China June Car Sales Hit Record for the Month on Subsidy Boost
Retail vehicle sales touched 2.1 million in June, a 7% increase from the previous June peak of 1.9 million in 2022, China's Passenger Car Association said Tuesday. Wholesale and production figures also hit record highs for the month.
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Bloomberg
23 minutes ago
- Bloomberg
China Fails to Capitalize on Europe's Grievances Over US Tariffs
I'm Chris Anstey, an economics editor in Boston. Today we're looking at Europe-China ties. Send us feedback and tips to ecodaily@ And if you aren't yet signed up to receive this newsletter, you can do so here. Fifty years after the European Economic Community (now the European Union) established diplomatic ties with mainland China, relations with Beijing are at an ' inflection point.'
Yahoo
6 hours ago
- Yahoo
Exclusive: Chinese electric carmaker Zeekr eyes pan-European growth despite tariffs, acting CEO says
China's electric vehicle (EV) company Zeekr is committed to a broad expansion throughout the EU despite tariffs slowing its pace, the company's top European executive has told Euronews. Lothar Schupert, the acting CEO of Zeekr Europe — which is the EV arm of Geely Holdings, one of the Chinese companies targeted by EU tariffs last year — told Euronews' Europe Today the brand was "committed" to Europe. Last October the EU slapped steep duties on China-made electric vehicles (EVs) to offset the effects of Chinese state subsidies, including tax reductions and preferential lending, which Brussels says unfairly undercut European competitors. Decrying the measure as a "naked act of protectionism", Beijing responded with probes into EU-made brandy, pork and dairy, which Brussels then denounced as unfair and unjustified. As expected, Thursday's one-day EU-China summit in Beijing failed to deliver progress on these open fronts. Talks on a potential minimum pricing arrangement in order to remove the tariffs have been underway since April. Asked whether such an arrangement would be acceptable to a company like Zeekr, Schupert simply said they were an advocate of "free trade." He explained that Zeekr had launched its car brand in Europe two years ago, beginning in the Nordic markets, before continuing in Belgium, Switzerland and several others. 'And we're in the middle of the expansion plans at the moment,' he said flagging the company's plans to grow further starting with Germany, the UK, 'and also going forward with France, Italy and Spain." 'At the moment we are preparing. So in the next twelve to twenty-four months, our plans are to be live,' he said. Schubert said 'of course we are opposing against the tariffs', adding they negatively impact consumers. 'The tariffs are hindering us moving in that speed forward since last year,' he explained. But he added that that company has 'done its homework', and is "very much convinced that our sustainable go-to-market approach is now prepared'. "So our commitment is to expand further. Our commitment is to deliver high-level premium products to our consumers in Europe. And independently from the tariffs, our expansion plans goes further." Pressed about EU concerns over the subsidies Beijing pumps into its domestic companies, he said the company had to "gain the trust of the consumers." 'And that is where our main work is on now, launching the markets, creating a brand experience and having a clear relationship to the consumers in Europe, convincing with the products and also attractive pricing and price value proposition where we can be successful.'
Yahoo
6 hours ago
- Yahoo
CK Hutchison ports deal deadline likely to be extended as US-China tensions weigh, sources say
By Clare Jim, Scott Murdoch and Davide Barbuscia HONG KONG (Reuters) -CK Hutchison's plan to sell most of its $22.8 billion ports business is unlikely to be finalised anytime soon, with political brinkmanship set to continue, and sources saying that a Sunday deadline for exclusive talks was likely to be extended. The Hong Kong conglomerate's plan to sell the business, which would include two ports along the strategically important Panama Canal, to a consortium led by BlackRock and Italian billionaire Gianluigi Aponte's family-run shipping company MSC, has become politicised amid an escalating China-U.S. trade war. Negotiations for the deal, which covers 43 ports in 23 countries, are on an exclusive basis between CK Hutchison, controlled by Hong Kong tycoon Li Ka-shing, and the consortium for 145 days until Sunday, as per the terms announced in March. The deal talks, however, are unlikely to collapse if the two parties do not ink a pact by Sunday, with three people close to the ports-to-telecoms conglomerate saying the parties could extend the deadline to continue exclusive negotiations. The first part of the deal - definitive documentation to sell two port operations near the Panama Canal - was also not signed by an April 2 deadline set in the sales announcement. The people declined to be named due to the sensitivity of the matter. BlackRock declined to comment. CK Hutchison and MSC Mediterranean Shipping Company, which CK Hutchison said in May was the main investor in the consortium, did not respond to requests for comment. U.S. President Donald Trump hailed the deal as "reclaiming" the Panama Canal, after his administration previously called for the removal of what it said was Chinese ownership of the ports near the canal. But in April, China's top market regulator said that it was paying close attention to CK Hutchison's planned sale and that parties to the deal should not try to avoid an antitrust review. Beijing's stance on the planned deal was made public after pro-China media launched a stinging criticism, saying China had significant national interests in the transaction and it would be a betrayal of the country. "I think at this moment it's not very optimistic that they can directly sell the ports to the consortium," said Jackson Chan, global fixed income senior manager at FSMOne Hong Kong, which has clients holding CK Hutchison bonds. "The market has already digested the news, even if it announces next week that it won't sell anymore, I don't think it'll be a shock because the market understands it wouldn't have a large impact on its operations." DEAL RISKS CK Hutchison shares, which jumped 33% the following two days after the deal was announced in early March, erased all of the gains by mid-April. But since then it regained lost ground along with the rise in the broader Hong Kong market index. The outlook for the deal has been clouded further in recent days, with a separate source telling Reuters that Chinese ports operator China Cosco Shipping Corp (COSCO) was also looking to join the consortium to buy the ports business. COSCO is requesting veto rights or equivalent power in the entity that will take over 43 ports from CK Hutchison, Bloomberg News reported this week, citing people familiar with the matter. COSCO did not respond to a request for comment. The existing consortium would likely allow COSCO into the deal, said Cathy Seifert, an analyst at CFRA Research. "The bigger risk to the deal being consummated, in my opinion, is likely the Trump administration, which is likely to block a deal that would include China," said the New Jersey-based analyst who tracks BlackRock. Ballingal Investment Advisors strategist David Blennerhassett, who publishes on the independent online research platform Smartkarma, said the addition of COSCO in the consortium was likely to enrage Trump. "Trump, who has a handful of issues already on his plate, would be incandescent," he said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
