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☆ China's Sunwoda plans $274.7 mln Hungarian battery plant
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 27 (Reuters) - China's Sunwoda Electronic (300207.SZ) plans to build a power battery factory in Hungary for electric vehicles, with initial investment of up to 1.96 billion yuan ($274.71 million), as Chinese battery makers expand in the European market. Sunwoda, a smaller player among Chinese battery makers, counts Xpeng (9868.HK), Mercedes (MBGn.DE) and Guangzhou Automobile Group (601238.SS) among its biggest clients. Its move comes as Chinese battery suppliers shake up Europe's e-mobility supply chains by setting themselves up on the continent. Chinese market leader Contemporary Amperex Technology (CATL) (300750.SZ) is building a 7.3 billion euro ($8.13 billion) battery plant, also in Hungary, following its first European production site in Germany. ($1 = 7.1380 Chinese yuan renminbi)($1 = 0.8977 euros)Reporting by Ethan Wang, Zhang Yan and Ryan Woo; Editing by Christian Schmollinger and Emma RumneyOur Standards: The Thomson Reuters Trust Principles.

Persons: Sunwoda, Ethan Wang, Zhang Yan, Ryan Woo, Christian Schmollinger, Emma Rumney Organizations: Shenzhen Stock Exchange, HK, Mercedes, Guangzhou Automobile Group, Amperex Technology, EVE Energy, Energy, Thomson Locations: BEIJING, Hungary, Germany, Thailand

☆ Global automakers scramble to reset China strategies as sales slow
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +6 min

Global automakers, who for years have dominated the market along with their Chinese state-run partners, have been slow to pivot to the fast-growing market for EVs with competitive offerings. "This major collaboration between Volkswagen and Xpeng is a milestone for our electrification strategy 'in China for China'," said Ralf Brandstatter, a VW board member on his social media account. Their deeper pockets give established foreign automakers who are determined to fight for share in China, the ability to play a long game. Kia (000270.KS) is to enter China's EV market with its first EV, the EV6 crossover, via imports in August. "The German brands benefit from significant global scale," said He Lei, CEO of Chinese EV trading platform xChuxing.

Persons: Aly, Yale Zhang, Ralf Brandstatter, We've, Mary Barra, Tu Le, Yang Honghai, Kia, Mercedes Benz, Volkswagen's Audi, Lei, It's, Bill Russo, Automobility, Zhang Yan, Brenda Goh, Kevin Krolicki Organizations: Audi, Volkswagen, Auto, REUTERS, General Motors, Toyota, China Association of Automobile Manufacturers, Global, BMW, Mitsubishi, Automotive Foresight, GM, Reuters Graphics Volkswagen, BYD, China's Xpeng, HK, SAIC, VW, Buick, Chevrolet, Cadillac, CHINA EV INC, Tesla, China EV Inc, Volkswagen's, EV, Mitsubishi Motors, Nissan, Ford, Renault, Thomson Locations: Auto Shanghai, Shanghai, China, SHANGHAI, CHINA, Kia China, KS

☆ VW-Xpeng EV models to use Xpeng platform in boost for Chinese startup
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

July 27 (Reuters) - Volkswagen (VOWG_p.DE) and Xpeng's (9868.HK) jointly developed electric vehicles (EV) will use Xpeng's G9 'Edward' platform, in a filip for the Chinese startup that analysts said could boost its sales and profitability. The Edward platform is an older generation of Xpeng's platform technology, forming the basis for the startup's G9 and P7 models. Its latest models, like the G6, are being built on a newer platform, the Smart Electric Platform Architecture (SEPA) 2.0. Still, news that Volkswagen and Xpeng will use the Edward platform could help boost the sales of models still using it, said an analyst who declined to be named. The partnership could also help lower Xpeng's EV production costs by leveraging Volkswagen's scale and bargaining power in supply.

