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☆ China’s Auto Sales Fall Sharply After Lifting of Pandemic Curbs
▼ + stars: | 2023-03-08 | by ( Selina Cheng | ) www.wsj.com time to read: 1 min

HONG KONG—China’s passenger car retail sales shrank almost 20% in the first two months of this year, underscoring the challenges facing manufacturers in the world’s largest but long-stuttering auto market. The nation’s auto makers sold 2.7 million passenger cars in January and February combined, according to the China Passenger Car Association, down from 3.3 million a year earlier. The association partly attributed the drop to the ending of tax cuts on autos that boosted sales during the pandemic, as well as the end of electric-vehicle subsidies.

☆ China's Jan-Feb passenger cars sales down 20% - CPCA
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/BEIJING, March 8 (Reuters) - China's passenger vehicle sales fell 20% in the first two months of this year, industry data showed on Wednesday, underscoring weak demand in the world's biggest auto market even as some car manufacturers offer reduced prices to revive demand. Sales in February, 1.42 million units, were 10.4% higher than a year earlier, a low base period when a week-long Lunar New Year holiday reduced business activity, the China Passenger Car Association (CPCA) said. Sales of new energy vehicles (NEVs), which include pure battery electric cars and plug-in hybrids, grew faster than the overall market, up 61% in February on a year earlier. NEVs accounted for more than 30% of new car sales. Tesla accounted for 11.5% of China's battery electric car sales in February, little changed from 11.3% a year before, indicating a waning effect of price cuts it implemented in early January.

☆ Tesla sold 74,402 China-made EVs in February, up 32% year over year
▼ + stars: | 2023-03-03 | by ( ) www.cnbc.com time to read: +1 min

Tesla sold 74,402 China-made electric vehicles in February, up 31.65% from a year earlier, China Passenger Car Association data showed on Friday. That was up 12.6% from January, when the U.S. electric car maker delivered 66,051 China-made Model 3 and Model Y electric cars. Rival BYD with its Dynasty and Ocean series of EVs and hybrids sold 191,664 vehicles last month, CPCA data showed. BYD's market share increased to 37% from 27%. As competition intensifies, Tesla aims to increase its exports and expand into new markets to digest output from its factory in Shanghai.

☆ Tesla sold 74,402 China-made EVs in February, up 32% y/y
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Tesla is seen at a Tesla Supercharger station October 21, 2020. REUTERS/Arnd WiegmannCompanies Tesla Inc FollowSHANGHAI, March 3 (Reuters) - Tesla (TSLA.O) sold 74,402 China-made electric vehicles (EV) in February, up 31.65% from a year earlier, China Passenger Car Association (CPCA) data showed on Friday. That was up 12.6% from January, when the U.S. electric car maker delivered 66,051 China-made Model 3 and Model Y electric cars. Rival BYD with its Dynasty and Ocean series of EVs and hybrids sold 191,664 vehicles last month, CPCA data showed. It has started delivering cars to Thailand and set up its first Supercharger station in there in February.

☆ China's Nio to build factory for budget EVs - sources
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Feb 21 (Reuters) - Chinese electric vehicle (EV) maker Nio Inc (9866.HK) plans to build a factory in Chuzhou city in the eastern province of Anhui to produce budget EVs under a new brand, said three people with knowledge of the matter. Neither Nio nor the Chuzhou local government immediately responded to requests for comment. Nio's main brand, Nio, is positioned for the premium car segment to compete with brands such as BMW, Audi and Mercedes-Benz in China and Europe. More than a quarter of the new cars sold in January in China were either pure electric or plug-in hybrids, according to China Passenger Car Association. Reporting by Zhang Yan, Zhuzhu Cui and Brenda Goh; Editing by Christopher Cushing and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ VW's China JV with SAIC names Jia Jianxu as its new head
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] People visit the Volkswagen booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly SongSHANGHAI, Feb 20 (Reuters) - Volkswagen's joint venture with China's SAIC Motor (600104.SS) said on Monday it had appointed Jia Jianxu, a veteran executive at the state-owned Chinese automaker, as its new general manager. Since 2018, Jia has been the general manager at Yanfeng Automotive Interiors, a SAIC-owned vehicle seat maker, and helped develop its intelligent cockpit products. Jia's appointment comes as Volkswagen is ramping up its efforts in electric vehicles (EVs) in China, with its I.D. Reporting by Zhang Yan and Brenda Goh Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

The $108 billion group’s sheer size means it benefits from exceptional economies of scale in an immature industry. Last year, it tripled both production and sales of pure electric and hybrid cars to nearly 2 million vehicles. That is equivalent to roughly a quarter of EVs purchased in China in 2022. The group makes batteries too, accounting for almost a quarter of China’s total sales last year, Jefferies estimates. Overall passenger car sales, including electric vehicles and fossil-fueled models, slumped 38% in January, reversing a 2.4% gain in the previous month.

