SAIC Motor and Geely United in Stance: Dismiss Claims of Independent Negotiations with EU on EV Tariffs
SAIC Motor and Geely dismiss allegations of going against China's negotiations with Europe on EV tariffs. These rebuttals come after the Commerce Ministry's announcement on Monday that only a government-supported association has the authority to carry out tariff discussions with the EU.
The biggest state-run automobile manufacturer in China as well as the largest private assembler, who are both prominent on the European Union's list of electric vehicle (EV) tariffs, have refuted claims that they pursued individual agreements to dodge these import charges.
SAIC Motor, China's largest government-owned automobile manufacturer and collaborator with General Motors and Volkswagen, stated that it was "actively participating" in the collective negotiations held by China's car manufacturers.
Geely Automobile Holdings, China's largest private-sector car manufacturer and proprietor of brands including Volvo, Lotus, and Zeekr, has categorically denied any allegations of conducting individual negotiations with the European Union, terming them as "defamatory".
"Geely remains steadfast in backing the initiatives to reach a mutual agreement with the EU," the company based in Hangzhou stated on Thursday.
The Ministry of Commerce, on Monday, reaffirmed that only the government-supported trade association, the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, has the authority to negotiate with the EU regarding tariffs. The Ministry further stated that any independent negotiations could potentially damage the ongoing attempts to settle the issue and erode confidence.
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Oppo Revives Premium Find X Smartphones Globally Amid Domestic Slow Growth: Targets Premium Segment in Southeast Asia and Western Europe
Oppo reintroduces high-end Find X smartphones to international markets amidst sluggish domestic growth. This Chinese Android phone manufacturer is revitalizing its efforts in the luxury sector in Southeast Asia and Western Europe.
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Global CEOs Weigh Prospects and Risks in Hong Kong Amid Trump’s Second Term: The Balance of Hope, Caution, and Geopolitical Strains
In the second round of Hong Kong versus Trump, international business leaders are identifying fresh prospects and familiar challenges. Howard Marks from Oaktree Capital suggests that people are hesitant to invest significant amounts of money in a nation that is embroiled in geopolitical conflicts.
China sees Hong Kong's financial sector as a symbol of wealth, having helped the city recover from social turmoil in June 2020. This week, Beijing showed its support for this objective with strong endorsements at a financial gathering attended by the heads of international banks and wealth managers.
Are global investors also feeling optimistic?
The relevance of this issue has been heightened as the US prepares to inaugurate President-elect Donald Trump in January. His economic strategies are expected to disrupt international markets, as indicated by his campaign orations. Hong Kong, which found itself at the center of US-China disputes during his initial term, ought to brace itself for a similar situation, as per widespread forecasts.
Local and global funds, along with private banks in the city, are managing HK$32 trillion (US$4.1 trillion) worth of assets, based on government statistics. However, the actual value at risk is likely much greater, considering the trillions of dollars circulating in the Asia-Pacific region. These funds are looking to capitalize on the possible gains in the capital markets within and beyond the city's borders.
"Individuals are hesitant to pour a significant amount of capital into a nation that is embroiled in international conflicts," stated co-chairman Howard Marks, whose firm located in Los Angeles oversees $205 billion in assets. "China is lagging behind other economies. It's not a favored market. Nonetheless, the most remarkable bargains are typically discovered in disregarded markets."
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Macroscope Perspective: Is a Global Shift Occurring in Governmental Approach to Climate Finance?
Macroscope | Is there a newfound earnestness in governments towards climate finance?
Globally, we are yet to see an institution that can mandate financial obligations, but there's an emerging awareness among policymakers about the magnitude of the issue.
This approach might eventually be the sole method to garner the necessary financial resources. For instance, among free-market economies, the UK stands out with a strategy to channel state pension funds into capital investments that incorporate environmental projects.
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Chinese EV Titans in Crucial Survival Test: Industry Recap Highlighting BYD’s Rise, Challenges Facing Nio, Xpeng and Others, and Brazil’s Open Arms for Investment
Summary | Major EV players at a crucial juncture, BYD set to surpass Volkswagen with an annual production of 10 million units: 6 must-read articles on China's EV market
The critical situation confronting companies such as Nio, Xpeng, Geely's Zeekr and Leapmotor, among others: a selection of our recent articles on the Chinese EV sector.
1. Chinese electric vehicle producers such as Nio, Xpeng, Geely’s Zeekr, and Leapmotor are at a critical crossroads due to overproduction and tariff issues. The electric vehicle industry in China is at a pivotal point with unprofitable companies being compelled to reduce expenses and introduce new models to stay afloat in an extremely competitive market. Market analysts forecast that only companies that can support themselves will last as the market becomes saturated and tariff complications increase.
2. Brazil embraces investments in new energy vehicles from China; chief diplomat extends an invitation to Beijing amidst the worldwide chaos in the EV sector
The leading Brazilian envoy in Hong Kong has announced that his nation is open to increased investment from Beijing in the fast-growing and profitable EV industry. Despite the swift actions taken by the United States and European Union to curb China's electric vehicle sector through tariffs and trade restrictions, Brazil has no plans to do the same.
