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☆ Chinese electric carmakers ramp up push overseas, setting up clash with U.S., European auto giants
▼ + stars: | 2023-09-05 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

Arjun Kharpal | CNBCMunich, GERMANY — The IAA in Munich, Germany is one of Europe's most high-profile auto shows. And it was dominated by Chinese electric car firms looking to expand their presence on the continent and challenge incumbents from BMW to Ford in the new era of battery-powered vehicles. But a slowing market at home, due to tepid consumer spending after Covid-19 restrictions were lifted, coupled with an attractive market in Europe, has seen Chinese firms launch cars abroad and expand their footprint. Many of the European carmakers have been seen lagging in their push into EVs at a time when Chinese players have launched dozens of new vehicles. watch nowThe entrance of Chinese firms into Europe is seen as a threat to big automakers who have been perceived to be moving too slow on EVs.

Persons: BYD, Arjun Kharpal, Daniel Roeska, Roeska, Zhu Jiangming, Warren Buffett, Xpeng, Brian Gu, Gu, Bernstein, Tesla, Mercedes, Xpeng's Gu Organizations: CNBC, BMW, Ford, EV, Bernstein Research, Leapmotor, Tesla, IAA Locations: Europe, Munich, Germany, CNBC Munich, GERMANY, China, Hangzhou, Norway, Sweden, Denmark, Netherlands, Guangzhou, EVs

☆ China's Leapmotor looks to sell EV tech as it targets export growth
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +3 min

"For us, to survive, we have to achieve at least 500,000 to 1 million units of annual sales globally. The top 10 automakers in the world all have annual sales of more than 4 million units. Leapmotor had sales of almost 111,000 EVs in China in 2022, up from just over 44,000 in 2021. With European automakers scrambling to take a larger share of an EV boom in China that has largely left them behind, several have been looking at or licensing EV technology developed in China. Reporting by Zhang Yan in Munich, writing by Kevin Krolicki; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Zhu Jiangming, Leonhard Simon, Leapmotor, ” Zhu, Xpeng, Zhu, Zhang Yan, Kevin Krolicki, Hugh Lawson Organizations: REUTERS, Rights, HK, Reuters, Volkswagen, Toyota, Audi, SAIC Motor Corp, VW, Thomson Locations: Munich, Germany, China, Europe, Australia, New Zealand

☆ CNBC Daily Open: Bitcoin’s still struggling to gain acceptance
▼ + stars: | 2023-09-05 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. China's Shanghai Composite lost 0.72% as the country's service sector logged its slowest expansion in eight months, according to a Caixin survey. Overinvestment in ChinaChina is "overinvested," said Jitania Kandhari, a managing director and deputy chief investment officer at Morgan Stanley. By contrast, India is underinvested, Kandhari said, giving its economy and markets investment opportunities.

Persons: Narendra Modi, China —, Jitania Kandhari, Morgan Stanley, Kandhari, Weizhen Tan Organizations: CNBC, Labor, Shanghai, Indian, BMW, Ford, Mercedes Locations: Miami Beach , Florida, U.S, Asia, Pacific, India, Russia, China, China China, Munich, Germany

"Chinese manufacturers will adapt vehicles to the European market step by step through user experience and customer orientation," Bosch (ROBG.UL) CEO Stefan Hartung told Reuters at Munich's IAA mobility show. Bosch's Chinese partnerships include developing Advanced Driver Assistance Systems (ADAS) for most of Chinese EV maker BYD's (002594.SZ) cars, electric motors for luxury EV maker Human Horizons and is a supplier for Nio (9866.HK). Chinese EV makers including BYD, Nio, Xpeng (9868.HK) and Leapmotor (9863.HK) are all targeting Europe's EV market, where sales soared nearly 55% to about 820,000 vehicles in the first seven months of 2023, making up about 13% of all car sales. "When we talk to our Chinese customers, there are very concrete plans to build plants in Europe," ZF CEO Holger Klein told Reuters. Continental CEO Nikolai Setzer told Reuters the supplier expects "the Chinese to go global and build plants in Europe."

