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☆ Tesla Sales of Chinese-Made Cars Hit Record, as Nation’s Auto Market Shrinks
▼ + stars: | 2022-12-08 | by ( Selina Cheng | ) www.wsj.com time to read: 1 min

HONG KONG— Tesla Inc.’s Shanghai factory had a record month of sales despite China’s auto market shrinking in the grip of a slowing economy and consumer demand under harsh Covid curbs, constraints that Beijing has just moved to start easing. The American EV giant sold more than 100,000 China-made electric vehicles in November even as passenger car retail sales shrunk by more than 9% on the year amid poor market conditions, according to China Passenger Car Association data released on Thursday. More than 60,000 of those were sold domestically, representing more than one-tenth of China’s EV market share. The rest were exported.

☆ China Nov passenger vehicle sales drop 9.5%, first fall in six months - CPCA
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +3 min

Vehicle sales last month fell 9.5% from a year earlier to 1.67 million units, the first decline since May, according to the China Passenger Car Association (CPCA). The association said it expects passenger vehicle sales to reach 20.6 million units next year, flat from 2022, a forecast more optimistic than some street views. Analysts at China Merchants Bank International expect retail passenger vehicle sales in China, the world's biggest car market, to drop 6% next year due to the expiry of a purchase-tax cut. But the incentives did little to boost vehicle sales in recent months, as many COVID restrictions remained in place. November sales of Toyota Motor Corp (7203.T) in China fell 18.4% from a year ago, while Nissan Motor (7201.T) saw a 52.5% drop in its sales.

☆ Tesla sold 100,291 China-made vehicles in Nov -Xinhua
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Dec 5 (Reuters) - Tesla Inc (TSLA.O) delivered 100,291 China-made electric vehicles (EVs) in November, the highest monthly sales since its Shanghai factory opened in late 2020, a Xinhua report said on Monday. The number marks a 40% increase from October and 89.7% more than a year earlier after the U.S. automaker ramped up output at the Shanghai plant, cut prices for the best-selling models and offered incentives to Chinese buyers. However, BYD (002594.SZ) led all brands in China's November EV sales at 229,942 electric cars including plug-in hybrids and pure electric vehicles, three times more than a year earlier and more than double Tesla's tally, China Passenger Car Association data shows. BYD was the top-selling car brand in China in the first four weeks of November, data from China Merchants Bank International shows, outperforming the Volkswagen brand in a reversal that highlights the pressure on legacy brands in the world's largest auto market. Reporting by Zhang Yan, Brenda Goh and Beijing Newsroom Editing by Alison Williams and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Tesla readies revamped Model 3 with project 'Highland' -sources
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +6 min

[1/2] A Tesla Model 3 sedan, its first car aimed at the mass market, is displayed during its launch in Hawthorne, California, U.S. March 31, 2016. Tesla’s Shanghai Gigafactory will put the redesigned Model 3 into production in the third quarter of 2023, they said. CHANGE YOU CAN SEEThe redesign for the Model 3 builds on the revamp of the Model S -- Tesla’s premium EV sedan -- that was released last year. The Model 3, Tesla’s cheapest EV starting at just under $47,000 in the United States, had been the automaker’s best-seller but is being overtaken by the Model Y crossover. KEEP IT SIMPLEMusk has pushed a simplified approach to design and production at Tesla that the Highland project extends, said the people with knowledge of the development.

☆ Berkshire Hathaway: Warren Buffett further unwinds BYD investment in China
▼ + stars: | 2022-11-23 | by ( Laura He | ) edition.cnn.com time to read: +2 min

It’s the fifth major share sale by Berkshire (BERK) of BYD shares disclosed since August, according to public records. Before the first deal was disclosed in August, Berkshire had held 225 million shares of BYD for 14 years. The US conglomerate first bought BYD shares at an average of HK$8 ($1.02) apiece in 2008, with an investment of $230 million. Back then, BYD shares had fallen to a record low during the global financial crisis. Based on the latest exchange filing, the conglomerate has dumped more than 49 million BYD shares in the past four months.

