Prohibitive tariffs await Made in China electric vehicles bound for the US. Can the nation’s producers keep growing their sales and brand awareness without making inroads into the US and European markets?
The era of battery-powered cars has truly arrived, as EVs dominated the car show. While carmakers still displayed a lot of futuristic concepts, it was the ongoing price war that had people talking.
Geely Auto’s premium EV unit raised US$441 million by upsizing its IPO by 20 per cent to accommodate demand, according to two sources. The stock is due to debut in New York on Friday.
New Zealand High Court held Yan bankrupt in connection with more than NZ$60.9 million (US$36.6 million) he owes construction company Mainzeal’s creditors.
Guangzhou-based carmaker also aims to sell right-hand-drive models in Hong Kong, Thailand, Singapore and Malaysia, as an escalating price war in mainland China squeezes profit margins.
Expected granting of a licence follows CEO Elon Musk’s discussion with top Chinese officials last month, state-run newspaper China Daily reported.
China’s overseas vehicle shipments are set to grow at a clip this year, bolstered by surging sales in markets like Southeast Asia and the Middle East, as the country’s heft in manufacturing electric cars goes from strength to strength.
Yum China Holdings, which owns the KFC and Pizza Hut restaurant chains in mainland China, plans to open more stores in ‘untapped’ parts of the country where it hopes its low-price strategy will appeal to vast numbers of less affluent customers.
Jetour targets markets like Malaysia and Indonesia with right-hand drive models as globalisation drive accelerates.
The Warren Buffett-backed carmaker posted first-quarter net profit of 4.57 billion yuan (US$631 million), 47.3 per cent lower than the quarter ended December 2023.
The US carmaker has passed a test of its compliance with Beijing’s data security rules thanks to a watershed decision it says could pave the way for the removal of some restrictions on the use of its cars in mainland China.
China’s automotive sector braces for an escalating price war, and the intensified scramble for market share could hasten the closure of unprofitable laggards.
All 260 flats on offer at Onmantin were already on Saturday after the project received 7,500 orders from prospective buyers.
AeroHT, an affiliate of Chinese electric vehicle maker Xpeng, has started the countdown for the commercialisation of its flying car and plans to start taking pre-orders in the fourth quarter of this year.
International marques are mounting a spirited fightback, focusing on reliability and safety, and providing a mixed bag of petrol and electric cars for a new generations of local customers.
Further discounts offered by carmakers in a price war in mainland China’s electric vehicle market could ensnare even the likes of top seller BYD, Goldman Sachs says.
The German carmaker, which saw its market share shrink in China last year, said it plans to launch 30 new electric cars on the mainland by 2030 as it vies to keep up with the rapid pace of electrification in the world’s largest vehicle market.
Li Auto , Tesla’s nearest rival in mainland China, reduced the price of all its vehicles by up to 5.7 per cent, just a day after the US carmaker offered discounts to local customers amid an escalating discount war.
Tesla has cut the prices of its Shanghai-made vehicles by more than 5 per cent in mainland China, joining an intensifying discount war in the country amid a slowdown in the carmaker’s sales globally.
Hesai, which released new products based on its ATX technology on Friday, is seriously considering building plants outside mainland China to capitalise on the growing use of the technology, CEO Li says.
Beijing-based Li Auto has priced the new L6 SUV from 249,800 yuan (US$34,509) onwards, 5 per cent cheaper than Tesla’s popular Model Y.
Only a few dozen employees at the Gigafactory 3 in Shanghai were told to leave, representing a tiny portion of the workforce of 20,000 assembling Model 3 and Model Y vehicles, say two people with knowledge of the matter.
Carmakers like Dongfeng, Chery and BYD are eyeing production sites in Europe to assemble the next generation of electric vehicles as a foil against the EU’s protectionist tariffs as a brutal price war at home drives more producers offshore in search of fresh markets.
Chinese state-owned carmaker Chery Automobile takes a step into Europe’s EV markets as its Omoda brand establishes a partnership with UK car rental company Octopus Electric Vehicles.
More divestments to come, analyst says, as conglomerate aims to cut debts by US$1.38 billion annually in the next two to three years.
Spotlight Automotive, BMW’s 50-50 EV venture with mainland Chinese partner Great Wall Motor, is designing new models that it hopes to sell globally.
Lianjia has teamed up with coffee chain operator Manner to open a cafe in one of its outlets in Shanghai, launching a crossover marketing campaign to drive transactions amid lack of homebuying interest.
There is nothing to fear from missteps because nobody is error-free, Ma wrote, after his co-founder Joe Tsai touched on Alibaba’s mistakes in a podcast interview, generating a frenzy on China’s social media.
The Chinese electric vehicle maker has taken a significant step towards tapping the right-hand drive market after forming a partnership with Sime Darby Motors to distribute its cars in Hong Kong.
New-energy vehicles will make up about half of new car sales in China by 2030, as state incentives and expanding charging stations win over more customers, Moody’s Investors Service says.
