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☆ Evergrande's $500 million EV share deal suspended, stock to resume trading
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +1 min

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. The suspension of the share subscription deal was due to "significant uncertainties" tied to the Evergrande group, the filing by the Chinese firm said. Previously, Evergrande said investigations had been initiated against the parent company, its founder and senior executives, while the firm's debt restructuring plan has also been derailed. Trading in shares of the China Evergrande New Energy Vehicle Group, which were suspended on Sept. 28, will resume on Monday, the Sunday filing said. ($1 = 7.8313 Hong Kong dollars)Reporting by Xie Yu;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Evergrande, Xie Yu, Elaine Hardcastle Organizations: China Evergrande Group, REUTERS, China Evergrande, Energy Vehicle Group, HK, China, Hong Kong bourse, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Hong Kong, Dubai

☆ Hong Kong stocks have worst day in three months on worries about rates and real estate
▼ + stars: | 2023-10-03 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Stocks in Hong Kong suffered their worst day in three months on Tuesday on growing concern about China’s weak housing market and persistently high US interest rates. Real estate stocks were once again among the heaviest losers in Hong Kong. Country Garden, one of the country’s largest property developers, sank 4.4%. Market sentiment was also weighed down by concerns that US interest rates could stay elevated after US Treasury yields hit a 16-year high. Yields on the 10-year US Treasury, which are considered a proxy for US interest rates, reached 4.7% on Monday, the highest since 2007.

Persons: Xu Jiayin, Nomura, “, JPMorgan Chase, Jamie Dimon, ”, Stephen Innes Organizations: Hong Kong CNN —, Energy Vehicle, Evergrande, Estate Information Corporation, Treasury, JPMorgan, Reserve, Federal, Nikkei Locations: Hong Kong, Beijing, Washington, Real, Shanghai, China, Asia

☆ Can China's economy reverse a sluggish 2023 in the last quarter? Here's what to watch
▼ + stars: | 2023-09-29 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

In 2020, Beijing tried to rein in real estate developers' high reliance on debt with new restrictions on financing. "The decline in the real estate sector was the result of the government's intentional measures to correct the bubbles in the market," Yao said. But he and other economists mostly don't expect real estate to return to significant growth in the future. Morgan StanleyThis week, worries about China's real estate sector persisted with highly indebted Evergrande running into more liquidity problems — along with reports Wednesday its chairman has been put under surveillance. This month, weekly data from Nomura indicate the real estate sales slump has moderated.

Persons: Stringer, Yao Yang, Yao, Dan Wang, Morgan Stanley, Clifford Lau, William Blair, China's, Robin Xing, there's, Bruce Pang, Pang doesn't Organizations: Afp, Getty, National School of Development, Peking University, Hang, China Center for Economic Research, Communist Party, Financial Work, Communist Party of, Nomura, CNBC Locations: Chongqing, China, BEIJING, Covid, Beijing, Shanghai, Hang Seng China, Communist Party of China, JLL

☆ Trading in China Evergrande shares suspended again just a month after they returned from a 17-month hiatus
▼ + stars: | 2023-09-28 | by ( Zen Soo | Associated Press | ) www.businessinsider.com time to read: +3 min

Trading in property developer China Evergrande Group shares was suspended in Hong Kong on Thursday. China Evergrande shares had resumed trading on August 28 after a 17-month hiatus. AdvertisementAdvertisementTrading in shares of heavily indebted Chinese property developer China Evergrande Group was suspended in Hong Kong on Thursday, according to a notice on the Hong Kong stock exchange. Trading in two other units, China Evergrande New Energy Vehicle Group and Evergrande Property Services Group, was also halted Thursday. Earlier in September, police in Shenzhen, a southern Chinese city, said they had detained some staff at China Evergrande Group's wealth management unit.

