39 Articles
New energy vehicles to make up 20% of China's new car sales by 2025

Includes plug-in hybrid, battery electric and hydrogen vehicles

Sales of electric, plug-in hybrid and hydrogen-powered vehicles in China, the world's biggest auto market, are forecast to rise to 20% of overall new car sales by 2025 from just 5% now, the State Council said on Monday. Sales of so-called new energy vehicles (NEV), which include battery electric, plug-in hybrid and hydrogen fuel-cell vehicles will rise as China's NEV industry has improved their technology and competitiveness, the State Council, China's cabinet, said in a policy paper as part of

GM says over 40% of new China launches in next five years will be EVs

Plans more than $20 billion in electric and automated vehicles globally by 2025

General Motors Co is planning an electric car offensive in China with more than 40% of its new launches in the country over the next five years set to be electric vehicles (EVs), the U.S. carmaker said on Wednesday. GM's electric vehicles, many of which will be all-electric battery cars, will be manufactured in China with almost all parts coming from local suppliers, the company said in a statement released at its Tech Day event in Shanghai. Reuters reported earlier on Wednesday that GM

GM's Mary Barra optimistic on U.S. demand, China, EV profitability

'Cautiously optimistic,' at least

General Motors Co's top executive struck an optimistic note on Monday about U.S. new vehicle demand despite the coronavirus pandemic, and the ability to sell electric vehicles at a profit, especially in China. "We're cautiously optimistic" about U.S. new vehicle demand, Chief Executive Officer Mary Barra said at a virtual press event hosted by the Automotive Press Association.

Sales in China see first rise in 22 months, though still 'short of expectations'

China's auto sales sank 79% in February and 43% in March

China's monthly auto sales rose for the first time in almost two years as the country eased virus-related curbs and reopened for business, but the annual number will likely be slashed by up to 25% if the pandemic continues, an industry body cautioned. The sales data for April and the gloomy outlook underline the challenges being faced by the world's biggest auto market as it struggles to emerge from a prolonged slump in demand, which was first exacerbated by the trade war with the United States

BYD fights coronavirus by producing 5 million masks daily

It's also producing 300,000 bottles of hand sanitizer a day

BEIJING/SHANGHAI (Reuters) - Chinese electric vehicle maker BYD said on Friday it is making 5 million masks a day to fight the coronavirus pandemic that has killed nearly 3,200 people in China. The Shenzhen-based automaker, which is backed by U.S. investor Warren Buffett, said in a statement it started work on building a new mask production line in late January. BYD, which also produces EV batteries, said it will give masks to its workers to ensure normal production and will supply

U.N. says Chinese parts shortage caused $50 billion fall in February's global exports

E.U., U.S. and Japan hit the hardest downstream

China's exports of vital parts and components for products ranging from automobiles to cellphones are estimated to have shrunk by an annualized 2% in February, costing other countries and their industries $50 billion, a United Nations agency said on Wednesday. The world's second-largest economy - and epicenter of the coronavirus outbreak that has spread to 75 nations - accounts for a fifth of global trade in intermediate products. "There is a ripple effect throughout the global economy to the

Tesla advertises for solar, energy storage staff in China

Tesla said it would announce solar projects in China and Europe soon

Tesla Inc has advertised for solar and energy storage project managers in China, as the U.S. electric vehicle maker moves to expand its energy business into the country. The two posts on the Tesla human resources department's official WeChat account mark the first time the California-based automaker has looked to hire for such roles in China. Tesla did not immediately respond to requests for comment.

China auto sales drop 18%, with coronavirus keeping buyers at home

Though it's the 19th month of declines, so virus is only one factor

BEIJING/SHANGHAI (Reuters) - China's vehicle sales likely fell by almost a fifth in January, marking a 19th consecutive month of decline, hurt by Lunar New Year holidays that started earlier than last year and by the coronavirus outbreak. The epidemic will hit auto sales and production hard in the short term, the China Association of Automobile Manufacturers said, predicting competition in the industry would get fiercer and some smaller parts suppliers could collapse. Preliminary data for Janu

Automakers scramble in case China auto parts production stays shut down

FCA warned a European plant could shut down within weeks

Toyota keeping China plants closed through Feb. 16 over coronavirus

Automakers worry they may need to start making parts elsewhere

China auto sector braces, hopes coronavirus impact is short-lived

The big test could come when factory workers return from holiday breaks in high-contagion areas

