https://www.scmp.com/rss/325664/feed Car sales en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com China’s passenger car sales grew for a third straight month in September, and industry insiders said they foresaw a sustained increase in sales during the remainder of the year after the country successfully contained its Covid-19 outbreak. Deliveries of passenger cars, which include sedans, sport-utility vehicles, minivans and multipurpose vehicles, rose 7.4 per cent year on year to 1.94 million units last month, according to the China Passenger Car Association. Deliveries of passenger vehicles... https://www.scmp.com/business/china-business/article/3105320/chinas-passenger-car-sales-grew-third-straight-month?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3105320/chinas-passenger-car-sales-grew-third-straight-month?utm_source=rss_feed Tue, 13 Oct 2020 07:53:23 +0000 With their showrooms closed during the coronavirus lockdown last month, China’s car dealers embraced live streaming as a way to keep the conversation going with potential consumers who were also stuck at home. The number of live-streaming sessions involving the auto industry jumped 15-fold in March compared to January, and total numbers of participants was up sixfold, data from a report jointly released by specialist automotive website and app Dcar and the China Automobile Dealers Association... https://www.scmp.com/tech/chinas-car-dealers-join-live-streaming-ecommerce-trend/article/3080194?utm_source=rss_feed https://www.scmp.com/tech/chinas-car-dealers-join-live-streaming-ecommerce-trend/article/3080194?utm_source=rss_feed Thu, 16 Apr 2020 08:23:28 +0000 Chinese state-owned carmaker Beijing Automotive Group (BAIC) and ride-hailing giant Didi Chuxing have teamed up with other industry players on a platform that will offer BAIC’s cars for lease, amid a slump in new car sales during the coronavirus pandemic.   Under the alliance, which also includes electric vehicle battery maker CATL, State Grid, Postal Savings Bank of China and online second car trading platform Uxin, the companies plan to jointly promote a fleet of 100,000 cars for lease on a... https://www.scmp.com/tech/didi-teams-carmaker-lease-out-vehicles/article/3077641?utm_source=rss_feed https://www.scmp.com/tech/didi-teams-carmaker-lease-out-vehicles/article/3077641?utm_source=rss_feed Tue, 31 Mar 2020 00:00:15 +0000 Brian Gu was at the pinnacle of his 14-year career at JPMorgan Chase & Co., when he left the investment bank to join a start-up, betting that he’ll make a difference in helping Xpeng Motors’ quest to take the EV brand to the world stage. “A lot of friends asked me why I decided to jump, and into an electric car start-up,” said Gu, who holds a doctorate in biochemistry, during an April interview in Hong Kong. “The automotive industry’s move to electric vehicles and ­autonomous driving presents... https://www.scmp.com/business/companies/article/2153041/can-chinas-electric-car-market-keep-growing-if-beijing-pulls-plug?utm_source=rss_feed https://www.scmp.com/business/companies/article/2153041/can-chinas-electric-car-market-keep-growing-if-beijing-pulls-plug?utm_source=rss_feed Sat, 30 Jun 2018 13:02:01 +0000 Li Shufu, chairman of Zhejiang Geely, which owns Volvo Car, said on Thursday higher tariffs on imported cars resulting from escalated trade tensions between the United States, Europe and China will ultimately hit end users of the high-end Swedish vehicles. Li, who is also chairman of Volvo Car, was speaking at a Belt and Road summit in Hong Kong. He said Volvo had enjoyed better economies of scale because tariffs were low and it was able to diversify its production base for different car models... https://www.scmp.com/business/article/2152965/geely-higher-tariffs-will-hurt-volvo-car-customers-globally?utm_source=rss_feed https://www.scmp.com/business/article/2152965/geely-higher-tariffs-will-hurt-volvo-car-customers-globally?utm_source=rss_feed Thu, 28 Jun 2018 11:23:43 +0000 A unit of Evergrande Group has injected capital into struggling electric car manufacturer Faraday Future, effectively taking control of the company formerly owned by troubled entrepreneur Jia Yueting, according to a stock