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BMW and Mercedes-Benz have signed an agreement to establish a joint venture to operate a supercharging network in China
On November 30, BMW Brilliance Automotive Co., Ltd. and Mercedes-Benz (China) Investment Co., Ltd. announced the signing of a cooperation agreement to establish a joint venture in China with a 50:50 share ratio to operate a supercharging network in the Chinese market, and jointly meet the growing demand for luxury charging services among Chinese customers.
2 days ago
Nissan CEO weighs in on how the EV market has changed since Covid
A lot has changed for the EV market since Covid, Nissan CEO Makoto Uchida said. “The market has been fragmented, and customers’ acceptance speed is also different,” he told CNBC. Nissan’s global scale will give it an advantage as it works to lower the costs of EV components, Uchida added.
26 days ago
Xpeng suspends supply chain boss for corruption probe
Chinese automaker Xpeng on Tuesday said it suspended Li Feng, its vice president in charge of supply chains, for a corruption probe.“Xpeng has a strict stance against corrupt activities. We remain vigilant in identifying and rectifying any instances of corruption promptly,” a spokesperson for the company told CNBC.“We would like to clarify that our recent internal anti-corruption measures implemented by the company are a part of our continuous commitment to promoting ethical conduct and integrity and this incident has had limited impact and will not disrupt our business or production processes.”Feng oversaw procurement at the Chinese electric vehicle maker.Xpeng shares were up around 2% in pre-market trade on Wednesday.However, the company’s stock tanked more than 10% on Tuesday as investors reacted to the conflict between Israel and Palestinian militant group Hamas. Xpeng had delivered 750 vehicles to Israel earlier this month as part of its efforts targeting international growth, but the developing conflict has weighed on investor sentiment.This year, Xpeng has been struggling with rising competition and a price war in China, stoked by Tesla, which has hurt the company’s profitability.The company’s car deliveries have risen more recently. In September, Xpeng delivered 15,310 EVs, an 81% increase versus the same month last year.Note: This article is reproduced from CNBC. Copyright belongs to cnbc.com. If there is any infringement, please contact us to delete.
1 months ago
5 new China listed shares, involving auto parts, chemicals, electric heaters
Recently, the auto parts manufacturing enterprise Sling shares, micro-channel continuous reaction technology research and development manufacturer Wande shares were listed on the Shenzhen Stock Exchange GEM and Beijing Stock Exchange respectively. Among them, the funds raised by the automotive parts manufacturer, Sling, are planned to be used for the annual output of 6.29 million sets of high-end automotive bearings technology transformation and production expansion project, and Sling's technology research and development centre upgrading project. This will be conducive to improving the company's production efficiency and production capacity, which will be conducive to the company to better provide customers with various types of products and enhance the company's market competitiveness. In addition to the listing of these two enterprises, there are three other enterprises ringing the bell for listing this week, including Centec Telecom, the head enterprise of domestic Ethernet switching chips, Heatwell, a developer of electric heating components and assemblies, and Forsythe Technology, a developer and manufacturer of automotive interior parts, which landed on the SSE and the SZSE, respectively. Details of the listed companies are as follows: Silin shares  Shenzhen Stock ExchangeOn 15 September, a professional production of automotive bearings, automotive parts manufacturing enterprises, Zhejiang Slings Automotive Bearing Co. The total amount of funds raised from this public offering is RMB 103,290.00 (1.033 billion yuan), which is planned to be used for the annual production capacity of 6.29 million sets of high-end automotive bearings technology transformation and production expansion project, Sling shares of the technology research and development centre upgrading project, and supplementary working capital. According to the prospectus, the main business of Silin shares is the research and development, manufacturing and sales of automotive bearings, the main