Latest news with #Chineseautomakers
Yahoo
4 days ago
- Automotive
- Yahoo
Thai vehicle sales rise 5% in June
Thailand's new vehicle market expanded by 5% to 50,079 units in June 2025, just up from the depressed year-earlier sales of 47,662 units, according to the latest wholesale data released by the Federation of Thai Industries (FTI). June was the third consecutive month of growth for the market, after two years of sharp declines, which have been blamed mainly on tight lending criteria by banks and auto finance companies in response to sharp rises in non-performing loans (NPLs). This has left the country's highly indebted consumers and small businesses struggling to access financing. Vehicle sales last year fell by 26% to a 15-year low of 572,675 units. Switch Auto Insurance and Save Today! Affordable Auto Insurance, Customized for You The Insurance Savings You Expect Great Rates and Award-Winning Service The market last month continued to be driven by strong sales of battery electric vehicles (BEVs), mainly by Chinese automakers, as they continued to ramp up local production to compensate for their earlier imports under the Thai government's EV3.0 investment incentive programme. Sales of domestic pickup trucks continued to fall however. In the first half of 2025, the Thai vehicle market declined by just under 2% to 302,694 units from 308,027 units in the same period last year. Vehicle production in the country rose by 12% to 130,223 units in June, but was still down by almost 5% to 724,715 units in the first half of the year. Production for export fell by 8% to 475,013 units in the six-month period, reflecting sluggish overseas demand and rising global competition from Chinese automakers. The Thai government last month indicated it was considering introducing scrappage incentives to encourage owners to trade in their old pickup trucks for new ones. Earlier this year the government launched a THB 5 billion loan-guarantee programme, which runs until the end of the year, to support pickup truck purchases by small and medium-sized businesses. So far, this has not had a significant impact on pickup truck sales. The FTI recently revised down its full-year vehicle output forecast to 1.4 million units, from the 1.5 million forecast earlier in the year. "Thai vehicle sales rise 5% in June" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
6 days ago
- Automotive
- Yahoo
Tesla reports second-quarter profit decline amid delivery drop
Tesla on Wednesday reported its second consecutive quarterly profit decline, hit by a drop in vehicle deliveries. The electric carmaker, founded by billionaire Elon Musk, posted net earnings of $1.17 billion in the latest quarter - a 16% decrease compared with the same period last year. Revenue also fell 12% to $22.5 billion, slightly below analysts' expectations of about $22.7 billion. Switch Auto Insurance and Save Today! Great Rates and Award-Winning Service The Insurance Savings You Expect Affordable Auto Insurance, Customized for You A key factor behind the decline was a 13.5% fall in deliveries, down to 384,122 vehicles. The new version of the bestselling Model Y, which has been delivered to customers since March, has not yet been able to boost sales. The transition phase for the Model Y, along with controversies surrounding Musk's political activities, was seen as a reason for the 13% drop in sales in the first quarter. Competition rises as Tesla pushes robotaxis The company also faces mounting competition, especially from Chinese automakers, who are making strong gains outside the US market. In Europe - where Tesla operates a factory near Berlin - sales have been slipping for several months. Meanwhile, Musk continues to push Tesla's future in autonomous driving and robotics. In June, Tesla launched its first robotaxi service in Austin, Texas. However, only a limited number of Model Y vehicles are currently active, and rides are available exclusively to selected users. While the cars operate without drivers, a Tesla employee accompanies each trip in the passenger seat for safety. Electric vehicle subsidies near end Tesla's automotive revenue dropped 16% to $16.66 billion in the second quarter. However, the company could see short-term momentum in the coming months thanks to US President Donald Trump's policies, as electric vehicle subsidies in the US are set to expire at the end of September. This may prompt some buyers to make quick purchases. Following the quarterly results, Tesla shares edged up about 0.5% in after-hours US trading. Sign in to access your portfolio
New York Times
21-07-2025
- Automotive
- New York Times
Chinese Car Giants Rush Into Brazil With Dreams of Dominating a Continent
A two-hour drive beyond the traffic jams of São Paulo, past the vast valleys of sugar cane, one of the first Chinese battery-powered-car factories in the Americas is getting ready to open. Its goal is to reinvent the way Brazil drives, and ultimately, the rest of Latin America, much as Chinese automakers have already done across much of Asia and want to do in Europe. Until recently, this factory was run by Mercedes-Benz, the German giant of 20th century automotive innovation that churned out cars powered by gasoline. Today, it's owned by Great Wall Motor, a company that decades ago made rugged pickup trucks for the Chinese countryside but is now one of China's leading exporters of stylish, affordable electric cars. The change in hands reflects a profound disruption for one of the world's most vital industries. If American and European gas-guzzling cars once dominated global tastes and trends, that era appears to be fast turning to China's favor. Today, not only does China make and export more cars of all types than any other country in the world, Chinese firms dominate the global manufacture of battery-powered vehicles of the future. They also control the supply chain for virtually everything that goes into those cars. Want all of The Times? Subscribe.