Persons: Edward, filip, Oliver Blume, Xpeng, Blume, Victoria Waldersee, Zhang Yan, Matthias Williams, Mark Potter Organizations: HK, Volkswagen, Smart, EV, Deutsche Bank, Thomson Locations: China

☆ Chinese battery giant CATL posts 63% growth in Q2 profit
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 25 (Reuters) - Chinese battery giant CATL (300750.SZ) on Tuesday recorded a 63.22% rise in net profit for the second quarter, as the company scrambled to maintain its industry leadership amid intensifying competition in the electric vehicle (EV) battery market. This compared to a 558% surge in its net profit in the first quarter. China's battery makers including CATL are facing challenges of weakening demand and bigger cost reduction pressure from EV makers amid a price war and a slowdown in auto sales this year. The EV battery market grew at a much slower pace this year with a 36.8% increase in battery installation volume in the first half compared with the 176.4% growth in the same period in 2022, data from China Automotive and Battery Alliance showed. ($1 = 7.1379 Chinese yuan renminbi)Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Sam Holmes, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Qiaoyi Li, Zhang Yan, Brenda Goh, Sam Holmes, Kirsten Donovan Organizations: EV, China Automotive, Battery Alliance, Chongqing Changan Automobile, Guangzhou Automobile Group, Thomson Locations: BEIJING, Chongqing

☆ Toyota's China venture dismisses some factory workers as sales fall - workers
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

The joint venture between Toyota and China's state-owned Guangzhou Automobile Group (GAC) (601238.SS) laid off the workers over the weekend and offered them compensation, said the workers, who declined to be named for privacy. The workers affected were hired by labor service companies and dispatched to work at the factory of GAC Toyota in the southern city of Guangzhou. The GAC Toyota factory has an annual output capacity of 1 million vehicles and employs around 19,000 people, according to its website. Toyota has been counting on its electric vehicle (EV) models to revive sales in China, which fell 9% in the first six months. The company joined a price war started by Tesla in January and slashed the starting price for its bZ4X EV by 15% in February.

Persons: Levin, bZ4X, Toyota's, Tesla, Zhang Yan, Brenda Goh, Mark Potter Organizations: Toyota Motor Corp, Reuters, Toyota, Guangzhou Automobile Group, GAC Toyota, GAC, Mitsubishi, China Association of Automobile Association, Thomson Locations: SHANGHAI, China, Guangzhou

☆ Toyota's China joint venture dismisses about 1000 workers
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/TOKYO, July 24 (Reuters) - Toyota Motor's (7203.T) joint venture (JV) in China said on Monday that it has terminated early the contracts of about 1,000 dispatch workers, in a sign of pressure on automakers from a price war in the world's largest auto market. Toyota's JV in China, Guangzhou Toyota Motor Co, said in a statement to Reuters that it had prematurely terminated contracts for about 1,000 workers with labour services companies in light of recent production levels. The GAC Toyota factory has an annual output capacity of 1 million vehicles and employs around 19,000 people, according to its website. The production of Mitsubishi's new Outlander model remained suspended, Kato added, describing the conditions faced by the company in China as "severe". The company joined a price war started by Tesla in January and slashed the starting price for its bZ4X EV by 15% in February.

Persons: Levin, bZ4X, Toyota's, Takao Kato, Kato, Tesla, Zhang Yan, Brenda Goh, Daniel Leussink, Mark Potter, Sharon Singleton Organizations: Toyota, JV, Guangzhou Automobile Group, Reuters, Toyota's JV, Guangzhou Toyota Motor, GAC Toyota, Mitsubishi Motors, GAC, China Association of Automobile Association, Thomson Locations: SHANGHAI, TOKYO, China, Guangzhou, Shanghai, Tokyo

IMPORTED ASSEMBLY KITSAfter a chaotic decade following the collapse of the Soviet Union in 1991, Russia encouraged Western carmakers to build factories. "Undoubtedly, the expansion of Chinese carmakers on the Russian market will continue," said Andrey Olkhovsky, the head of dealership chain Avtodom. It is a radical change of fortunes for Chinese carmakers in Russia. Production of Chinese vehicles only began in Russia in 2019 with the arrival of Chinese automotive company Great Wall Motor (601633.SS). LESS LOCAL INPUTUnder the partnership with Chinese firms, less of the production at former Western factories is currently conducted in Russia, the sources said.

