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☆ 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.

☆ Indonesia close to EV deals with BYD Group and Tesla - minister
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Jan 17 (Reuters) - Indonesia is finalising agreements with China's automaker BYD Group and U.S. carmaker Tesla (TSLA.O) to invest in electric vehicle (EV) production facilities in the Southeast Asian country, a senior cabinet minister said on Tuesday. Indonesia is aggressively promoting investment into batteries and EVs at home to take advantage of its rich nickel resources. BYD Group, the number one in the world, Tesla, the number two, Hyundai and so on, they are all finalising deals with Indonesia," coordinating minister Luhut Pandjaitan said in a meeting with provincial governments. BYD Group and Tesla did not immediately respond to requests for comment. SGMW Motor Indonesia, part of a joint venture of SAIC Motor Corp Ltd, General Motors Co (GM.N) and Wuling Motors Holdings (0305.HK), has built assembly facilities in Indonesia.

[1/2] The app logo of Chinese ride-hailing giant Didi is seen reflected on its navigation map displayed on a mobile phone in this illustration picture taken July 1, 2021. Didi has been awaiting authorities' approval to resume new user registrations and downloads of its 25 banned apps in China as a key step to resume normal business since its regulatory troubles started in mid-2021. A lifting of the ban on Didi apps would come as Chinese policymakers seek to restore private sector confidence and count on the technology industry to help spur economic activity that has been ravaged by the COVID-19 pandemic. The delay in the return of the apps had cast a shadow over Didi's business plans. That deal is primarily subject to the apps' resumption for official announcement, said the two sources.

☆ Tata considers India, Europe for EV cell manufacturing plants
▼ + stars: | 2023-01-12 | by ( Aditi Shah | ) www.reuters.com time to read: +2 min

GREATER NOIDA, India, Jan 12 (Reuters) - Tata group is considering setting up plants in India and Europe to produce battery cells for electric vehicles (EV), the chief financial officer of its auto unit told Reuters in an interview. With total sales of 50,000 electric cars to date, India's Tata Motors dominates the country's EV market and has outlined plans to launch 10 electric models by March 2026. The company expects electric models to make up a quarter of its total sales by 2025 from around 8% now. Localising cell manufacturing for EV batteries is key to increasing local components in electric cars and will help the automaker develop a local supply chain too, Tata Motors' P.B. Balaji said the investment in cell manufacturing will be made by its parent company Tata Sons but did not elaborate on the quantum or timeline.

☆ Indonesia says investment talks with Tesla still ongoing
▼ + stars: | 2023-01-12 | by ( Bernadette Christina | ) www.reuters.com time to read: +3 min

Luhut Pandjaitan, who has been leading the talks with Tesla, declined to disclose further details, citing a non-disclosure agreement. Bloomberg News also reported that the Indonesia talks include plans for production facilities and to facilitate the company's supply chain, citing people familiar with the matter. "I can't comment, we're still talking," Luhut told Reuters, adding that he had just recently held another round of talks with Tesla. Tesla currently makes its electric cars in China's Shanghai, Germany's Berlin, and Austin and Fremont in the United States. Indonesian authorities have said Japanese firms Toyota Motor Corp (7203.T) and Mitsubishi Motors Corp (7211.T) have pledged investments in EV production.

[1/2] The rear light of a Dacia Spring electric car is pictured during the Brand Manifesto Dacia event at Le Bourget near Paris, France, September 13, 2022. It also points to the shifting perception of the auto market in India, which posted the fastest growth of any major market in 2022. Renault is studying launching a made-in-India electric version of its Kwid hatchback, the people told Reuters. To qualify for incentives in India, Renault would have to build the car at its alliance plant in southern India and source components locally, the first person said. As a part of the India reboot, Renault also plans to invest in refurbishing and upgrading some of its major dealerships in big cities, the person said.