products can be divided into four series of wheel bearing units, wheel bearings, clutches, tensioner and idler bearings and tapered bearings, etc. In the year of 2020, the company's sales of wheel bearing units ranked among the top three of the same kind of enterprises in China. Wande Stocks Beijing  Stock ExchangeOn 15 September, Xi'an Wande Energy Chemical Co., Ltd (Wande, stock code: 836419), a company focusing on the research and development of microchannel continuous reaction technology and its industrial application, was listed on the Beijing Stock Exchange (BSE). Wande raised about 179 million yuan for the construction project of intelligent manufacturing industrial park (base), supplementing working capital. Wande's net profit in the first half of this year increased 24 per cent year-on-year to 24.32 million yuan. The company mainly produces and sells oil additives, petroleum refining agents, oilfield chemicals and other fine chemicals, and its products serve the fields of oil blending, petroleum refining and oilfield extraction. Due to the high market share of domestic large-scale oil producers, Wonder's customer resources are more concentrated, mainly including various oil extraction and refineries under PetroChina and Sinopec and other oil additives intermediaries, with the sales market covering all over the country. Shengke Communication  Shanghai Stock ExchangeOn 14th September, the domestic Ethernet switching chip head enterprise Suzhou Centec Communications Co., Ltd (abbreviation: Centec Communications, stock code 688702) officially gong landed on the Shanghai Stock Exchange Science and Technology Board, adding a new force for the construction of domestic digital network. Prospectus shows that Centec Telecom intends to raise funds of 100,000.00 million yuan, which will be used for the new generation of network switching chip R & D and mass production projects, routing and switching convergence network chip R & D projects, and supplementary working capital. Centec's main business is the research, development, design and sales of Ethernet switching chips and supporting products. After more than 10 years of technology accumulation, the company has now formed a rich sequence of Ethernet switching chip products, covering Ethernet switching products from the access layer to the core layer, providing rich chip solutions and strong guarantee for the construction of China's digital network. Heatwave shares   Shanghai Stock ExchangeOn the morning of 11 September, a professional engaged in the research and development of electric heating elements and components, production and manufacturing Hangzhou Heat Power Electric Heating Technology Co. The funds to be raised by the IPO is mainly used for the annual output of 40 million pieces of electric heating element production line expansion project, Hangzhou heat Wei Auto Parts Co., Ltd. annual output of 5 million units of new energy automobile heating management system heater project, and technology research and development centre upgrading project. As an enterprise listed on the main board in the field of electric heating, the successful listing of Hotway will help the enterprise to grasp the opportunities of industry development, broaden the downstream application fields, enhance the core competitiveness, and consolidate its position in the field of international electric heating, and at the same time, it will also apply its products more in the field of new energy automobile heat management system, air source heat pump, semiconductor equipment, energy storage equipment and other fields in line with the guidance of the national industrial policy. Forsythe Technology  Shenzhen Stock ExchangeOn 11th September, Wuhu Fusai Technology Co., Ltd (Fusai Technology, stock code 301529), a manufacturer engaged in the research, development and production of automotive interior parts, was listed on the Growth Enterprise Market of Shenzhen Stock Exchange.Prospectus shows that the proceeds will be invested in the annual output of 4 million sets of automotive functional parts project (a) and supplementary working capital, which will help increase the company's automation, intelligent production equipment, improve the company's production efficiency and production capacity, for the company to continue to develop the market, and to expand the scale of business to lay the foundation. Note: This article is reproduced from 100LBJ. Copyright belongs to 100LBJ.com. If there is any infringement, please contact us to delete.