Persons: China Evergrande, Hui Ka Yan, —, Evergrande Organizations: China Evergrande Group, China, Bloomberg, Service, China Evergrande, Hong, Bloomberg News, Energy Vehicle Group, Evergrande Property, Communist Party Locations: Hong Kong, China, Shenzhen, Beijing, New York, U.S

☆ Shares in China's Evergrande suspended from trading in Hong Kong as liquidation concerns mount
▼ + stars: | 2023-09-27 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Shares in embattled Chinese developer Evergrande Group and its two subsidiaries were all suspended from trading in Hong Kong on Thursday, after fears grew about its ability to restructure its mammoth debt and stave off a liquidation of the business. The world’s most indebted real estate developer, which has total liabilities worth $328 billion at the end of June, did not indicate a reason for the suspension in a filing to the stock exchange. Two of the group’s subsidiaries, China Evergrande New Energy Vehicle Group and Evergrande Property Services Group, also halted trading, they said in separate filings without giving reasons for the suspensions. Previously China’s second biggest real estate company, Evergrande’s default in 2021 ignited a crisis in the property sector that continues to weigh on the wider economy. If the offshore debt restructuring fails, and Evergrande is unable to reach a new deal with its creditors, it could face liquidation, where its assets are sold and it stops all operations.

Persons: Evergrande Organizations: Hong Kong CNN —, Evergrande Group, Energy Vehicle Group, Evergrande Property, Group Locations: Hong Kong, China, United States

☆ EU trade chief says the outcome of China EV probe cannot be prejudged
▼ + stars: | 2023-09-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

About two weeks ago, the European Commission announced an investigation into government subsidies for EV makers in China. watch nowChina's electric car exports have surged in recent months. Homegrown Chinese electric car companies Nio , Xpeng and BYD are among those that have started to expand to Europe, but in relatively small numbers so far. More than two-thirds of China's electric car exports to Europe were from Tesla and other international brands manufacturing in China, according to HSBC. China's Ministry of Commerce was quick to criticize the EU investigation and called it a "blatantly protectionist act" that would distort the global auto industry.

Persons: Dombrovskis, Cui Dongshu, Wan Gang Organizations: BEIJING —, European, European Commission, EV, EU, World Trade Organization, Moody's, HSBC, Volkswagen, VW, China's Ministry of Commerce, China Passenger Car Association, Audi, Wan, Science, Technology, Ministry of Finance Locations: BEIJING, BEIJING — Europe, China, Beijing, Europe

☆ Defence minister's disappearance latest case of missing Chinese official
▼ + stars: | 2023-09-22 | by ( Yew Lun Tian | ) www.reuters.com time to read: +3 min

BEIJING, Sept 22 (Reuters) - The disappearance of China's Defence Minister Li Shangfu, who is being investigated for corruption, is just the latest recent case in which a senior official in President Xi Jinping's entourage has mysteriously vanished. If the official is from the military, the investigating body is the People's Liberation Army's own Discipline Inspection Commission. LI YUCHAO AND XU ZHONGBO, EX-ROCKET FORCE LEADERSAnother military general missing-in-action is Li Yuchao, 60, who was put in charge of China's conventional and nuclear missiles in January last year. Xu Zhongbo was replaced by an air force general from the Southern Theatre Command. Neither Li Yuchao nor Xu Zhongbo have been seen in public for months.

Persons: Li Shangfu, Xi Jinping's, Qin Gang, LI, China's, Li, QIN, Qin, Xi Jinping, XIAO YAQING, Xiao, XU ZHONGBO, Li Yuchao, Xu Zhongbo, Yew Lun, Antoni Slodkowski, Michael Perry Organizations: China's Defence, Commission, Chinese Communist Party, Foreign, Reuters, Wall Street, Communist Party, FORCE, Rocket Force, Southern Theatre Command, Thomson Locations: BEIJING, Beijing, Russia, Belarus, Vietnam, United States

☆ 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 releases a smartphone it expects at least half of its users to buy
▼ + stars: | 2023-09-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Chinese electric vehicle maker Nio launches a smartphone at an event in Shanghai on Sept. 21, 2023. He told CNBC that among Nio users from which the company makes a profit, more than half are iPhone users, while the other half uses flagship Android phones from Huawei and other brands. Nio is the first high-end Chinese electric car brand to release its own smartphone, which Li said the company developed in about a year. Huawei also sells its in-car software to other electric car companies such as Avatr and BAIC's Arcfox. He pointed out that the Nio phone app has 600,000 active users a day, about 1.5-times the number of car users.

