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☆ 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 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 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 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.

☆ 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.

☆ 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.

☆ 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.

☆ Tesla weighs reset for China retail strategy even as sales boom
▼ + stars: | 2022-09-20 | by ( ) www.cnbc.com time to read: +4 min

Tesla's China recruitment website showed more than 300 openings for service jobs as of Thursday. Musk said last week on Twitter, in response to a Tesla owner in Texas who complained that he had been waiting a month to get his vehicle fixed, that he had made "advancing Tesla service to make it awesome" a top priority. That has allowed it more leeway to adjust a retail strategy that had been initially modeled on Apple's stores. More than half of Tesla's showrooms in seven of China's biggest cities, including Shenzhen and Chengdu, are now in downtown areas, according to a Reuters count based on Tesla's China website. Nio, like Tesla, has a network of high profile urban stores in China.

☆ China EV maker Leapmotor launches up to $1 billion Hong Kong IPO
▼ + stars: | 2022-09-19 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterHONG KONG, Sept 20 (Reuters) - Chinese electric vehicle maker Zhejiang Leapmotor Technology is aiming to raise $1.03 billion in an initial public offering (IPO) launched on Tuesday, according to its regulatory filings. The company is selling 130.82 million shares in the deal that will be the largest IPO in Hong Kong in 2022. Leapmotor has locked five cornerstone investors - led by the Zhejiang and Jinhua industrial funds - who will buy up to $308.33 million shares, according to the filings. Leapmotor produces four electric vehicle models that mainly target China’s middle- and lower-end mass market in a 79,500 yuan-300,000 yuan ($11,466.40-$43,269.44) price range, according to its website and prospectus filed with the Hong Kong Stock Exchange. ($1 = 7.8488 Hong Kong dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Scott Murdoch in Hong Kong; Editing by Cynthia Osterman and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

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