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☆ Abu Dhabi wants to be an AI leader. Aligning with the US is just the start
▼ + stars: | 2024-06-26 | by ( Amy Gunia | ) edition.cnn.com time to read: +7 min

CNN —The world’s first minister dedicated to developing artificial intelligence (AI) strategy is already becoming embroiled in a global power struggle for tech supremacy. The UAE is one of the world’s largest producers of fossil fuels, and Abu Dhabi sees its AI push as crucial for diversifying away from oil. Christopher Pike/Bloomberg/Getty ImagesWashington has also limited the sale of sophisticated US chips to ensure China doesn’t use Middle Eastern nations as a back door to access the newest AI technology, according to Reuters. By opening up the technology, Abu Dhabi is positioning itself as an ally to developing nations that don’t have the resources to build their own AI tools. In March, a report commissioned by the US State Department warned that the most advanced AI systems could, in a worst-case scenario, “pose an extinction-level threat to the human species.”Olama has some specific concerns.

Persons: Biden, Omar Al Olama, “, Zayed Al Nahyan, Abu Dhabi, ”, ” Olama, Al Olama, ’ ”, Christopher Pike, Olama, Abu Dhabi’s, ” James Lewis, Abu Dhabi’s Mohamed bin, Gifty Sahany, Lewis, ” He’s Organizations: CNN, Microsoft, United Arab Emirates, UAE, PwC, Commerce Department, Huawei, Etihad, United, Bloomberg, Getty, Washington, Reuters, Nvidia, Apple, Technology Innovation Institute, Google, Center for Strategic, International Studies, Washington DC, University of Artificial Intelligence, Systems, US State Department Locations: Abu Dhabi, UAE, China, United States, Dubai, Gulf, United Arab Emirates, Beijing, Washington, University, Valley

☆ A US diplomat says US colleges need more Chinese students to enroll — but in the arts, so they can be walled off from accessing sensitive tech
▼ + stars: | 2024-06-25 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +5 min

But he added that the US does need more Chinese students, too — just not in STEM. AdvertisementHe also cited security concerns about letting Chinese students access sensitive technology. But even now, Chinese students say that they have been facing extra scrutiny while entering the US. The Washington Post, citing online discussion forums, reported in March that Chinese students were questioned for hours at US border controls, or had their visas canceled without valid reasons. In April, the Senate passed a bill that, if signed into law by President Joe Biden, will force Chinese tech company Bytedance to sell video site TikTok.

Persons: —, Kurt Campbell, Campbell, There's, Trump, Donald Trump, Joe Biden, Campbell didn't Organizations: Service, of Foreign Relations, Business, Trump, China Initiative, Department of Justice, Washington, Institute of International Education, American, Apple, Counterpoint Research, Huawei Locations: United States, China

☆ China's ByteDance is reportedly working with Broadcom to develop advanced AI chip
▼ + stars: | 2024-06-24 | by ( ) www.cnbc.com time to read: +3 min

BEIJING — China's ByteDance is working with U.S. chip designer Broadcom on developing an advanced AI processor, two sources familiar with the matter told Reuters, a move that would help TikTok's owner secure sufficient supply of high-end chips amid U.S.-Sino tensions. Securing AI chips is crucial for ByteDance to make its algorithms more powerful. To support its AI push, ByteDance has stockpiled Nvidia chips, according to a separate person who was briefed on the matter. Bytedance currently has hundreds of semiconductor-related job openings posted, including 15 for ASIC chip designers, according to checks of its website. It has also been poaching top people from other Chinese AI chip firms, according to one of the sources who has direct knowledge of this issue.

Persons: TSMC, ByteDance, Bailly, Bytedance Organizations: BEIJING, U.S, Broadcom, Reuters, ByteDance, supercomputing, China's, Competition, Huawei HWT.UL, Nvidia Locations: Washington, U.S, China, ByteDance

☆ EU allegations against Apple are worrisome but not a game-changer for the stock
▼ + stars: | 2024-06-24 | by ( Morgan Chittum | ) www.cnbc.com time to read: +4 min

Apple could face EU fines of up to 10% of the company's total global revenue if found in violation of the DMA's competition policies. Ultimately, though, JPMorgan analysts said Monday that Apple's AI features delay overseas would have little impact on financials. AAPL YTD mountain Apple YTD Overall, Apple stock has had a rocky 2024 performance. Apple CEO Tim Cook delivers remarks at the start of the Apple Worldwide Developers Conference (WWDC) on June 10, 2024 in Cupertino, California. Apple will announce plans to incorporate artificial intelligence (AI) into Apple software and hardware.

