logo
SERES Invited to Attend ASEAN-China-GCC Economic Forum

SERES Invited to Attend ASEAN-China-GCC Economic Forum

CHONGQING, China and KUALA LUMPUR, Malaysia , May 30, 2025 /CNW/ -- On May 27 , the ASEAN-China-GCC Economic Forum officially opened in Kuala Lumpur , aiming to create development opportunities and shared prosperity by strengthening cooperation in economy, trade, investment, and other fields. SERES, as a representative of China's new energy vehicle (NEV) enterprises, was invited to attend the forum.
John Zhang, Chairman and President of SERES Group stated that with the brand slogan of "Intelligence Redefining Luxury," SERES focuses on the high-end luxury vehicle market, exploring a development path for Chinese automakers. For the markets of ASEAN and GCC member countries participating in the forum, SERES will accelerate the localized development and certification of relevant models, especially the high-end AITO series, to swiftly introduce them into target markets and achieve full coverage in the future.
SERES' vehicle export business began in 2005. After years of development, the company has exported over 550,000 vehicles cumulatively to more than 70 countries and regions, including Germany , France , the UK, and Italy . In 2018, SERES established and put into operation a highly automated manufacturing plant in Indonesia integrating four major processes - stamping, welding, painting, and assembly, which became the first pure electric vehicle manufacturer in Indonesia . With a foothold in Indonesia , SERES is expanding its reach across ASEAN and continuously growing its presence in the Southeast Asian market.
By attending the ASEAN-China-GCC Economic Forum, SERES is expected to further strengthen exchanges and cooperation with ASEAN and GCC member countries, accelerating the materialization of its overseas market expansion.
During the interview, John Zhang introduced that SERES was founded in 1986 and has undergone three entrepreneurial phases—transitioning from auto parts to complete vehicles, and now to intelligent electric vehicles—achieving leapfrog development each time. Now, AITO brand is redefining luxury with intelligence and pioneering a "New Luxury" concept combining Traditional Luxury and Technological Luxury. With leading product strength, AITO has won recognition from more than 600,000 users, establishing itself as the benchmark of "New Luxury" in China .
As a technology-driven company, SERES is committed to innovations of core technologies in electrification and intelligence, having developed the SERES MF Platform, SERES Super Range Extender, SERES Intelligent Safety, and SERES Super Factory, building a robust technological moat.
In the face of the opportunities and challenges brought by global economic integration, SERES will embrace a more open and inclusive mindset, working together with partners from all sectors to jointly write a new chapter in the development of China's new energy vehicle industry.
About SERES
Founded in 1986, SERES is a leading technology company specializing in new energy vehicles (NEVs). With a workforce of approximate 20,000 employees, SERES is publicly listed on the A-share market and ranks among the Fortune China 500. The company is dedicated to the research and development, manufacturing, sales and services of new energy vehicles and their core NEV components.
The name SERES is inspired by the Greek word for "the land of silk", evoking the luxuries of heritage of the East. SERES offers two NEV brands for overseas markets: AITO and DFSK. These brands provide a diverse range of products tailored to different market segments, with AITO focusing primarily on the high-end luxury segment. To date, SERES has exported over 550,000 vehicles to more than 70 countries and regions, including Germany , France , the United Kingdom , Italy , and many more countries.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Costco Counters Tariffs with Strategic Sourcing and Bulk Orders
Costco Counters Tariffs with Strategic Sourcing and Bulk Orders

