HANOI (Reuters) — Shares in Vietnamese electric vehicle maker VinFast surged on their Nasdaq debut on Tuesday amid limited trading after the company closed its merger with a special purpose acquisition company (SPAC) in Asia’s biggest M&A deal this year. The stock opened at $22, more than double the last close for VinFast’s SPAC partner Black… Continue reading Vietnam EV maker VinFast’s shares surge in Nasdaq debut
Author: Nikki News Feed
Tesla assures Chinese drivers their data is stored locally
SHANGHAI — Tesla on Monday sought to assure drivers in China that their data is managed in the country, pointing to a local data center that stores information generated by its electric vehicles sold here. The move comes after Chinese media recently reported that a Hunan province airport had barred Tesla vehicles from its parking… Continue reading Tesla assures Chinese drivers their data is stored locally
China’s BYD strikes deal with Ayala to sell EVs in Philippines
MANILA — Philippine conglomerate Ayala Corp. has entered an agreement to sell Chinese automaker BYD’s electric vehicles in its home market, as it seeks to expand the country’s nascent EV market. Under the deal announced Friday by Ayala, the group’s automobile division, AC Motors, is expected to handle sales and maintenance for BYD’s EVs through its sales network. A variety of models will… Continue reading China’s BYD strikes deal with Ayala to sell EVs in Philippines
Vietnam EV maker VinFast to list on Nasdaq via SPAC
HO CHI MINH CITY — VinFast plans to list on the Nasdaq by Tuesday next week after merging with a blank-check company, making the electric vehicle producer one of the few Vietnamese companies to go public in the U.S. The automaker and Black Spade, the special purpose acquisition company of Macao casino magnate Lawrence Ho,… Continue reading Vietnam EV maker VinFast to list on Nasdaq via SPAC
Global corporate earnings dip amid flagging China demand
TOKYO — Combined net profits at major companies worldwide slipped during the quarter ended in June, as a strong recovery among U.S. tech giants was unable to fully offset weakness in fields such as commodities and chemicals on China’s economic slowdown. Announced or predicted net profits at around 11,000 listed companies in markets including the… Continue reading Global corporate earnings dip amid flagging China demand
Chinese, South Korean EV makers push on in Indonesia
TANGERANG, Indonesia — Chinese automakers are showing off their latest electric vehicle models at an Indonesian motor show that started on Thursday. They are aiming to lift sales in Southeast Asia’s biggest economy, where Japanese manufacturers’ largely gasoline-powered offerings dominate the market. Japanese automakers hold more than a 90% share in Indonesia, but face increasingly fierce… Continue reading Chinese, South Korean EV makers push on in Indonesia
Mitsubishi Motors to make Thailand a hybrid production hub
JAKARTA — Mitsubishi Motors will begin producing hybrid vehicles in Thailand early next year, Nikkei has learned, as the automaker expects at least 10 years of high demand for such vehicles. This will be the first time for the Japanese company to produce hybrids overseas. Go to Source
Tesla relies on China for 40% of battery supply chain: analysis
TOKYO — Nearly 40% of the suppliers for materials used in Tesla’s electric vehicle batteries are Chinese companies, a Nikkei analysis finds, underscoring China’s strong presence in a strategically important sector. China was the largest supplier of materials for the lithium-ion batteries used in Tesla’s EVs, constituting 39% of the 61 companies in the “storage battery” category, based on an… Continue reading Tesla relies on China for 40% of battery supply chain: analysis
Mitsubishi Fuso to launch EV truck in Indonesia
TOKYO — Mitsubishi Fuso Truck and Bus will start to sell electric trucks in Indonesia in two years, Nikkei has learned, as it tries to retain its position as a key truck seller in the Southeast Asian country where Chinese rivals are increasingly gaining market share. Mitsubishi Fuso will manufacture the eCanter, a small electric… Continue reading Mitsubishi Fuso to launch EV truck in Indonesia
Suzuki Motor gains bigger stake in Maruti Suzuki after plant sale
NEW DELHI/BENGALURU (Reuters) — Maruti Suzuki, India’s top automaker by sales, said on Tuesday it would pay Suzuki Motor in preference shares to take over a local manufacturing plant in a deal that will also boost the Japanese automaker’s stake in the company. The share allotment will boost Suzuki’s stake in the Indian automaker by… Continue reading Suzuki Motor gains bigger stake in Maruti Suzuki after plant sale