Persons: Apple, Jim Cramer, it's, Jim, Melius, Siri, Pro Max, Jim Cramer's, Tim Cook, Justin Sullivan Organizations: Apple, European Union, CNBC, JPMorgan, The Club, Huawei, Developers, Pro, Apple Worldwide Developers Locations: Europe, Apple's, China, Cupertino , California

☆ Huawei Harmony OS: Flashpoint in US-China tech rivalry is again a force to reckon with
▼ + stars: | 2024-06-24 | by ( Diksha Madhok | ) edition.cnn.com time to read: +4 min

CNN —Huawei is in the midst of one of the most stunning comebacks in the history of the tech industry. The Chinese giant, which has been a flashpoint in the escalating rivalry between Washington and Beijing, says more than 900 million smartphones now use its in-house operating system Harmony OS. Harmony, which is called “Hongmeng” in Chinese, was first unveiled in 2019, months after Huawei was placed on a US trade blacklist that barred American firms from selling tech and software to the Chinese tech company without a license. The US ban prevented companies like Google (GOOGL) from supplying new Huawei devices with its version of Android OS. Sales of the iPhone began bouncing back in May, after the company aggressively cut prices in its largest overseas market.

Persons: ” Richard Yu, It’s, Yu, Huawei’s Organizations: CNN, Huawei, Google, Nvidia, Microsoft, Apple, Research Locations: China, Washington, Beijing, Shenzhen

☆ Apple’s new China problem: ChatGPT is banned there
▼ + stars: | 2024-06-21 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +4 min

CNN —Apple is banking on its upcoming AI features to boost iPhone sales especially in China, where demand has been lagging. But there’s a problem: ChatGPT — soon to be integrated into Siri — is banned in China. But China is one of the first countries in the world to regulate the generative AI technology that powers these popular services. Resurgent competitorsMeanwhile, Chinese smartphone brand Huawei’s smartphone sales growth was 70% in the first quarter, according to Counterpoint Research. In other parts of the world, Samsung uses its own propriety AI technology, along with Google’s (GOOGL) AI model Gemini, which is also banned in China.

Persons: ChatGPT —, Siri —, OpenAI, Siri, ChatGPT, hasn’t, —, ”, Nabila Popal, ” Popal, what’s, Reece Hayden, Apple wouldn’t, Jeff Fieldhack, they’d Organizations: CNN, Apple, Apple Intelligence, Microsoft, Google, Meta, Samsung, Cyberspace Administration, Wall, IDC, Research, IDC Research, ABI Research, China, Baidu Locations: China

☆ Marathon, not a sprint: Apple's AI push faces big challenges in China
▼ + stars: | 2024-06-20 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

In this article AAPL Follow your favorite stocks CREATE FREE ACCOUNTThe Apple Siri AI icon is being displayed on a smartphone, with Apple Intelligence in the background. Apple Intelligence is the Cupertino giant's play that aims to bring AI across its devices. Apple's China AI challengesNavigating these rules will be tricky for Apple. "Localising the Apple Intelligence experience will be a major challenge for Apple," Wood told CNBC. CCS Insights' Wood said Apple's focus on privacy could help introduce AI features to the market.

Persons: Siri, Jonathan Raa, Apple, Bryan Ma, Nicole Peng, Ben Wood, Wood, Neil Shah Organizations: Apple Intelligence, Nurphoto, Getty, Huawei, CNBC, Apple, IDC, Baidu, Insight, Counterpoint Research Locations: China, Beijing, Cupertino

☆ China's top smartphone player Honor launches first flip foldable phone in challenge to Samsung
▼ + stars: | 2024-06-13 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Honor on Thursday launched its first flip foldable phone as the Chinese electronics maker looks to step up its challenge in the high-end market against major players like Samsung . CNBC first reported in February that an Honor flip phone was going to launch this year. The global foldable market grew 49% year-on-year in the first quarter of 2024, faster than the overall smartphone market. The Magic V Flip will go up against similar devices from the likes of Oppo, Vivo and Samsung. While the Magic V Flip is only launching in China, Honor has often brought a lot of its devices to international markets.

