GEELY
BYD unleashes an EV industry reckoning that alarms Beijing
China's electric vehicle sector faces a price war. This situation impacts share prices and prompts government intervention. Overcapacity and weak demand are key factors. Analysts foresee profit decline for major brands. Smaller competitors may exit the market. Authorities urge self-regulation to avoid price cuts. BYD's tactics raise concerns about market dominance. The industry grapples with overcapacity and export challenges.
China auto market price war stokes fears of industry shake-out
China's auto industry is facing an intensifying price war, sparked by BYD's significant discounts on its electric vehicles, leading to concerns about a potential shake-out. This price war is putting immense pressure on weaker players and the automotive supply chain, with some companies selling cars below cost.
Asian shares start cautiously, dollar edges down
Asian shares opened cautiously amid anticipation of fresh trade news influencing US asset demand. The dollar weakened as trade tensions and US fiscal concerns persisted. Investors are closely monitoring President Trump's trade dealings with Japan and India, while China pushes for yuan usage in cross-border trade. Nvidia's results and the upcoming US inflation data will be key events this week.
Volvo Cars to cut 3,000 jobs in restructuring
Volvo Cars will reduce its workforce by 3,000. This decision comes as the company faces high costs. Electric vehicle demand has slowed down. Trade tariffs are creating uncertainty. The job cuts will mainly affect office-based roles in Sweden. The company aims to cut costs by 18 billion Swedish crowns. Hakan Samuelsson says the industry faces a challenging period.
Tesla’s China troubles deepen as GigaShanghai sales slump for 7th month straight, hitting lowest levels since COVID lockdowns
Tesla faces challenges in the Chinese market. Sales in China declined in April, marking the seventh consecutive monthly drop. Competition from local brands like BYD, Geely, and SAIC-GM-Wuling is intensifying. Tesla is now fourth in China's New Energy Vehicle production. The company is rumoured to be developing new, more affordable models for the Chinese market.
EVs, tariffs in spotlight as Chinese automakers take leading role at Shanghai auto show
Automakers are showcasing new models at the Shanghai auto show, navigating a complex landscape of trade tensions and fierce competition. Chinese manufacturers are gaining ground both domestically and globally, particularly in the electric vehicle sector, while foreign companies adapt strategies to maintain their presence in the crucial Chinese market.
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China EV giant BYD reboots Europe operations after strategic stumbles
BYD has moved swiftly to address these early stumbles in this critical export market, greatly expanding its dealer network and offering hefty pay packages to poach executives from European automakers, especially Stellantis, the executives said.
Mercedes CEO urges EU to find equitable solution to China-made EV tariff dispute
Mercedes-Benz CEO Ola Kallenius is urging the EU to find a fair solution regarding tariffs on Chinese-made EVs, cautioning against using tariffs as the primary tool. He emphasizes the importance of open competition for innovation, as the EU and China discuss potential price commitments to resolve the trade dispute.
Get ready for a showdown: Chinese EVs set to challenge Tesla's dominance
The Shanghai auto show is set to showcase over 100 new models from both Chinese and international brands like BYD, Geely, and Volkswagen, intensifying competition in the EV market. Amidst a price war, automakers are now focusing on automated driving features, facing stricter regulatory scrutiny after a fatal Xiaomi SU7 crash.
‘Only the weak will fail’: Trump tees off as $6 trillion vanishes in market meltdown triggered by ‘Liberation Day’ tariffs
Donald Trump dismissed the worst US market crash since the pandemic, brushing off investor panic as a "great time to get rich". His sweeping tariffs have sparked a global trade war, drawing retaliation from China and warnings from economists about recession and inflation. While markets reeled and global leaders called for calm, Trump posted defiant messages from his golf course, insisting his strategy would boost US manufacturing and force trade concessions. Critics warn the fallout could be far-reaching and painful.
Flying taxis take off in China: Two companies get licenses for pilotless passenger drones. Watch viral video
China has approved the first autonomous flying taxis for commercial use. EHang Holdings and Hefei Hey Airlines received the approval from the Civil Aviation Administration of China. These flying taxis will soon be used for urban sightseeing tours and other passenger services. This marks a significant step in the advancement of the low-altitude economy.