Persons: Leonhard Simon, Bosch, Stefan Hartung, Hartung, Holger Klein, Nikolai Setzer, Setzer, Nick Carey, Victoria Waldersee, Christina Amann, Zoey Zhang, David Evans Organizations: REUTERS, Rights, Reuters, BYD's, Human, HK, Europe's EV, Jato Dynamics, Friedrichshafen, ZF, Continental, Thomson Locations: Munich, Germany, China, Europe

☆ Chinese Cars Star at Munich Auto Show, Underscoring German Economic Woes
▼ + stars: | 2023-09-05 | by ( Melissa Eddy | More About Melissa Eddy | ) www.nytimes.com time to read: +1 min

For decades, the phrase “Made in Germany” signaled cutting-edge automotive technology and design. And that speed was on display Monday at I.A.A. Mobility, a massive auto show in Munich, with newcomers from China stealing the show. BYD, an all-electric Chinese carmaker that overtook Volkswagen as China’s best-selling brand this year, unveiled a sleek, new sedan and a sport utility vehicle to applause from a packed crowd. “I think the Europeans are just pretty much petrified of how the Chinese will perform in Europe,” said Matthias Schmidt, an independent analyst of the electric-car market based in Berlin.

Persons: Germany ”, ”, Matthias Schmidt Organizations: Mobility, Volkswagen Locations: Germany, China, Munich, Europe, Berlin

☆ Chinese car companies are coming for Europe. VW and Mercedes should be nervous.
▼ + stars: | 2023-09-05 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

The Chinese auto industry has been booming in recent years. Chinese EV companies are expected to outsell foreign brands there, including Ford, GM, and others, for the first time this year. This is worrying executives at some major legacy auto companies, according to several reports out of the Munich auto show. Consulting firm KPMG estimates Chinese companies could account for 15% of market share in Europe within just two years. Chinese EV companies also have an edge against rivals in producing EVs at bigger scale and lower costs, a crucial measure of any electric car companies' future success.

Persons: Hildegard Mueller, Oliver Zipse, Morgan Stanley Organizations: Volkswagen, Mercedes, Benz, BMW, Ford, GM, Service, EV, German Association of, Automotive Industry, KPMG Locations: Wall, Silicon, Europe, China, Munich, XPeng, Germany

☆ Qualcomm to supply BMW and Mercedes with chips for displays, voice features
▼ + stars: | 2023-09-05 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSAN FRANCISCO/MUNICH, Sept 5 (Reuters) - U.S. semiconductor company Qualcomm (QCOM.O) on Tuesday said it will supply chips to power in-car infotainment systems to luxury automakers Mercedes (MBGn.DE) and BMW (BMWG.DE). Qualcomm is the leading supplier of the chips used in smartphones, a market that has slumped over the past year. Qualcomm said in a statement it will supply BMW with chips that will help power voice commands inside the car. It also said it will supply chips for the next version of the Mercedes E class models, which will be available in the U.S. in 2024. "One of the things we're very focused on the company is to find new areas for growth... automotive is one of those areas," Amon said.

Persons: Dado Ruvic, Cristiano Amon, Amon, Stephen Nellis, Victoria Waldersee, Christina Amann, Rashmi Aich, Kim Coghill Organizations: Qualcomm, REUTERS, FRANCISCO, BMW, Mercedes, Arm Holdings, SoftBank Group Corp, Thomson Locations: MUNICH, U.S, Munich, Britain, San Francisco

☆ Cars and concepts at the Munich Auto Show
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: 1 min

Pictures category · September 5, 2023 · 3:34 PM UTC · ago · agoBurning Man organizers reopened the road leading out of the remote Nevada desert festival on Monday, allowing tens of thousands of attendees to escape after they had been trapped for days by mud.

German Chancellor Olaf Scholz speaks during an event at the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 5, 2023. The expansion will make range anxiety a thing of the past for EV drivers, he added. Europe's biggest economy has only 90,000 public charging points but is targeting 1 million by 2030 to boost EV take-up. Addressing the protests, Scholz said at the end of his tour: "Protests are part of public and democratic debate ... but it is a little anachronistic. On competition from China in EV production, Scholz said: "Competition should spur us on, not scare us.