Persons: Evelyn Cheng, William Li, Li, Nio Organizations: CNBC SHANGHAI, CNBC, Huawei, Apple Locations: Shanghai, China, Europe, Germany

LAUNCESTON, Australia, Sept 19 (Reuters) - China is building two-thirds of the coal-fired electricity generation capacity currently under construction globally, and this may not be as disastrous for the climate as it sounds. The world's largest producer and importer of coal has 136.24 gigawatts (GW) of coal-fired generation under construction, according to data released in July by the Global Energy Monitor. China's under-construction coal generation is about 12% of its existing capacity, and adding more coal-fired power would seem incompatible with the stated goal of achieving net-zero carbon emissions by 2060. It makes sense from an economic and geopolitical perspective to power China's vehicle fleet using domestic electricity rather than imported crude oil. While it would obviously be better for the environment for China to stop building coal-fired power plants and instead accelerate the deployment of renewables, there is some logic to the current policy.

Persons: it's, Christian Schmollinger Organizations: Global Energy Monitor, China Passenger Car Association, Reuters Graphics, ICE, U.S . Department of Energy's, U.S . Department of Energy's Argonne National Laboratory, Reuters, Thomson Locations: LAUNCESTON, Australia, China, India, Indonesia, Saudi Arabia, Russia, U.S . Department of Energy's Argonne

Here are the big questions about the move, which led to a slide in shares of Chinese EV makers on Thursday:WHY EXPORT TO EUROPE AND HOW MUCH HAS IT GROWN? That is mainly due to Beijing's decade-old industry promotion policy of incentives and subsidies that enabled China to become the world's biggest EV market and control the global EV supply chain, including raw materials. The single largest exporter is Tesla, accounting for 40% of China's EV exports between January and April, U.S. thinktank the Center for Strategic and International Studies says. Chinese state subsidies for electric and hybrid vehicles totalled $57 billion between 2016 and 2022, consultants AlixPartners have estimated. It paid out nearly $15 billion to encourage EV purchases through 2021, China Merchants Bank International has estimated.

Persons: Annegret, Bill Russo, EVs, BYD, AlixPartners, Brenda Goh, Ellen Zhang, Miyoung Kim, Clarence Fernandez Organizations: REUTERS, Rights, European Commission, EV, EU, Volkswagen, Renault, BMW, WHO, Center for Strategic, International Studies, Volvo, SAIC's, MG, HK, China Merchants Bank International, Thomson Locations: Berlin, Germany, China, Shanghai, Europe, United States, CHINA, Netherlands, Denmark

☆ China auto industry body 'firmly opposes' EU probe on Chinese EV subsidies, urges objectivity
▼ + stars: | 2023-09-14 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Employees work on the assembly line of C11 electric SUV at a factory of Chinese EV startup Leapmotor on April 26, 2023 in Jinhua, Zhejiang Province of China. Vcg | Visual China Group | Getty ImagesThe European Union should "objectively" consider China's electric vehicle industry and its highly competitive industrial supply chain, the head of a China automobile industry body on Thursday. This comes a day after the European Commission, the executive arm of the European Union, unexpectedly launched an "anti-subsidy" investigation into China's EV makers. "The EU should view the development of China's electric vehicle industry objectively, rather than arbitrarily employing unilateral economic and trade tools to restrict the development or increase operating costs of China's electric vehicle products in Europe," he added. He added that Chinese cars exported to Europe are generally retailing at nearly double the prices in mainland Chinese markets.

Persons: Cui Dongshu, Cui, Ursula von der Leyen Organizations: Visual China, Getty, European Commission, European Union, China's, China Passenger Car Association, CNBC, of Locations: Jinhua, Zhejiang Province, China, Europe, Strasbourg, EU, U.S, Beijing

HONG KONG (AP) — China's Commerce Ministry has protested a decision by the European Union to investigate exports of Chinese electric vehicles, saying Thursday that it is a “protectionist” act aimed at distorting the supply chain. The EU announced Wednesday it will probe government subsidies provided to Chinese automakers that the EU contends keep EV prices artificially low. China has become the biggest market for electric vehicles after investing billions in subsidies to gain an edge. “It’s naked protectionist behavior that will seriously disrupt and distort the global automotive industrial chain and supply chain including the European Union, and will have a negative impact on China–EU economic and trade relations,” he said. Cui urged the EU to take an “objective view of the development of China’s electric vehicle industry” instead of using what he said are economic and trade tools to increase the costs of Chinese electric vehicles in Europe.