Persons: Jetour, Maxim Shemetov, Moscow's, Sergei Sobyanin, French carmaker, JAC, Sehol, Moskvich, capitalising, Vladimir Bespalov, Vladimir Putin, Andrey Olkhovsky, Olkhovsky, Wall, Sollers, Avtovaz, Denis Manturov, Gleb Stolyarov, Alexander Marrow, Zhang Yan, Daniel Flynn Organizations: REUTERS, French, French carmaker Renault, Moscow Automobile Factory, JAC Motors, Reuters, Renault, Nissan, Russia's Industry, Trade Ministry, Wall, Chery, Geely, HK, Argo, Ford Transit, Nissan's St, Lada, China's FAW Group's, FAW, Western, Trade, Thomson Locations: Lyubertsy, Moscow Region, Russia, Soviet, Moscow, Anhui, Ukraine, Soviet Union, Western, Tula, Autostat, Tatarstan, Nissan's, Nissan's St Petersburg, St Petersburg, Leningrad, Japan, Europe, China, Shanghai

☆ Tesla's Shanghai factory workers welcome bonus increase after record deliveries
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Aly Song/File PhotoSHANGHAI, July 14 (Reuters) - Several workers at Tesla's (TSLA.O) Shanghai plant, its biggest manufacturing hub globally by output, said they had been awarded a large increase in their latest quarterly performance bonuses. Three workers told Reuters that they had received bonuses of 1.5 times of monthly base salary for the second quarter. This was higher than the quarterly bonuses - 1.2 times the monthly salary - that the majority of workers used to receive for average performance, the workers said. One of the workers said that his performance bonus had doubled this month on the first quarter, when it was cut to 0.785 times the month salary. But the move comes after Tesla delivered 247,000 units of China-made electric vehicles in the second quarter, the highest level since its Shanghai plant opened.

Persons: Aly, Elon Musk, Tesla, Musk, Zhang Yan, Brenda Goh, Zhuzhu Cui, Louise Heavens Organizations: REUTERS, U.S, Reuters, Thomson Locations: Shanghai, China, SHANGHAI, Tesla's

☆ EV brand Smart plans funding led by Tianqi Lithium
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, July 13 (Reuters) - EV brand Smart said on Thursday it planned to raise $250-300 million via series-A funding which it hoped would enhance its long-term sustainable development strategy and accelerate its global development. Chinese lithium producer Tianqi Lithium Corp (002466.SZ) has agreed to invest $150 million in the fund raising, Smart said in a statement. Smart, a joint venture of Germany's Mercedes-Benz Group AG (MBGn.DE) and China's Zhejiang Geely Holding Group (GEELY.UL), said both firms will remain equal controlling shareholders. "Thanks to the support from Mercedes-Benz and Geely, Smart now is accelerating its global development and business operation. Meanwhile, we are more than glad to welcome the strategic investments of worldwide industry leaders, such as Tianqi Lithium," Smart's Global CEO Tong Xiangbei said in the statement.

Persons: Smart, Germany's Mercedes, Tong Xiangbei, Zhang Yan, Brenda Goh, Meg Shen Organizations: Lithium Corp, Benz Group AG, Zhejiang Geely Holding, Mercedes, Benz, Smart, Thomson Locations: SHANGHAI, Zhejiang

☆ Explainer: What's behind China's failed 'truce' in EV price war?
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +5 min

[1/2] A Tesla Model 3 electric vehicle (EV) is displayed at the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. Toyota (7203.T) offered a discount on its bZ4X EV, and Nissan (7201.T) offered an incentive on its Ariya EV. Volkswagen's (VOWG_p.DE) joint ventures with SAIC and FAW also announced price cuts in China on their ID-series EVs on Friday. AlixPartners said while China's EV market will continue to grow rapidly, intensifying competition and excess capacity will also drive a shakeout. In one example, Chinese automakers have invested $1.4 billion in Thailand since 2020, now dominating the Thai EV market after taking share from the Japanese brands that have long operated there.