☆ Tesla, EV rivals absorb costs after China pulls plug on subsidy
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +3 min

[1/2] A Tesla electric vehicle is seen through a charging point displayed during a media day for the Auto Shanghai show in Shanghai, China April 20, 2021. The subsidy accounted for around 3% to 6% of the cost of the best-selling electric vehicles in China last year, a Reuters analysis found. It paid out nearly $15 billion to encourage EV purchases through 2021, according to an estimate by China Merchants Bank International. Tesla, meanwhile, is defending its market share by selling the basic, rear-wheel drive Model Y for 288,900 yuan ($42,053.63) in China, unchanged from December. China's Association of Automobile Manufacturers said in December it expected sales of EVs and plug-in hybrids to grow by 35% in 2023, accounting for a third of total vehicle sales.

☆ 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.

☆ Indonesia considers $320 mln in incentives to boost EV sales in 2023
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

President Joko Widodo told the same news conference: "We hope with these incentives, the electric motorcycle and electric car industry will grow". Indonesia targets 20% of overall car sales in 2025 to be EVs, Airlangga said. Companies that have invested or have announced planned investments in EV manufacturing in Indonesia include Toyota Motor Corp (7203.T), Mitsubishi Motors Corp (7211.T) and Hyundai Motor Co (005380.KS). SGMW Motor Indonesia, part of a joint venture of SAIC Motor Corp Ltd (600104.SS), General Motors Co (GM.N) and Wuling Motors Holdings (0305.HK), has an EV assembly facility in the Southeast Asian country. Indonesia has also tried to court U.S. firm Tesla (TSLA.O) to invest to produce not just EV batteries but also cars in the country.

☆ 23 major brands suspected of illegally sourcing products made by forced labor in China
▼ + stars: | 2022-12-17 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +9 min

And more ...Mary Meisenzahl/InsiderThese companies have also been suspected of having direct or indirect ties to Chinese forced labor in the aforementioned reports. Bosch"Bosch is committed to ensuring that its products are not produced wholly or in part by forced labor. "Compliance with human rights, labor rights and environmental standards is a top priority at PUMA and has been specified in our Codes of Conduct for over 20 years." As stated in our Business Conduct Guidelines, we reject all forms of oppression, forced labor and participation in human rights violations. We will continue to respect human rights and take a strong stand against forced labor."

☆ Tesla's struggles in China and Europe may be a preview of the pain coming for Elon in the US
▼ + stars: | 2022-12-09 | by ( Asia Martin | ) www.businessinsider.com time to read: +6 min

Reaching those numbers required cuts of up to 9% of the Model 3 and Model Y sale prices. Strong competition in China and EuropeMusk's auto company faces similar battles in Europe, the second-biggest EV market, behind China. Globally, Tesla's Model Y led the market last quarter, making up 7.5% of EV sales, Counterpoint reported. Competition is chipping away at Tesla's market share in the US, too. S&P Global Mobility predicts Tesla's market share will drop to 20% by 2025.

☆ Expect more choppiness ahead after a week of mixed market signals
▼ + stars: | 2022-12-02 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

Driving the action were several key economic reports, including the November ADP employment and nonfarm payrolls reports and the October personal spending report. The comments came after a softer-than-expected ADP employment report, but before a stronger-than-expected nonfarm payrolls report. With these kinds of mixed signals, expect more market choppiness as investors remain on the hunt for more definitive signs that the Fed is winning its war on inflation and can therefore definitively ease up on their hawkish stance. Initial jobless claims for the week ending Nov. 26 were 225,000, a decrease of 16,000 from the prior week and below expectations of 235,000. Finally, on Friday the all-important nonfarm payrolls report was released, indicating a 263,000 payrolls increase in November, above the 200,000 expected.

