Category: Newswire

China Automotive Systems Reports 2019 Second Quarter Unaudited Financial Results

WUHAN, China, Aug. 8, 2019 /PRNewswire/ — China Automotive Systems, Inc. (“CAAS” or the “Company”) (NASDAQ: CAAS), a leading power steering components and systems supplier in China, today announced its unaudited financial results for the second quarter and six months ended June 30, 2019.  Second Quarter 2019 Highlights Net sales decreased 15.9% to $105.7 million from… Continue reading China Automotive Systems Reports 2019 Second Quarter Unaudited Financial Results

Dongfeng Motor Is Said to Weigh Options for Peugeot Stake

Dongfeng Motor Corp. is exploring options for its 2.2 billion euro ($2.5 billion) stake in Peugeot owner PSA Group, including a potential divestment, people with knowledge of the matter said, as the companies grapple with a global slowdown in the auto market.PSA fell 0.3% to 19.91 euros at 2:51 p.m. in Paris trading after earlier declining as much as 3.2%.Still, the global auto market has been slowing and proceeds from a sale would give the Chinese carmaker much-needed funds to weather the worst slump in a generation.

Slovenia part of European e-mobility project

The project is led by the French car maker Renault, while ELES is a coordinator in the part of the project concerning the electricity transmission system.The solutions include smart two-way vehicle charging, dynamic wireless charging lanes in urban centres, dynamic wireless long-distance charging and super fast charging stations for European road corridors.The participants include equipment manufacturers, vehicle charging technology providers, ICT and road infrastructure companies, national grid operators and power distributors, among others.

BYD NEV sales up 73 pct in Jan-July period

SHENZHEN, Aug. 7 (Xinhua) — BYD, China's leading new energy vehicle (NEV) manufacturer, reported annual 73.2-percent growth in NEV sales in the Jan.-July period amid a NEV market boom.
In a filing to the Shenzhen Stock Exchange, the Shenzhen-based carmaker said it sold 162,220 NEVs, compared to 93,677 units in the same period last year.
The strong growth is almost all driven by the pure electric passenger vehicle sector, which saw sales surging 228.9 percent year on year to 105,294 units.
In July alone, the NEV sales, however, fell 11.8 percent to 16,567 units as sales of plug-in hybrid electric vehicles fell 35.2 percent to 6,495 units. Meanwhile, sales of pure electric passenger vehicles rose 16.4 percent to 9,515 units.
Despite strong NEV sales, BYD saw a sharp decline in gasoline-powered vehicles when the country's auto market continued to report a sales slump this year.
The carmaker sold 96,837 gasoline-powered vehicles in the seven months, down 42.4 percent year on yea..

Kandi JV Company Received Approval to be Pure Electric Vehicle Production Manufacturer by MIIT

JINHUA, China, Aug. 07, 2019 (GLOBE NEWSWIRE) — Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the “Company” or “Kandi”) today announced that Kandi Electric Vehicles Jiangsu Co., Ltd. (“Kandi Jiangsu”), the wholly-owned subsidiary of Kandi Electric Vehicles Group Co., Ltd.  (the “JV Company”, a joint venture owned by Geely Group (including its affiliate) and Zhejiang… Continue reading Kandi JV Company Received Approval to be Pure Electric Vehicle Production Manufacturer by MIIT

Audi to recall 6,682 cars in Russia due to various problems – regulator

MOSCOW, August 6. /TASS/. OOO Volkswagen Group Rus, a Russian dealer of Audi, will recall in Russia 6,682 A5 model crossovers because of certain potential malfunctions in vehicles, the Federal Agency for Technical Regulation and Metrology (Rosstandart) reported on Tuesday.
In particular, the recalling campaign will cover 6,679 cars sold in 2017-2019. A clamp on a wheel arch cover may broke, leading to weakening of wheel arch liner fastening and liner separation in the worst case.
Three more Q5 crossovers sold in 2019 will be recalled for dashboard replacement.
“The reason to recall vehicles is that a welded joint in the area of passenger’s front safety airbag fastening to the dashboard could have been made with deviation from the specification,” the regulator says.
All repair work will be carried out free of charge for vehicle owners.