Persons: Florence Lo, Tesla, CAAM, Li Auto, Liu Xu, furloughs, AlixPartners, Zhang Yan, Kevin Krolicki, Tom Hogue Organizations: Tesla, Fair for Trade, Services, REUTERS, China Association of Auto Manufacturers, stoke, HK, Volvo, Chery Automobile, Global, Ford, Toyota, Nissan, EV, General Motors, Honda, Consultancy, Consumers, SAIC, GAC, Dongfeng, FAW Group, China's Ministry of Industry, Information Technology, FAW, National Strategy Institute of Tsinghua University, International, Hyundai, Thai EV, Thomson Locations: Beijing, China, Shanghai, Europe, Southeast Asia, Thailand, Singapore

☆ 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

That represents a steep 75% discount to the $315 billion valuation in 2020 for what was set to be the world's largest IPO had it not been derailed at the last minute by Chinese regulators. "China needs to resolve the Ant IPO to restore investor confidence," said Wang Qi, chief executive of China-focused asset manager MegaTrust Investment. For the broader technology sector, Ant's fine marks a key step towards the conclusion of China's bruising crackdown on private enterprises, which began with the scrapping of Ant's IPO in late 2020 and subsequently wiped billions off the market value of several companies. "At the same time, initiating a stock buyback also indirectly informs investors that the possibility of a short-term IPO recovery is unlikely." On Friday, Chinese authorities also announced fines against two Chinese banks, an insurer, and Tencent Holdings' (0700.HK) online payment platform Tenpay.

Persons: Ant, Zhang Zihua, Wang Qi, Jack Ma, Hanyang Wang, Julie Zhu, Josh Ye, Brenda Goh, Zhang Yan, Scott Murdoch, Shri Navaratnam, Kim Coghill Organizations: Saturday, Ant, Hangzhou Junhan Equity Investment Partnership, Hangzhou Junao Equity Investment Partnership, Beijing Yunyi, MegaTrust Investment, Fidelity, Reuters, Tencent Holdings, HK, People's Bank of China, Thomson Locations: HONG KONG, Hangzhou, Hangzhou Junhan, Beijing, China

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

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

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

☆ Ant's share repurchase plan values firm around $79 bln, down sharply before crackdown
▼ + stars: | 2023-07-08 | by ( ) www.reuters.com time to read: +3 min

It marked a sharp fall in the $300 billion-plus value ascribed to the company in mid-2020, before its IPO planned for later that year was pulled. Ant said it had proposed to all of its shareholders to repurchase up to 7.6% of its equity interest at a price that represents a group valuation of approximately 567.1 billion yuan. The repurchase proposal will also provide a liquidity option for the company’s investors," it said. Ant's major shareholders, Hangzhou Junhan Equity Investment Partnership and Hangzhou Junao Equity Investment Partnership, have voluntarily decided not to participate in the repurchase, the company added. "At the same time, initiating a stock buyback also indirectly informs investors that the possibility of a short-term IPO recovery is unlikely."

Persons: Ant, Hanyang Wang, Jack Ma, Brenda Goh, Zhang Yan, Josh Ye, Shri Navaratnam Organizations: Saturday, Ant, Hangzhou Junhan Equity Investment Partnership, Hangzhou Junao Equity Investment Partnership, Tencent Holdings, HK, People's Bank of China, Thomson Locations: SHANGHAI, Hangzhou, Shanghai, Hong Kong

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

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

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

☆ Tesla starts to lay off some workers at China factory - Bloomberg News
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

Companies Tesla Inc FollowJuly 7 (Reuters) - Electric car maker Tesla Inc (TSLA.O) is laying off some battery production workers at its Shanghai plant, Bloomberg News reported on Friday, citing people familiar with the matter. It was not clear how many workers may be let go, or the specific reasons behind the layoffs, according to the report. The layoffs were first reported by a local online news portal, Deep Analysis, on Thursday, which said that less than 1,000 workers were employed on the factory's two battery production lines. Tesla's Gigafactory Shanghai, its largest and most productive plant, employs around 20,000 workers, including those in assembly building the Model Y and Model 3. Reporting by Shubhendu Deshmukh in Bengaluru, Zhang Yan and Brenda Goh in Shanghai; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Shubhendu Deshmukh, Zhang Yan, Brenda Goh, Himani Sarkar Organizations: Tesla, Tesla Inc, Bloomberg, Thomson Locations: Shanghai, Bengaluru

