refresh
▼ + stars: | 2023-09-01 | by ( Lora Kolodny | ) www.cnbc.com time to read: +4 min

Tesla shares dropped 5% Friday after the electric car company cut prices on some models in the U.S. and reduced the price for its premium driver assistance software. Tesla is also cutting prices for inventory vehicles in the U.S., including its entry-level Model 3 sedan, luxury Model S sedan and the Model X SUV. In China, Tesla is reducing the price of the Model S and Model X about 7%. The price cut for some Model X cars in the U.S. makes the SUV eligible for a $7,500 tax break for qualified buyers. The base Model 3 refresh comes with an approximately 12% higher price tag in China compared to its predecessor.

Persons: Tesla, It's, Elon Musk, Han, Musk Organizations: Tesla, Traffic, Bank of America, U.S . Securities, Exchange Commission, BYD Locations: U.S, China, Tesla China, Manhattan, Austin , Texas

India's EV market is small, with Tata Motors (TAMO.NS) dominating sales that made up less than 2% of all cars sold last fiscal year. All sources declined to be identified as the talks are still ongoing and a final decision has not been made. Founded in 2015, Leapmotor has less than 2% share of China's fragmented EV market, where it sells four mass market electric models. This has also forced MG Motor India to find local investors like JSW so it can raise equity. Leapmotor also has been in partnership talks with other major automakers, including Stellantis (STLAM.MI) and Volkswagen (VOWG_p.DE), according to media reports.

Persons: JSW, Leapmotor, Sajjan Jindal, Aditi Shah, Zhang Yan, Neha Arora, Kim Coghill Organizations: REUTERS, DELHI, HK, MG Motor India, China's SAIC Motor Corp, EV, Tata Motors, MG Motor, Ford, JSW, Volkswagen, Thomson Locations: Jinhua, Zhejiang province, China, India, EVs, New Delhi, Shanghai

HONG KONG, Aug 23 (Reuters Breakingviews) - Volkswagen’s (VOWG_p.DE) China shortcut sets a tricky roadmap for its western rivals. An increasingly competitive Chinese market means others may also need to plot a new route. VW’s western peers may feel they do not need to follow in its tracks. Second, VW’s Xpeng deal highlights how companies need to adapt quickly to stay relevant in China. Both partnerships will see the companies jointly develop intelligent, connected electric vehicles for the Chinese market.

Persons: China’s, that’s, Bernstein, Alix, Elon Musk’s, VW’s, Auto, Neil Unmack, Pranav Kiran, Thomas Shum Organizations: Reuters, HK, FAW, SAIC, VW, BMW, upstarts, Alix Partners, Elon, Mercedes, Benz, Nissan, General Motors, Honda, Toyota, Volkswagen, Volkswagen’s Audi, Zhejiang Leapmotor Technology, Jetta, Thomson Locations: HONG KONG, China, Xpeng, Kingdom, Shanghai, Hong Kong, Zhejiang

☆ 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

☆ China's Leapmotor unveils new manufacturing platform, wants others to use it
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI, July 31 (Reuters) - Chinese electric vehicle maker Zhejiang Leapmotor Technology (9863.HK) unveiled on Monday a new platform it developed in-house for making vehicles, which its chief executive said it wants to license to other automakers. The company hopes to sell the platform to other automakers via tech licensing agreements, he said. "We hope Leapmotor will not only be an EV brand but also a licensor of core technologies," Zhu said. Leapmotor, which employs more than 2,000 engineers, sold 44,500 units in the first half, 14% fewer than a year ago. ($1 = 7.1512 Chinese yuan renminbi)Reporting by Zhang Yan and Brenda Goh; Editing by Jacqueline Wong, Robert Birsel and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Zhu Jiangming, Leapmotor, Zhu, Tesla, Zhang Yan, Brenda Goh, Jacqueline Wong, Robert Birsel, Tomasz Janowski Organizations: Zhejiang Leapmotor Technology, HK, Companies, Shanghai Electric Group Corp, Sequoia Capital, Volkswagen, Thomson Locations: SHANGHAI, Zhejiang, Shanghai, Sequoia Capital China

☆ Battle for China's electric SUV market heats up at home and abroad
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +5 min

The trend will spread abroad with growing exports of China-made electric SUVs. The market for SUVs has boomed in China over the past decade and now represents almost 40% of all cars sold, with 400 SUV models of all fuel types. Legacy automakers Volkswagen (VOWG_p.DE), BMW (BMWG.DE) and Toyota (7203.T) are counting on new electric SUVs to bolster China sales. Tesla and Renault (RENA.PA) have already been exporting their China-made electric SUVs to Europe on a large scale. Chinese automakers have their own plans to grow electric SUV sales to Europe.

