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☆ Li Auto reports record deliveries for August; Chinese EV brands on track to hit third-quarter guidance
▼ + stars: | 2023-09-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

BEIJING — Chinese electric car companies Nio , Xpeng and Li Auto delivered enough vehicles in August to keep pace with their third quarter guidance. That's according to announcements from the three companies, which are all listed in the U.S.Li Auto again remained ahead of the pack with deliveries of 34,914 cars in August. That's above the range of 33,333 to 34,333 monthly deliveries forecast for the third quarter. The company also delivered about 800 more cars in August than in July. Its vehicles are not pure electric cars since they come with a fuel tank to extend the battery's range.

Persons: Li, Li Auto, Nio Organizations: Li Auto, Li Locations: BEIJING, U.S, That's

☆ How China became the king of new nuclear power, and how the U.S. is trying to stage a comeback
▼ + stars: | 2023-08-30 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +11 min

That is two and a half times more nuclear reactors under construction than any other country. China was just getting started as the United States nuclear industry began to take a back seat. Power follows demand, so the new nuclear reactors tend to be built where fast-developing economies need power to fuel their growth. For the United States to win the export business, it must prove it can put steel in the ground in the United States. "We and our close nuclear energy allies are at what I think is just the start of a fierce competition for supremacy in global nuclear energy export markets," Kotek said.

Persons: Jacopo Buongiorno, Kenneth Luongo, Luongo, John F, Kotek, they've, Buongiorno, Westinghouse, Trump, Biden Organizations: Plant, China National Nuclear Corporation, China Huaneng, Changjiang, China News Service, Getty, International Atomic Energy Agency, United, Massachusetts Institute of Technology, CNBC, Partnership for Global Security, World Nuclear Association, Chicago Tribune, Tribune, Service, IAEA, Organization for Economic Cooperation, Development, OECD, U.S . Energy Information Administration, Nuclear Energy Institute, International Energy Agency, France, Visual China, Georgia Power, Westinghouse Locations: China, Changjiang Li Autonomous County, Hainan Province, India, Turkey, United States, Georgia, Byron , Illinois, France, Russia, HUIZHOU, CHINA, Huizhou, Guangdong Province of China, Europe, Eastern Europe, U.S

☆ Xpeng’s Didi deal is smart shortcut to growth
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

An Xpeng P5 electric vehicle (EV) is seen displayed during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. It’s buying compatriot Didi’s smart EV unit and paying $744 million, or 3.25% of its own stock. For its part, Didi seems to have given up its ambition to break into capital-intensive EV manufacturing, and that’s probably a smart move for a company stuck in listing limbo. It’s unclear if the deal with Didi will dilute VW’s shareholding but Xpeng’s worth is at least rising. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Aly, Didi, that’s, Li Auto, BYD, Una Galani, Thomas Shum Organizations: Auto Shanghai, REUTERS, Rights, Reuters, HK, Volkswagen, EV maker’s, X, Thomson Locations: Shanghai, China

☆ Chinese EV startup Xpeng shares soar 13% after announcing $744 million deal with Didi
▼ + stars: | 2023-08-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Vcg | Visual China Group | Getty ImagesBEIJING — Chinese electric car company Xpeng said Monday it is buying Didi's smart electric car development business in an exchange of shares worth $744 million. watch nowThe startup's deal with Didi comes as many companies look for ways to grab a slice of China's growing but highly competitive electric car market. Still operating at a lossThe deals come as traditional auto giants have the cash that electric car startups lack. The Didi electric car business — held by a subsidiary called Da Vinci Auto Co. — has also racked up losses. The unit had net assets of 937 million yuan as of June 30.

Persons: Didi, Xpeng, MONA, Li Auto, — Organizations: Visual China, Getty, Volkswagen, VW, Xpeng, Li, Vinci Locations: Shanghai, BEIJING, Xpeng, Hong Kong, China

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

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

☆ US FTC to probe Qualcomm's purchase of Israel's Autotalks - Politico
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

Autotalks and Qualcomm logos are seen in this illustration taken, May 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsAug 22 (Reuters) - The U.S. Federal Trade Commission (FTC) is expected to open an in-depth probe on Wednesday of Qualcomm’s (QCOM.O) purchase of Israeli auto-chip maker Autotalks, Politico reported on Tuesday, citing people familiar with the matter. In May, Qualcomm had said it would acquire Israel's Autotalks Ltd, a maker of chips used in crash-prevention technology in vehicles, but had not disclosed the terms of the deal. Autotalks, which makes dedicated chips used in the V2X communications technology sector for manned and driverless vehicles, would help Qualcomm expand its automotive-related business. Qualcomm, Autotalks and the FTC did not immediately respond to requests for comment.

