Latest news with #Chinese-built
The Sun
5 hours ago
- Automotive
- The Sun
Why was a Xiaomi SU7 Ultra spotted at Ferrari HQ? Maranello's mysterious benchmark raises questions
A CURIOUS sight outside Ferrari's headquarters has raised eyebrows and sparked speculation across the automotive world. A Xiaomi SU7 Ultra prototype, a Chinese-built electric super saloon, was recently photographed leaving Ferrari's iconic factory grounds in Maranello, despite the model not being sold anywhere in Italy. According to CarNewsChina, the car lacked Italian registration, pointing to the likelihood that it had been brought in directly by Ferrari, presumably for research or benchmarking purposes. The move raises questions about the Italian marque's behind-the-scenes preparations for its first foray into electric performance, especially given that Ferrari's own EV has now been delayed until 2028. Officially, Ferrari has attributed the delay to what it described as 'zero' demand for a fully electric Prancing Horse. However, the presence of one of China's most advanced electric vehicles within Ferrari's private compound suggests that the company is quietly and seriously assessing the technological landscape. And there's good reason to examine the Xiaomi SU7 Ultra. The tri-motor EV recently made headlines by setting a new record at the Nürburgring for the fastest lap by a production electric vehicle, clocking an astonishing time of 6 minutes and 22 seconds. With 1,548hp on tap, the SU7 Ultra sprints from 0 to 100km/h in just 1.98 seconds and reaches a top speed of 358km/h. It also features a sophisticated thermal management system, a key asset in maintaining consistent performance under extreme conditions, something Ferrari's engineers are likely scrutinising in detail. Though the two companies are worlds apart in brand heritage, Ferrari may be using the SU7 Ultra as a yardstick for future development. The Italian marque has already confirmed that its debut EV will be extremely limited in numbers, and with the launch now set no earlier than 2028, engineers still have time to refine performance metrics that meet the brand's exacting standards. Still, the unexpected visit by a Chinese electric supercar to the hallowed grounds of Maranello signals more than mere curiosity. It hints at a behind-the-scenes urgency within Ferrari to ensure its first electric model is not just competitive, but dominant in a world rapidly embracing high-performance electrification. With Ferrari's silence on the matter and the SU7 Ultra's conspicuous capabilities, the industry is left wondering: is Maranello looking East to define the future of its electric dreams?
The Sun
5 hours ago
- Automotive
- The Sun
Xiaomi SU7 Ultra spotted at Ferrari HQ Sparks benchmark speculation
A CURIOUS sight outside Ferrari's headquarters has raised eyebrows and sparked speculation across the automotive world. A Xiaomi SU7 Ultra prototype, a Chinese-built electric super saloon, was recently photographed leaving Ferrari's iconic factory grounds in Maranello, despite the model not being sold anywhere in Italy. According to CarNewsChina, the car lacked Italian registration, pointing to the likelihood that it had been brought in directly by Ferrari, presumably for research or benchmarking purposes. The move raises questions about the Italian marque's behind-the-scenes preparations for its first foray into electric performance, especially given that Ferrari's own EV has now been delayed until 2028. Officially, Ferrari has attributed the delay to what it described as 'zero' demand for a fully electric Prancing Horse. However, the presence of one of China's most advanced electric vehicles within Ferrari's private compound suggests that the company is quietly and seriously assessing the technological landscape. And there's good reason to examine the Xiaomi SU7 Ultra. The tri-motor EV recently made headlines by setting a new record at the Nürburgring for the fastest lap by a production electric vehicle, clocking an astonishing time of 6 minutes and 22 seconds. With 1,548hp on tap, the SU7 Ultra sprints from 0 to 100km/h in just 1.98 seconds and reaches a top speed of 358km/h. It also features a sophisticated thermal management system, a key asset in maintaining consistent performance under extreme conditions, something Ferrari's engineers are likely scrutinising in detail. Though the two companies are worlds apart in brand heritage, Ferrari may be using the SU7 Ultra as a yardstick for future development. The Italian marque has already confirmed that its debut EV will be extremely limited in numbers, and with the launch now set no earlier than 2028, engineers still have time to refine performance metrics that meet the brand's exacting standards. Still, the unexpected visit by a Chinese electric supercar to the hallowed grounds of Maranello signals more than mere curiosity. It hints at a behind-the-scenes urgency within Ferrari to ensure its first electric model is not just competitive, but dominant in a world rapidly embracing high-performance electrification. With Ferrari's silence on the matter and the SU7 Ultra's conspicuous capabilities, the industry is left wondering: is Maranello looking East to define the future of its electric dreams?