Persons: Yadong, “, ”, Cui Dongshu, ” Cui, Cui Organizations: —, Commerce, European Union, EU, China Passenger Car Association Locations: HONG KONG, China, EVs, Japan, Europe, Beijing, EU

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

☆ 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

☆ 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

☆ Tesla shows off restyled Model 3 sedan at Beijing trade fair
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +2 min

[1/3] Tesla's new Model 3 sedan is seen displayed at the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 2, 2023. REUTERS/Florence Lo Acquire Licensing RightsBEIJING, Sept 2 (Reuters) - Tesla (TSLA.O) showed off its restyled, China-made Model 3 sedan for the first time to the public at a trade fair in Beijing, after launching it a day before in several countries. The U.S. automaker displayed a flame red version of the car - marking the first change to its mass-market car line-up since it launched its global best-seller, the Model Y, in 2020 - at the China International Fair for Trade in Services (CIFTIS). At the fair, Tesla sales staff answered questions from interested buyers. Tesla has also said it will show the new model at the Munich auto show, which opens on Tuesday.

Persons: Florence Lo, Guo, Tesla, Hu, Xiaoyu Yin, Jing Xu, Brenda Goh, Ros Russell Organizations: Fair for Trade, Services, REUTERS, Rights, U.S, Thomson Locations: Beijing, China, Rights BEIJING, United States, Shanghai, Asia, Europe, Munich

☆ Shares of BYD jump after Chinese EV maker posts 200% surge in first half profit
▼ + stars: | 2023-08-29 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

Shares of Chinese automaker BYD listed in China jump more than 5% Tuesday, a day after posting a stellar jump in first half profit. Thanks to record deliveries, the Chinese electric car maker on Monday posted a 204.68% jump in net profit for the first half of the year — that's net earnings of 10.95 billion yuan ($1.50 billion) in the January to June period, compared to 3.59 billion yuan a year earlier. Hong-Kong listed shares of the automaker rose 5.6% while stocks in Shenzhen were up as much as 4.75% on Tuesday. Revenue in the first six months increased 72.72%, compared to the first half of 2022, according to the stock filing. "BYD is targeting mass market where Tesla cannot reach," said Vivek Vaidya, associate partner at Frost & Sullivan, on CNBC's "Street Signs Asia" Tuesday.

Persons: BYD, Jiong Shao, China's, Tesla, Vivek Vaidya, Frost & Sullivan, Vaidya Organizations: British, Farnborough International Exhibition, Kong, Barclays, Frost &, Tesla Locations: Farnborough, England, China, Shenzhen

☆ Evergrande loses $2 bln in value as trade resumes; extends creditor voting
▼ + stars: | 2023-08-28 | by ( Clare Jim | ) www.reuters.com time to read: +4 min

Its Hong Kong listed shares plunged 79% to HK0.35 in the afternoon session, narrowing losses from 87% at the opening. Market capitalisation shrank to HK$4.6 billion ($586.38 million from HK$21.8 billion ($2.78 billion) from when it last traded. Its units, China Evergrande New Energy Vehicle Group (0708.HK) and Evergrande Property Services Group (6666.HK), have both resumed trading in the past month after a 16 month halt. The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. ($1 = 7.8442 Hong Kong dollars)($1 = 7.2834 Chinese yuan renminbi)($1 = 7.8447 Hong Kong dollars)Reporting by Clare Jim; Additional reporting by Donny Kwok Editing by Kim Coghill and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Evergrande, Steven Leung, UOB Kay Hian, Aly, homebuyers, Clare Jim, Donny Kwok, Kim Coghill, Christopher Cushing Organizations: China Evergrande, HK, Hong, Hong Kong Stock Exchange, Energy Vehicle Group, Evergrande Property Services, China Evergrande Group, REUTERS, Prism Hong, Thomson Locations: HONG KONG, China, China's, Hong Kong, Shenzhen, Guangdong province, Prism Hong Kong, Shanghai

☆ China's BYD H1 profit rises 204.7% as deliveries break record
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: 1 min