Persons: Dado Ruvic, Autotalks, Granth, Maju Samuel Organizations: Qualcomm, REUTERS, U.S . Federal Trade Commission, Politico, Israel's Autotalks, EU, Autotalks, FTC, Thomson Locations: France, Ireland, Italy, Netherlands, Poland, Spain, Sweden, Bengaluru

☆ Hidden investors took over Corizon Health, a leading prison healthcare company. Then they deployed the Texas Two-Step.
▼ + stars: | 2023-08-21 | by ( Nicole Einbinder | Dakin Campbell | ) www.businessinsider.com time to read: +63 min

The nurse practitioner on duty that day was employed by Corizon Health, Inc., one of the nation's largest private prison healthcare providers. Under federal law, a bankruptcy judge may respond to evidence of self-dealing or perjury by appointing a trustee to take control of the bankrupt company, bankruptcy experts told Insider. Just six months before the Garcia family was scheduled to have their day in court, Corizon filed for bankruptcy. "The Corizon bankruptcy is presently in a court ordered mediation, and we are seeking a global resolution for all the parties involved." Goldberger's attorney, Joseph Haspel, responded to queries with a statement saying that "Mr. Goldberger is a passive investor" in Corizon, Tehum, YesCare, Perigrove, and Perigrove 1018.

Persons: Hector Garcia, Garcia, wriggling, Adria Malcom, Corizon, Bryan Baker, —, Doña Ana, Corizon ., Garcia's, Daniel Jimenez, Gina Macias, Belen Lowery, Hector Garcia , Jr, it's, Johnson, Tehum, Sen, Elizabeth Warren, I've, Isaac Lefkowitz, James Hyman, YesCare, Lefkowitz, Ian Cross, Lynn LoPucki, Tracey Grissom, William Kelly, Kelly, Hector Garcia Jr, Hector Jr, Ricky, he'd, Hector Garcia's, Ana County , New Mexico Hector Jr, Matt Coyte, Coyte, Hyman, didn't, Sara Tirschwell, Kholood, Tirschwell, Jason S, Ana County, Nick Tomecek, Christopher Atkinson, Wendy McGee, McGee, Stephanie Kiger, Anita Skipper, Atkinson, He's, Simche Steinberger, England, Steinberger's, Steinberger, Michael Flacks, Sylvia Jarrus, Cross, he's, David Gefner, Abraham Goldberger, Gefner, Perigrove, Terrence A, they'd, Oved, Goldberger, CHS Dana Anna, Flacks, Moneyman, Joel Landau, Joseph Haspel, Haspel, Andrew Levander, Landau, James Hyman's, It's, Genesis, David Harrington, Bill de Blasio, there'd, Hindenburg, David Paterson, Mark Roe, availing, Dick Durbin, Gefner . Lefkowitz, Tirschwell —, Davidson Kempner, Tim Hunter, Tirschwell's, catastrophically, Tirschwell's playbook, Jeff Sholey, Sholey, Steven Storch, Daniel's Organizations: Detention, Insider, Corizon Health, Inc, Housing, University of Missouri Health Care, Arizona Department of Corrections, Rehabilitation, Senate Banking Committee, Court, Middle, University of Florida, Alabama, futon, Health Services, New, Arizona, BlueMountain Capital Management, Flacks, Revenue, Corizon, New York Times, Tehum Care Services, CHS, YesCare Holdings, Okaloosa, Wyoming Department of Corrections, University of West, YesCare, Public, Alabama Department of Corrections, . Alabama Department of Corrections, Tehum, US, University of Missouri, LinkedIn, Flacks Group, Consulate Health Care, Justice Department, YesCare Corp, United Staffing Solutions, Charlotte, CHS Okaloosa, United, Solutions, Pharmacorr, Trade Center, Securities and Exchange Commission, Hindenburg Research, Alabama Department, Corrections, Geneva Consulting, Genesis Healthcare, Trade, Geneva, New York Stock Exchange, Pinta Capital Partners, The, Pinta Capital, New York Gov, Staffing Solutions, DG Realty, Harvard Law School, ACLU, Public Justice, Lawyers, Seven Trade, World Trade, Gefner, Southern, Southern District of Texas, The Alabama Department of Corrections, Southern Poverty Law Center, Medicare, Services, Quest Turnaround Advisors, New York City, Republican, city's Campaign Finance, CFB, Campaign Finance, Finance Locations: Ana, Las Cruces , New Mexico, facility's, Doña, Jimenez's, Las Cruces, Houston, New, Rockland County, Texas, Middle District, Tennessee, Michigan, Virginia, New York, Oregon, Idaho, New Mexico, Ana County , New Mexico, Corizon, Florida, New York City, A, York, Nashville, Missouri, Brentwood , Tennessee, Delaware, Okaloosa, Florida's panhandle, Okaloosa County, Okaloosa County , Florida, University of West Florida, YesCare, Wyoming, Shawnee County , Kansas, Bernalillo County , New Mexico, Tehum, Perigrove, Suffern, Brooklyn, America, Manhattan, Suffern , New York, Geneva, nonpayment, United States, Rivington, Alabama, Southern District, Wexford, Maine, Corizon's Texas, Mexico, Tirschwell's, YesCare Corp