exchange filing on Monday. Evergrande Health Industry Group, the Hong Kong-listed unit of Evergrande Group, has agreed to acquire Season Smart for HK$6.7 billion (US$853.85 million), the company said in a filing to the Hong Kong stock exchange on Monday afternoon. Last year... https://www.scmp.com/business/companies/article/2152405/evergrande-pays-us85385-million-stake-troubled-electric-vehicle?utm_source=rss_feed https://www.scmp.com/business/companies/article/2152405/evergrande-pays-us85385-million-stake-troubled-electric-vehicle?utm_source=rss_feed Mon, 25 Jun 2018 12:50:15 +0000 If US President Donald Trump imposes a 25 per cent tariff on imported vehicles, it may cost the US auto industry 1 million annual vehicle sales – and that is just the low end of the estimated damage. The projection by researcher LMC Automotive assumes carmakers would absorb at least half the cost of a tax on imported vehicles, said Jeff Schuster, senior vice-president of forecasting. GM gears up for rapid new-energy vehicle expansion If companies pass the full 25 per cent cost on to consumers,... https://www.scmp.com/business/global-economy/article/2150483/trump-tariffs-may-cost-us-auto-industry-one-million-car?utm_source=rss_feed https://www.scmp.com/business/global-economy/article/2150483/trump-tariffs-may-cost-us-auto-industry-one-million-car?utm_source=rss_feed Tue, 12 Jun 2018 16:23:50 +0000 General Motors, the US car giant, will double its offering of new-energy vehicle models in China by 2023, introducing 10 new models after 2020 to accelerate its efforts at helping further electrify the world’s largest car market, the firm said on Tuesday. The new launches, which include plug-in hybrid and all-electric vehicles, expands on its earlier blueprint to introduce 10 new-energy models between 2016 and 2020 as demand grows and requirements tighten for cleaner cars across the country. GM... https://www.scmp.com/business/companies/article/2149313/gm-gears-rapid-new-energy-vehicle-expansion?utm_source=rss_feed https://www.scmp.com/business/companies/article/2149313/gm-gears-rapid-new-energy-vehicle-expansion?utm_source=rss_feed Tue, 05 Jun 2018 05:50:58 +0000 Teslas and Nissan Leafs are likely to become a much more common sight on the world’s roads in the next two years, the International Energy Agency said. The global fleet of electric vehicles (EVs) is likely to more than triple to 13 million by the end of the decade from 3.7 million last year, according to a report released on Wednesday by the Paris-based institution, which was set up to advise industrial nations on energy policy. Sales may soar 24 per cent each year on average through to... https://www.scmp.com/tech/enterprises/article/2148519/electric-vehicles-road-are-set-triple-two-years-china-worlds?utm_source=rss_feed https://www.scmp.com/tech/enterprises/article/2148519/electric-vehicles-road-are-set-triple-two-years-china-worlds?utm_source=rss_feed Wed, 30 May 2018 11:21:59 +0000 Volkswagen is gearing up to take a further bite out of China’s booming sports utility vehicle and electric car sectors with three new factories openings this summer with Chinese partner FAW Group, the German car major said on Monday. With the three facilities in Qingdao in Shandong province, Tianjin, and Foshan in southern Guangdong province, the world’s largest carmaker said it is well on track to hit its target of releasing 40 new locally produced new-energy models over the next seven years,... https://www.scmp.com/business/companies/article/2148178/volkswagen-bets-big-china-three-new-plants-poised-open-summer?utm_source=rss_feed https://www.scmp.com/business/companies/article/2148178/volkswagen-bets-big-china-three-new-plants-poised-open-summer?utm_source=rss_feed Mon, 28 May 2018 12:32:39 +0000 When it comes to electric vehicles (EVs), China might just have the upper hand, with domestic carmakers showcasing seven out of 10 new energy vehicles at this year’s Beijing Auto Show.  A total of 1,022 models are on display at this year’s event. Of that number, 174 are new energy vehicles including 124 made by Chinese companies.  