☆ Goldman Sachs names the global automakers exposed to a China slowdown
▼ + stars: | 2022-11-29 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Many global companies are heavily exposed to China, including some of the world's biggest automakers, which generate between 20% and 40% of their worldwide sales in the country, according to Goldman Sachs. Goldman Sachs has a $305 price target on Tesla, giving it potential upside of around 66% from its current share price of around $182. Mercedes-Benz Goldman Sachs estimates that Mercedes will sell 734,000 cars this year in China. Meanwhile, Volkswagen's joint-venture partner SAIC is sell-rated by Goldman Sachs, which gives it downside potential of 9%. General Motors Goldman Sachs estimates that nearly half of all cars GM sells worldwide will be in China between 2022 and 2024.

☆ Volkswagen-SAIC venture to close manual transmission plant in China
▼ + stars: | 2022-11-19 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Nov 18 (Reuters) - (This Nov. 18 story has been corrected to say workers will be offered support by the company, not necessarily new jobs in paragraph 5)A manual transmission plant owned by Volkswagen's (VOWG_p.DE) joint venture with SAIC Motors (600104.SS) will close next March, the carmaker said on Friday. The decision was taken several years ago, a Volkswagen spokesperson said, adding that production of manual transmission cars by the joint venture had fallen from 500,000 a year to about 50,000. Volkswagen's joint venture with FAW in the northeastern city of Changchun will continue to produce manual transmission systems, though output has also fallen in recent years. The German carmaker is the largest foreign automaker in China but is battling to compete with domestic electric vehicle manufacturers. Reporting by Victoria Waldersee, Jan Schwartz and Zhang Yan Editing by Rachel More and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen’s China Joint Venture to Halt Manual-Car Production as Demand Declines
▼ + stars: | 2022-11-18 | by ( Raffaele Huang | ) www.wsj.com time to read: 1 min

SINGAPORE— Volkswagen AG plans to stop manufacturing manual cars at one of its two China joint ventures, as Chinese consumers shift their buying from traditional combustion-engine cars to electric vehicles. The German car maker will end production of such vehicles at its joint venture with Chinese state-owned auto maker SAIC Motor Corp. in August 2024 due to changes in market demand, a Volkswagen spokesman said Friday. The move won’t involve job cuts and affected workers will be reassigned to different production lines, a person familiar with the company said.

HONG KONG, Nov 9 (Reuters Breakingviews) - As automakers hesitate to invest in legacy motors, China’s Geely and France’s Renault (RENA.PA) are teaming up to supply gas guzzlers and more to rivals. Founder Li Shufu wants new-energy vehicles to account for 50% of Hong Kong-listed Geely Automobile’s (0175.HK) sales next year. Renault boss Luca de Meo says European car sales at the company he leads will be 100% electric by 2030. By hitching itself to Renault, Geely can shift gears faster to make the most of the window of opportunity. Together, they sold nearly 5 million cars last year, most of which were internal combustion engines.

☆ Luminar says it has begun production of its automotive lidar units ahead of schedule
▼ + stars: | 2022-11-02 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Automotive sensor company Luminar said it has begun production of its Iris lidar units for an automaker client, a major milestone that it had previously expected to reach around year-end. Luminar's lidar units are part of an advanced driver-assist system on the Rising Auto R7, a new electric SUV from the largest Chinese automaker, SAIC Motor. Luminar previously announced deals to supply other automakers including Volvo Cars and Polestar, but it hadn't previously revealed plans to begin production of the Iris units earlier than 2023. The lidar units are being made in a factory in Mexico owned by Canadian electronics manufacturer Celestica. Celestica and Luminar are together building a new dedicated factory, also in Mexico, that will be able to manufacture 250,000 Iris units per year.

☆ Tesla cuts China prices by up to 9% as analysts warn of 'price war'
▼ + stars: | 2022-10-24 | by ( Reuters Staff | ) www.reuters.com time to read: +3 min

FILE PHOTO: Visitors wearing face masks check a China-made Tesla Model Y sport utility vehicle (SUV) at the electric vehicle maker's showroom in Beijing, China January 5, 2021. REUTERS/Tingshu Wang/File PhotoThe price cuts, posted in listings on the electric vehicle (EV) giant’s China website on Monday, are the first by Tesla in China in 2022, and come after Tesla began offering limited incentives to buyers who opted for its insurance last month. The price cuts also follows Tesla Chief Executive Elon Musk’s comment last week that “a recession of sorts” was under way in China and Europe, and Tesla said it would miss its vehicle delivery target this year. China Merchants Bank International (CMBI) said Tesla’s price cuts underlined the growing competitive risk for EV makers in China, with industry-wide sales projected to slow into 2023. “The price cuts underscore the possible price war which we have been emphasising since August,” said Shi Ji, an analyst with CMBI.