2 months ago
China's BYD rides on partnerships to expand EV sales in Southeast Asia
China's electric vehicle giant BYD (002594.SZ) has been on a tear in Southeast Asia, shooting past rivals including Tesla (TSLA.O) to take more than a quarter of the share of EVs sold in the region. Along with attractive prices, BYD's early success is based on a pattern of distribution partnerships with large, local conglomerates that have allowed the carmaker to expand reach, test consumer preferences and navigate complex government regulations in the region, officials from three partners and analysts said. This partnership model, similar to that pursued by Japanese automakers in some Southeast Asian countries decades ago, is helping BYD to build market share rapidly and contrasts with Tesla's go-it-alone distribution - though it comes at a cost. "At present, BYD's primary focus is on brand proliferation rather than optimising profit margins," said Soumen Mandal, a senior analyst at Counterpoint Research. "By providing local dealers with more lucrative profit margins, BYD can cultivate trust and loyalty, paving the way for broader expansion." BYD did not respond to questions from Reuters. The Chinese automaker sold more than 26% of all cars in Southeast Asia's small but fast-growing EV market in the second quarter of 2023 and its Atto 3 model, priced starting at $30,000 in Thailand, was the regional bestseller, according to Counterpoint. Tesla prices the most basic Model 3 from about $57,500 in Thailand. EVs constituted 6.4% of all passenger vehicle sales in Southeast Asia in the second quarter, up from 3.8% in the preceding quarter, and the region could gain in importance for Chinese automakers after the European Commission last week announced an investigation into Beijing's EV subsidies. 'NOT AN EASY MARKET'BYD's regional distributors include divisions of Sime Darby (SIME.KL) in Malaysia and Singapore, Indonesia's Bakrie & Brothers (BNBR.JK), Ayala Corp (AC.PS) in the Philippines and Thailand's Rever Automotive. BYD's partnerships are helping it in a region where Chinese car brands do not have an established track record, said Chee-Kiang Lim, managing director for China at auto sales consultancy Urban Science. "If buyers are unsure or have any concerns, partnering with established players like Sime Darby, Bakrie & Brothers, or Ayala Corp will give them the peace of mind, especially for aftersales support," he said. The Shenzhen-based automaker is investing nearly $500 million in Thailand to build a new factory that will produce 150,000 EVs per year from 2024 for exports to Southeast Asia and European markets. For Ayala Corp's AC Motors, which plans to open a dozen BYD dealerships in the next 12 months in the Philippines, the focus for initial spending is on brand building and getting more consumers considering EVs, said the head of its automotive business, Antonio Zara. "It's about busting the myths on range," he said. "It's about busting the myth on price and communicating the total cost of ownership." In Thailand, an advertising spree is visible from small screens inside elevated trains in the capital Bangkok to massive billboards in provincial towns. BYD's Thai partner Rever did not respond to questions on its distribution and marketing strategy. In Indonesia, BYD has able to lean on Bakrie & Brothers' unit VKTR to secure a government contract for 52 EV buses for Jakarta, said its chief strategy officer Alex Kim. "Indonesia is not an easy market to do business on your own," said Kim, adding that, beyond government sales, VKTR was in talks with large domestic businesses to sell BYD EV buses. TAKING ON TESLAThai EV buyers contributed 24% of BYD's overseas sales in the second quarter, making it the Chinese automaker's largest foreign market, according to Counterpoint, whereas fewer than 1% of Tesla's sales are in Southeast Asia. Tesla's website currently lists only two stores in the region, both in the wealthy city-state of Singapore, though it is hiring for Thailand and Malaysia. BYD's Southeast Asia playbook and its embrace of dealerships contrasts with Tesla, whose direct-to-consumer approach is hard to replicate, since no other new EV brand has its buzz or the outsized media presence of its CEO Elon Musk. BYD and its partner Sime Darby Motors are experimenting with a new approach to draw young, tech-savvy consumers towards the Chinese brand in Singapore. The partnership has launched five "BYD by 1826" showrooms that double as white-tablecloth restaurants where dishes are named after BYD EV models. "With BYD by 1826, we are able to reach out to more customers who want to know more about BYD or (are) new to the BYD brand," said Jeffrey Gan, managing director of retail and distribution for Sime Darby Motors in Southeast Asia, Hong Kong and Macau. ($1 = 35.6400 baht) Reporting by Devjyot Ghoshal and Stefanno Sulaiman; Editing by Jamie Freed Note: This article is reproduced from REUTERS. Copyright belongs to reuters.com. If there is any infringement, please contact us to delete.
2 months ago
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