☆ Mercedes-Benz cuts price of some electric models in China
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

BEIJING/FRANKFURT, Nov 16 (Reuters) - Mercedes-Benz said it had cut prices on some of its EQE and EQS models in China from Wednesday, citing changing market demand for top-end electric vehicles. Foreign carmakers are struggling to break into China's electric vehicle market, with only Tesla (TSLA.O) achieving higher sales figures. "The Top-End electric vehicle segment in China is still evolving ... Mercedes-Benz is repositioning certain EQ models in China," a spokesperson said. Mercedes-Benz sold 11,327 electric cars in China from January to August, according to the China Passenger Car Association, compared with Tesla, which sold almost 400,000, and China's BYD (002594.SZ), which sold nearly a million. Industry-wide sales are expected to slow into 2023, according to China Merchants Bank International, with some analysts expecting a price war.

☆ The EV Rivals Aiming for Tesla’s Crown in China
▼ + stars: | 2022-11-12 | by ( Selina Cheng | ) www.wsj.com time to read: 1 min

Tesla struck a deal in 2018 to build a factory in Shanghai, with a government official calling the U.S. auto maker a “catfish” that would stir life into China’s stagnant pond of domestic electric-vehicle makers. The plan succeeded. Tesla has sold more than a million cars in China and helped propel China to become the world’s largest EV market—about 66% of worldwide EV sales are in China. Now, some of those domestic laggards are emerging as strong rivals to Tesla. Its share of China’s all-electric retail car market dropped from 13% in 2021 to 8% in the first nine months of this year, according to data from the country’s car association.

☆ Tesla changes insurance incentive scheme in China to urge purchases
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI/BEIJING, Nov 8 (Reuters) - Tesla Inc (TSLA.O) said it has raised insurance incentives for car orders in China placed before Nov. 30, but reduced them for orders made next month, a move to urge consumers to place orders earlier. The U.S. automaker previously offered an insurance incentive of 7,000 yuan ($970) for orders between Oct. 1 and Dec. 30. But on Tuesday Tesla said the incentive for November was raised to 8,000 yuan and reduced for December orders to 4,000 yuan. The insurance incentive is a cash rebate offered to buyers to buy insurance from Tesla's partner insurers. Tesla delivered 71,704 China-made electric vehicles (EVs) in October, down 14% from a record high in September, according to the China Passenger Car Association last week.

☆ Geely's Zeekr plans electric vehicle sales in Europe in 2023
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Zeekr 001 electric vehicle (EV) by Geely is seen displayed at the Zeekr booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly Song/File PhotoSHANGHAI, Nov 2 (Reuters) - Zhejiang Geely Holding Group's (GEELY.UL) premium electric car business plans to sell the first electric vehicle produced under the Zeekr brand in Europe next year, Zeekr's CEO said. Zeekr joins a growing list of Chinese automakers looking to launch or expand sales of electric vehicles in Europe next year, including BYD (002594.SZ), Xpeng (9868.HK) and Great Wall Motors (601633.SS). An said Geely would market its 001 electric crossover in Europe next year. The base model Zeekr 001 sells for the equivalent of $41,000 in China compared with $40,000 for the Tesla (TSLA.O) Model Y after a recent price cut.

☆ Tesla closes its first showroom in China in retail strategy shift - sources
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +3 min

"Their contract with us expired and Tesla decided not to extend it," the mall staff member said. A call to the store earlier in the day was redirected to another Tesla showroom nearby. As part of that effort, Tesla has been hiring technicians and other staff for service jobs in China. More than half of Tesla's China stores do not offer repair or maintenance services and are in high-rent locations where space is limited. read moreTesla sold 318,151 vehicles in China in the first nine months of 2022, up 55% from a year earlier, according the China Passenger Car Association.

☆ Stellantis Jeep joint venture in China to file for bankruptcy
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +4 min

GAC (601238.SS), which approved the bankruptcy filing, said the joint venture had liabilities of almost 111% of its assets of 7.3 billion yuan ($1.00 billion). In the following days, GAC criticised Stellantis and said it was "deeply shocked" by comments from the European carmaker about the end of their joint venture in China. He said then he did not see a major long-term impact from the company's decision to break the joint venture. The former AMC invested in a Beijing Jeep joint venture in 1984, the first such deal for vehicle production in China by an American brand. Tesla (TSLA.O) is the only global automaker that was granted a waiver to produce cars in China without a joint venture.