☆ Analysis: Battle for China's electric SUV market heats up at home and abroad
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +5 min

☆ China Celebrates Economic Recovery, Pledges More Help on Jobs
▼ + stars: | 2023-04-28 | by ( Jason Douglas | ) www.wsj.com time to read: +1 min

China’s Politburo says it aims to strengthen the country’s lead in electric vehicles with brands such as Leapmotor, whose cars are assembled at a factory in Jinhua, China. Photo: CHINA DAILY/via REUTERSSINGAPORE—The top policy-making body of China’s Communist Party pledged to nurture the country’s economic recovery after better-than-expected growth in the first quarter of the year, signaling optimism over the outlook for the economy while acknowledging problems such as local-government debt and youth joblessness. The world’s second-largest economy is expected to expand at a healthy clip this year after Beijing ditched its strict approach to controlling Covid-19 late last year. The upbeat projections offer support to a global economy beset by slowing growth in the U.S. and Europe as rising interest rates, stubborn inflation and the specter of financial-sector instability bear down on consumer and business spending.

☆ Chinese electric car makers suffer as Elon Musk doubles down on Tesla price war
▼ + stars: | 2023-04-20 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Shares in Tesla’s Chinese rivals fell on Thursday, after CEO Elon Musk signaled that the company will continue cutting prices to boost demand for electric cars in an increasingly competitive market. XPeng plunged 8% in Hong Kong, while Nio (NIO) sank 5.6%. BYD (BYDDF), the world’s largest seller of plug-in hybrid EVs and battery EVs, also dropped 1% in Hong Kong. A number of car manufacturers in China followed suit by cutting prices or offering discounts, including Xpeng, Leapmotor, BYD and Huawei’s EV unit. According to the most recent statistics from the CPCA, Tesla’s sales of its China-made vehicles surged 35% in March to more than 88,000 units.

Follow @KatrinaHamlin on TwitterloadingCONTEXT NEWSHong Kong-listed Apollo Future Mobility said on Jan. 12 that it had agreed to buy Chinese electric-car maker WM Motor Global for HK$15.9 billion ($2.02 billion). To fund the acquisition of its larger peer, Apollo will issue 28.8 billion new shares at HK$0.55 each. Apollo shares fell 8.6% and were trading at HK$0.23 by market close on Jan. 12. WM Motor Global filed for a Hong Kong initial public offering in May 2022, but the application lapsed in November. WM Motor Global’s owner, WM Motor Holdings, is the largest shareholder in Apollo Future Mobility, and WM Motor founder Freeman Shen sits on the latter’s board as co-chair.

HONG KONG, Nov 23 (Reuters Breakingviews) - A Hong Kong stock market debut puts Jakarta at the centre of China’s electric-car boom. Lygend Resources & Technology (2245.HK), a Chinese nickel trader, is looking to raise up to $594 million in an initial public offering to expand in Indonesia. Lygend both trades and produces nickel products, essential for stainless steel and batteries. Around a fifth of the world’s nickel resources are located in the country, which accounted for nearly 40% of ore unearthed last year, according to the company’s prospectus. Hong Kong CATL is the largest cornerstone investor, according to the prospectus.

☆ Betting on flexibility, China's Nio will only rent cars in new EU markets
▼ + stars: | 2022-10-07 | by ( Victoria Waldersee | ) www.reuters.com time to read: +4 min

Chinese Nio electric car is seen at Nio's first European plant and power swap station in Biatorbagy, Hungary, September 16, 2022. Prices range from around 50,000-70,000 euros ($49,000-$69,000), depending on the car's range and whether customers buy or rent the battery. Nio will stick to direct sales in existing markets in part due to less attractive taxation on subscription models in Norway and restrictions around licence plates in China, Li said. "The advantage of our business separating the car from the battery is that we may reach economies of scale for the batteries faster than the cars," Li said. "In the long-run we believe any top company in the automotive industry will soon have in-house battery production," Li said.