Persons: Olaf Scholz, Leonhard Simon, Scholz, Victoria Waldersee, Andreas Rinke, Jan Schwartz, Friederike Heine, Sarah Marsh, Miranda Murray, David Goodman Organizations: REUTERS, Rights, IAA, EV, Sporting, BMW, Mercedes, Benz, HK, Reuters, Thomson Locations: Munich, Germany, Rights MUNICH, Europe, China, Japanese, Korea

[1/6] A view shows model TO3 of Leapmotor, a Chinese automobile manufacturer, displayed during an event a day ahead of the official opening of the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 4, 2023. Chinese EV makers, including BYD (002594.SZ), Nio (9866.HK) and Xpeng (9868.HK) are all targeting Europe's EV market, where sales soared nearly 55% to about 820,000 vehicles in the first seven months of 2023, making up about 13% of all car sales. The arrival of Chinese EV makers in Europe has raised concerns they could dominate EV sales. Xpeng President Brian Gu said while European carmakers currently lag behind China, they have made a "huge commitment" to EVs with partnerships and large investments in technology. "I would never discount the large (carmakers) trying really hard to come back and focus on this important transition," Gu said.

Persons: Leonhard Simon, Luca de Meo, De Meo, Hildegard Mueller, Oliver Zipse, Oliver Blume, Brian Gu, Gu, Ferdinand Dudenhoeffer, Dudenhoeffer, Nick Carey, Victoria Waldersee, Gilles Gillaume Christina Amann, Zoey Zhang, Jan Schwartz, Friederike Heine, Clarence Fernandez, Sharon Singleton Organizations: REUTERS, China EV, Renault, Reuters, HK, Europe's EV, Zhejiang Leapmotor Technology, EV, German Association of, Automotive Industry, Jato Dynamics, BMW, Benz, Klasse, Volkswagen, Auto, Thomson Locations: Munich, Germany, China, MUNICH, BYD, Zhejiang, Europe, Asia

REUTERS/Angelika Warmuth Acquire Licensing RightsMUNICH, Sept 4 (Reuters) - Mercedes-Benz (MBGn.DE) does not expect its sales in Europe to be all-electric by 2030 but will have its line-up ready, Chief Executive Ola Kaellenius said in an interview at the Munich car show. The premium carmaker has long said it is targeting all-electric sales by 2030 "where markets allow", saying customers will ultimately decide what product they want and pointing to the need for infrastructure to support the transition to electric vehicles (EV). Europe's EV market had grown significantly in recent years but likely wouldn't be ready for all-electric sales by 2030, Kaellenius said on the sidelines of the Munich show. "It's not going to be 100% in 2030, obviously... from the whole European market, but probably from the Mercedes side as well," he said. EV sales in Europe grew nearly 55% in the first seven months of 2023, to about 820,000 vehicles, making up about 13% of all car sales.

Persons: Mercedes, Angelika Warmuth, Ola Kaellenius, Kaellenius, It's, Oliver Zipse, Oliver Blume, Victoria Waldersee, Miranda Murray, Susan Fenton Organizations: Benz, REUTERS, Rights, Mercedes, BMW, Volkswagen, Victoria, Thomson Locations: Munich, Germany, Europe, China

A Renault wallbox charging station is used by a Renault Captur hybrid car at a dealership in Les Sorinieres, near Nantes, France, October 23, 2020. Chinese EV makers, including BYD (002594.SZ), Nio (9866.HK) and Xpeng (9868.HK) are all targeting Europe's EV market, where sales soared nearly 55% to about 820,000 vehicles in the first seven months of 2023, making up about 13% of all car sales. The arrival of Chinese EV makers in Europe has raised concerns they will undercut local carmakers and dominate EV sales. Mercedes-Benz (MBGn.DE) will present its CLA compact class and BMW (BMWG.DE) its Neue Klasse, both of which target higher range and efficiency, while halving production costs. Volkswagen (VOWG_p.DE) CEO Oliver Blume told reporters that through its partnerships in China, the carmaker aims to cut battery cell costs by 50%.

