China’s automakers — on track for record sales in 2023 — have little to celebrate in the New Year as a continuing price war squeezes profitability and increased competition in the market for new energy vehicles overhangs a key segment for growth. Domestic and export deliveries jumped 10.8% to 26.94 million units through November. The… Continue reading Chinese carmakers face price war, growing EV competition in 2024
Author: Nikki News Feed
U.S. restrictions on China materials cut EV tax credit to 8 models
NEW YORK — The U.S. has slashed the list of electric vehicles eligible for tax credits to eight models from 17 after new rules went into effect that eliminated EVs that use battery materials sourced from China. The new list of eligible vehicles that took effect from Monday consists of two GM models including the Chevrolet… Continue reading U.S. restrictions on China materials cut EV tax credit to 8 models
China’s BYD caps big year by surpassing Tesla in quarterly sales
NEW YORK/GUANGZHOU — Chinese automaker BYD has surpassed Tesla in global quarterly sales for the first time to become the world’s top seller of electric vehicles, capping a year of new model launches that saw domestic sales soar. Tesla sold 480,000 vehicles in the October-December quarter, the U.S. automaker said Tuesday, falling below BYD’s previously… Continue reading China’s BYD caps big year by surpassing Tesla in quarterly sales
Toyota and Honda bet trucks will get hydrogen economy rolling
TOKYO — Japanese automakers are betting on trucks to pave the way for hydrogen-powered cars, which have been slow to catch on despite much domestic expectation that the technology will help drive decarbonization. A heavy truck 12 meters long and painted with the letters “H2” on its sides on Dec. 22 started taking test drives… Continue reading Toyota and Honda bet trucks will get hydrogen economy rolling
South Korea records its first trade deficit with China in 31 years
TOKYO — South Korea recorded a trade deficit of $18 billion with China in 2023, marking its first such bilateral shortfall with the country in 31 years, according to preliminary trade data released on Monday. South Korean exports to China fell to $124.8 billion, down 20% from $155.7 billion in 2022, while imports from the neighboring country… Continue reading South Korea records its first trade deficit with China in 31 years
China’s Hangzhou to start lifting restrictions on gas cars’ licenses
The city of Hangzhou in eastern China is to start lifting restrictions on the issuing of new car licenses to boost car sales as economic growth slows down. The current license restrictions, which target fossil fuel-powered passenger cars, were imposed in 2014 to clamp down on car ownership and so ease traffic congestion and combat… Continue reading China’s Hangzhou to start lifting restrictions on gas cars’ licenses
China set to beat Japan to become No. 1 auto exporter
TOKYO/BEIJING — China is on track to become the world’s top automobile exporter on an annual basis for the first time, thanks to bigger footholds in Russia and Mexico and a growing global electric vehicle (EV) industry. China exported 4.41 million autos from January to November, up 58% from the same period last year, according… Continue reading China set to beat Japan to become No. 1 auto exporter
China’s Xiaomi unveils first electric car, aims to become top automaker
BEIJING (Reuters) — Chinese smartphone maker Xiaomi took the wraps off its first electric vehicle on Thursday and promptly announced it was aiming to become one of the world’s top five automakers. The sedan, dubbed the SU7 with the SU short for Speed Ultra, is a highly anticipated model that Chief Executive Lei Jun touted… Continue reading China’s Xiaomi unveils first electric car, aims to become top automaker
Toyota unit Daihatsu could face $700m in losses as scandal halts factories
NAGOYA/TOKYO– Daihatsu Motor could suffer over 100 billion yen ($700 million) in losses stemming from the safety test scandal that came to light last week, according to one estimate, as the Toyota Motor unit faces a factory shutdown and compensation to suppliers. The automaker has halted all production in Japan with no timeline for a… Continue reading Toyota unit Daihatsu could face $700m in losses as scandal halts factories
Two more Vivo executives detained in India in money-laundering probe
China is backing its businesses in safeguarding their lawful rights and interests, the Ministry of Foreign Affairs said following news that two more senior executives of the Chinese smartphone maker Vivo had been arrested in India as part of a money-laundering probe. “We are closely following” the incident, ministry spokesperson Mao Ning said in a regular news briefing… Continue reading Two more Vivo executives detained in India in money-laundering probe