3. BYD set to overtake Volkswagen as China's leading automaker due to electric vehicle surge, outdoing the German company in the initial 10 months of 2024
BYD is on the brink of overtaking Volkswagen to become China's leading car manufacturer in 2024, propelled by a spike in electric vehicle sales, which are anticipated to exceed 4 million units this year. The company, based in Shenzhen, has already outperformed Volkswagen's joint venture branches in the first 10 months, showcasing its supremacy in the swiftly expanding electric vehicle sector.
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China’s EV Showdown: Nio, Xpeng, Geely and Leapmotor’s Crucial Moment, Brazil’s Open Arms, and BYD’s Triumph Over Volkswagen
Summary | At a crucial juncture, EV leaders such as Nio, Xpeng, Geely's Zeekr, and Leapmotor face significant challenges; BYD set to surpass Volkswagen with annual production of 10 million vehicles: 6 noteworthy articles on China's EV market.
A pivotal moment for companies like Nio, Xpeng, Geely’s Zeekr, and Leapmotor among others, here are some of our most recent articles on the Chinese electric vehicle sector.
1. Chinese electric vehicle producers Nio, Xpeng, Zeekr from Geely and Leapmotor are at a pivotal point, grappling with surplus production and tariff issues. The companies in China's EV market are under pressure to reduce their expenses and introduce new products to stay afloat in an intensely competitive landscape. Analysts foresee that only companies with self-sustenance will withstand these pressures as the market becomes more saturated and tariff troubles rise.
2. Brazil is open to Chinese investments in new energy vehicles; chief diplomat invites Beijing despite worldwide chaos in the EV industry
Brazil's leading diplomatic representative in Hong Kong expressed that his nation is ready to accept additional funding from Beijing in the rapidly growing and profitable electric vehicle sector. While the US and the European Union have been swift to impose tariffs and trade limitations on China's electric vehicle industry, Brazil has chosen not to do the same.
3. BYD set to overtake Volkswagen as the leading automobile manufacturer in China due to the EV surge, with higher sales than the German company in the initial 10 months of 2024
BYD is on the brink of eclipsing Volkswagen as the premier car manufacturer in China in 2024, propelled by a sharp increase in electric vehicle sales, anticipated to surpass 4 million units this year. The company, based in Shenzhen, has already outperformed the joint-venture units of Volkswagen in the first 10 months, showcasing its supremacy in the rapidly expanding electric vehicle industry.
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Surge in Homebuyers at Wang On’s 101 King’s Road Project Signals Hong Kong Real Estate Market Revival
Buyers quickly purchase apartments at Wang On's project at 101 King's Road due to a resurgence in the market. Situated at 101 King's Road, close to the Fortress Hill MTR station, the development provides apartments with one to three bedrooms, ranging in size from 244 square feet to 434 square feet.
A new residential development by Wang On Properties in Hong Kong's Eastern district attracted a swarm of potential buyers on Saturday, demonstrating revived interest in the city's property market, encouraged by the government's stimulus initiatives.
By 3:30 in the afternoon, agents reported that 98 out of the 157 available units at 101 King's Road – a housing development featuring a residential tower, a business platform, and open-air commercial space – had been purchased.
"The cost of apartments at 101 King's Road is fairly appealing," stated Sammy Po Siu-ming, the head of the residential division for Midland Realty in Hong Kong and Macau.
The project is popular among many long-term investors due to its diverse range of unit options and its proximity to the MTR. He further mentioned that nearly 40 per cent of the potential homeowners who arrived on Saturday were investors.
The project, situated at 101 King's Road in North Point close to the Fortress Hill MTR station, provides apartments ranging from one to three bedrooms with sizes between 244 and 434 square feet.
The cost has been established in the range of HK$4.88 million to HK$11.87 million, which translates to HK$18,626 to HK$27,357 per square foot.
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Opinion: Navigating the Trade Storm – Four Strategies for China to Counter Trump’s Tariffs
Commentary | Four measures China could implement to counter Trump's tariffs
As the US prepares to intensify the trade conflict, it's crucial for China to enhance its self-reliance and broaden its alternatives outside of the Western sphere.
Forty minutes and
Trump returns: what does the future hold for China, Asia, and the globe? | A Discussion Post with Yonden Lhatoo
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Opinion: Navigating the Trade Storm – Four Strategic Moves for China Amid Trump’s Tariffs
Viewpoint | China's 4 strategies to combat Trump's tariffs
As the US is ready to heighten the trade conflict, China needs to concentrate on enhancing its self-reliance and expanding its alternatives beyond the Western world.
Forty minutes and
Trump returns: what does the future hold for China, Asia, and the globe? | Conversation Column with Yonden Lhatoo
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Chinese Biotech Firms Navigate Trump Tariffs and US Funding Bill: Expanding High-Value Sales as Potential Lifeline
Chinese biotechnology companies are preparing for a potential decrease in profits due to tariffs imposed by Trump, along with a US funding bill. Analysts suggest that initiatives to increase the sale of premium products in China and markets outside of the US could help mitigate the impact.