Persons: Stephane Mahe, Luca de Meo, De Meo, Fabian Brandt, Oliver Wyman, Gilles Le Borgne, Oliver Blume, " Blume, Nick Carey, Victoria Waldersee, Gilles Gillaume, Christina Amann, Friederike Heine, Clarence Fernandez, Sharon Singleton Organizations: Renault, REUTERS, China EV, Reuters, HK, Europe's EV, EV, Jato Dynamics, Benz, BMW, Klasse, Volkswagen, Greenpeace, Protesters, Thomson Locations: Les Sorinieres, Nantes, France, China, MUNICH, BYD, Europe, Munich, Asia

☆ Volkswagen is ready for Europe's 2035 fossil-fuel car ban - CEO
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo Acquire Licensing RightsCompanies Volkswagen AG FollowMUNICH, Sept 4 (Reuters) - Volkswagen (VOWG_p.DE) is ready for Europe's planned 2035 ban on new sales of fossil-fuel cars as it ramps up its electric vehicle lineup, Chief Executive Oliver Blume said at Munich's IAA mobility show. "We are prepared for the 2035 combustion ban in Europe," Blume told reporters at the car show. 2 carmaker will be able to lower its battery costs via a 50% reduction in cost at the cell level. Reporting by Jan Schwartz; Writing by Nick Carey; Editing by Louise Heavens and Mike HarrisonOur Standards: The Thomson Reuters Trust Principles.

Persons: David, Dee, Delgado, Oliver Blume, Blume, Jan Schwartz, Nick Carey, Louise Heavens, Mike Harrison Organizations: New York, REUTERS, EV, Thomson Locations: Manhattan , New York City, U.S, Europe, China

☆ Volkswagen has set up half of EV fast chargers planned until 2025
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: 1 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsMUNICH, Sept 4 (Reuters) - Volkswagen (VOWG_p.DE), Europe's largest carmaker, is making progress with the rollout of its network of electric vehicle fast chargers, the group's board member in charge of technology said on Monday. Thomas Schmall told journalists at the IAA car show in Munich that half of the 40,000 fast chargers Volkswagen plans to install until 2025 had already been set up. Reporting by Victoria Waldersee; Writing by Christoph Steitz; editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Thomas Schmall, Victoria Waldersee, Christoph Steitz, Friederike Heine Our Organizations: New York, REUTERS, Rights, IAA, Thomson Locations: Manhattan , New York City, U.S, Munich

☆ Volkswagen in 'advanced talks' with Mahindra on MEB platform
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsBERLIN, Sept 4 (Reuters) - Volkswagen (VOWG_p.DE) said on Monday that it is in advanced talks with India's Mahindra & Mahindra (MAHM.NS) on the use of key electric components of the German carmaker's open platform for electric vehicles, called MEB. Mahindra wants to use central MEB components such as the e-drive and unit cells for its models, said Volkswagen in a statement. Volkswagen has developed a modular, open vehicle platform for EVs, called MEB, which is used to build to its own cars and those of other group companies including Skoda and Audi. In August, Volkswagen and Mahindra signed a term sheet under which the German carmaker would supply electric components to its Indian peer.

Persons: Andrew Kelly, Miranda Murray, Friederike Heine Our Organizations: New York, REUTERS, Rights, India's Mahindra, Mahindra, Volkswagen, Skoda, Audi, Thomson Locations: Manhattan , New York City, U.S

☆ Mercedes unveils new electric vehicles with better range than any Tesla model
▼ + stars: | 2023-09-04 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

London CNN —Mercedes-Benz has just unveiled new “close-to-production” concept vehicles that could outdo Tesla cars by going more than 466 miles on a single charge. That’s compared with a range of less than 380 miles for any Tesla model. The German automaker’s Concept CLA Class, revealed Sunday at the IAA Mobility auto show in Munich, comprises four new models: a sedan, a station wagon and two SUVs. The vehicles will each have a range of more than 750 kilometers (466 miles), versus Tesla’s (TSLA) Model 3 and Model S, which have the brand’s highest ranges and each can go for just under 375 miles off one charge. Overall, charging speed and range are expected to be improved by up to 30% compared with the brand’s previous models, according to the company.

Persons: London CNN — Mercedes, Tesla, ” Frank Weber, Mercedes, Ola Källenius, Roger Federer, Källenius, Mercedes ’, “ Organizations: London CNN, Benz, IAA, BMW, Volkswagen, Renault, Europe’s, “, Neue, Mercedes, Roger Federer Sunday, UBS Locations: Munich, Berlin, Hamburg, Mercedes ’

☆ Mercedes and BMW want to take on Tesla. Check out their new electric concept cars
▼ + stars: | 2023-09-04 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +4 min

Mercedes-BenzMercedes-Benz and BMW took the wraps off electric concept cars as they look to catch up with Tesla in the premium end of the market. At the IAA auto show in Munich, Mercedes showed off the Mercedes-Benz Concept CLA Class while BMW revealed the BMW Vision Neue Klasse. Mercedes-Benz Concept CLA ClassThe Mercedes-Benz Concept CLA Class is built on the so-called Mercedes‑Benz Modular Architecture (MMA), a new platform designed by the German auto giant for electric cars. BMW Vision Neue KlasseThe BMW Vision Neue Klasse is BMW's answer to Tesla. BMW revealed the BMW Vision Neue Klasse, a concept electric vehicle that will underpin its foray into battery-powered cars.