Globe and Mail

time7 hours ago

  • Globe and Mail

Costco Counters Tariffs with Strategic Sourcing and Bulk Orders

Membership-only retailer Costco Wholesale (COST) reported its third quarter fiscal 2025 results yesterday, marginally outpacing expectations for both earnings and sales. The company said that consumers are pre-ordering goods and making bulk purchases in anticipation of future tariffs. This has helped the retailer to avoid raising prices and maintain its 'competitive price position.' Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter CEO Ron Vachris noted that, 'We're watching pricing daily, if not hourly, on every key commodity.' Notably, 8% of Costco's goods sold in the U.S. are imported from China, with nearly one-third coming from other countries. Consumers have already stocked up on many summer goods such as patio furniture and sporting equipment, helping Costco to maintain stable prices on them. Here's How Costco Is Mitigating Tariff Impact In the post earnings call, the company noted that it has pulled forward shipments of certain goods to mitigate the potential impact of tariffs this summer. Costco is also re-routing goods sourced from countries facing heavy tariff burdens to its non-U.S. markets. Effectively, it is importing goods into the U.S. from those countries with minimal tariffs. It has also been able to lower prices on essential items like eggs, butter, and olive oil. Costco is also working on shifting production of goods to countries with lower tariffs. Meanwhile, its private-label goods, which offer better value for money, are being preferred over more expensive goods. This, coupled with bulk purchases by customers, has helped Costco deliver solid comparable sales and exceed expectations. Costco has previously stated that raising prices of its products would be a 'last resort,' and the company is living up to that promise, while peers Walmart (WMT) and Target (TGT) are struggling to strategize effectively. Costco saw high-single-digit same-store sales in the fresh food category and double-digit growth in meat. Plus, discretionary items such as jewelry, home furnishings, small electronic goods, and apparel witnessed high-single-digit growth. Overall, Costco is proving its expertise by avoiding price hikes and attracting customers to its wholesale offerings. Is COST Stock a Buy? Analysts remain divided on Costco's long-term stock trajectory due to the uncertainty surrounding tariffs. On TipRanks, COST stock has a Moderate Buy consensus rating based on 17 Buys and seven Hold ratings. Also, the average Costco Wholesale price target of $1,077 implies 6.8% upside potential from current levels. Year-to-date, COST stock has gained 10.2%. Please note that these ratings were given before Costco's Q3 print and are subject to change once analysts revisit their views on the stock. See more COST analyst ratings

S&P Futures Slip After Trump Hits Out at China, U.S. PCE Inflation Data in Focus
S&P Futures Slip After Trump Hits Out at China, U.S. PCE Inflation Data in Focus