Foreign carmakers could tip their future China plans this week Last year, 777,000 EVs were sold in China, up 53 per cent compared to 2016, so that is about 2.7 per... https://www.scmp.com/business/companies/article/2143646/chinas-ev-market-growing-twice-fast-us-heres-why?utm_source=rss_feed https://www.scmp.com/business/companies/article/2143646/chinas-ev-market-growing-twice-fast-us-heres-why?utm_source=rss_feed Fri, 27 Apr 2018 04:00:20 +0000 Goldman Sachs will lead a US$300 million investment in Chinese used car sales platform Renrenche, injecting fresh capital into a market that has seen private car ownership in the country surpass 210 million.  Didi Chuxing and Tencent – currently the platform’s two top institutional shareholders – will also take part in the latest funding round, according to a statement issued by Renrenche on Thursday. The investment will allow the company to hire additional people and invest in new technology to... https://www.scmp.com/tech/start-ups/article/2143474/goldman-sachs-leads-us300-million-investment-chinas-second-hand-car?utm_source=rss_feed https://www.scmp.com/tech/start-ups/article/2143474/goldman-sachs-leads-us300-million-investment-chinas-second-hand-car?utm_source=rss_feed Thu, 26 Apr 2018 06:26:16 +0000 Three of China’s largest vehicle makers reported strong earnings growth for 2017 on Thursday, led by Guangzhou Automobile Group, with a whopping 71 per cent profit jump. The rises recorded by the three listed firms – SAIC Motor, Guangzhou Automobile and Dongfeng Motor Group – show the country’s largest car makers are still bucking the trend of a slowing global auto market, and ratcheting up the pressure on their smaller domestic rivals. China is the world’s largest auto market and saw vehicle... https://www.scmp.com/business/companies/article/2139545/nations-car-making-majors-still-dominate-mainland-auto-market?utm_source=rss_feed https://www.scmp.com/business/companies/article/2139545/nations-car-making-majors-still-dominate-mainland-auto-market?utm_source=rss_feed Thu, 29 Mar 2018 15:00:45 +0000 This Year of the Dog will be an auspicious one for Hongkongers who play safe and stick to convention, but for others who are less prudent and more progressive, their fortunes could literally go to the dogs. “It is a year of double earth. And it favours those who are conversative or the rise of social conservatism,” renowned Hong Kong-based soothsayer Raymond Lo Hang-lap said. Thursday is the last day in the year of the Fire Rooster, with the Lunar New Year on Friday ushering in the year of the... https://www.scmp.com/news/hong-kong/community/article/2133488/dont-try-new-tricks-year-dog-it-favours-those-who-stick?utm_source=rss_feed https://www.scmp.com/news/hong-kong/community/article/2133488/dont-try-new-tricks-year-dog-it-favours-those-who-stick?utm_source=rss_feed Thu, 15 Feb 2018 07:00:45 +0000 General Motors, the biggest foreign car brand in China, sold a record 4 million units in the country last year, up 4.4 per cent in the previous year, as the world’s largest car market now accounts for more than a quarter of new vehicle sales globally. The figures come soon after the US car giant posted a decrease in its home market last month. The US suffered the first annual drop in car sales since the financial crisis in 2009, amid a decline in demand for compact cars. Sales from GM and its... https://www.scmp.com/business/companies/article/2126860/gm-car-sales-speed-past-record-4-million-2017-china-even-it-hits?utm_source=rss_feed https://www.scmp.com/business/companies/article/2126860/gm-car-sales-speed-past-record-4-million-2017-china-even-it-hits?utm_source=rss_feed Thu, 04 Jan 2018 08:56:24 +0000 For many decades, people who wanted to buy a car went to a dealership to kick the proverbial tire and meet with salesmen whose mantra – always be closing – meant that a quick sale would follow. That era is fast receding in the rear view mirror as consumers have increasingly moved on to comparison shopping websites to do their homework. For a new generation of shoppers in China who are used to buying everything from shampoo to ski holidays online, buying big-ticket items like cars on the internet... https://www.scmp.com/tech/enterprises/article/2123377/death-car-salesman-how-ford-alibaba-tie-will-change-way-cars-are?utm_source=rss_feed