Persons: Tesla, Mercedes, they're, Mercedes ‑, Benz Mercedes, Benz, Arjun Kharpal Organizations: Mercedes, Benz, Benz Mercedes, BMW, IAA, Neue, Neue Klasse, CNBC, Klasse, CNBC BMW Locations: Munich, Germany

☆ Tesla shows off restyled Model 3 sedan at Beijing trade fair
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +2 min

[1/3] Tesla's new Model 3 sedan is seen displayed at the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 2, 2023. REUTERS/Florence Lo Acquire Licensing RightsBEIJING, Sept 2 (Reuters) - Tesla (TSLA.O) showed off its restyled, China-made Model 3 sedan for the first time to the public at a trade fair in Beijing, after launching it a day before in several countries. The U.S. automaker displayed a flame red version of the car - marking the first change to its mass-market car line-up since it launched its global best-seller, the Model Y, in 2020 - at the China International Fair for Trade in Services (CIFTIS). At the fair, Tesla sales staff answered questions from interested buyers. Tesla has also said it will show the new model at the Munich auto show, which opens on Tuesday.

Persons: Florence Lo, Guo, Tesla, Hu, Xiaoyu Yin, Jing Xu, Brenda Goh, Ros Russell Organizations: Fair for Trade, Services, REUTERS, Rights, U.S, Thomson Locations: Beijing, China, Rights BEIJING, United States, Shanghai, Asia, Europe, Munich

The company's leaders put all their chips behind a new car they called the "Neue Klasse," or "new class." Now, BMW is at another crossroads, and is turning again to a "Neue Klasse" to drive a new strategic direction. Neue Klasse vehicles will be powered by 48-millimeter-diameter cylindrical batteries in different lengths. The Neue Klasse is targeting a 50% reduction in battery pack costs and 25% more range per kilowatt-hour, a measure of efficiency, executives said. Neue Klasse vehicles will have four "super brains," to control propulsion, driver assistance systems, infotainment and other functions, Weber said.

Persons: trailblazer Tesla, Adrian van Hooydonk, that’s, Frank Weber, Tesla, Oliver Zipse, Evangelos Simoudis, Weber, Mercedes, Stephan Durach, Durach, Joe White, Mark Potter Organizations: Neue, Reuters, BMW, REUTERS, Rights, trailblazer, Volkswagen, Mercedes, Benz, Neue Klasse, Munich, Klasse, chipmaker Qualcomm, Thomson Locations: Munich, Germany, Detroit, Hungary, Silicon

☆ Ford to replace rear cameras in new recall, take $270 million charge
▼ + stars: | 2023-09-01 | by ( ) www.cnbc.com time to read: +1 min

Ford Motor said on Friday it will recall 169,000 U.S. vehicles to replace rearview cameras and update software and is taking a $270 million charge to address the callback. It was the latest in a series of recalls for rear camera-related recalls by the No. The Detroit automaker in May issued a recall of 422,000 vehicles in the United States because the rearview camera display might fail following an earlier camera recall in January of 462,000 vehicles worldwide. Ford said in the latest recall it has 3,486 warranty reports alleging rear camera failures and reports of two minor crashes but no injuries. Since 2021, NHTSA has been investigating if Ford delayed a 2020 recall of 620,000 vehicles for a rear camera issue and if it recalled enough vehicles.

Persons: Ford Organizations: Ford, Co, Auto, Ford Motor, Detroit, Traffic Safety Administration, Bronco, Securities and Exchange Commission, NHTSA Locations: Detroit , Michigan, U.S, United States

☆ Tesla releases refreshed Model 3 with longer driving range in China
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +3 min

Visitors check a Tesla Model 3 car at a showroom of the U.S. electric vehicle (EV) maker in Beijing, China February 4, 2023. The updated version of the Model 3 was Tesla's first new or restyled car since it launched its global best-seller, the Model Y, in 2020. The new Model 3 promises a longer driving range for China, according to the company's website. Reuters first reported last November that Tesla was developing a revamped version of the Model 3 in a project codenamed "Highland". In China, the new Model 3 starts at 259,900 yuan ($35,807.78), the company's website showed on Friday.