☆ Analysis: In China, Tesla could win electric vehicle price battle – but lose the war
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +7 min

[1/5] Visitors check a Tesla Model 3 car next to a Model Y displayed at a showroom of the U.S. electric vehicle (EV) maker in Beijing, China February 4, 2023. REUTERS/Florence LoSummarySummary Companies Tesla price cuts have jumpstarted sales in world no. Most immediately, Tesla's January price cuts drove deliveries of its China-made vehicles up 18% from December. From 15% in 2020, its share of the China EV market fell by a third to just 10% in 2022, according to data from the CPCA. After the latest price cuts, the Model 3 starts at about $34,000 and the Model Y at $38,000.

☆ China car sales plunge 38% in January as subsidies, tax cut end
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/BEIJING, Feb 8 (Reuters) - China's passenger car sales slumped 38% in January, reversing a 2.4% gain in the previous month, industry data showed on Wednesday, as demand weakened after a tax cut on combustion engine cars and subsidies on electric vehicles (EV) expired. Sales of new energy cars that include pure battery EVs and plug-in hybrids also fell 6.3% in January after a blistering 90% growth in 2022, the China Passenger Car Association (CPCA) said. "New energy car sales in January didn't meet our expectation, with a rare year-on-year decline in a single month sales," said Cui Dongshu, secretary general of CPCA in an online briefing on Wednesday. He said the Lunar New Year and the end of EV subsidies were among the factors leading to the decline. New energy vehicles accounted for a quarter of the total 1.3 million car sales in the month, CPCA data showed, down sharply from 35% in November 2022.

☆ Tesla sales of China-made electric vehicles up 18% in January
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Feb 3 (Reuters) - Tesla Inc (TSLA.O) sold 66,051 China-made electric vehicles in January, data published by the China Passenger Car Association showed on Friday. That was up 18% from December, when the U.S. electric car maker sold 55,796 China-made vehicles, and 10% higher versus January last year. Tesla's Shanghai plant in December cut output by about a third from November, and extended a Lunar New Year holiday period for workers in January, to cope with rising inventory. Tesla was the second best-selling electric vehicle maker in China last month after BYD Co Ltd (002594.SZ) which shipped 150,164 cars, the CPCA said. Reporting by the Beijing and Hong Kong newsrooms and Brenda Goh; Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Tesla to raise Shanghai output after price cuts stoke demand -memo
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Feb 1 (Reuters) - Tesla (TSLA.O) plans to step up output at its Shanghai plant over the next two months to meet demand ignited by aggressive price cuts on its best-selling models, according to a planning memo seen by Reuters and a person with knowledge of the plan. The automaker plans to produce a weekly average of nearly 20,000 units at its Shanghai factory in February and March, according to the memo, which detailed output plans for Tesla's most productive and profitable manufacturing hub. On a conference call last week to discuss Tesla's fourth-quarter results, Chief Executive Elon Musk said orders were roughly double production in January after global price cuts. Tesla's price cuts in China have sparked what analysts have described as a price war, as Chinese automakers Xpeng and Seres' Aito have followed the company in cutting prices. Tesla's Shanghai plant produces vehicles for the China market and for export to Europe.

☆ Chinese EV giant BYD set for surge in 2022 profit as sales jump
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

[1/3] Chinese EV maker BYD's Seal is displayed at Tokyo Auto Salon 2023 at Makuhari Messe in Chiba, east of Tokyo, Japan, January 13, 2023. REUTERS/Kim Kyung-Hoon/File PhotoJan 30 (Reuters) - China's BYD Co , the world's biggest seller of battery electric vehicles (BEVs) and plug-in hybrids, expects its 2022 net profit to be more than five times the amount it booked a year earlier, it said on Monday. With sales of 1.86 million cars, it expects a net profit of 16-17 billion yuan ($2.37-$2.52 billion) versus 3 billion in 2021, an exchange filing showed. The company said it had it achieved strong sales growth and significantly improved profitability and had "effectively relieved the cost pressure brought about by the rising upstreamraw material prices". ($1 = 6.7498 Chinese yuan renminbi)Reporting by Zhang Yan, Brenda Goh and Hong Kong newsroom; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: India's EV dawn fans expectations fuel demand may peak early
▼ + stars: | 2023-01-27 | by ( Mohi Narayan | ) www.reuters.com time to read: +5 min