☆ China battery maker debut is weaker than it looks
▼ + stars: | 2022-10-06 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Oct 6 (Reuters Breakingviews) - Shares of China’s CALB (3931.HK), which makes lithium batteries for electric cars, debuted flat following its $1.3 billion initial public offering. After pricing at the bottom of the range, cornerstone investors ended up with half of CALB’s total offering. One of the company’s suppliers, Tianqi Lithium (002466.SZ), bought into the deal too, reciprocating CALB’s investment in its own Hong Kong listing back in July. (By Katrina Hamlin)Register now for FREE unlimited access to Reuters.com RegisterFollow @Breakingviews on Twitter(The author is a Reuters Breakingviews columnist. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Chinese EV Maker Leapmotor Flops in Hong Kong Market Debut
▼ + stars: | 2022-09-29 | by ( Dave Sebastian | ) www.wsj.com time to read: 1 min

Two new listings stumbled in their Hong Kong trading debuts after raising a total of $1.5 billion in tumultuous market conditions, casting a cloud over a growing pipeline of companies preparing to go public in the Asian financial hub. Shares of Zhejiang Leapmotor Technology Co., a Chinese electric-vehicle maker, fell as much as 42% below their initial public offering price within their first few hours of trading on Thursday. The seven-year-old company raised $800 million in its IPO—significantly less than the $1.5 billion it had previously aimed for—after pricing its shares at the bottom of a guided range.

☆ Two large Hong Kong IPOs drop in trading debut: China EV maker Leapmotor plunges, Onewo shares dip
▼ + stars: | 2022-09-29 | by ( Abigail Ng | ) www.cnbc.com time to read: +1 min

China Vanke's subsidiary Onewo and EV maker Zhejiang Leapmotor Technology began trading on the Hong Kong market on Thursday. Chinese electric vehicle maker Leapmotor's shares tumbled as much as 32% from its offer price of 48 Hong Kong dollars ($6.11) per share. Shares of Onewo fell 7.9% from its offer price of 49.35 Hong Kong dollars ($6.29) per share in early trade, and was last 4.76% lower. Onewo, a subsidiary of property developer China Vanke, raised 5.6 billion Hong Kong dollars ($713.5 million), while Leapmotor raised 6.06 billion Hong Kong dollars ($771.7 million). Data from the Hong Kong Exchange (HKEX) show there were 48 new listings in Hong Kong from January to August in 2022, raising a total of 56 billion Hong Kong dollars ($7.1 billion) – a steep drop from the same period in 2021, in which there were 69 new listings that raised 271.4 billion Hong Kong dollars ($34.6 billion).

☆ Asia-Pacific markets open higher after Wall Street rebounds overnight
▼ + stars: | 2022-09-29 | by ( Abigail Ng | ) www.cnbc.com time to read: +1 min

Pedestrians cross a road in front of an electronic quotation board displaying the numbers of company stock prices on the Tokyo Stock Exchange in Tokyo on May 13, 2021. Shares in the Asia-Pacific rose at the open on Thursday following a rebound on Wall Street overnight. The Nikkei 225 in Japan advanced 1% and the Topix index gained 0.31%. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.72%. The S&P 500 gained 1.97% to 3,719.04, staging a comeback after notching a new bear market low the previous session.

☆ Singapore air cargo deal elevates its hub status
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Sept 29 (Reuters Breakingviews) - Singapore is boosting its hub status as global recession fears loom. Aviation services group SATS (SATS.SI) is acquiring the world’s largest air cargo logistics provider for $2.2 billion from U.S. buyout firm Cerberus. The deal could ultimately lift trade flows through Singapore where aviation contributes more than 5% of GDP. SATS is part of the city-state’s industry trinity that includes its former parent Singapore Airlines (SIAL.SI) and Changi Airport. As global cargo activity nears pre-pandemic levels, Singapore is providing a strategic home to an asset that’s passed through multiple financial owners.