☆ CATL touts breakthrough in cold-weather EV charging
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

He said CATL would be able to mass produce a battery capable of delivering 400 kilometers of driving range with a 10-minute charge this year. The company aims to shorten that charge time to five to seven minutes for the same driving range as its next target, he said. Automakers and some suppliers have been racing to develop solid-state batteries that would offer greater power and increased driving range. Toyota (7203.T) said last month it had overcome an issue with the durability of solid-state batteries that would pave the way for production as soon as 2027. Wu said he was skeptical that solid-state batteries were ready for mass production and of the cost reduction claims.

Persons: Wu Kai, Wu, CATL, Zhang Yan, David Evans Organizations: EVs, Toyota, Thomson Locations: SHANGHAI, Shanghai

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

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

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

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

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

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

[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

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

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

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

☆ Tesla's China expansion hits speed bump amid industry overcapacity
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +5 min

"You could argue that as Tesla, I've got new products, I need to have a new factory to build them in," he said. "But viewed from the China government's point of view, all they see is a market that's oversupplied." Construction of Tesla's Shanghai plant took less than a year to complete after it broke ground on the site in 2019. U.S. luxury EV maker Lucid Group (LCID.O) is also keen to make cars in China but has been advised that the possibility was low, industry sources said. "China needed Tesla to open the market for retail consumers, but Tesla needs China, because the supply chain benefits of being here and the competitive bar that's set here makes Tesla a more competitive company globally.

Persons: Tesla, Bill Russo, I've, Elon Musk, Ding Xuexiang, Musk, it's, Dan Ives, EVs, Nio, Xiaomi, Automobility's Russo, Zhang Yan, Brenda Goh, Jamie Freed Organizations: National Development, Reform Commission, Tesla, Wedbush Securities, Reuters, HK, Lucid, Thomson Locations: China, SHANGHAI, Shanghai, Beijing, CHINA, United States, Southeast Asia, Canada, India, South Korea, Indonesia

☆ There is a strong trend of switching to EVs in China, says automotive portal
▼ + stars: | 2023-06-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere is a strong trend of switching to EVs in China, says automotive portalCraig Yan Zeng of Autohome discusses the outlook for electric vehicles in China and the environmental concerns behind growth in the sector.

Persons: Yan Zeng, Autohome Locations: China

☆ China's Nio cuts prices, ends free battery swapping as sales slide
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

That equates to discounts ranging from 6% to 9% on Nio cars. The company also would no longer provide free battery swapping services to buyers who place deposits on Monday and onwards, it said. Nio had been offering the swapping services for free at least four times each month to existing owners. The loss-making company's investments in battery swapping stations, however, have been questioned by investors for dragging on its profitability. With its pure electric cars priced above 300,000 yuan, Nio delivered 43,854 vehicles in the first five months.

Persons: William Li, Nio, Tesla, Zhang Yan, Brenda Goh, Kim Coghill, Tom Hogue Organizations: HK, Volkswagen, Tesla, Thomson Locations: SHANGHAI, China, BYD, Hong Kong

☆ China's BYD announces new Fang Cheng Bao brand of energy vehicles
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +1 min

BEIJING, June 9 (Reuters) - BYD announced on Friday a new brand of electric vehicles (EV) ranging from off-road to sports cars as the company looks to meet more diversified consumer demand. The new brand is called Fang Cheng Bao, which translates from Chinese literally as "Formula" and "Leopard". The Chinese EV giant is expected to launch the first model this year - an SUV identified for now internally as SF, BYD said in a statement. It sold 996,476 cars in the first five months, nearly double the number of a year earlier. ($1=7.12 yuan)Reporting by Zhang Yan, Brenda Goh and Beijing newsroom; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: BYD, Fang Cheng Bao, Zhang Yan, Brenda Goh, Tom Hogue Organizations: Volkswagen, Tesla, Thomson Locations: BEIJING, China, Beijing

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