FILE PHOTO-Security guards stand at the BYD booth at the Auto Shanghai show, in Shanghai, China April 19, 2023. REUTERS/Aly Song/file photo Acquire Licensing RightsBEIJING, Aug 28 (Reuters) - China's BYD Co Ltd (002594.SZ), on Monday said first-half profit jumped 204.7% as the new energy vehicle maker broke its delivery record and retained its crown as China's biggest-selling auto brand. January-June net earnings reached 10.95 billion yuan ($1.50 billion), up 204.7% from 3.6 billion yuan a year earlier, on a 72.7% rise in revenue at 260.12 billion yuan, BYD said in a stock market filing. ($1 = 7.2928 Chinese yuan renminbi)Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Christopher Cushing and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, BYD, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Louise Heavens Organizations: Security, Auto, REUTERS, Rights, Thomson Locations: Auto Shanghai, Shanghai, China, Rights BEIJING

☆ China's BYD H1 profit triples as deliveries break record
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +3 min

Net earnings for the six-months ending June 30 reached 10.95 billion yuan ($1.50 billion), up 204.7% from 3.6 billion yuan a year earlier, on a 72.7% rise in revenue to 260.12 billion yuan, BYD said in a stock market filing. The company posted a 6.82 billion yuan net profit for the April-June quarter, up 144.7%, a Reuters calculation showed. The Q2 earnings, the second highest quarterly number, was within BYD's net profit forecast of between 6.37 billion yuan and 7.57 billion yuan. Buoyed by its Dynasty and Ocean series of plug-in petrol-electric hybrids cars and battery-only electric vehicles (EV), BYD set a monthly sales record in July after deliveries hit 700,244 vehicles in the second quarter. Tesla recorded a decline in quarterly automotive gross margin in the second quarter, prioritising sales over earnings.

Persons: Aly, BYD, Warren Buffett's Berkshire Hathaway, Tesla, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Mike Harrison Organizations: Security, Auto, REUTERS, Rights, Volkswagen, Inc, U.S, EV, Tesla, BYD, China Association of Automobile Manufacturers, Reuters, Thomson Locations: Auto Shanghai, Shanghai, China, Rights BEIJING, Shenzhen, Singapore, Australia

☆ China Evergrande loses $2.4 bln in value as trade resumes after 17 months
▼ + stars: | 2023-08-28 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. Next month, courts will decide on Evergrande's plan to restructure almost $32 billion worth of offshore debt obligations. Its Hong Kong-listed units, China Evergrande New Energy Vehicle Group (0708.HK) and Evergrande Property Services Group (6666.HK) have both resumed trading in the past month after a 16 month halt. The resumption of trading in all three companies is crucial for Evergrande Group because its offshore debt restructuring plan includes swapping part of the debt into equity-linked instruments backed by them. ($1 = 7.8435 Hong Kong dollars)($1 = 7.8442 Hong Kong dollars)($1 = 7.2834 Chinese yuan renminbi)Reporting by Clare Jim; Additional reporting by Donny Kwok Editing by Kim Coghill and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, HONG KONG, Steven Leung, UOB Kay Hian, homebuyers, Evergrande, Clare Jim, Donny Kwok, Kim Coghill, Christopher Cushing Organizations: China Evergrande Group, REUTERS, China Evergrande, Hong Kong Stock Exchange, Evergrande, HK, Energy Vehicle Group, Evergrande Property Services, Evergrande Group, Prism Hong, Thomson Locations: China, Shenzhen, Guangdong province, HONG, HK, China's, Hong Kong, Prism Hong Kong, Shanghai, Cayman

☆ 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

☆ China Evergrande says resumption guidance fulfilled, shares set to trade next week
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

Cranes stand at a construction site near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song Acquire Licensing RightsAug 25 (Reuters) - Embattled property developer China Evergrande Group (3333.HK) said on Friday it has "adequately" fulfilled the resumption guidance issued by the Hong Kong Stock Exchange and made an application to resume trading in shares on Aug. 28. Trading in the company's shares was suspended on March 21 last year after it failed to get back on its feet amid the debt crisis. On the same day, the company's unit, China Evergrande New Energy Vehicle (0708.HK), posted a loss attributable from continuing operations of 5.80 billion yuan ($795.84 million), compared with a loss of 3.87 billion, from a year ago. ($1 = 7.2879 Chinese yuan renminbi)Reporting by Roushni Nair in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Evergrande, Roushni Nair, Pooja Desai Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Hong Kong Stock Exchange, Prism, Shanghai Ltd, PricewaterhouseCoopers, Energy, Thomson Locations: China, Shenzhen, Guangdong province, Prism Hong Kong, Shanghai, U.S, United States, Bengaluru

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