Leapmotor raised $800 million, while Onewo raised $733 million from their initial public offerings(IPOs). Lithium battery maker CALB is finalising its $1.28 billion Hong Kong IPO and has priced its shares at HK$38 each, according to two sources with direct knowledge of the matter. Leapmotor and Onewo IPOs received a lukewarm response from the city's retail investors who did not take up the full amount of shares offered to them, according to the firms' filings. Leapmotor shares were priced at the low end of its marketed range, while Onewo shares were priced at the mid point of its indicated price range. read more($1 = 7.8498 Hong Kong dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Scott Murdoch; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ Apple tests idea of discretionary spending
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Sept 28 (Reuters Breakingviews) - Apple (AAPL.O) may learn that its moat isn’t as wide during times of high inflation. When wallets are pinched, a new iPhone probably isn’t a must-have. As other currencies have weakened relative to the dollar, Apple has had to raise prices to keep the cost steady relative to America. Already Apple’s share of the global smartphone market has declined sharply to 16% in the second quarter from 23% penetration in the fourth quarter last year, according to research firm IDC. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Blackstone’s Schwarzman kickstarts UK asset grab
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 28 (Reuters Breakingviews) - Britain’s currency crisis may have an upside after all – at least for foreign investors. Blackstone’s (BX.N) Steve Schwarzman is paying 80 million pounds for 17th-century country estate Conholt Park, the City A.M. newspaper reported. But it’s exactly the kind of purchase that will make more sense the lower the pound goes. And to the extent that future cash flows are denominated in dollars or euros, the sterling purchase price should rise. U.S. investors just bought Chelsea soccer club, while Saudi Arabia’s sovereign wealth fund last year swooped on rival Newcastle United.

☆ Nexi can play catch-up with rival Worldline
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

The logo of Italian payments group Nexi is pictured inside their headquarters in Milan, Italy, March 28, 2019. REUTERS/Alessandro GarofaloMILAN, Sept 27 (Reuters Breakingviews) - It’s time for Nexi (NEXII.MI) to close a valuation gap with rival Worldline (WLN.PA). The 11.5 billion euro Italian payments group pledged on Tuesday to boost revenue by 9% per year by 2025 and its EBITDA by 14%. Worldline’s Gilles Grapinet, who competes with Nexi to snap up European payments assets, had earmarked just 0.8 billion euros of free cash flow in its four-year plan. Despite similar growth targets, Nexi is valued less richly than Worldline.

☆ EasyJet gives carbon offset reform a handy shove
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

An EasyJet Airbus aircraft takes off from the southern runway at Gatwick Airport in Crawley, Britain, August 25, 2021. REUTERS/Peter NichollsLONDON, Sept 27 (Reuters Breakingviews) - EasyJet’s (EZJ.L) latest statement on climate change may end up being quite useful. Chief Executive Johan Lundgren’s stance reflects a burgeoning trend which has seen regulators and industry groups move from setting net zero targets to scrutinising them. EasyJet will instead invest in new technology to cut emissions, including zero carbon-emitting aircraft and carbon capture technology. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Leapmotor’s modest IPO obviates big leap of faith
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/StringerHONG KONG, Sept 27 (Reuters Breakingviews) - Leapmotor is cruising in gloomy markets. The Chinese electric-vehicle maker priced shares of its initial public offering, the largest in Hong Kong this year, at the bottom end of a previously indicated range, per IFR. Chinese consumers are increasingly gravitating towards more affordable local brands too, according to a Bernstein survey released this month. Leapmotor’s sales in the first quarter fell a little short of the pace it needs to hit but its still within reach. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ China EV maker Leapmotor set to raise $800 million in Hong Kong IPO
▼ + stars: | 2022-09-25 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +3 min

HONG KONG, Sept 25 (Reuters) - Chinese electric vehicle (EV) maker Zhejiang Leapmotor Technology is set to raise $800 million by pricing its shares at HK$48 ($6.12) each in its Hong Kong initial public offering (IPO), said two sources with direct knowledge of the matter. Hong Kong IPO volumes have fallen nearly 90% as global markets remain roiled by China regulatory uncertainty, rising interest rates, high inflation and the Russia's war in Ukraine. Despite the Leapmotor and CALB deals, plus China Vanke's property services unit Onewo Inc raising $733 million, dealmakers are cautious there will be a solid rebound in new share sales in Hong Kong and overseas before 2023. "It feels that these IPOs are kind of one-off transactions and think the Hong Kong market is not yet fully opened up," said Shifara Samsudeen, LightStream Research analyst who publishes on Smartkarma. ($1 = 7.8493 Hong Kong dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Scott Murdoch; Editing by Himani Sarkar and William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ China EV maker Leapmotor set to raise $800 mln in Hong Kong IPO - sources
▼ + stars: | 2022-09-25 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterHONG KONG, Sept 25 (Reuters) - China electric vehicle maker Zhejiang Leapmotor Technology is set to raise $800 million by pricing its shares at HK$48($6.12) each in its Hong Kong initial public offering, according to two sources with direct knowledge of the matter. The sources spoke on condition of anonymity as the information was not yet public. Leapmotor did not immediately respond to a Reuters request for comment outside of normal business hours. ($1 = 7.8493 Hong Kong dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Scott Murdoch; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

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