SHANGHAI/BEIJING (Reuters) - The new coronavirus epidemic is likely to wreak havoc on China auto sales and production in the first quarter, but it is too early to push panic buttons as ground could be made up later in the year, industry executives said. Dongfeng Motor Group and its partners Honda Motor, Renault and PSA all have factories there. "We expect (China) vehicle production to decline 3% for the full year, with production down 15% in the first quarter, including the extended new year s

Volkswagen to buy 20% of Chinese battery maker Guoxuan amid electric push

Supports VW's electric push into world's largest auto market

HONG KONG/BEIJING (Reuters) - Volkswagen AG is set to take a 20% stake in Chinese electric vehicle battery maker Guoxuan High-tech Co Ltd , two sources told Reuters, as the German firm accelerates its electric push into the world's largest auto market. The deal would mark Volkswagen's first direct ownership in a Chinese battery maker and comes as the Wolfsburg-based automaker strives to meet a goal of selling 1.5 million new energy vehicles (NEVs) a year in China by 2025,

FCA and iPhone maker plan Chinese electric vehicle joint venture

Hon Hai parent Foxconn assembles iPhone

Italian American automaker Fiat Chrysler and Taiwan's Hon Hai plan to set up a joint venture to manufacture electric vehicles and to engage in the business of wirelessly connected vehicles, Hon Hai said on Thursday. Fiat Chrysler (FCA) and Hon Hai are negotiating to set up a 50-50 joint venture, Hon Hai said in a statement.

Tesla plans China design and research center

It wants to make 'Chinese-style' vehicles

U.S. electric car maker Tesla plans to open a design and research center in China to make "Chinese-style" vehicles, the company said in a recruitment notice on its official WeChat account. "In order to achieve a shift of 'Made in China' to 'Designed in China', Tesla's CEO Elon Musk has proposed a very cool thing - set up a design and research center in China," it read.

Ford's new vehicle sales tumble in China by over 26%

It was the third consecutive year of decline

Ford Motor Co's China vehicle sales fell for a third consecutive year, by 26.1%, as it battles a prolonged overall sales decline in its second-biggest market that has hit demand for its mass-market Ford brand and sports utility vehicles. The U.S. automaker delivered 146,473 vehicles in China in the fourth quarter, down 14.7% year-on-year, Ford said in a statement. Ford has been trying to revive sales in China after its business began slumping in late 2017.

Auto sales in China are expected to drop 2% in 2020

New vehicle sales were down 8.2% in 2019

BEIJING/SHANGHAI (Reuters) - Automakers in China need to get used to a new normal of "low speed growth" in the world's largest car market, the country's top auto body said on Monday, as it reiterated predictions that sales will likely shrink for the third consecutive year in 2020. The China Association of Automobile Manufacturers (CAAM) expects a 2% fall in vehicle sales. CAAM, affirming its forecast announced last month, also said auto sales declined for the 18th consecutive month in December

Geely and Mercedes-Benz invest $780 million to make electric Smart cars

Geely will lead engineering and Mercedes-Benz will take charge of their overall look

BEIJING/SHANGHAI (Reuters) - Zhejiang Geely Holding Group Co Ltd [GEELY.UL] and Mercedes-Benz on Wednesday said they would each invest 2.7 billion yuan (295.98 million pounds) in a China-based venture to build "premium and intelligent electrified" vehicles under the smart brand. The 50:50 venture has received regulatory approval and will be based in the Chinese coastal city of Ningbo, the Chinese and German automakers said in a statement. Like Mercedes-Benz, smart is a Daimler AG ma

Elon Musk unleashes dance moves at Tesla Model Y launch in China

The first 10 customers from the public have received their China-made Model 3 sedans

Elon Musk showed off his dance moves at the launch of Tesla's Model Y electric sports utility vehicle programme at its new Shanghai factory on Tuesday, where the company delivered its first cars built outside the United States to the public. The $2 billion Tesla Inc factory started delivering cars in just 357 days, a record for global automakers in China. Billionaire CEO Musk danced enthusiastically on stage at the event, then stripped off his jacket and flung it aside to reveal a T-s

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