☆ Xpeng shares drop 7% after the Chinese electric car maker posts a record quarterly loss
▼ + stars: | 2023-08-18 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Xpeng on Friday reported a wider-than-expected loss in the second quarter, sending the Chinese electric car maker's shares down more than 7% in premarket U.S. trade. The net loss was wider than the 2.7 billion yuan ($370.7 million) loss reported in the second quarter of last year. It was also the biggest quarterly loss that Xpeng has posted since going public in August 2020. Here's how Xpeng did against Refinitiv consensus estimates for the second quarter:Net loss: 2.8 billion yuan loss vs. 2.13 billion yuan loss expectedRevenue: 5.06 billion Chinese yuan ($693.7 million) vs. 5.06 billion yuan expected, representing a 31% year-on-year fall. Xpeng's is hoping its latest car — the G6 Ultra Smart Coupe SUV — which was launched at the end of the second quarter, will boost margins.

Persons: Xpeng, Li Auto, Brian Gu Organizations: Guangzhou International Automobile, China Import, Tesla Locations: Guangzhou, Guangdong Province of China, premarket U.S, China

☆ Automakers are finally embracing lidar sensors. A few startups look like market-share winners
▼ + stars: | 2023-08-18 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +6 min

In this article INVZLAZROUSTINVZLAZROUST Follow your favorite stocks CREATE FREE ACCOUNTA Hesai lidar sensor on top of a vehicle in Shenzhen, China, July 10, 2022. Jade Gao | AFP | Getty ImagesFor investors in lidar startups, this has been a long time coming. After years of talk — and a SPAC boom in the sensor sector — automakers have finally started incorporating lidar units into their vehicles. Lidar, short for light detection and ranging, is a sensor technology that uses invisible lasers to create a detailed 3D map of the sensor's surroundings. Playing into investors' intense interest in self-driving technology, many lidar startups went public via mergers with special purpose acquisition companies, or SPACs, over the last few years.

Persons: LAZR, INVZ LAZR, Jade Gao, They're, Luminar, —, Omer Keilaf, Keilaf, Innoviz, Austin Russell, Russell, we'll, Tom Fennimore Organizations: AFP, Getty, BMW, Volkswagen, Refinitiv, Volvo, Polestar, Benz, Luminar Technologies, Bloomberg Locations: Shenzhen, China, Germany, U.S, SPACs, Orlando , Florida

☆ Tesla makes further price cuts in China, reducing models S and X by $7,400 to $8,500
▼ + stars: | 2023-08-16 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Tesla on Wednesday slashed the price of the existing inventory of its Model S and Model X cars in China, as the company looks to boost sales amid rising competition in one of its key markets. The Model S is now offered at 754,900, reduced from 808,900 yuan. The electric car maker, run by billionaire Elon Musk, made another round of price cuts this week for the Model Y and Model 3 in China. In the U.S., Tesla has rolled out cheaper versions of it Model S and Model X vehicles — which are not new issues, but are range limited by software. Shares of Chinese electric vehicle upstarts Xpeng , Nio and Li Auto were all lower in morning trading in the U.S.

