BYD names voestalpine as steel supplier for its Hungarian auto plant
The cooperation marks an important step in BYD's localisation strategy, the company said in its statement posted on its social media account on Wednesday.
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CNA
21 hours ago
- CNA
EU says China's links with Russia now 'determining factor' in ties
BEIJING: EU chief Ursula von der Leyen warned on Thursday (Jul 24) that China's ties with Russia were now the "determining" factor in its relations with the European Union, as she wrapped up a tense summit in Beijing that also saw China agree to speed up exports of rare earth minerals to the bloc. China's leadership has sought to draw the European Union closer as it positions itself as a more reliable partner than the United States and a bedrock of stability in a troubled world. But while nominally intended to celebrate 50 years of diplomatic ties, the EU has made clear there are deep divisions over trade, fears that cheap, subsidised Chinese goods could overwhelm European markets and Beijing's tacit support for Russia's war against Ukraine. Brussels says China's deepening political and economic relations with Moscow since the 2022 invasion have helped Russia's economy weather sweeping Western sanctions. Beijing denies that claim. Wrapping up that summit, von der Leyen told a news conference in Beijing that the bloc had made clear that the issue was now the "determining" factor in its relations with China. She and European Council President Antonio Costa expressed "our expectations that China would follow up on our concerns and the expectation that it would use its influence to bring Russia to accept a ceasefire, to come to the negotiation table, enter peace talks and put an end to the bloodshed", von der Leyen said. She also said the bloc agreed with Beijing to an "upgraded" mechanism for Chinese exports of rare earth minerals - another key sticking point in ties. China dominates the global industry for extracting and refining rare earths. Since April, it has required licences to export some of the strategic materials, triggering anxiety among businesses worldwide. "If there is a delay ... we have now established a mechanism where the companies can immediately ask us to mediate and to find out why there's a delay on the delivery of the critical raw materials," von der Leyen said. And Costa said the officials had raised human rights concerns with Chinese counterparts. "DEEPEN COOPERATION" China, in contrast, framed Thursday's summit as a way for the bloc and Beijing to deepen trust in a turbulent world. Welcoming von der Leyen and Costa at Beijing's ornate Great Hall of the People, President Xi Jinping said "the more severe and complex the international situation is, the more important it is for China and the EU to strengthen communication, increase mutual trust and deepen cooperation". "The challenges facing Europe at present do not come from China," he said, calling on both sides to "make correct strategic choices". Costa also stressed to the Chinese leader that the EU wanted to see "concrete progress on issues related to trade and the economy, and we both want our relationship to be ... mutually beneficial". Chinese Premier Li Qiang told the EU leaders in a separate meeting that "close cooperation" was a "natural choice" for the two major economies. "As long as both China and the EU earnestly uphold free trade, the international economy and trade will stay dynamic," he said. CLIMATE AGREEMENT In rare agreement, China and the EU vowed to "step up" efforts to address climate change. The warming planet is historically an area of convergence between Brussels and Beijing, with both willing to cooperate on combating climate change. Chinese and European leaders agreed on enhancing bilateral cooperation in energy transition and committed to accelerating global renewable energy deployment, a joint statement said. The EU also flagged its yawning trade deficit with China that stood at around US$360 billion last year and which von der Leyen described as "unsustainable". Beijing dismissed those concerns, insisting that Brussels must "rebalance its mentality", not its economic ties with China. If EU concerns were not addressed, "our industry and citizens will demand that we defend our interests", von der Leyen told Premier Li. The EU has imposed hefty tariffs on electric vehicles imported from China, arguing that Beijing's subsidies unfairly undercut European competitors.
CNA
a day ago
- CNA
China's Xi urges EU leaders to 'make correct strategic choices' amid global challenges
The European Union and China have reaffirmed their commitment on climate change, as leaders conclude scaled-back talks at a summit in Beijing. The two trading partners are marking 50-years of diplomatic ties, while navigating deep divisions on trade and the Ukraine war. Chinese President Xi Jinping urged EU leaders to make "correct strategic choices" in the face of global challenges. Meanwhile, European Commission president Ursula von der Leyen and European Council president Antonio Costa are pushing for the rebalancing of trade. Deborah Wong reports from Shenzhen.
CNA
2 days ago
- CNA
Mercedes aiming to keep Russell and Antonelli next season
George Russell and Kimi Antonelli are Mercedes' first choice for next season, team boss Toto Wolff said in comments appearing to rule out an immediate move for Red Bull's four-time Formula One champion Max Verstappen. Verstappen is third overall at the midpoint of the 24-round campaign, 69 points behind McLaren's overall leader Oscar Piastri and 61 adrift of the Australian's British teammate Lando Norris. The Dutch driver's dream of a fifth successive title is disappearing and, with a new engine era starting in 2026 and the Mercedes power unit expected to be the pick of the field, there has been talk of Verstappen switching. That speculation was put in even sharper focus after Red Bull sacked long-serving team boss Christian Horner this month, with Laurent Mekies in charge at this weekend's Belgian Grand Prix. Russell's contract expires at the end of the season, although he is also managed by Mercedes, while 18-year-old rookie Antonelli only joined this year and is a big talent for the future. "The direction of travel is that we want to continue with George and Kimi. That is the first priority," Wolff told Austria's ORF television on Wednesday. "You can't look past someone like Max and the plans he has for the future. We did that, but I don't think there will be any big surprises." ORF said that while Verstappen had performance clauses, he would have needed to be outside the top three after Silverstone to trigger his contract release. Social media lit up this month after Wolff and Verstappen were reported to be on vacation at the same time and in the same area of Sardinia, but the Mercedes boss dismissed any significance in that. "If you go on holiday close to each other, it doesn't mean that you are also going to work together in Formula One," he said.
