China Daily Mail
Automobile Industry
Some Chinese electric cars are ‘simply worthless’ says industry body
It’s “inevitable” that China’s electric cars have little resale value and some are inherently worth little, according to one of China’s top auto industry bodies. In its latest weekly update on China’s ailing auto market, the China Passenger Car Association (CPCA) listed several reasons why value retention is “too low” for new-energy vehicles (NEVs), including … Continue reading
Elon Musk is doubling down on China as car sales plummet and electric-vehicle subsidies are slashed
The launch of Tesla’s first factory in China is likely to come at a difficult time for auto companies in the world’s largest passenger-vehicle market. The electric-car maker is building a factory in Shanghai that it expects to begin producing vehicles by the end of this year. On Tuesday, CEO Elon Musktweeted that the company … Continue reading
Nio, the ‘Tesla of China,’ crashes 30% in 2 days after announcing a bigger-than-expected loss and thousands of job cuts
Shares of Chinese electric car manufacturer Nio extended their two-day decline to as much as 30%, dipping more than 21% on Tuesday alone. The skid comes after the company reported a wider-than-expected loss for the second quarter and announced thousands of layoffs. Here’s the key numbers from Nio’s second-quarter earnings report: Revenue: $1.5 billion, up more … Continue reading
China’s car market is heading from recession to depression
The Chinese auto market is crashing. Data from the Chinese Association of Auto Manufacturers show the passenger car market there contracted 6.9% in August and has fallen 11.0% for the year-to-date period. August 2019 marked the 14th consecutive decline for the Chinese auto market, an important landmark for analysts, as Chinese car sales could be … Continue reading
China faces another electric vehicle subsidy scandal
Generous government subsidies have been behind China taking the lion’s share of global electric vehicle sales in recent years — but now they’re being called to question and face another scandal. A panel of experts raised the flag over this scandal during a roundtable at the Fortune Global Sustainability Forum on Sept. 5, 2019 in … Continue reading
Donald Trump scolds General Motors for moving plants to China after bailout
President Donald Trump scolded General Motors on Friday for shifting car production to China, despite getting a taxpayer bailout. “They moved major plants to China, BEFORE I CAME INTO OFFICE,” Trump wrote on Twitter. “This was done despite the saving help given them by the USA. Now they should start moving back to America again?” … Continue reading
China’s electric vehicle industry hit hard by policy shift as Beijing turns toward hydrogen fuel
China’s electric vehicle (EV) industry has been booming for nearly a decade, with generous subsidies from the Chinese government and state-sponsored marketing efforts. However, the research and development (R&D) subsidies are now shifting to vehicles with hydrogen fuel cells, a new technology that, according to industry, is cleaner and more efficient than lithium battery-run cars. … Continue reading
China’s BYD fined for paying Chinese workers $1.50 per hour in California
BYD is a mainland Chinese company, specialising in green technologies. Shares in the company are traded on the mainland in Shenzhen and off-shore in Hong Kong. The company is controlled by the co-founders. Berkshire Hathaway, Warren Buffett’s holding company, owned 9.56 % of the company as of June 30, 2013. The company has established a … Continue reading
Daimler wants to conquer China
The German company Daimller AG announced plans to build in China the largest factory in the world. The manufacturer of Mercedes hopes to conquer the rapidly growing automotive market in “the Middle Kingdom.” The new facility, which will cost about 2 billion euros, will be created by the end of 2014. It’s construction will help … Continue reading
Chinese Maserati owner smashes up his luxury car
A wealthy Chinese Maserati owner hired four sledgehammer-wielding men to smash-up his $420,000 super car in protest at poor customer service. The car owner, identified as Wang, had the group attack the Maserati Quattroporte at the opening of an auto show in the eastern city of Qingdao in Shandong province, the Qingdao Morning Post said. Video images … Continue reading
China’s new diplomatic weapon: Red flag luxury limos
Forget panda diplomacy. China has added a new weapon to its soft-power arsenal – home-grown luxury cars. On Friday, May 3, 2013, Beijing donated 20 Chinese-made Hongqi, or Red Flag, sedans worth around $2.3 million, to the Pacific nation of Fiji. At a ceremony in Suva, Fijian Prime Minister Voreqe Bainimarama described the gift as … Continue reading
Volkswagen’s China unit to recall cars; another target of state TV
China’s quality watchdog told Volkswagen AG (VOW) to recall vehicles fitted with the direct-shift gearbox system, after Europe’s biggest carmaker was targeted at China Central Television’s (CCTV) annual consumer-rights day program. The program targeted several western companies, raising considerable criticism of CCTV from China’s netizens. The General Administration of Quality Supervision, Inspection and Quarantine issued the order after tracking … Continue reading
GM to boost Cadillac showrooms in China by 25% to challenge Audi
General Motors, the largest foreign automaker in China, will increase the number of Cadillac dealerships in the country by about 25 percent as it competes against German luxury automakers led by Volkswagen AG’s Audi. The Detroit-based company will add about 40 dealers for its upscale Cadillac brand next year, up from about 160 currently, Bob Socia, GM’s … Continue reading
Asbestos in cars exported to Australia: China’s notorious ‘quality fade’
Some mistakes are understandable. Others seem to defy explanation. Earlier this week, two leading Chinese car companies, Great Wall Motor and Chery Automobile, confirmed they are recalling 23,000 cars and trucks they’ve sold in Australia because asbestos was discovered in their engine and exhaust gaskets. This is a genuine setback for the companies and yet … Continue reading
Asbestos forces China car recall; blow to Chery, Great Wall
Australia’s consumer protection agency said asbestos was found inside vehicles made by China’s Great Wall Motor Co. and Chery Automobile Co., prompting a safety investigation and the recall of about 23,000 units. Customs and border officers found the banned fibre in imported spare parts, the Australian Competition and Consumer Commission said in an e-mailed statement … Continue reading
VW overhauls management to expand in China
Volkswagen elevated China‘s status within its sprawling empire and reasserted control over its wayward trucks brands with an extensive overhaul of senior management on Saturday as it bids for global market dominance. The company created a management board position dedicated solely to China – it’s single largest market – which will be filled by Jochem … Continue reading
Toyota says China sales in April up 68 percent
China sales by Japan‘s Toyota Motor Corp and its two local joint-venture partners rose 68 percent in April from a year earlier to about 81,700 vehicles, according to a company spokesman. For the first four months of the year, the Japanese auto maker sold a total of about 293,200 vehicles, a 14.3 percent increase from … Continue reading
Car makers gear up for a tougher China market
China’s massive car market may still be young, but the auto industry CEOs descending on Beijing this week will see first hand that it’s also growing up fast. The Beijing auto show starts on Monday at a time when China’s auto market has begun softening after a decade of breakneck growth. The days when car … Continue reading
Ford announces major expansion in China production capacity
Ford announced its biggest industrial expansion in 50 years, as part of a US$5 billion plan to double production capacity in China by 2015, The Wall Street Journal reported. The automaker expects to be able to create 1.2 million passenger cars a year in China by that time, just under half the number it made … Continue reading
Volvo to spend US$11 billion in coming years
Volvo, a Swedish automaker owned by China’s Zhejiang Geely Holding Group, announced Thursday that it plans to spend US$11 bilion on developing new products and increasing manufacturing in the coming few years, Reuters reported, citing an article by German magazine Wirtschaftswoche. Volvo spokesman Per-Ake Froberg emphasized that Volvo, and not Geely, will be funding the investment. Volvo … Continue reading
