BEIJING (Reuters) — China’s central bank on Wednesday announced revisions to car loans to promote auto trade-ins and scrap government-set minimum down payments for consumers financing new car purchases. The revisions, the first since the start of 2018, are the latest attempt to boost consumer confidence in the world’s largest auto market, where a cut-throat price war… Continue reading China eases car loans for first time since 2018 to boost demand
Author: Nikki News Feed
Japanese automakers’ U.S. sales up 15% in Q1, led by hybrids
NEW YORK — Six Japanese automakers, including Toyota Motor, saw a 15% year-on-year increase in U.S. sales of new cars to about 1.43 million in the first quarter, driven by strong demand for hybrid vehicles amid a slowdown for electric vehicles, according to their announcements on Tuesday. The 15% uptick marks their fourth consecutive quarter… Continue reading Japanese automakers’ U.S. sales up 15% in Q1, led by hybrids
Tesla reclaims EV crown from BYD amid overall sales drop
PALO ALTO, California — Tesla has reclaimed the title of the world’s top EV seller in the first quarter after losing it to BYD last year. However, both the U.S. and Chinese automakers reported a sales decline for the past three months as competition intensifies in the EV market and overall demand softens in China amid… Continue reading Tesla reclaims EV crown from BYD amid overall sales drop
China self-driving truck startup Inceptio eyes Japan tie-ups in global push
SHANGHAI — Chinese startup Inceptio Technology, which develops self-driving systems for trucks, seeks partners as it aims to expand into Japan, Southeast Asia and the Middle East within two years. The company is in contact with Japanese companies and is exploring the possibility of cooperating in the production of autonomous driving systems for large trucks,… Continue reading China self-driving truck startup Inceptio eyes Japan tie-ups in global push
Tesla Q1 deliveries fall 8.5% on soft EV demand, tough competition
(Reuters) — Tesla posted a quarterly fall in deliveries for the first time in nearly four years and missed Wall Street estimates, a sign that the effects of its price cuts are waning as the automaker battles rising competition and softer demand. Tesla shares fell 5.7% in early trading, adding to the nearly 30% slide in… Continue reading Tesla Q1 deliveries fall 8.5% on soft EV demand, tough competition
Panasonic eyes ‘strategic’ Indian market as New Delhi pushes green energy
TOKYO — Panasonic Energy said it is considering entering the Indian market for batteries used in motorcycles and energy storage, as New Delhi plans to bolster local manufacturing of related industries. The major EV battery maker on Monday said it was in talks with India’s top refiner, Indian Oil, to set up a joint venture… Continue reading Panasonic eyes ‘strategic’ Indian market as New Delhi pushes green energy
Indian Oil and Panasonic Energy to form JV for lithium-ion cells
NEW DELHI (Reuters) — India’s top refiner Indian Oil entered a pact with Panasonic Energy to form a joint venture to manufacture lithium-ion cells in India, the refiner said in a statement on Sunday, to prepare for rising local demand. The agreement follows an initial understanding between the two companies on lithium-ion cells in January.… Continue reading Indian Oil and Panasonic Energy to form JV for lithium-ion cells
Nissan gears up for Japan’s first Formula E race
TOKYO — Formula E, the electric vehicle version of Formula One, will come to Tokyo on Saturday, with companies like Nissan Motor competing in the “niche” race as a testing ground for their electrification technology. Japan’s maiden Formula E race is taking place in the bayside area of the capital, with half the 2.6-kilometer course… Continue reading Nissan gears up for Japan’s first Formula E race
Dongfeng posts first net loss as ventures with Japan carmakers slump
GUANGZHOU — Dongfeng Motor Group has logged its first full-year net loss since the major state-owned Chinese automaker’s 2005 listing in Hong Kong, dragged down by plunging profits from joint ventures with Japanese partners. The company reported Thursday a 3.9 billion yuan ($540 million) loss for 2023, reversing the year-earlier 10.2 billion yuan profit. Go… Continue reading Dongfeng posts first net loss as ventures with Japan carmakers slump
Xiaomi enters China’s challenging auto market with $29,870 EV
BEIJING (Reuters) — Xiaomi kicked off sales of its electric car on Thursday, with the Chinese smartphone company pricing its SU7 at 215,900 to 299,900 yuan ($29,870 to $41,493) as it enters a fiercely competitive domestic market. CEO Lei Jun told the launch event that the shift from electronics to car manufacturing had not been… Continue reading Xiaomi enters China’s challenging auto market with $29,870 EV