New York Times
15-07-2025
- Automotive
- New York Times
China Puts New Restrictions on E.V. Battery Manufacturing Technology
The Chinese government said on Tuesday that it would restrict any effort to transfer out of China eight key technologies for manufacturing electric vehicle batteries, a move that could cement the country's already dominant role in the production of electric cars. The plan could make it harder for Chinese electric carmakers to set up factories overseas, as the European Union has pushed them to do. Effective immediately, any overseas transfer of these technologies through trade, investment or technological cooperation will first require a license from the Chinese government, the Ministry of Commerce said in a statement. Chinese manufacturers have achieved important breakthroughs in the past five years in making inexpensive batteries that can provide considerable driving range for electric vehicles. The new generation of battery technology is central to China's success in building electric cars that are considerably cheaper than electric and gasoline-powered cars made in other countries. The European Union has been pressing Chinese automakers and battery manufacturers to set up operations in the bloc as an unofficial condition for continued growth in sales of Chinese cars there. The United States has been more wary of Chinese investment, but plans for at least two Chinese electric car battery factories have been proposed in Michigan. The new restriction on battery technologies comes less than three months after Beijing began requiring licenses for exports of seven kinds of rare earth metals and the magnets made from them. Those restrictions have already caused considerable disruption to companies in the West and Japan that manufacture cars, robots and other advanced devices that require electric motors with small but powerful rare earth magnets. Want all of The Times? Subscribe.
Yahoo
08-07-2025
- Automotive
- Yahoo
Factbox-China's carmakers expanding their presence in Europe
(Reuters) -Chinese automakers are expanding in Europe, betting on their competitive pricing and advanced technology to break into a market traditionally dominated by European and American brands, amid a global shift towards electric vehicles. This expansion has stoked trade tensions between Brussels and Beijing, including a row over EU tariffs on Chinese-made EVs, imposed to protect European producers. The following Chinese carmakers have expanded their footprint in Europe: BYD: BYD is building an electric car factory in southern Hungary and has announced a new plant for electric buses and trucks in the north of the country. The automaker has launched car sales across most of Europe. In April, BYD for the first time sold more EVs in Europe than Tesla, with 7,231 battery-powered electric vehicles (BEV) sold over the month, according to a report by JATO Dynamics. CHERY AUTOMOBILE: Chery said on July 8 it would launch sales of its Chery brand in Britain with two new SUV models in the coming weeks. It already launched its Omoda brand in Britain in August 2024 and the Jaecoo brand in January 2025. Chery has launched the Omoda and Jaecoo brands across half a dozen European markets, including Spain, Italy and Poland. CHONGQING CHANGAN AUTOMOBILE: Changan launched operations in Europe in March and said it plans to start car sales in 10 markets on the continent this year. The company plans to build a European factory to support future sales on the continent and is considering possible locations for the plant, an executive told Reuters on July 2. GEELY AUTOMOBILE: Geely said on July 2 it would launch the Geely brand in Britain at the start of the fourth quarter of 2025 with the sale of its electric EX5 SUV. The group is established in Europe through carmakers Lotus, Volvo Cars and Polestar, in which it is the majority shareholder. Volvo Cars produced 2.5% of the European cars registered between January and May 2025, according to data from the European Automobile Manufacturers' Association (ACEA). Two of Geely's other Chinese brands, Zeekr and Lynk & Co, already operate in a handful of European markets. NIO: Nio said in April it would launch an EV from its Firefly brand in Europe in the third quarter of 2025. Nio's progress in Europe has been slower than expected due to sales and service network challenges, CEO William Li said. SAIC MOTOR CORP: SAIC Motor sold 126,116 units in Europe between January and May, the ACEA said, representing 2.3% of the European car registration on the period. The company's sales come mainly from its MG Motor brand as well as from Maxus. XPENG: EV maker Xpeng said in June it was looking at more aspects of its existing collaboration with Volkswagen such as joint procurement, charging and different car models. It currently develops advanced chips for VW cars. The automaker has launched sales in a number of European markets, including in Britain in January. ZHEJIANG LEAPMOTOR TECHNOLOGY: Leapmotor plans to roll out vehicles equipped with its smart-driving technologies in Europe next year, its senior vice president said in March. The company, partly owned by Stellantis, formed a joint venture 51% controlled by Stellantis that gives the European car group exclusive rights to export, sell and manufacture Leapmotor EVs outside Greater China.