☆ Tesla slashes China prices by up to 9% as analysts warn of 'price war'
▼ + stars: | 2022-10-24 | by ( Reuters Staff | ) www.reuters.com time to read: +4 min

FILE PHOTO: Visitors wearing face masks check a China-made Tesla Model Y sport utility vehicle (SUV) at the electric vehicle maker's showroom in Beijing, China January 5, 2021. China Merchants Bank International (CMBI) said Tesla’s price cuts underlined the growing competitive risk for EV makers in China, with industry-wide sales projected to slow into 2023. “The price cuts underscore the possible price war which we have been emphasising since August,” said Shi Ji, an analyst with CMBI. Analysts are warning of a growing car inventory glut for autos in China, where auto sales growth slowed in September while EV sales rose at their slowest pace in five months. But Tesla has also regularly adjusted prices of its cars in China, including reductions, reflecting government subsidies.

☆ Tesla shares fall further as it cuts price on cars in China
▼ + stars: | 2022-10-24 | by ( ) edition.cnn.com time to read: +3 min

The price cuts, posted in listings on the electric vehicle giant’s China website on Monday, are the first by Tesla in China in 2022, and come after Tesla began offering limited incentives to buyers who opted for Tesla’s insurance last month. Shares of Tesla (TSLA) fell nearly 4% in US premarket trading on the report about lower prices for its cars in China. The price cuts come after Tesla CEO Elon Musk said last week that “a recession of sorts” was under way in China and Europe and Tesla said it would miss its vehicle delivery target this year. “The price cuts underscore the possible price war which we have been emphasizing since August,” said Shi Ji, an analyst with CMBI. But Tesla has also regularly adjusted prices of its cars in China, including reductions, reflecting government subsidies.

☆ Volkswagen to take 60% stake in tech joint venture with China's Horizon Robotics
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 13 (Reuters) - Volkswagen (VOWG_p.DE) will invest 2.4 billion euros ($2.33 billion) and take a 60% stake in a new joint venture with Chinese technology company Horizon Robotics for autonomous driving software and hardware, the carmaker said on Thursday. The companies will work together to develop technology that can integrate numerous functions for autonomous driving onto a single chip, the statement said. Horizon Robotics, founded in 2015, supplies customers including Volkswagen's Audi, Continental (CONG.DE), Li Auto and SAIC, according to its website. The carmaker, which makes around 40% of sales and half of profits in the country, holds a 75% stake in a joint venture with JAC <600418.SS<, a 50% stake with SAIC (600104.SS) and 40% with FAW [RIC:RIC:SASACJ.UL]. ($1 = 1.0290 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Waldersee Editing by Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen to invest up to 2 bln euros in JV with China's Horizon Robotics - reports
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

Volkswagen logo is pictured at the 2022 New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Brendan McDermid/File PhotoBERLIN, Oct 12 (Reuters) - Volkswagen (VOWG_p.DE) plans to to invest up to 2 billion euros ($1.94 billion) in a joint venture with China's Horizon Robotics, Handelsblatt and Manager Magazin reported on Wednesday. Reuters reported earlier that VW planned a significant investment in a joint venture in the country for software production. It operates numerous joint ventures in China, holding a 75% stake in its venture with JAC (600418.SS), a 50% stake with SAIC (600104.SS) and 40% with FAW (SASACJ.UL). ($1 = 1.0304 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Kirsti Knolle, Victoria Waldersee, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

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