Organizations: International Data Corporation, Samsung, Huawei, Apple, CNBC Locations: China

☆ Opinion: Apple can still get back to its golden age
▼ + stars: | 2024-06-07 | by ( Opinion Jeff Yang | ) edition.cnn.com time to read: +10 min

Jeff Yang CNNNaturally, Apple has locked down the details of the revelations it plans on releasing on Monday tighter than Fort Knox. Apple CEO Tim Cook introduces Apple Vision Pro, a mixed reality headset, at Apple Park in Cupertino, CA, on June 5, 2023. What’s the songs-in-your-pocket equivalent for Vision Pro? But so far, if Apple is looking to reclaim its real-world relevance, Vision Pro isn’t it — yet. Let’s hope that at this WWDC, the company defiantly ignores last year’s laughter and continues to look, and think, different.

Persons: Jeff Yang, Bruce ”, “, CNN —, Jeff Yang CNN, OpenAI, Tim Cook, Steve Jobs, Brooks Kraft, Jobs, Cook, Ive Organizations: CNN, Conference, Apple, Huawei, International Trade Commission, Justice Department, Vision, Apple Vision, Apple Inc, Apple Watch, MacBook Air, Twitter, Facebook, mojo Locations: Asian America, America, Knox, China, Cupertino , CA, manila, WWDC

☆ BYD vs Huawei: Trash talking by China’s EV giants highlights pressures at heart of world’s biggest car market
▼ + stars: | 2024-06-07 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —As profit margins get squeezed, temperatures are rising in the world’s biggest car market. A tense exchange between two major Chinese electric vehicle (EV) manufacturers in recent days highlights the pressures they face as a price war in the industry intensifies. While top executives from the EV industry often post on social media about a range of topics, including technology and advertising, they rarely name rival companies, especially when criticizing them. In recent months, a price war has escalated in China’s hyper-competitive EV industry, with manufacturers battling for consumer attention with deep discounts or newer, cheaper models. The country has more than 200 EV manufacturers who are grappling with huge oversupply and slowing consumer demand.

Persons: Yu Chengdong, ”, Elon Musk, Tesla, ” Yu, Joe Biden, Mr Yu, ” Li Yunfei, Huawei's, Li, Wang Chuanfu, BYD, Wang Organizations: Hong Kong CNN —, BYD, European Union, Huawei Locations: China, Hong Kong, Shenzhen, BYD, Weibo, Shanghai

☆ The rise of Huawei, the controversial Chinese tech giant that rivals Apple and is seen as a US national security threat
▼ + stars: | 2024-06-02 | by ( Aaron Mok | Jordan Hart | ) www.businessinsider.com time to read: +1 min

Huawei, a Chinese telecommunications company, has become one of the world's biggest tech names. It started off manufacturing equipment before venturing into smartphones and more. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementHuawei has become one of the world's biggest, most controversial tech companies over nearly 40 years.

Persons: — Organizations: Huawei, Apple, Service, Business Locations: Chinese, China

☆ Apple may finally be getting past its China slump
▼ + stars: | 2024-05-29 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementResearch firm Counterpoint research estimated the Silicon Valley heavyweight had sunk from first to third place in the Chinese smartphone market earlier this year, after sales dropped 19% year-over-year in Q1. Apple CEO Tim Cook disputed third-party reports that iPhone sales in the country were struggling in Apple's most recent earnings call, telling investors that sales of Apple's smartphone grew in mainland China during the first quarter. Despite these challenges, China remains a crucial market for Apple. "We feel that the Chinese manufacturers are waged in extremely intense competition between themselves, but that won't necessarily move the needle against Apple," Wood said.

Persons: —, didn't, Tim Cook, Cook, Apple's, Ben Wood, Wood Organizations: Service, China Academy of Information, Communications Technology, Reuters, Business, Apple, Huawei, CCS Insight Locations: China, Hong Kong, Taiwan

☆ Apple slashed iPhone prices in China. Sales are bouncing back
▼ + stars: | 2024-05-29 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A rebound in Apple’s iPhone sales in China is gaining momentum, after the company aggressively cut prices in its largest overseas market to lure back consumers actively hunting bargains in a weak economy. The increase is a major acceleration from the 12% growth logged in March by foreign-branded smartphones, according to previous data from CAICT. But iPhone sales started to bounce back in March after Apple and its retail partners slashed prices, according to CAICT data. The hefty reductions are “the only way” for Apple to defend its market share in China, Jefferies analysts said earlier this week. That will help Apple regain its lost market share but is also likely to put pressure on its competitors to cut prices further.