☆ Stellantis says Jeep joint venture in China to file for bankruptcy
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +3 min

Oct 31 (Reuters) - The venture between Stellantis and Guangzhou Automobile Group producing Jeep vehicles in China is filing for bankruptcy, Stellantis said on Monday, after a lengthy decline for the oldest foreign auto brand in the world's largest market. read moreIn the following days, GAC hit out at Stellantis, saying that it was "deeply shocked" by critical comments from Stellantis about the end of their joint venture in China. read moreSales for the joint venture, which sold the Jeep Cherokee SUV and the Compass crossover, have been in sharp decline for the past four years. He also added that he did not see a major long-term impact from the company's decision to break the joint venture with GAC. The former AMC invested in a Beijing Jeep joint venture in 1984, the first such joint venture deal for vehicle production in China by an American brand.

☆ China's Huawei slows its long decline under U.S. sanctions as revenues improve
▼ + stars: | 2022-10-27 | by ( David Kirton | ) www.reuters.com time to read: +2 min

Huawei posted revenue of 445.8 billion yuan ($62.03 billion)for the first three quarters, 10 billion yuan less than it saw in the same period a year earlier, the company said on Thursday. Revenue for the third quarter alone came to 144.2 billion yuan, up 6.5% on a year earlier, based on Reuters calculations. "The decline in our device business continued to slow down, and our ICT infrastructure business maintained steady growth." The company is now a bit player behind rivals, including its former budget unit Honor, which it sold in 2020. Huawei is pushing to develop other businesses that are less dependent on U.S. technology, including smart car components, energy efficiency systems and cloud services.

☆ 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.

☆ China auto sales growth slows in Sept as signs of softening demand emerge
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +3 min

China's overall auto sales growth also slowed compared to the previous two months, growing 25.7% in September to 2.61 million vehicles. The market is overall relatively weak," said Cui Dongshu, secretary general of the China Passenger Car Association (CPCA). CPCA, which focuses on retail sales of cars, said earlier on Tuesday that China's passenger car sales in September rose 21.2% from a year earlier to 1.95 million. CAAM, which tracks broader auto sales including passenger vehicles, buses and trucks, has said it hopes the government will extend those incentives next year. In September, China's vehicle exports increased 73.9% from a year ago, CAAM said and EVs accounted for one-sixth of them.

☆ Tesla Breaks Its China Factory Delivery Record but Trails BYD
▼ + stars: | 2022-10-10 | by ( Selina Cheng | ) www.wsj.com time to read: 1 min

HONG KONG— Tesla hit a record of more than 83,000 electric-vehicle deliveries from its recently upgraded Shanghai factory in September, according to data released by the China Passenger Car Association. The plant delivered 83,135 EVs last month, an 8% increase from August, according to data released by the association on Sunday. The American EV maker still trailed Chinese rival BYD Co., which topped the charts for EV deliveries last month with almost 95,000 units, up 14% from August. BYD’s total sales, including hybrids, were a combined 201,000 units in September. BYD also broke its own records in September, in EVs as well as total sales.

☆ Tesla, BYD Break China Delivery Records as EV Rivalry Goes Global
▼ + stars: | 2022-10-10 | by ( Selina Cheng | ) www.wsj.com time to read: 1 min

HONG KONG— Tesla and its Chinese rival BYD Co. have each broken their monthly records for deliveries of electric vehicles in China as the global competition between the world’s biggest makers of new-energy autos intensifies. Tesla, the world’s biggest EV maker, delivered more than 83,000 Model 3s and Model Ys from its recently upgraded Shanghai plant in September, data released Sunday by the China Passenger Car Association show. The American EV maker controlled by Elon Musk had been ahead of BYD in China before production was disrupted by Covid-19 outbreaks in the country.