Currently, around 90% of Indian petrochemical demand is met by China, he said, so a shift by Indian refiners towards domestic chemical needs could dramatically change supply dynamics. Indian refiners are investing billions of dollars to raise petrochemical capacity. Indian Oil Corp (IOC.NS), the country's top refiner, is raising petrochemical capacity at its Panipat refinery by 13% and building new plants linked to its Paradip and Gujarat refineries. India's state refiners, which dominate fuel retailers, plan to set up EV charging facilities at more than 22,000 fuel stations and highways by 2024. About 40% of India's fuel demand is for diesel, which is mostly used by trucks.

☆ Elon Musk says a Chinese automaker will likely be second to Tesla: 'They work the smartest'
▼ + stars: | 2023-01-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Elon Musk said that a Chinese automaker is likely to be the closest competitor to Tesla , while stressing the company is "winning in China" right now. Tesla has a number of challengers in China in the electric vehicle space, including a slew of start-ups such as Nio , Xpeng and Li Auto . "And so, if I were to guess ... probably some company out of China is the most likely to be second to Tesla," Musk said. Musk said that the "Tesla China team is winning" in the country without clarifying further. Tesla's Model 3 was the fifth best selling new energy vehicle car in China in 2022, according to the China Passenger Car Association.

☆ China’s EV Sales Broke Record in 2022 as Overall Auto Market Stalled
▼ + stars: | 2023-01-10 | by ( Selina Cheng | ) www.wsj.com time to read: 1 min

BYD, which is backed by Warren Buffett, jumped to the top of China’s retail-sales chart in 2022. HONG KONG—Sales of new-energy vehicles almost doubled in China last year, even as overall car sales remained sluggish with auto makers weathering severe production disruptions and economic challenges under strict anti-Covid-19 curbs. China sold 5.67 million electric vehicles and plug-in hybrids in 2022, the China Passenger Car Association said Tuesday, as state subsidies and high oil prices led buyers to switch from gas-guzzling models.

☆ China passenger vehicle sales rise in Dec, Tesla sales slump 41% - data
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +3 min

He predicted that China's passenger vehicle sales were likely to remain largely flat or slightly up in 2023. CPCA said on Tuesday that China's passenger vehicle sales in December rose 2.4% from a year earlier to 2.19 million units. Tesla saw its December sales in China plunge 41% from a year earlier despite offering deep discounts. Most other EV makers in China are still loss making, including Nio (9866.HK), Xpeng (9868.HK) and Li Auto (2015.HK). CPCA expects sales of new energy cars, mainly EVs, to hit 8.5 million units in 2023, accounting for 36% of total new car sales.

☆ Tesla cuts prices in China for second time in three months as demand slows
▼ + stars: | 2023-01-06 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Tesla has slashed car prices in China for the second time in less than three months, in an effort to boost sales amidst slowing demand in the world’s largest car market. The electric vehicle maker cut prices for all versions of its China-made Model 3 and Model Y on Friday, according to its website. This is the second price cut since October 24, when Tesla (TSLA) reduced the prices of Model 3 and Model Y by as much as 9.4%. “Tesla’s price cuts are backed by innumerable engineering innovations,” said Grace Tao, Tesla’s vice president for external relations in China, on her Weibo account on Friday. Tesla’s price cuts come days after Beijing ended a 13-year-long subsidy for electric vehicle purchases on December 31, a move that is expected to put further pressure on car demand.

☆ Tesla’s China Deliveries Fell Sharply in December Despite Discounts
▼ + stars: | 2023-01-05 | by ( Selina Cheng | ) www.wsj.com time to read: 1 min

Hong Kong— Tesla Inc. delivered far fewer China-made electric vehicles in December than in November and the company has extended discounts for another two months during a period of weakening demand. Tesla delivered almost 55,800 Model 3 and Model Y vehicles from its Shanghai gigafactory during the last month of 2022—a figure that includes exports—according to data released Thursday by the China Passenger Car Association.

