Explainer: How China Evergrande's debt troubles pose a systemic risk

Posted in REVIEWS on September 18, 2021
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HONG KONG — China Evergrande Group has raised fresh warnings of default risks, as it scrambles to raise funds to pay lenders and suppliers with regulators and financial markets worried that any crisis could ripple through China's banking system and trigger social unrest. WHAT IS EVERGRANDE? Founded in 1996 by Chairman Hui Ka Yan in Guangzhou, Evergrande is China's second-largest property developer with $110 billion in sales last year. The company listed in Hong Kong Read More »

Jeep venture takeover push kicks off Stellantis’s China reboot

Posted in REVIEWS on September 13, 2021
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Stellantis NV is poised to roll out a new strategy for China, with the first major step being to take control of its struggling Jeep joint venture from a domestic partner, according to people familiar with the matter. The automaker formed from the merger between Fiat Chrysler and PSA Group is in advanced discussions with state-owned partner Guangzhou Automobile Group Co. on raising its stake in the 50-50 venture overseeing its Jeep operations in China, Read More »

Automakers start to look away from China for rare earth magnets used in electric motors

Posted in REVIEWS on July 19, 2021
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LONDON — As tensions mount between China and the United States, automakers in the West are trying to reduce their reliance on a key driver of the electric vehicle revolution — permanent magnets, sometimes smaller than a pack of cards, that power electric engines. Most are made of rare earth metals from China. The metals in the magnets are actually abundant, but can be dirty and difficult to produce. China has grown to dominate production, Read More »

Hybrid and Electric Luxury Car Sales Are On the Rise

Posted in LUXURY CARS on July 13, 2021
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Bentley Flying Spur Hybrid; Credit: Bentley 2020 was an unprecedented year for many industries and the automotive industry, in particular, saw a 20% drop year-on-year but registration for electric and hybrid vehicles grew more than 137% as compared to 2019. In the realm of luxury cars, there is a trend that buyers are switching to hybrid or electric cars (EVs). For example, in the first quarter of 2021, Porsche’s fully electric Taycan outperformed the Boxter, Read More »

VW electric car sales in China are off to a slow start

Posted in REVIEWS on June 22, 2021

SHANGHAI — Volkswagen's ID series — the backbone of its electric vehicle ambitions — is off to what even company sources call a worryingly slow start in China. Sales in May of two ID.4 electric SUV models, launched only two months earlier, came to a mere 1,213 combined. And that was about 200 fewer than in April, according to auto consultancy LMC. The sales fall far short of initial hopes, four people with knowledge of Read More »

Tesla stock takes a hit as China sales fall by almost half

Posted in REVIEWS on June 3, 2021

Tesla Inc. shares tumbled on a report that the electric-car maker’s Chinese orders dropped by almost half in May. The stock, which was already down more than 30% from the late January peak through Wednesday, fell 5.3% Thursday. The shares also slipped after a U.S. regulator disclosed recalls of more than 5,500 Model 3 and Y vehicles as well as almost 2,200 Model Ys over separate seat-belt flaws. Tesla’s monthly net orders in China dropped Read More »

Tesla sets up China site to store data locally

Posted in REVIEWS on May 25, 2021
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BEIJING — U.S. electric vehicle maker Tesla said on Tuesday it had established a site in China to store car data locally, as automakers come under growing scrutiny over how they handle information collected by vehicle cameras and sensors. Tesla said in a Weibo post that data generated by all cars it sells in China, where it is making Model 3 sedans and Model Y sport-utility vehicles, would be stored in the country. China, the Read More »

Tesla in talks with China's EVE for low-cost battery supply deal, sources say

Posted in REVIEWS on May 14, 2021
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SHANGHAI/HONG KONG — Tesla is in talks with Chinese battery maker EVE Energy Co to add the firm to its Shanghai factory supply chain, four people familiar with the matter said, as it seeks to boost procurement of lower cost batteries. EVE makes lithium iron phosphate (LFP) batteries, which are cheaper to produce because they use iron instead of more expensive nickel and cobalt. But LFP batteries generally offer a shorter range on a single Read More »

Tesla, under scrutiny, tries a more 'harmonious' approach with China

Posted in REVIEWS on May 3, 2021

BEIJING — Electric vehicle maker Tesla, facing scrutiny in China over safety and customer service complaints, is boosting its engagement with mainland regulators and beefing up its government relations team, industry sources said. Tesla's change of strategy leading to more behind-the-scenes interaction with policymakers in Beijing — compared to relatively little previously — shows the seriousness with which the U.S. automaker views the setbacks in its second-biggest market. It also comes at a time when Read More »

'Buying Nio stuff': Chinese car company sells an entire lifestyle

Posted in REVIEWS on April 27, 2021
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Nio electric cars on display in Shanghai. (AP) SHANGHAI — In Shanghai, aerospace executive Lu Hao didn't just buy a sleek electric SUV from Nio, China's answer to Tesla. He bought Nio's whole vision of a future where social media, e-commerce and the daily commute converge in one lifestyle app. In the morning, the 31-year-old eats cereal bought from the automaker's Nio Life online store while chatting on its app with other Nio owners. He Read More »