Volvo Veteran Hakan Samuelsson back as CEO for 2-year term
Volvo Car is among the European carmakers vulnerable to new 25% tariffs set to be imposed by the US next week on all imported passenger vehicles and light trucks, as well as key auto parts. Based in Gothenburg, Sweden, and listed on the Nasdaq Stockholm exchange, Volvo was bought by Geely Automobile Holdings in 2010 from Ford Motor.
First TikTok, now automakers. Does Volvo’s Chinese ownership threaten US national security?
Volvo Car AB faces potential restrictions in the US market due to new regulations aimed at blocking Chinese entities from selling connected vehicles. Majority-owned by Zhejiang Geely Holding Group Co., Volvo may need to adjust its ownership or technology to comply with US security concerns by 2027.
China's Baidu, Geely say 'huge changes' in EV landscape behind cuts
Baidu and Geely's electric vehicle venture, Jiyue, is cutting staff and operations due to industry changes. The companies cited a challenging competitive landscape and an unworkable business plan. This downsizing signals potential difficulties for other Chinese EV makers.
Renault, Geely create joint venture for hybrid, combustion engines
Renault and Geely's joint venture, HORSE Powertrain, aims to develop combustion and hybrid engines, bolstering competitiveness and addressing decarbonization challenges. With anticipated annual revenue of 15 billion euros and a production target of five million units. The venture, led by Matias Giannini as CEO and Daniel Li as chairman, signifies both companies' strategic partnership efforts.
How Volvo landed a cheap Chinese EV on U.S. shores in a trade war
Volvo's EX30, a China-made EV, challenges Tesla with Geely's cost-efficiency and Volvo's quality. It symbolizes China's EV dominance, U.S. tariff challenges, and the evolving global EV market landscape.
Volvo Cars shares plunge to record lows as Geely cuts stake
Geely on Thursday launched a placing of some 100 million Volvo Cars shares, which the deal's bookrunner later said was sold at a price of around 37 Swedish crowns each, or around $350 million in total.
Geely founder's venture in smartphone push after Meizu stake buy
The deal by Hubei Xingji Shidai Technology Co Ltd, which was launched by Geely's chairman Eric Li last year as part of a push by the automaker into premium smartphones, was first revealed to the public in June via a statement from China's market regulator.
Geely's EV brand Zeekr raises $500 million in first external funding
Investors would jointly hold 5.6% stake in Zeekr, valuing the Chinese electric car maker at around $9 billion. The company doesn’t currently have a clear plan for its initial public offering.
Geely and Foxconn to form auto partnership: Sources
Taiwan's Foxconn and Chinese automaker Zhejiang Geely Holding Group will form a partnership to provide contract manufacturing and consultancy services to automakers and mobility companies, three sources said on Wednesday.
China's Baidu to create an intelligent EV company with automaker Geely
Geely will also be a strategic investor in the new company, which will be an independent subsidiary of Baidu.
Baidu plans smart EV company, to make cars at Geely plant: Sources
China's Baidu Inc plans to form a company to make smart electric vehicles (EV), two sources familiar with the matter said, with manufacturing to be carried out at plants owned by automaker Geely.
Chinese automaker Geely to buy Lotus, acquire stake in Malaysian manufacturer Proton
In an effort to revive the loss-making Malaysian manufacturer Proton, Chinese automaker Geely has agreed to buy a major stake in the company
China carmaker Geely's first-half sales soar
Chinese automaker Geely said Wednesday that its first-half sales soared on the back of booming demand in the world's largest car market.
China's Geely completes takeover of Volvo
Geely Holdings formally completed its deal to buy Sweden's Volvo Cars from US auto giant Ford.
Geely expects to close Volvo deal in third quarter
China's Zhejiang Geely Holding said on Thursday it expected to close its acquisition of Sweden's Volvo Cars in the third quarter after the European Commission cleared the takeover earlier this week.
Geely mulling Shanghai for Volvo plant: Official
Zhejiang Geely Holding Co. may locate the China headquarters and factory for Volvo Cars in Shanghai once its takeover of the Swedish company is finalized, an official said.
China's Geely to spend 2.7 billion dollars buying Volvo
Chinese automaker Zhejiang Geely Holding said Tuesday it will inject up to 900 million dollars into Swedish brand Volvo Cars as it seeks to turn around the loss-making company.
Ford sells Volvo unit to China's Geely for $2 bn
Geely wants to gain insights into Western vehicle development and manufacturing through buying a European brand.
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