☆ Exclusive: Tesla to keep output at upgraded Shanghai plant below maximum -sources
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +3 min

Since the plant opened in its second largest market in late 2019, Tesla has sought to run the facility in China's commercial hub at full capacity, and recently upgraded its weekly output by 30%, to a maximum of 22,000 vehicles. Register now for FREE unlimited access to Reuters.com RegisterTesla did not immediately respond to a request for comment on Tuesday. The upgraded factory can produce 14,000 Model Ys and 8,000 Model 3s, the sources added. Now Tesla plans to turn out 20,500 units a week for the rest of the year, for a total of 13,000 Model Ys and 7,500 Model 3s, the sources said. Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020.

☆ EXCLUSIVE Tesla to keep output at upgraded Shanghai plant below maximum -sources
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. Since the plant opened in its second largest market in late 2019, Tesla has sought to run the facility in China's commercial hub at full capacity, and recently upgraded its weekly output by 30%, to a maximum of 22,000 vehicles. The upgraded factory can produce 14,000 Model Ys and 8,000 Model 3s, the sources added. Tesla has sought to keep it running at full capacity, except during the upgrade and a city-wide COVID-19 lockdown for two months this year. Now Tesla plans to turn out 20,500 units a week for the rest of the year, for a total of 13,000 Model Ys and 7,500 Model 3s, the sources said.

☆ China's flood of new electric cars cost 20% more to insure than fuel-powered cars
▼ + stars: | 2022-09-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Vcg | Visual China Group | Getty ImagesBEIJING — While Chinese companies churn out new electric cars, local insurance firms think they're more expensive to cover. But repair costs are another reason for higher insurance prices, since "fewer places have the capability to service electric cars in the U.S.," Gardner said. watch nowIn the U.S., Insurify's analysis of the U.S. market found there was no difference in accident rates among electric cars, hybrids and combustion engine cars. But by official Chinese statistics, new energy vehicles in the country are more prone to fires than traditional fuel-powered ones. Electric cars are based on a platform system, and certifying safety can be faster, he said, noting potential use of virtual testing scenarios, or the ability to test individual parts.

☆ Daimler Truck begins producing Mercedes-Benz branded trucks in China
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +1 min

Visitors surround an Actros truck of German truck maker Mercedes-Benz at the IAA truck trade fair in Hanover, Germany September 19, 2018. REUTERS/Fabian Bimmer/File PhotoBERLIN, Sept 23 (Reuters) - Daimler Truck (DTGGe.DE) has begun producing Mercedes-Benz branded trucks in China, with the first vehicles rolling off production lines at its joint plant with China's Foton Motor Co (600166.SS) in Beijing on Friday, the truck and bus maker said. China is the world's biggest market for heavy trucks, with around 1.5 million units sold in 2021 - more than in the U.S., Japan and Europe combined, according to data from German car association VDA. Daimler Truck has so far only produced the joint venture's brand, Auman, in China, while selling Mercedes-Benz trucks imported from Germany at a higher price. A document seen by Reuters in 2020 on plans for the revamp of the joint plant to begin heavy truck production said the target was to produce 50,000 Actros trucks a year.

☆ Xpeng breaks out of a lower price range with its most expensive car to date
▼ + stars: | 2022-09-22 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Qilai Shen | Bloomberg | Getty ImagesBEIJING — Chinese electric car start-up Xpeng has released its most expensive car to date, marking the company's foray into a higher price range. On Wednesday night, Xpeng announced its newest car, the G9 SUV, will be priced from 309,900 yuan ($44,270) to 469,000 yuan. The price range makes Xpeng's latest car generally cheaper than new SUV offerings this fall from Nio and Li Auto. Nio's ES7 sells for 468,000 yuan to 548,000 yuan, while Li Auto's Li 9 lists a price of 459,800 yuan. BYD, the dominant local leader in China's electric car market, sells in an even lower price range.

Xpeng showed off its forthcoming G9 SUV at the Chengdu auto show in August 2022. BEIJING — Chinese electric car start-up Xpeng's newest model will likely sell better than its most popular car to date, according to Brian Gu, the company's president and honorary vice chairman. The company formally launched its G9 SUV on Wednesday. The P7 was Xpeng's first sedan, launched in May 2020, which quickly outsold the company's existing G3 SUV that launched in December 2018. Last year, Xpeng began deliveries of another sedan, the P5, which has notched cumulative deliveries of more than 37,000 cars as of the end of August, the data analysis showed.

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