Hans India
a day ago
- Business
- Hans India
South Korean shipbuilders' global order share rises amid US-China tension
Seoul: South Korean shipbuilders saw a significant rebound in their global order share in the first half amid US sanctions targeting Chinese rivals, an industry report showed on Tuesday. According to the report from the Export-Import Bank of Korea, South Korea secured 25.1 percent of global shipbuilding orders in terms of compensated gross tons (CGT) during the January-June period, reports Yonhap news agency. It marks a substantial rise from 17.2 percent a year earlier, narrowing the gap with leader China from 51 percentage points to 26.7 percentage points. Last year, South Korea's share of global annual orders stood at 15 percent, the lowest in eight years. This year's rebound is largely attributed to recent U.S. trade measures. The U.S. Trade Representative (USTR) has introduced a policy to impose port entry fees on Chinese shipping companies and operators of Chinese-built vessels, effectively discouraging reliance on Chinese shipyards. In the first half of the year, container ships accounted for 53.3 percent of South Korea's total order volume of 4.87 million CGT. Last year, South Korean shipyards secured just two midsize-to-large container ship orders. "The shift in orders from Chinese to Korean shipbuilders amid U.S. sanctions has contributed to the increase in Korea's global market share," the report said. Despite the improved performance, the bank stressed the need for South Korea's shipbuilding industry to use this opportunity to enhance its fundamental competitiveness for long-term resilience. Meanwhile, South Korea ranked second in new global shipbuilding orders in June, industry data showed. South Korean shipyards clinched orders totaling 1.05 million compensated gross tons (CGTs) for eight ships, accounting for 41 percent of the global total at 2.56 million CGTs last month, according to London-based Clarkson Research Services. China ranked first, taking up 53 percent of the global total. In terms of order backlog, China ranked first with 96.82 million CGTs, or 59 percent of the global total of 163.37 million CGTs as of the end of June, with South Korea trailing in second with 35.42 million CGTs, accounting for 22 percent of the total. Clarkson's Newbuilding Price Index, a barometer of price changes in newly built ships, came to 187.11 last month, up 0.42 point from a year ago.
The Age
2 days ago
- Business
- The Age
Trump will be furious as China gatecrashes $35 billion party
On Monday, after the period of exclusive negotiations for the consortium ended, Hutchison announced it remained in discussions with the consortium 'with a view to inviting (a) major strategic investor from the PRC to join as a significant member of the consortium.' 'Changes to the membership of the consortium and the structure of the transaction … will be needed for the transaction to be capable of being approved by all relevant authorities,' it said. It also reiterated previous statements that it wouldn't proceed with any transaction that didn't have those approvals. The key approval needed is, of course, China's. Hutchison is a Cayman Island-registered, Hong Kong-listed private business founded by Li via the acquisition of control of the venerable Hong Kong trading house, Hutchison Whampoa, in 1979. It has reduced its exposure to China and Hong Kong over the years and now generates only about 12 per cent of its revenues from Greater China. It has substantial infrastructure and telecommunications interests in Europe, North America and Australia, where it owns the container terminals in Sydney and Brisbane, a 25 per cent interest in TPG Telecom and a significant portfolio of energy and transport infrastructure assets. Loading At face value, it shouldn't have been particularly vulnerable to pressure from Beijing, but it has obviously bowed to that pressure, which has reportedly included a directive from Beijing to its state-owned firms not to deal with any businesses linked to the Li family. Li Ka-shing's son Richard's ambitions of expanding his insurance business into the mainland have apparently been stalled, if not blocked. The 'major strategic investor from the PRC' that Hutchison referred to in its stock exchange release is almost certainly the state-owned Cosco, one of the world's largest shipping and marine logistics companies. The buying consortium was told that if Cosco wasn't included in the deal the sale of the ports would be blocked. There have also been reports that Cosco is seeking rights that would enable it to veto any decisions by the consortium considered inimical to China's interests. Including Cosco in consortium will create another point of tension between the US and China. Not only does Trump have a fixation with the