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EVs: Industry Trends

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EVs: Industry Trends
Stay updated on China’s booming electric vehicle industry, a key driver of global EV adoption and sustainability efforts.
last updated:
12 December, 2024
The Foxconn building in Taipei. Photo: Reuters
Foxconn

Foxconn invests in EV battery plant in China’s iPhone city

The US$82 million capital injection marks the Taiwanese giant’s latest foray into the electric-vehicle sector.

Business of climate change

Tariff jab at Chinese graphite exports could inflate EV battery costs: analysts

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Electric & new energy vehicles

Exclusive | China’s EV champion Geely bets on tech edge to expand in Asia, EU

Mergers & Acquisitions

Nissan and Honda may merge to take on larger rivals and EV makers

Honda is considering several options including a merger, capital tie-up or the establishment of a holding company, Executive Vice-President Shinji Aoyama said.

BYD’s dealership in Yokohama, the home base of Nissan Motor, on April 3, 2023. Photo: AP
Electric & new energy vehicles

Indonesia gives tax incentives to EV makers including China’s BYD, GAC Aion

The carmakers, which are building factories in Indonesia, will enjoy an exemption on import taxes and a break on luxury taxes.

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SCMP Highlights

Hong Kong launch pad for Chinese EVs, Xiaomi unveils electric SUV: 7 EV reads

From Chinese start-up Hozon eyeing exports to Chinese electric vehicle makers favouring Hong Kong, here are seven EV stories you may have missed.

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Automotive industry

China’s EV boom threatens to push petrol demand off a cliff

Brokerage Citic Futures sees Chinese gasoline consumption dropping by 4 to 5 per cent a year through 2030.

A PetroChina EV charging station stands next to a petrol station in Beijing on February 2, 2024. Photo: Reuters
Electric & new energy vehicles

Beijing sees Hong Kong as launch pad for Chinese EV makers to go global

Hong Kong ‘can act as a two-way gateway for Chinese EV makers to go overseas and bring in new technologies’.

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SCMP Highlights

EV makers’ ‘do-or-die’ moment, Hyundai’s big Malaysia investment: 7 EV reads

From China’s cutthroat clean energy vehicle market to Malaysia eyeing Southeast Asia’s EV hub crown, here are seven EV stories you may have missed.

Electric & new energy vehicles

Foreign carmakers risk losing up to US$20 billion a year in China: UBS

‘We think foreign automakers need to re-evaluate and adjust their strategies’ in China, bank says.

A BYD factory in Thailand. Photo: Reuters
Electric & new energy vehicles

Why Zeekr shares slumped in New York on news of Geely Auto reorganisation

Zeekr loses 24 per cent in New York trading after announcement of Geely Auto reorganisation plan.

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Billionaire founder Li Shufu is reorganising his EV empire amid stiffer competition at home and overseas. Photo: Xinhua
Business of climate change

Hong Kong EV insurance costs to fall, but third-party liability may remain high

Insurance premiums are set to fall as EV prices decline, but third-party liability coverage to remain high due to accident rates and repair costs.

Electric & new energy vehicles

China’s EV production moves into fast lane as output hits 10 million

Chinese EV makers have delivered 9.75 million units to mainland buyers between January and October, a year-on-year jump of 34 per cent.

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Electric & new energy vehicles

BYD tops Tesla for the first time in quarterly sales as EV demand soars

BYD’s third-quarter sales jumped 24 per cent to 201.12 billion yuan (US$28.2 billion), beating Tesla’s US$25.18 billion revenue in the same period.

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BYD vehicles waiting to be loaded on to a ship for exports at the international container terminal of Taicang Port in Suzhou, in eastern China’s Jiangsu province on February 8, 2024. Photo: AFP
Xiaomi

Xiaomi unveils US$114,000 Ferrari lookalike in luxury car venture

The SU7 Ultra has drawn both scepticism and admiration from consumers in the world’s largest EV market.

Xiaomi unveils its latest EV, SU7 Ultra, at an event in Beijing on Tuesday. Photo: Reuters
Electric & new energy vehicles

Transformers: the rise of smartphone makers in China’s EV arena

Thanks to an advanced supply chain, companies with no history making cars are challenging for supremacy in China’s EV market.

Electric & new energy vehicles

Tesla is pure EV king, but Chinese drivers steer to hybrids due to range worries

Tesla said its third-quarter net profit rose 17 per cent from a year earlier to US$2.17 billion.

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Electric & new energy vehicles

When it comes to EVs, Chinese consumers are spoiled for choice

Extended range, autonomous driving, sofas, refrigerators … BYD, Li Auto, Xpeng, Geely, Nio and others tick all the boxes in their pursuit of consumers.

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Illustration by Brian Wang
Electric & new energy vehicles

Tariffs no roadblock for Chinese EVs at Canton Fair as overseas buyers swarm

Though Western tariffs on China-made electric vehicles are a concern, overseas interest in new models remains high at opening of Canton Fair.

Business of climate change

In electric buses as with EVs, it’s China versus rest of the world

As China’s market matures, exports hold the key to future profitability for Yutong, Foton and peers in rivalry with European electric-bus producers.

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Foxconn

iPhone maker Foxconn says EV business will need years to ramp up

It will probably take another five years for Hon Hai to fully utilise its production lines at an Ohio facility, EV head Jun Seki says.

Foxconn founder Terry Gou introduces an electric vehicle prototype during the company’s annual tech showcase event in Taipei in October 2022. Photo: AFP
Electric & new energy vehicles

5 Chinese EV makers set monthly sales records as discounts draw buyers

BYD, Li Auto, Xpeng, Zeekr and Leapmotor posted new monthly delivery records in September as new models and promotions proved enticing.

Employees work on an EV production line at a Leapmotor factory in Jinhua, in China’s eastern Zhejiang province, on September 18, 2024. Photo: AFP
Electric & new energy vehicles

Tesla vs China: who is the winner in self-driving technology?

China’s EV makers are intensifying efforts in autonomous driving technology, with L3 systems expected in one million cars by 2026 despite regulatory hurdles.

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China economy

China’s EV exporters, dealers squeezed at home and abroad as price war rages

Rounds of price cuts by China’s car dealers are being mirrored overseas, as manufacturers take losses to gain a foothold in global markets.

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Electric & new energy vehicles

‘Forced to sell’ at low prices, China’s car dealers see losses pile up: report

Weak consumer demand and unsold inventories are piling on the losses for dealerships across the country, industry association says.

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Mounting losses at car dealerships in China have made survival difficult for many in the industry. Photo: Reuters
Electric & new energy vehicles

China’s EV makers feel crunch as high R&D costs collide with discount pressure

More than 50 new models could hit the market this year, but relentless discounting is devouring profit margins, spelling doom for some firms.

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A photo taken on March 25, 2024, shows cars on an assembly line at a Xiaomi plant in Beijing. Photo: Xinhua
China trade

China’s low-priced EVs reign in Spain, make gains in Europe’s lanes

Beating competitors on price, China’s electric vehicles have made headway in Europe – but tariffs and trade scrutiny may slow their advance.

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China trade

China won’t budge as it resists EV tariffs from EU, state broadcaster says

A social media account associated with China’s pre-eminent state TV network has come out hard against the EU’s electric vehicle tariffs.

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