CHINA NEWSLETTER October 12 2018
 
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Trump's trade war casts big shadow over China
Yang Jian
SHANGHAI ¨C U.S. President Donald Trump's real estate family business is not known to have bought or sold cars in China. But Trump is exerting major pain in China via the trade war he initiated three months ago. Unless he can resolve bilateral trade disputes with his Chinese counterpart at the Group of 20 summit late next month in Argentina, his trade war will continue to weigh down on vehicle demand in China. Pictured: Yang Jian is managing editor of Automotive News China.
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BMW to take control of Brilliance venture in 'new era' for foreign carmakers
Reuters
SHENYANG -- Germany's BMW will pay 3.6 billion euros ($4.2 billion) to take control of its main joint venture in China, the first such move by a global carmaker as Beijing starts to relax ownership rules for the world's biggest auto market.
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VW brand sales slump for 4th straight month with 11% September decline
Automotive News China
Volkswagen brand's China deliveries fell 11 percent from a year earlier to 277,800 vehicles in September, the German marque's fourth straight -- and steepest -- monthly sales decline. The brand blamed last month's slide on the escalating China-U.S. trade dispute.
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Dealers push for tax cut as growth stalls
Reuters
China's top auto dealers' association asked the government to halve taxes on car purchases to revive faltering sales, sources said, as worries grow the country's auto market could shrink this year for the first time in decades.
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Tesla zeros in on $145M tract for China plant
Bloomberg
Tesla Inc. is procuring land in Shanghai for its first factory outside the U.S., according to people with direct knowledge of the matter, pushing ahead with plans to set up production in China after months of tumult under CEO Elon Musk.
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Foton offers to sell majority stake in Borgward
Automotive News China
Beiqi Foton Motor Co. plans to sell 67 percent interest in Borgward as losses at the German vehicle brand it revived four years ago keep snowballing. The move is intended to attract new Borgward investors, Shanghai-listed Foton said in a statement.
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Tesla's top outside investor acquires stake in challenger Nio
Bloomberg
The largest investor in Tesla Inc. after Elon Musk has taken an 11.4 percent stake in Nio Inc., the Chinese company aspiring to become a major electric vehicle maker. Baillie Gifford & Co. disclosed that it owns 85.3 million Nio shares in a regulatory filing this week. The investment represents a vote of confidence in the Shanghai EV maker after it raised $1 billion in an U.S. initial public offering last month.
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Daimler, Geely team up on ride-hailing venture, report says
Bloomberg
Daimler is working with its biggest investor to start ride-hailing and car-sharing services in China, taking on industry leader Didi Chuxing on its home turf, according to people familiar with the matter. The German manufacturer is in talks with Zhejiang Geely Holding Group Co. to set up a 50-50 joint venture to offer the services, said one of the people, who asked not to be named as the plan is private.
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Valeo expects 4 million cars in China to adopt 48-volt systems annually by 2023
Automotive News China
French supplier Valeo predicts more than 4 million new vehicles will be equipped with 48-volt systems in China annually by 2023. ¡°That's about 13 percent of annual vehicle production in China by then,¡± Valeo China President Francois Marion estimated at a news briefing in Shanghai.
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 TOP 10 HEADLINES
OF THE LAST WEEK

GAC may delay U.S. plans in wake of trade spat

Chery hires industry veteran Kevin Rice as design chief

EV startup Byton acquires debt-laden FAW unit to gain production license

Tesla worried by China tariffs even as deliveries surge

Didi launches ride-hailing services in Osaka, Japan

China faces new hurdles in seeking Canada, Mexico trade deals

Chery Auto's general manager steps down

Ford finalizes Zotye deal to offer ride-hailing EVs, services

GM recalls more than 3.3 million vehicles for suspension defect

SF Motors licensed for EV output in China



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