CHINESE CAR GIANTS
Crisis & fears - What are the main obstacles to Chinese growth?
China's leadership tackles economic challenges including weak consumption, 14.2% youth unemployment, property crisis, local debt, export pressures, and falling foreign investment. Financial pressures, asset shortages, and currency depreciation risks, deflation fears are key concerns affecting the economy's recovery and overall stability.
Xiaomi to showcase its first electric car, the SU7 EV, in India tomorrow: Report
Xiaomi will showcase its first electric car, the SU7, in India on July 9 as a market test. The car comes in two versions with different driving ranges and is priced competitively. The event in Bengaluru will also feature other household appliances and new product categories.
EU tariffs hit growth in China's electric car exports, industry body official says
Last week, the European Union introduced provisional tariffs of up to 37.6% on China-made electric vehicles (EVs) to safeguard against what it described as a potential flood of unfairly subsidised EVs - a move China strongly opposes.
EU slaps Chinese electric cars with tariffs of up to 38%
The European Union imposed provisional duties of up to 38 per cent on Chinese electric car imports due to alleged unfair state subsidies, sparking concerns of a trade war. The move was criticised by China as "politically motivated" and "protectionist." European countries are divided on the issue, with Germany fearing harm to its auto industry. Talks with China continue, with hopes for a negotiated solution to avoid escalating tensions.
EVs versus pork: China has its hand on a raw nerve of Europe
The escalating trade tensions between Europe and China over electric vehicles have the potential to ignite a new trade war. As Europe imposes tariffs on Chinese EVs, China retaliates by targeting European farmers, particularly in the pork industry. This tit-for-tat strategy threatens to impact various sectors on both sides.
China is testing more driverless cars than any other country
Across China, 16 or more cities have allowed companies to test driverless vehicles on public roads, and at least 19 Chinese automakers and their suppliers are competing to establish global leadership in the field. No other country is moving as aggressively.
BYD says to build second EU factory despite EV slowdown, to make hybrid cars
Chinese electric vehicle giant BYD is still committed to building a second factory in Europe and will roll out hybrid cars as the EV market slows down, a group executive told AFP. Stella Li, vice president for Europe and the Americas, also shrugged off a European Union probe that could lead to tariffs on Chinese EVs. "When your competition worries about you, that means that you're super good," Li said in an interview Thursday at the Top Marques auto show in Monaco. That means that Chinese cars have a good quality and are very competitive, accessible," Li said.
Volkswagen plans cheaper battery model 'from Europe for Europe'
Volkswagen has announced plans for a cheaper electric model, priced around 20,000 euros ($21,800), to be introduced in 2027. The model will offer entry-level electric mobility from Europe for Europe. Volkswagen also plans to unveil a range of battery-powered cars for under 25,000 euros by the end of 2025, including two compact cars from its VW and Cupra brands, as well as two small SUVs from VW and Skoda.
While Apple backtracks, a Chinese phone maker has raced ahead
Geely Auto and BYD Co., known for knock-offs, are now innovative. Xiaomi Corp., from cheap smartphones, aims to rival Tesla. Apple cancels EV project; Lei Jun leads Xiaomi's $10 billion EV venture.
Consumers bend the road: No straight drive from ICE to electric
The transition from internal combustion engine (ICE) vehicles to electric vehicles faces challenges as consumers show a preference for hybrids and CNG vehicles over pure EVs. Maruti Suzuki expects significant growth in CNG car sales, signaling a shift towards alternative fuel technologies alongside traditional options.
Tesla ramps up job cuts in China as sales slowdown bites
Tesla Inc. is escalating job cuts in China to regain market share, with layoffs extending to various departments at its Shanghai plant. The company faces challenges amid a global EV demand slowdown, intense competition, and shrinking market share. Despite layoffs, Tesla secured approval for its driver-assistance system in China.
Global car giants seek tech allies in China's cutthroat EV market
Struggling foreign automakers in China are looking for help from local tech giants to try to stay competitive in the world's biggest electric car market, where shiny smart screens, assisted driving and sophisticated map technology are in high demand. One major reason why foreign automakers are seeking partnerships with local tech firms is to benefit from their innovation, which Chinese automaking executives have attributed to the cutthroat competition in the industry.
Car giants vie for EV crown at Beijing's Auto China show
Beijing's Auto China show, which lasts until May 4, sees dozens of firms square off in a bid to draw customers at one of the country's biggest car shows. Thursday saw crowds surge into the convention complex hosting the event, which takes place every other year but had not been held since 2020 because of the pandemic.
'It is desolate': China's glut of unused car factories
The facility, a former assembly plant and engine factory, had been a joint venture of a Chinese company and Hyundai, the South Korean giant. The complex opened in 2017 with robots and other equipment to make gasoline-powered cars. Hyundai sold the campus late last year for a fraction of the $1.1 billion it took to build and equip it. Unmown grass at the site has grown knee high.
Tesla woos China customers with cheaper cars after Musk defers India visit
Tesla Inc. has reduced vehicle prices in China amidst stiff competition. Tesla had earlier introduced incentives in China to attract consumers, countering competition from BYD. Musk meanwhile deferred his India visit, which was aimed to tap into a new market amid declining sales and stock prices.
Tesla scraps low-cost car plans amid fierce Chinese EV competition
Tesla has canceled its affordable Model 2 car, which was expected to drive the company's growth into a mass-market automaker. The decision comes as Tesla faces fierce competition from Chinese electric-vehicle makers, who are offering cars as low as $10,000. The new plans call for robotaxis to be produced in much lower volumes than the projected Model 2, with Tesla's cheapest current model, the Model 3 sedan, retailing for about $39,000 in the US. Tesla shares were down about 3% in early afternoon trading after the Reuters report.
Can smartphone giant Xiaomi take on EV titans Tesla and BYD?
Xiaomi's $8 billion stock rally hinges on its first electric vehicle SU7 launch in China, challenging Tesla and BYD. Analysts predict positive momentum but foresee profitability challenges in China's competitive EV market.
Chinese EV makers take centre stage at Bangkok motor show, to unveil new models
Chinese car makers, led by Geely's Zeekr and Xpeng Motors, will pose a challenge for Japanese giants at the Bangkok International Motor Show. They aim to expand in Southeast Asia, targeting Thailand's premium EV market, intensifying competition in the region.
AI titan Nvidia ramps up collaboration with Chinese auto giants
Nvidia on Monday announced a major expansion of its collaboration with world-leading BYD and other Chinese electric car makers, including on the development of autonomous AI-boosted vehicles. Nvidia said other major Chinese EV firms, including XPeng, Li Auto, ZEEKR and GAC Aion have also adopted the Thor platform, which was first announced in 2022.
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