Persons: Florence Lo, Tesla, Zhang Yan, Hyunjoo Jin, Daniel Leussink Brenda Goh, Christian Schmollinger, Kevin Krolicki Organizations: Tesla, U.S, REUTERS, Rights, EV, China Passenger Car Association, Volkswagen, Mercedes, Reuters, Thomson Locations: Beijing, China, Europe, East, Australia, Japan, Shanghai, Fremont , California, Munich

Mercedes will also offer a lithium-iron-phosphate, or LFP, battery in the new CLA model lineup due to hit showrooms in early 2025, a first for any Mercedes EV, the CEO said in an interview. Mercedes will preview the future electric CLA with a prototype to be unveiled at the IAA auto show in Munich, Germany on Sunday. Getting more driving range using less energy from the battery is the key target for the German automaker's future EV development, Kaellenius said. Driving range remains a critical competitive benchmark in the EV market. Mercedes engineers have been testing ways to improve EV efficiency using long road trips in a prototype vehicle called the Vision EQXX.

Persons: Ola Kaellenius, Mercedes, Tesla, Kaellenius, Joe White, Susan Fenton Organizations: DETROIT, Benz, Reuters, EV, Tesla, Sunday, VW, Consumers, Thomson Locations: China, Munich, Germany, Europe, United States

A Toyota logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. Toyota, which restarted operations at its Japanese assembly plants on Wednesday, has seen production recovering this year. The company said its global sales had risen 8% in July from the same month a year earlier to a record 859,506 vehicles. It also reported a 15% increase in global production in that month. Toyota's global production is likely to reach around 10.2 million vehicles this year, topping 10 million for the first time, Nikkei reported late on Wednesday.

Persons: David, Dee, Delgado, Maki Shiraki, Daniel Leussink, David Dolan, Christopher Cushing, David Holmes Organizations: New York, REUTERS, Rights, Toyota Motor Corp, Toyota, Lexus, Nikkei, Thomson Locations: Manhattan , New York City, U.S, Japan, China, United States, Europe

☆ Bosch closes deal to buy US semiconductor foundry in EV chip push
▼ + stars: | 2023-08-30 | by ( Sarah Wu | ) www.reuters.com time to read: +2 min

Production at the new company, called Robert Bosch Semiconductor LLC, will start in 2026. The TSI facility would become the "third pillar" of in-house semiconductor production, along with two sites in Germany, Bosch said. Like other automotive manufacturers, Bosch was hit hard over the past two years by disruption to semiconductor production in Asia, exacerbated by the COVID-19 pandemic. The silicon carbide chips Bosch said it will manufacture at the TSI Roseville site are increasingly in demand by electric vehicle manufacturers. Demand for silicon carbide semiconductors is growing by 30% annually, Bosch said.

Persons: Wolfgang Rattay, Bosch, Paul Thomas, Sarah Wu, Christopher Cushing Organizations: Bosch, REUTERS, Rights, Robert Bosch Semiconductor LLC, Bosch Mobility, Thomson Locations: Munich, Germany, Rights TAIPEI, California, U.S, Roseville , California, Asia, Roseville

☆ Nio reports wider second-quarter loss amid China slowdown and product line revamp
▼ + stars: | 2023-08-29 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Revenue: 8.77 billion yuan ($1.21 billion), vs. 9.25 billion yuan expected. 8.77 billion yuan ($1.21 billion), vs. 9.25 billion yuan expected. On a GAAP basis, the company reported a net loss of $835.1 million, or 51 cents per share. A year ago, Nio reported a net loss of 2.76 billion yuan, or 1.68 yuan per share, on revenue of 10.29 billion yuan. Nio's gross margin on vehicles for the second quarter was 6.2% in the second quarter, down from 16.7% a year ago but up from 5.1% in the first quarter of 2023.

Persons: Nio's ET5, Nio, William Bin Li Organizations: Central China International, Refinitiv . Locations: Wuhan, China, Abu Dhabi

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