☆ Tesla's December sales of China-made cars fall to the lowest in five months
▼ + stars: | 2023-01-05 | by ( ) www.cnbc.com time to read: +1 min

Tesla vehicles waiting for shipping transport in a large lot near the Waigaoqiao Container Port in Shanghai, China, on Friday, June 3, 2022. Tesla Inc delivered 55,796 China-made electric vehicles in December, the lowest level in five months, according to data from the China Passenger Car Association on Thursday. It also marks the fewest monthly deliveries since July when most production at Tesla's Shanghai plant was suspended due to an upgrade to its production lines. For the whole of 2022, the U.S. automaker delivered 50% more vehicles produced in its Shanghai plant compared with 2021, the CPCA data showed. Tesla suspended production at its Shanghai plant, its most productive manufacturing hub, from Dec. 24 to Jan. 2 as part of the output reduction efforts, Reuters reported previously.

☆ Tesla's Dec sales of China-made cars fall to the lowest in five months
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

[1/2] Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. REUTERS/Aly SongSHANGHAI, Jan 5 (Reuters) - Tesla Inc (TSLA.O) delivered 55,796 China-made electric vehicles in December, the lowest level in five months, according to data from the China Passenger Car Association (CPCA) on Thursday. It also marks the fewest monthly deliveries since July when most production at Tesla's Shanghai plant was suspended due to an upgrade to its production lines. For the whole of 2022, the U.S. automaker delivered 50% more vehicles produced in its Shanghai plant compared with 2021, the CPCA data showed. Tesla suspended production at its Shanghai plant, its most productive manufacturing hub, from Dec. 24 to Jan. 2 as part of the output reduction efforts, Reuters reported previously.

☆ Covid-19: China's surge in cases hits factories and consumer market
▼ + stars: | 2022-12-26 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China’s economy is under severe strain as a wave of Covid cases sweeps across the country. Factories and companies are also forced to shut down or cut production because of more workers getting sick. Nationwide, truck cargo volumes and delivery orders both shrank in the past week, according to statistics from the transportation ministry and the postal service regulator. Many factories have been forced to shut down for weeks because of sick workers and lack of orders, according to Chinese media. The next few weeks may be “the most dangerous” for China’s battle with Covid, said Capital Economics analysts.

☆ Tesla falls on growing angst over Musk's focus on Twitter
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

Tesla's shares hit a more than two-year low of $140.86. Evercore ISI, which slashed its price target on the company's shares to $200 from $300 said investors fear damage to the Tesla brand. Daiwa Capital Markets also cut its price target to $177 from $240, citing a "higher risk profile from the Twitter distraction". Analysts at Oppenheimer downgraded Tesla's shares on Monday. The price target cuts come ahead of Tesla's quarterly deliveries report expected in early January amid weakening demand in China.

That compares with a valuation of about $9 billion in its maiden external fundraising last year. In doing so, it joins a growing list of Chinese automakers looking to launch or expand sales of EVs in the region. The automotive group led by founder Li Shufu now houses seven brands manufacturing electric vehicles, of which three are high-end brands. According to two of the sources, Zeekr also considered Hong Kong as its listing venue but picked New York in the hope of achieving a higher valuation. Zeekr was established by Geely, formally known as Zhejiang Geely Holding Group (GEELY.UL), in April 2021 to tap into increasing Chinese demand for premium EVs.

HONG KONG, Dec 12 (Reuters) - Zeekr, Chinese automaker Geely's upmarket electric car brand, has confidentially filed for a U.S. initial public offering, aiming to raise more than $1 billion, three sources with direct knowledge of the matter told Reuters. That compares with a valuation of about $9 billion in its maiden external fundraising last year. In doing so, it joins a growing list of Chinese automakers looking to launch or expand sales of EVs in the region. According to two of the sources, Zeekr also considered Hong Kong as its listing venue but picked New York in the hope of achieving a higher valuation. It said in October it would spin Zeekr off but did not identify a listing venue or the likely value of an offering.

☆ Here are Friday's biggest analyst calls: Apple, Tesla, McDonald's, Netflix, Carvana, Microsoft & more
▼ + stars: | 2022-12-09 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Cowen names Costco a top 2023 pick Cowen said Costco is well positioned in a deteriorating macro environment. " Cowen names Caterpillar a top 2023 pick Cowen said the company is well positioned heading into 2023. Cowen names Netflix a top 2023 pick Cowen said it sees free-cash flow ramping up for Netflix in 2023. Morgan Stanley reiterates Apple as overweight Morgan Stanley said investors should take advantage of any weakness and buy the dip in shares of Apple . Morgan Stanley reiterates Lululemon as overweight Morgan Stanley said the company's fundamentals remain strong after its earnings report on Thursday. "

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