Persons: Tesla, Elon Musk, Li Organizations: Tesla, U.S, Li Auto, China Passenger Car Association Locations: Beijing, China, Weibo, U.S

☆ Hedge funds bought these Chinese technology stocks in the second quarter
▼ + stars: | 2023-08-16 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Big investors took a selective approach to China-based technology stocks in the second quarter, recent regulatory filings suggest. Technology stocks continued their upward trend during the second quarter, including a slew of 2022's China-based tech losers. The fund scooped up a fresh position in e-commerce company JD.com worth nearly $64 million, and bought up China-focused exchange-traded funds KraneShares CSI China Internet (KWEB) and iShares China Large-Cap (FXI) . Other hedge funds raising bets on the company included Third Point's Dan Loeb, while Viking Global's Ole Andreas Halvorsen opened a minor stake worth $77.7 million. Not every investor bet big on the sector during the second quarter.

Persons: David Tepper's, Point's Dan Loeb, Ole Andreas Halvorsen, Baidu, Management's Philippe Laffont, Dan Sundheim, Tiger Global's Chase Coleman, — CNBC's Michael Bloom Organizations: Technology, Reuters, Retail, CSI China Internet, Viking, Li, PDD Holdings, Kanzhun Locations: China, Alibaba

☆ US hedge funds stampede out of China in Q2
▼ + stars: | 2023-08-14 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

The hedge fund slashed its position in Alibaba by roughly 90% from March to June, filings showed. D1 Capital Partners also dumped all its 1.7 million shares - or $176.8 million - in Alibaba, according to documents. Louis Bacon's Moore Capital Management sold over $200 million in shares of Alibaba, exiting its position in the company. Amid those uncertainties, China-focused mutual funds also suffered a net outflow of $674 million in the second quarter. At the end of July, hedge funds' exposure to China was well below five-year averages, Goldman Sachs showed.

Persons: Lucas Jackson, Philippe Laffont, Li Auto, Louis Bacon's, Michael Burry's, Joe Biden, Goldman Sachs, Carolina Mandl, Alison Williams, Cynthia Osterman Organizations: New York Stock Exchange, REUTERS, YORK, D1 Capital, Tiger Global, HK, Coatue Management, Tiger Management, Baidu, KE Holdings, PDD Holdings, D1 Capital Partners, Louis Bacon's Moore Capital Management, Alibaba, Michael Burry's Scion Asset Management, Thomson Locations: New York, U.S, JD.com, Kanzhun, Alibaba, China

☆ BYD calls on China automakers to unite, 'demolish the old' in global push
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +4 min

BYD (002594.SZ) used an event this week to mark a production milestone to celebrate a bigger purpose: the emergence of China as a global auto manufacturing powerhouse. China's automakers are locked in a bruising price war that was started by Tesla (TSLA.O) in January and which shows no signs of easing. It ends with a call for China's automakers to "demolish the old legends and achieve new world-class brands," under the slogan, "Chinese Autos". said Li Xiang, CEO of Li Auto, who reposted the BYD video. In July, the industry group representing China's automakers retracted a pledge to avoid "abnormal pricing" brokered between 16 automakers, including BYD.