Analysts indicate that the income of Chinese biotechnology companies in the US, which includes manufacturers of medical equipment, may be at risk due to the incoming Trump administration's intentions to raise tariffs on Chinese goods. Additionally, a proposed law that aims to restrict sourcing of Chinese research and production services funded by the government could further threaten these profits.
Nonetheless, the endeavors of Chinese firms to broaden their product development and sales of premium products within China and foreign markets will soften the impact, they stated.
The incoming President, Donald Trump, has suggested imposing tariffs ranging from 60 to 100 percent on goods imported from China.
"Service providers and manufacturers of devices are expected to face the biggest impact," stated Yurou Zheng, an equity analyst at Morningstar. "A lot of Chinese medical device producers have been focusing on expanding into developing markets…partly due to the fact that the U.S market is already highly competitive and well-established."
Chinese manufacturers of medical equipment, who have a strong presence in the US – the biggest global market for these items, have been dealing with a 25% tariff since July 2018. This was a result of the trade war instigated by the former Trump administration and Beijing. The current Biden administration has decided to maintain this tariff.
Increased production expenses have impacted Chinese gadget manufacturers, compelling them to swiftly advance in the value chain to stay competitive, according to Grace Wang, a partner at L.E.K. Consulting based in Shanghai who specialises in the medical technology industry.
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Survival of the Fittest: Chinese EV Makers in Crucial Battle Amid Overcapacity and Tariff Challenges
Chinese electric vehicle manufacturers are at a critical juncture due to increasing competition. Survival will be possible for only those who can maintain their operations without relying on outside financing, amidst issues of excess capacity and tariff problems, according to experts.
Analysts have stated that only companies that can maintain their functions without needing outside financial support will remain in the nation's electric vehicle competition, especially as concerns about overproduction increase.
"Given the fact that the local market is reaching its limit and foreign sales in advanced economies are being hindered by high tariffs, the main players will need to be extremely proficient in managing costs and avoid extravagant expenditures to preserve resources for the challenging business climate in the future," commented Chen Jinzhu, the Chief Executive Officer of Shanghai Mingliang Auto Service, a consultancy within the industry.
"The market has transitioned into a fresh stage, where it is anticipated that all businesses will soon confront a make-or-break situation."
There's a significant discrepancy between capability and real need. By the close of 2023, electric vehicle manufacturers in mainland China had the ability to build 17 million electric cars every year. However, the total rate of factory usage was only 54 per cent, as stated by Goldman Sachs.
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Revitalizing the Silk Road: CargoPoint Launches Innovative Air Freight Route from China to Europe via Tashkent, Uzbekistan
Uncovering the Silk Road Again: Innovative Air Cargo Path from China to Europe through Tashkent, Uzbekistan
[This article has been generated by our promotional collaborator.]
The links between Asia and Europe supply chains are increasingly encountering difficulties. Companies are struggling with interrupted logistics due to geopolitical conflicts, limited capacity, extended shipping paths, and escalating transit expenses. In response to these challenges, CargoPoint, a freight forwarding company based in Tashkent, Uzbekistan, has introduced a new air service connecting China and Europe through Tashkent. As worldwide commerce demands sturdy and flexible supply chains, this novel transit passage is designed to simplify cargo transport between Asia and Europe, offering businesses quicker transit durations, dependable capacity, and a much-needed substitute to congested routes in other areas.
Uzbekistan, with its capital Tashkent central to this pathway, takes advantage of its crucial geographic location. This fresh air route permits businesses to avoid intricate geopolitical obstacles, like the shutting down of Russian airspace, conflict in the Red Sea, and the wider Middle East, reducing transit times for companies in Europe and Asia.
CargoPoint, in collaboration with its key ally, Turkish Cargo, is significantly influencing the evolving logistics scenario. Turkish Cargo runs approximately 25 flights on a weekly basis, utilizing two widebody aircraft daily, establishing it as the prime capacity supplier linking Tashkent airport with Istanbul and further.
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Uber Poised to Invest $10 Million in China’s Pony AI IPO, Eyeing Global Expansion in Autonomous-Driving Boom
Uber is reportedly considering a $10 million investment in the initial public offering of China's Pony AI, amid the surge in self-driving technology. The ride-sharing behemoth is said to be contemplating the utilization of Pony AI's self-driving tech internationally, according to an insider.
Uber, which is headquartered in San Francisco, is reportedly interested in purchasing over US$10 million worth of shares in the initial public offering of Pony AI, according to sources who wished to remain anonymous due to the sensitive nature of the information. These sources also mentioned that Uber could potentially utilize Pony AI's technology in a collaborative project outside the United States.
Uber recently made an investment in WeRide's IPO in the US, according to individuals familiar with the situation. The company also has a deal in Abu Dhabi for a self-driving taxi service with a provider of autonomous driving technology.
Discussions continue, and the potential investment amount in Pony AI has yet to be determined, according to sources. Both Uber and WeRide representatives chose not to comment. Pony AI did not reply to a request for their input.
Uber has recently partnered with various autonomous driving technology companies, such as robotaxi service provider Waymo, and has also made a confidential investment in Wayve Technologies.
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