Globe and Mail

time12 hours ago

  • Globe and Mail

S&P Futures Slip After Trump Hits Out at China, U.S. PCE Inflation Data in Focus

June S&P 500 E-Mini futures (ESM25) are trending down -0.43% this morning after U.S. President Donald Trump accused China of breaching the trade agreement between the two nations. President Trump accused China of violating an agreement with the U.S. to reduce tariffs, escalating tensions between the world's two largest economies. 'China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!' Trump wrote on his social media platform. Investors also grapple with fresh uncertainty surrounding President Trump's tariff policies. A U.S. federal appeals court on Thursday allowed President Trump's tariffs to remain in place while the administration's appeal proceeds. The Trump administration could still win the appeal, but may also pursue alternative measures to implement or maintain tariffs. The Wall Street Journal reported on Thursday that the administration is weighing a temporary measure to impose tariffs on large parts of the global economy using an existing law that permits duties of up to 15% for a duration of 150 days. In yesterday's trading session, Wall Street's major indexes ended in the green. Nvidia (NVDA) rose over +3% after the world's most valuable chipmaker posted better-than-expected Q1 results and gave a solid Q2 revenue forecast. Also, Nordson (NDSN) climbed more than +6% and was the top percentage gainer on the S&P 500 after the industrial technology manufacturer reported upbeat FQ2 results and issued above-consensus FQ3 guidance. In addition, e.l.f. Beauty (ELF) soared over +23% after the cosmetics company reported stronger-than-expected FQ4 results and announced the acquisition of Hailey Bieber's Rhode beauty brand for $1 billion. On the bearish side, HP Inc. (HPQ) slumped more than -8% and was the top percentage loser on the S&P 500 after the personal computer company posted weaker-than-expected FQ2 adjusted EPS and cut its full-year adjusted EPS guidance. The U.S. Bureau of Economic Analysis' second estimate showed on Thursday that the economy contracted at a 0.2% annualized pace in the first quarter, compared with an initially reported 0.3% decline. Also, U.S. April pending home sales fell -6.3% m/m, weaker than expectations of -0.9% m/m and the largest decline in more than 2-1/2 years. In addition, the number of Americans filing for initial jobless claims in the past week rose +14K to 240K, compared with the 229K expected. 'Historic and more current data brought no surprises. Even if that had been the case, the focus would have remained firmly on the here and now — tariffs, courts, China, Nvidia, yields, and equity markets,' said Neil Birrell at Premier Miton Investors. Meanwhile, Fed Chair Jerome Powell met with President Trump at the White House on Thursday. Trump pushed the Fed chief to cut interest rates during their first in-person meeting since the president's inauguration, the White House said. The Fed said policy 'depends entirely on incoming economic information and what that means for the outlook.' Chicago Fed President Austan Goolsbee said on Thursday that a resolution in trade policy could steer the U.S. economy back to its pre-tariff path, paving the way for officials to cut interest rates. 'If you have stable full employment and inflation going to target, rates can come down to where they would eventually settle,' Goolsbee said. Also, San Francisco Fed President Mary Daly said that monetary policy is currently in a 'good place' to keep driving inflation lower. In addition, Dallas Fed President Lorie Logan indicated it could be some time before policymakers understand how the economy will respond to tariffs and other policy shifts and, in turn, how interest rates should be adjusted. U.S. rate futures have priced in a 97.9% chance of no rate change and a 2.1% chance of a 25 basis point rate cut at June's monetary policy meeting. Today, all eyes are focused on the U.S. core personal consumption expenditures price index, the Fed's preferred price gauge, which is set to be released in a couple of hours. Economists, on average, forecast that the core PCE price index will stand at +0.1% m/m and +2.5% y/y in April, compared to the previous figures of unchanged m/m and +2.6% y/y. U.S. Personal Spending and Personal Income data will also be closely monitored today. Economists anticipate April Personal Spending to be +0.2% m/m and Personal Income to be +0.3% m/m, compared to the March figures of +0.7% m/m and +0.5% m/m, respectively. The University of Michigan's U.S. Consumer Sentiment Index will be reported today. Economists expect the final May figure to be revised higher to 51.1 from the preliminary reading of 50.8. U.S. Wholesale Inventories data will come in today. Economists forecast the preliminary April figure at +0.4% m/m, the same as in March. The U.S. Chicago PMI will be released today as well. Economists expect this figure to come in at 45.1 in May, compared to the previous value of 44.6. In addition, market participants will hear perspectives from Atlanta Fed President Raphael Bostic and Chicago Fed President Austan Goolsbee throughout the day. In the bond market, the yield on the benchmark 10-year U.S. Treasury note is at 4.434%, up +0.23%. The Euro Stoxx 50 Index is up +0.41% this morning as investors digest positive inflation data and keep a close watch on the outlook for global trade. Real estate and chemical stocks led the gains on Friday, while mining and telecom stocks underperformed. Still, gains were limited amid uncertainty over U.S. tariffs. A U.S. federal appeals court granted President Donald Trump a temporary reprieve from a ruling that threatened to overturn the bulk of his sweeping tariffs. The benchmark index is on track for a healthy monthly and weekly gain. Preliminary data from the National Statistics Institute released on Friday showed that Spain's inflation eased more than expected in May, reinforcing expectations that the