Persons: Apple, Jefferies, “ Organizations: Hong Kong CNN, CNN, China Academy of Information, Communications Technology, Ministry of Industry, Information Technology, Global Times, Apple, Counterpoint Research, Huawei, Alibaba, Xiaomi Locations: China, Hong Kong

☆ What a generative AI iPhone could look like
▼ + stars: | 2024-05-28 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +7 min

Although artificial intelligence has powered some of the iPhone’s experiences for years, such as Live Text and improved autocorrect, generative AI could unlock new levels of interaction and personalization. The debut of an AI iPhone could also entice consumers to upgrade at a time when they’ve been holding onto older models longer. Now all eyes shift to Apple for its take on generative AI. Expediting AIBehind the scenes, Apple reportedly has been working on its on-device generative AI capabilities and acquiring companies for awhile, such as Canadian startup DarwinAI. But now it needs to show it’s going all in on artificial intelligence to stay relevant in a rapidly evolving industry.

Persons: Apple’s Siri, Siri, ”, Tim Cook, they’ve, Paul Schell, ” Schell, Thomas Husson, Forrester, Apple, Nabila, doesn’t, ” Popal, “, “ It’s, it’s Organizations: CNN, Developers Conference, Google, Samsung, ” Apple, Apple, ABI Research, Microsoft, Meta, IDC, Bloomberg, Huawei Locations: China

☆ China chip industry gets $47.5 billion in new funding
▼ + stars: | 2024-05-27 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Worth $47.5 billion, the fund is being created as the US imposes sweeping restrictions on the export of American chips and chip technology in a bid to throttle Beijing’s ambitions. The latest investment vehicle is the third phase of the China Integrated Circuit Industry Investment Fund. The first phase of the fund was set up in 2014 with 138.7 billion yuan ($19.2 billion). In 2022, the country’s anti-graft watchdog launched a crackdown on the semiconductor industry, investigating some of China’s top figures in state-owned chip companies. Last year, China’s Huawei shocked industry experts by introducing a new smartphone powered by a 7-nanometer processor made by China’s Semiconductor Manufacturing International Corporation (SMIC).

Persons: Xi Jinping’s, Lu Jun, ”, Xi’s, Biden, China’s, Mark Rutte, Xi Organizations: Hong Kong CNN, Worth, China Construction Bank, China Integrated Circuit Industry Investment Fund, National Enterprise, Ministry of Industry, Information Technology, IC, US, China’s Huawei, China’s Semiconductor Manufacturing International Corporation, Huawei, Dutch Locations: Hong Kong, China, ICBC, Beijing, Netherlands, Japan, United States, ASML

☆ China's gold rush shows the Chinese still have money to spend — they're just not into Starbucks or Gucci
▼ + stars: | 2024-05-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

It also reflects that there's money in the system — but Chinese consumers are just really not that keen on dropping their hard-earned cash at Starbucks or Gucci. China's demand for gold jewelry softened in the first quarter of this year due to the surge in gold prices but was still holding up well, according to the council. Gen Z Chinese consumers ditch luxury for goldUnlike the rush into gold assets, Chinese consumers are not running out to buy even more stuff, particularly foreign imports. China's savings rate was around 32% last year — compared to around 4% in the US, according to a McKinsey analysis of official data. "Chinese households are increasingly confronted by the weak long-term Chinese growth outlook and the slumping prices in China's residential real estate market," said Biswas.

Persons: —, Rajiv Biswas, Gen, LVMH Moët Hennessy Louis Vuitton, Gucci, Yves Saint Laurent, Laxman Narasimhan, Nomura, Lynn Song, Jean, Jacques Guiony, Biswas, McKinsey Organizations: Service, Gucci, Business, World Gold, Bloomberg, Starbucks, Huawei, Nomura, ING, McKinsey Locations: Japan, China, American, Greater China

☆ China’s 618 shopping festival begins with biggest-ever Apple price cuts and a boycott
▼ + stars: | 2024-05-22 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Apple is offering unprecedented price cuts in China as big brands and retailers launch promotions for the annual “618” shopping festival in the face of sluggish consumer demand. The JD.com Inc. headquarters during a ceremony marking company's 20th anniversary and 618 shopping event in Beijing, China, on Sunday, June 18, 2023. The 618 shopping festival, a key barometer of consumption in the country, has seen growing competition by e-commerce sites and retailing brands to offer discounts. One statement, issued by 10 publishing houses in Beijing, said the boycott was a necessary move to “maintain the stability and prosperity” of the book publishing market. Even major state-owned publishing companies voiced opposition to “chaotic” price wars.