https://www.scmp.com/tech/enterprises/article/2123377/death-car-salesman-how-ford-alibaba-tie-will-change-way-cars-are?utm_source=rss_feed Fri, 08 Dec 2017 00:00:00 +0000 BYD chairman Wang Chuanfu has drawn up an ambitious plan for the Chinese carmaker, envisioning the creation of a new-energy corporate giant with sales of a trillion yuan (US$151 billion) by 2025, nearly 10 times its revenue last year. “We want different teams to create synergies with each other while giving a full play to their own specialities,” he told company officials on Sunday, according to a statement. Wang, 51, who is also the firm’s president, said BYD will eventually evolve into a... https://www.scmp.com/business/companies/article/2120752/byd-aims-dominate-chinas-electric-car-market-trillion-yuan-sales?utm_source=rss_feed https://www.scmp.com/business/companies/article/2120752/byd-aims-dominate-chinas-electric-car-market-trillion-yuan-sales?utm_source=rss_feed Mon, 20 Nov 2017 12:30:00 +0000 Shares of Yixin Group, China’s biggest online car retailer, had surrendered most of their early gains by Thursday’s close in Hong Kong, disappointing market watchers who had anticipated a blockbuster debut. The company, which is backed by Tencent and JD.com, raised HK$6.77 billion (US$870 million) by selling 879 million shares in its IPO,the third largest in terms of funds raised by an internet business in the city this year. Yixin priced the shares at HK$7.7 apiece, the top end of an indicative... https://www.scmp.com/business/companies/article/2120128/tencent-backed-yixin-jumps-much-30pc-opening-day-trade?utm_source=rss_feed https://www.scmp.com/business/companies/article/2120128/tencent-backed-yixin-jumps-much-30pc-opening-day-trade?utm_source=rss_feed Thu, 16 Nov 2017 02:15:00 +0000 Yixin Group, China’s largest online car retailer, has priced its highly-anticipated initial public offering at the upper end of the price range to raise a total HK$6.77 billion (US$870 million), as investors eye the rapid rise of vehicle e-commerce in the mainland. The offering, the third largest by an internet business in Hong Kong this year, has been oversubscribed 560 times by retail bidders, with locked-in investor capital of HK$382 billion, making it the 10th hottest IPO in the city’s... https://www.scmp.com/business/companies/article/2120024/tencent-backed-yixins-ipo-hong-kongs-10th-hottest-ever-investors?utm_source=rss_feed https://www.scmp.com/business/companies/article/2120024/tencent-backed-yixins-ipo-hong-kongs-10th-hottest-ever-investors?utm_source=rss_feed Wed, 15 Nov 2017 06:59:13 +0000 Beijing’s plan to encourage foreign carmakers to produce more electric vehicles by easing ownership restrictions on factories appears to have received a lukewarm response from industry giant General Motors. The American car manufacturer said it was happy with the current arrangement whereby it operates through joint ventures with Chinese partners. However, it said it would ramp up production of new-energy vehicles in China to comply with the government’s cap-and-trade policy aimed at reducing... https://www.scmp.com/business/companies/article/2119793/gm-seems-wholly-unimpressed-chance-wholly-own-electric-car?utm_source=rss_feed https://www.scmp.com/business/companies/article/2119793/gm-seems-wholly-unimpressed-chance-wholly-own-electric-car?utm_source=rss_feed Tue, 14 Nov 2017 05:08:51 +0000 Guazi.com, China’s largest online used car sales site by volume, is to start offering new vehicles too, after its latest round of fundraising as competition heats up in the world’s largest car market. The move comes hot on the heels of the launch of Maodou, a site that deals in just new cars, both sold and leased. Interested customers can get a hands-on feel of their preferred models in outlets before making their decision. The Beijing-based Maodou has signed cooperative agreements with 24... https://www.scmp.com/business/companies/article/2117828/chinas-biggest-online-used-car-dealer-guazi-branches-out-new-car?utm_source=rss_feed https://www.scmp.com/business/companies/article/2117828/chinas-biggest-online-used-car-dealer-guazi-branches-out-new-car?utm_source=rss_feed Tue, 31 Oct 2017 12:03:59 +0000