European Central Bank will deliver an eighth rate cut at its meeting next week. Separately, data from the Federal Statistical Office showed that Germany's monthly retail sales unexpectedly fell in April. In addition, ECB data showed that bank lending in the Eurozone continued to recover in April. Investors now await preliminary inflation data from Germany due later in the session. Meanwhile, ECB Governing Council member Fabio Panetta said on Friday that while the central bank has less room for additional rate cuts, it should continue to adopt a pragmatic, flexible stance and assess future decisions on a case-by-case basis. In other news, European funds saw inflows of around $1 billion in the week ending May 28th, according to a note from Bank of America that cited EPFR Global data. In corporate news, M&G Plc ( climbed over +6% after reaching a deal with Dai-ichi Life Holdings, under which the Japanese insurer will acquire a 15% stake in the U.K. money manager. Germany's Retail Sales, Spain's CPI (preliminary), Italy's GDP, and Italy's CPI (preliminary) data were released today. The German April Retail Sales came in at -1.1% m/m and +2.3% y/y, compared to expectations of +0.2% m/m and +1.8% y/y. The Spanish May CPI arrived at unchanged m/m and +1.9% y/y, weaker than expectations of +0.1% m/m and +2.1% y/y. The Italian GDP has been reported at +0.3% q/q and +0.7% y/y in the first quarter, compared to expectations of +0.3% q/q and +0.6% y/y. The Italian May CPI stood at unchanged m/m and +1.7% y/y, compared to expectations of +0.1% m/m and +1.7% y/y. Asian stock markets today settled in the red. China's Shanghai Composite Index (SHCOMP) closed down -0.47%, and Japan's Nikkei 225 Stock Index (NIK) closed down -1.22%. China's Shanghai Composite Index closed lower today as renewed concerns over U.S. tariffs weighed on sentiment. A U.S. appeals court on Thursday temporarily reinstated President Donald Trump's sweeping tariffs, reversing an earlier federal court decision that had ruled them illegal. U.S. Treasury Secretary Scott Bessent also said Thursday that trade negotiations with China are 'a bit stalled' and that securing a deal will likely require direct involvement from President Donald Trump and Chinese President Xi Jinping. Shares of Apple's suppliers slumped on Friday after a U.S. court reinstated the tariffs. Also, major electric vehicle makers extended losses amid ongoing price war concerns. At the same time, bank stocks outperformed following news that People's Bank of China Governor Pan Gongsheng will attend the Lujiazui Forum's opening ceremony in Shanghai next month and unveil several major financial policies. Meanwhile, the benchmark index ended the week little changed. In other news, the Financial Times reported that China's largest technology firms have started transitioning to domestically produced chips as they grapple with a shrinking inventory of Nvidia processors and increasingly stringent U.S. export restrictions. In corporate news, Longzhou Group slid over -5% after naming Luo Zhijie as its new chief financial officer. Investors now await China's manufacturing activity data for May, set for release on Saturday, for fresh insights into the health of the economy. Japan's Nikkei 225 Stock Index closed lower today amid continued uncertainty over U.S. tariffs. Sentiment was dampened after a U.S. appeals court decision to temporarily reinstate President Donald Trump's global tariffs. Chip-related and technology stocks led the declines on Friday. Still, the benchmark index ended the week higher. Government data released on Friday showed that core inflation in Japan's capital rose to its highest level in more than two years in May due to persistent increases in food costs, indicating continued nationwide price pressures. Separate data showed that industrial production dropped in April, while retail sales grew at their quickest rate since January. The latest batch of data presented a mixed picture of accelerating inflation and weak industrial output, putting the Bank of Japan in a tough spot as it weighs future rate hikes. Meanwhile, BOJ Governor Kazuo Ueda said on Friday that the central bank is aware that companies are still raising wages and increasing prices to offset higher costs. In other news, Japan's top tariff negotiator Ryosei Akazawa said that he plans to meet U.S. Treasury Secretary Bessent and others for the next round of trade talks on Friday in Washington, though it remains uncertain how close the two sides are to finalizing a deal. The Nikkei Volatility Index, which takes into account the implied volatility of Nikkei 225 options, closed up +1.50% to 23.74. The Japanese May Tokyo Core CPI came in at +3.6% y/y, stronger than expectations of +3.5% y/y. The Japanese April Industrial Production (preliminary) stood at -0.9% m/m, stronger than expectations of -1.4% m/m. The Japanese April Retail Sales arrived at +3.3% y/y, stronger than expectations of +2.9% y/y. The Japanese April Unemployment Rate was 2.5%, in line with expectations. Pre-Market U.S. Stock Movers Ulta Beauty (ULTA) climbed more than +7% in pre-market trading after the beauty retailer reported upbeat Q1 results and raised its full-year guidance. Zscaler (ZS) gained over +3% in pre-market trading after the cybersecurity company reported stronger-than-expected FQ3 results and issued solid FY25 guidance. Dell Technologies (DELL) rose over +1% in pre-market trading after the IT giant posted better-than-expected Q1 revenue and raised its full-year profit outlook. Marvell Technology (MRVL) slid more than -4% in pre-market trading after the specialty semiconductor company's Q1 results and Q2 guidance failed to impress investors. Gap Inc. (GAP) plunged over -15% in pre-market trading after the apparel retailer warned investors that tariffs could reduce full-year profit by over $100 million. Today's U.S. Earnings Spotlight: Friday - May 30th Up Fintech (TIGR), Shoe Carnival (SCVL), Cresco Labs (CRLBF), Canopy Growth (CGC), Yatra Online (YTRA).