Persons: Apple, Alibaba —, Alibaba, Rihanna, iPads, ”, Jefferies Organizations: Hong Kong CNN, Apple, Huawei, Vivo, JD.com, Inc, Bloomberg, Getty, Counterpoint Research, Xiaomi, Shanghai Century Publishing Locations: Hong Kong, China, Shanghai, Beijing

☆ Apple looks to boost sales in China with hefty discounts as e-commerce festival gets underway
▼ + stars: | 2024-05-21 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

Apple is offering hefty discounts on iPhones in China in a bid to boost sales amid intense competition from local brands such as Huawei, as promotions for the country's 618 shopping festival get underway. Chinese e-commerce marketplaces JD.com and Alibaba's Tmall have been selling select iPhone models at discounts as high as 20% since promotions for 618 festival started on Monday. Apple's 256-gigabyte iPhone 15 Pro Max was being sold for 7,949 yuan (US$1,120), down from the original 9,999 yuan, a significantly higher discount than those reported in February. Tmall and JD.com are some of Apple's sales channels in the country that regularly promote discounts during the mid-year 618 shopping festival. Apple is also offering discounts of up to 6,100 yuan on the iPhone 15 when Chinese buyers trade in iPhone 11 or later versions, according to the company's website.

Persons: Alibaba's, Max, Tmall Organizations: Huawei, Apple Locations: Nanjing, Shanghai, China

☆ How Apple's AI push could do more than just reignite iPhone sales
▼ + stars: | 2024-05-20 | by ( Morgan Chittum | ) www.cnbc.com time to read: +5 min

"I think the iPhone next generation has to incorporate far more AI than it does now," Jim said on Monday. The Club's belief is that doing so will prompt iPhone users to upgrade to the newer model, helping reignite topline growth for Apple following a prolonged period of sluggishness. The majority of Apple's installed base of more than 2.2 billion devices is iPhones, Melius said in its note Monday. AAPL YTD mountain Apple (AAPL) year-to-date performance AI can boost more than just iPhone sales, according to Melius. In the three months ended March 30, the iPhone 15 and iPhone 15 Pro Max held the No.

Persons: Jim Cramer, Jim, Melius, Max, Jim Cramer's Organizations: Melius Research, Apple, Conference, Cupertino, Reuters, Huawei, CNBC, Citizens, Nurphoto, Getty Locations: China, Melius, India, Shanghai

☆ China's hot EV market is no longer focused solely on lower sticker prices. Which stocks to watch
▼ + stars: | 2024-05-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Winning in China's electric car market is no longer just about having the cheapest price. Despite new U.S. tariffs , the Chinese electric car industry is already moving into a new phase of competition no longer centered on sticker prices alone, many in the industry say. Hong Kong-listed Fuyao, a major supplier of glass for cars, is one of JPMorgan's top picks to take advantage of China's growing electric car market. The Shenzhen-listed Chinese battery giant, Contemporary Amperex Technology , is one of JPMorgan's top Chinese electric car supply chain plays. Last week, Chinese electric car company Nio released a new car in a lower-priced range of just over 200,000 yuan.

Persons: Stephen Dyer, AlixPartners, BYD, Xiaomi, Tesla, Nio, William Li, — CNBC's Michael Bloom Organizations: JPMorgan, Greater, Greater China Business, Amperex, Li Auto, Tesla Locations: Hong Kong, China, Greater China, Asia, Beijing, Shenzhen

No matter who wins the White House and control of Congress this autumn, one aspect of trade policy is likely to endure: Washington’s tough-on-China protectionist stance. But several trade experts predict that the America-first model of slapping tariffs on adversaries — as President Biden did this week — will backfire. Critics of tariffs and export restrictions say they not only will potentially exacerbate inflation and drag down economic growth, but are also likely to fail for a simpler reason: Chinese companies may see their businesses slowed down by the restrictions, but have found ways to beat them. As Alex Durante, an economist at the Tax Foundation, a nonpartisan think tank that works with policymakers in the United States and Europe, bluntly put it: “They don’t work.”Huawei has shown that companies can find workarounds. Last year, the Chinese telecom giant unveiled the Mate 60, a smartphone powered by a high-end semiconductor.