Persons: Aly, Wang Chuanfu, BYD –, BYD, Li Auto, William Li, Li Xiang, Wang Yuanli, Wall, Wang, Great Wall, Zhang Yan, Brenda Goh, Kevin Krolicki Organizations: Security, Auto, REUTERS, Tesla, FAW Group, HK, BYD's, Technology, China's Auto Business, China Association of Auto Manufacturers, BYD, Volkswagen, Thomson Locations: Auto Shanghai, Shanghai, China, Weibo, Europe

☆ China's Li Auto aims to outsell BMW, Mercedes, Audi in its home market in 2024
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

People stand near the logo of Chinese electric vehicle (EV) maker Li Auto at a product launch event in Beijing, China May 25, 2021. REUTERS/Yilei Sun/File PhotoSHANGHAI, Aug 9 (Reuters) - Li Auto (2015.HK) said it aimed to outsell BMW (BMWG.DE), Mercedes-Benz (MBGn.DE) and Audi in China in 2024 as the up and coming Chinese automaker accelerates rollouts of new models and ramps up production. The company will launch four new models next year including three EVs, he said. But Li Auto managed to gain market share in the segment of cars priced above 300,000 yuan and grow profits this year with four extended-range hybrid vehicles targeting family users. ($1 = 7.2134 Chinese yuan renminbi)Reporting by Zhang Yan, Brenda Goh; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Li, Li Auto, Li Xiang, Tesla, Zhang Yan, Brenda Goh, Simon Cameron, Moore Organizations: REUTERS, Yilei, HK, BMW, Mercedes, Benz, Audi, Li Auto, China Association of Automobile Manufacturers, Thomson Locations: Beijing, China

☆ On tap next week: Two key inflation reports and 4 Club earnings releases. Here's what we're looking for
▼ + stars: | 2023-08-05 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Economic releases : The Labor Department releases its monthly consumer price index and producer price index on Thursday and Friday, respectively. For that reason, we'd be content if the July figure doesn't indicate a resurgence of rising wholesale costs, which is a concern given a recent uptick in energy prices. On Tuesday before the opening bell, Club holding Eli Lilly (LLY) reports. Finally, Club names Walt Disney (DIS) and Wynn Resorts (WYNN) will report on Wednesday after the closing bell. In preparation for these releases, be sure to check out our first-quarter earnings report card .

Persons: we'll, Knight, Eli Lilly, We'll, donanemab, Walt Disney, We're, Tyson, Henry Schein, Li Auto, Armour, WEN, Ralph Lauren, Price, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nasdaq, Labor Department, Reserve, Manufacturing, ADP, Fitch, AAA, U.S ., PPI, Coterra Energy, Walt, Wynn Resorts, Disney, Tyson Foods, TSN, KKR, Energy, Paramount, UPS, Barrick, Duke Energy, Restaurant Brands, Warner Music, Fox Corp, NRG Energy, AMC, Bros, Endeavor, IAC, Sony, SONY, Brookfield Asset Management, WYNN, Trade, Novo Nordisk, US Foods, News Corp, Air Canada, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange, Getty Locations: United States, Mounjaro, Hollywood, Las Vegas, Boston, Macao, PENN, Valvoline, VVV, Credicorp, New York City

☆ This under-the-radar Chinese EV maker is up 120% this year. Bernstein thinks more gains are ahead
▼ + stars: | 2023-08-03 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Bernstein is bullish on the Chinese electric-vehicle market and named Li Auto as a potential winner. "Li Auto remains our top long-term pick on higher confidence in its earnings growth prospect and management execution ability." "Li Auto deserves a premium over its peers on its track record and outlook," the analyst wrote. "We assume Li Auto can grow its market share and reach c. 10% operating margin in steady state." Improvement in consumer sentiment and credit growth could represent further tailwinds," Lee wrote.

Persons: Bernstein, Li Auto, Eunice Lee, Lee, Li, — CNBC's Michael Bloom Organizations: Li, EV Locations: Wednesday's, Russia, China

☆ Shares of Chinese Tesla rival Xpeng fall 5% after head of autonomous driving resigns
▼ + stars: | 2023-08-02 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Xinzhou Wu, vice president of autonomous driving at Xpeng, tendered his resignation "for personal and family reasons," Xpeng said in a statement. Liyun Li, senior director of Xpeng's autonomous driving team, will takeover Wu's role. He Xiaopeng, CEO of Xpeng, praised Wu's contribution to getting Xpeng into a "leading position in autonomous driving technology." The Guangzhou-headquartered firm has tried to position itself as more advanced on autonomous driving and other technologies than its competitors. "I will continue to personally lead our autonomous driving team and strengthen our leadership in Smart EV technologies," the CEO added.