Tariffs turn Porsche's headwinds into a ‘violent storm'
Tariffs turn Porsche's headwinds into a ‘violent storm'

Globe and Mail

time17 hours ago

  • Globe and Mail

Tariffs turn Porsche's headwinds into a ‘violent storm'

This year was already shaping up to be a tough one for Porsche. Chinese customers were losing interest in the luxury sports car, its bet on electric vehicles was failing with drivers long enamored by the rumble of its combustion engines and its stock price hovered near record lows. Then President Donald Trump imposed a 25 per cent tariff on all cars imported to the United States starting in April. Last week, he doubled down on that, threatening a 50 per cent tariff for all products from the European Union, sending Porsche's shares tumbling further and EU leaders and auto executives scrambling to make a deal. All of Europe's leading carmakers have been hit by the tariff turbulence when they are already facing increasing competition from Chinese automakers. But unlike BMW, Mercedes-Benz and Volkswagen, Porsche manufactures its vehicles exclusively in Germany, leaving it more vulnerable to the combined threat of advancements from China's rivals and tariff increases in the United States. 'The Pope of GT cars': Andreas Preuninger keeps Porsche 911 GT3s in high demand 'It is literally a perfect storm,' said Harald Hendrikse, a managing director covering the European auto sector at Citi Research. 'You have a triple threat, which is China, an EV strategy that was wrong — despite being lauded at the time — and then Trump's tariffs, which nobody had guessed would be as severe as they are.' That has led Porsche to scale back its forecast for the year, by about 2-billion euros ($3.1-billion). Its profit margin range is also expected to drop, to 6.5 to 8.5 per cent, from 10 to 12 per cent. 'Our market in China has literally collapsed,' Porsche's chief executive officer, Oliver Blume, told shareholders at the company's annual conference May 21. 'U.S. import tariffs are weighing on our business.' 'We already faced massive headwinds last year — now we are experiencing a violent storm,' Blume said. Porsche's sales in China have been declining steadily, down to some 56,800 vehicles last year, from a peak of 95,600 in 2021, as Chinese customers turn to local brands with technology that has surpassed offerings from European auto manufacturers. Weaker demand in China and declining sales of its electric models have pushed Porsche's shares down to nearly half of their value from their debut on the Frankfurt Stock Exchange in 2022. Even before the U.S. tariffs were put in place, Blume had announced plans to lower overhead costs, moving to consolidate production at two factories, instead of four. The company has also begun eliminating 3,900 jobs over the coming years, largely through attrition and the expiration of short-term contracts. Demand for electric cars in Europe and the United States slumped after countries around the world, including Germany, slashed EV subsidies, prompting Porsche to scale back its goal of having 80 per cent electric vehicles in its lineup by 2030. Starting this year, the company is bringing back models with combustion engines and expanding its offering of plug-in hybrid vehicles. Porsche is also abandoning its planned investments in battery technology. Blume, along with his counterparts at BMW and Mercedes, has been involved in the talks with Brussels and Washington as part of Europe's overall efforts to reach a trade agreement. They have repeatedly stated that their goal is to see duties dropped on all vehicles crossing the Atlantic. The Confederation of European Business, a lobbying group in Brussels that represents firms across the bloc, said that EU leaders had reached out for data about companies' most recent investments in the United States, as part of preparations for trade meetings with officials in Washington. German companies invest three times as much in the United States as Americans do in Germany. But many have recently grown wary of doing so, citing the chaos caused by Trump's trade policies. During Trump's first term in office, the German car companies were able to fend off his threat of tariffs by stressing the importance of their contributions to the U.S. economy. BMW, Mercedes and Volkswagen employ about 48,000 people in their U.S. factories, and German automotive suppliers provide an additional 90,000 jobs. Despite Trump's desire to shift production to the United States, Porsche has indicated that it has no intention of moving, citing its relatively low number of vehicles produced annually. But Porsche is majority owned by the Volkswagen Group, which includes nine other brands such as Lamborghini, Audi and Volkswagen. Volkswagen has a factory in Chattanooga, Tennessee, and its Scout brand is also investing $2-billion to build a factory in South Carolina. Analysts have reported that Audi is exploring the idea of shifting production of some models to the United States as a result of the tariffs, although the company has declined to confirm the decision. That move could be part of any prospective deal that German automakers are hoping to reach with the Trump administration. Porsche shares many parts and platforms with Audi. If Audi opened a factory in the United States, that could pave the way for Porsche to follow, should the company eventually decide that production in North America made sense. For now, Porsche continues to see its future firmly linked to its reputation of being 'Made in Germany.' That label has taken a hit from the growing competition from Asian companies in recent years, but Germany and its leading products, including Porsche vehicles, still rank consistently among the world's best-known brands. 'There are a lot of examples of German brands that are household names,' said Cristobal Pohle Vazquez, an associate director at Brand Finance, a consulting company that studies name recognition worldwide. 'I think Porsche is a prime example.' That reputation, built up since the company's founding in 1931, and its loyal base of customers help give Porsche the pricing power to help ride out the storm, Hendrikse said. Like its parent company, Porsche has proved over time that it is able to make the changes necessary to take on new technologies and respond to crises. 'These companies have been around for 100 years for a reason — because they do adapt and they will adapt,' he said.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store