Persons: —, Biden, Alex Durante, ” Organizations: White, Tax Foundation, ” Huawei Locations: China, America, United States, Europe, Washington

☆ 5G and 6G are among 'the most strategic sectors' in the AI age, a national security advisor says
▼ + stars: | 2024-05-14 | by ( Rosalie Chan | ) www.businessinsider.com time to read: +4 min

The US is strengthening its 5G infrastructure, according to a National Security Council official. She said the US must improve its telecom infrastructure. This article is part of "5G and Connectivity Playbook," a series exploring some of our time's most important tech innovations. The US is bolstering its 5G infrastructure in the age of AI. Anne Neuberger, the deputy national security advisor for cyber and emerging tech, said that 5G and 6G were some of "the most strategic sectors," especially since telecom and data-center infrastructure houses the data required to train artificial-intelligence models.

Persons: —, Anne Neuberger, Niloofar Razi Howe, Neuberger, It's Organizations: National Security Council, Service, Conference, Capitol Meridian Partners, Huawei, Telecom, Biden, Wireless, Chain Innovation, White House, Strategy Locations: San Francisco, China, India, Japan, Europe, Ukraine, Russia

☆ Apple, Tesla and Starbucks struggle in China’s economic slump after making a fortune for decades
▼ + stars: | 2024-05-13 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Hong Kong CNN —For decades, Western companies made a fortune betting on the inexorable rise of the Chinese consumer. Now an economic slump and the emergence of ferocious local competitors means those bets look less safe as price wars erupt. Tesla’s China market share shrank to 4% in April, almost halving from 7.7% in March, according to data released by the China Passenger Car Association on Friday. In the 1990s, “every company in the West” was hiring consultants and having boardroom meetings about how to do more in China, according to Stevenson-Yang. He added that he continues to feel optimistic about the Chinese market in the long term.

Persons: ”, Anne Stevenson, Yang, Stevenson, aren’t, Yang Wang, Kevin Frayer, Tim Cook, iPhones, Cotti, Luckin, Belinda Wong, “, McDonald’s, Wallace Organizations: Hong Kong CNN, China Passenger Car Association, J Capital Research, EV, Apple, Starbucks, Counterpoint Research, Macao —, Huawei, China Academy of Information, Communications Technology, Luckin Coffee, McDonalds, KFC, Burger Locations: China, Hong Kong, Shanghai, United States, Germany, Brazil, Beijing, Greater China, Taiwan, Macao, Starbucks China, Dominos, India

☆ How American carmakers lost ground in China
▼ + stars: | 2024-05-11 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +2 min

American automakers and their non-Chinese counterparts are fighting an existential battle, as local rivals in China outpace them. GM's sales in China, including those of joint ventures it maintains in the country, have fallen from a high of 4 million vehicles in 2017 to 2.1 million in 2023. Several factors have contributed to the decline of U.S. automakers in China. That's precisely why American automakers shouldn't give up on China despite the U.S. companies' sales setbacks, according to Bill Russo, a former Chrysler executive who runs Automobility, a consulting firm in Shanghai. "If you don't compete in China, then what are you going to do when China shows up in your backyard?"

Persons: Michael Dunne, Dunne, Berkshire Hathaway, —, shouldn't, Bill Russo, Russo, haven't Organizations: U.S, Ford, GM, Hyundai, Kia, Nissan, Lotus, Volvo, Berkshire, Huawei, Chrysler Locations: China, U.S, Sweden, Shanghai

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy Detroit failed in ChinaDetroit automakers like General Motors made a fortune selling cars to Chinese consumers after the Asian country opened its auto market. But Chinese firms have caught up with top names like BYD, Geely and Great Wall. Tech companies are jumping in too, including Li Auto, XPeng, Nio, Xiaomi, Huawei, Baidu, Tencent and Alibaba. One industry analyst said he expects Ford and GM to withdraw from the country in the next five years along with others such as Hyundai, Kia and Nissan.

Persons: General Motors, Li Auto Organizations: Detroit, China Detroit, General, Wall . Tech, Li, Huawei, Baidu, Ford, GM, Hyundai, Kia, Nissan Locations: China

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