Persons: Xpeng, Xinzhou Wu, Liyun Li, Li, Xpeng's, Xpeng's Xiaopeng, Xiaopeng Organizations: Inc, Shanghai Auto Show, Xpeng, Nio, Li Auto, Volkswagen Group, Smart Locations: Shanghai, China, Tesla, Guangzhou

☆ Chinese EV maker Xpeng sees highest deliveries this year but is eclipsed by rivals Nio, Li Auto
▼ + stars: | 2023-08-01 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Chinese electric car startups Xpeng , Nio and Li Auto on Tuesday posted vehicle delivery numbers for July, showing growth but differing in strength, as competition in the Chinese market continues to ramp up. Xpeng's sales were also eclipsed by Chinese rivals Nio and Li Auto. It is the second consecutive month that Li Auto has surpassed the 30,000 vehicle delivery mark. Competition in China's electric car market continues to ramp up, as companies launch new models and a price war, stoked by U.S. giant Tesla , plays out. In June, Beijing extended tax breaks for the purchases of electric vehicles, which may boost sales in the coming months.

Persons: Li Auto, Nio, Li, Warren Buffett, BYD Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, Li, Li Auto, Consumers Locations: Shanghai, China, Beijing

☆ China's electric car game amps up. One stock has doubled this year
▼ + stars: | 2023-07-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Just when Chinese electric car companies may be needing the cash, foreign automakers need the market — not only in China but globally. Volkswagen isn't faring much better in China's electric car market, with an average of just over 10,000 vehicles delivered each month in the first half of the year. China's homegrown electric car brands from BYD to Zeekr have piled into the local market, where Tesla still commands a hefty share. Li Auto was the only one of the three U.S.-listed Chinese electric car companies to have the healthiest reading above 1, according to a Wind Information screen for the first quarter. China's electric car market is set to grow by 27% this year to 8.7 million units — and remain the largest in the world in coming years, according to Bank of America Securities.

Persons: Tesla, Nio, Li Auto, Volkswagen's Organizations: Volkswagen, Everbright Securities, CNBC, Bank of America Securities, International Energy Agency Locations: China, Western Europe, Shanghai, BYD, Abu Dhabi, U.S

☆ Chinese stocks pop as Beijing vows more measures to boost weak economy
▼ + stars: | 2023-07-25 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

Chinese stocks soared Tuesday as Beijing pledged to ramp up measures to bolster China's sputtering economy. Hong Kong's Hang Seng Index surged more than 3%, China's tech-heavy ChiNext rose 1.8% and the Shanghai Composite Index increased 1.81% on Tuesday morning in Asia. The stock rebound comes after China's top leaders pledged on Monday to ramp up policy support to boost domestic consumption as the post Covid rebound has been slower than expected. That's mainly due to weak domestic demand, operational challenges for companies as well as "a grim and complex external environment," it said. Alibaba shares soared 4.7%, while Tencent was up nearly 4%.

Persons: China Vanke, Alibaba, Tencent, Li Auto Organizations: Bund, China Overseas Land, Investment, Xinhua, Baidu Locations: Shanghai, China, Beijing, Asia, Hong Kong

☆ 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

☆ 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

All eyes will be on U.S. inflation data this week that will feed into the Federal Reserve's interest rate decision later in the month. A Reuters poll of economists showed they suspect that growth in consumer prices likely slowed in June. Most megacap technology and growth stocks, valuations in which come under pressure when borrowing costs rise, eased in premarket trading, with Apple (AAPL.O) and Alphabet (GOOGL.O) down 0.7% each. Overall, earnings for the S&P 500 constituents are expected to fall 5.7% in the second quarter, Refintiv data showed. ET, Dow e-minis were up 19 points, or 0.06%, S&P 500 e-minis were down 4.5 points, or 0.1%, and Nasdaq 100 e-minis were down 41.25 points, or 0.27%.

Persons: Carl Icahn, Wall, JPMorgan Chase, Ipek Ozkardeskaya, Li Auto, Johann M Cherian, Saumyadeb Chakrabarty Organizations: Citigroup, Dow, Nasdaq, Traders, Apple, JPMorgan, Swissquote Bank, Dow e, China Association of Auto Manufacturers, Ichan Enterprises, Thomson Locations: China, U.S, Bengaluru

☆ 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

☆ 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

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