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
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
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.
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
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
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 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.
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
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
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,
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.
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 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.
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
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 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