Panamanian ports, to the point that he has threatened an invasion of Panama to gain control of them, but his administration has taken aim at China's global leadership in shipbuilding and container shipping. The US is proceeding with plans to charge punitive fees on Chinese-built ships entering US ports; fees that start at $US18 per net tonne of cargo, or $US120 per container, that would increase incrementally over time. Trump's ambition is to rebuild the US ship building and shipping industries. The US builds only a fraction of a per cent of the world's large commercial ships and has no meaningful presence in the global cargo shipping market. The collision of interests between the two major powers over the ports sale was regarded as important enough for it to be raised at the trade negotiations the US and China held in Switzerland in May. When the deal, and BlackRock's involvement in the acquiring consortium, was announced, Trump hailed it as both a victory for America and a personal triumph. Trump isn't going to willingly allow a Chinese state-owned company to have a substantial interest and say in the operation of the ports in Panama. China, which sees influence over the ownership of ports and shipping logistics around the world as a critical component of its geopolitical strategies, isn't going to readily relinquish either its influence over Hutchison or, if Cosco is successful, an opportunity to gain a more direct stake in the ports. One possible solution raised is the carving out of the Panamanian ports from the larger deal, allowing US interests to control those ports while clearing the way for Cosco's involvement with the rest. That would, however, mean China would be relinquishing whatever influence it has today over the fastest shipping route between Asia and the east coast of America. The other would be that the deal falls over and the status quo prevails, although Hutchison, which stands to clear $US19 billion of cash from a sale, would see that as a major lost opportunity. Trump's trade wars and his new port charges for Chinese-built or operated ships will have massively disruptive effects on global supply chains and global port activity and container shipping volumes. Indeed, they are already having an impact, with container volumes at America's west coast ports falling away as his tariffs take effect. Loading The planned sale and exit from the ports was therefore well-timed and an example, if one were needed, of Li Ka Shing's business acumen. Now he and his family find themselves caught between the proverbial rock and a hard place, trying to sell highly strategic global infrastructure assets in the middle of a global trade war and a geopolitical struggle between the world's two major powers.
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
Trump's trade war: China muscles into Panama Canal ports deal
On Monday, after the period of exclusive negotiations for the consortium ended, Hutchison announced it remained in discussions with the consortium 'with a view to inviting (a) major strategic investor from the PRC to join as a significant member of the consortium.' 'Changes to the membership of the consortium and the structure of the transaction … will be needed for the transaction to be capable of being approved by all relevant authorities,' it said. It also reiterated previous statements that it wouldn't proceed with any transaction that didn't have those approvals. Trump isn't going to willingly allow a Chinese state-owned company to have a substantial interest and say in the operation of the ports in Panama. Credit: Getty Images The key approval needed is, of course, China's. Hutchison is a Cayman Island-registered, Hong Kong-listed private business founded by Li via the acquisition of control of the venerable Hong Kong trading house, Hutchison Whampoa, in 1979. It has reduced its exposure to China and Hong Kong over the years and now generates only about 12 per cent of its revenues from Greater China. It has substantial infrastructure and telecommunications interests in Europe, North America and Australia, where it owns the container terminals in Sydney and Brisbane, a 25 per cent interest in TPG Telecom and a significant portfolio of energy and transport infrastructure assets. Loading At face value, it shouldn't have been particularly vulnerable to pressure from Beijing, but it has obviously bowed to that pressure, which has reportedly included a directive from Beijing to its state-owned firms not to deal with any businesses linked to the Li family. Li Ka-shing's son Richard's ambitions of expanding his insurance business into the mainland have apparently been stalled, if not blocked. The 'major strategic investor from the PRC' that Hutchison referred to in its stock exchange release is almost certainly the state-owned Cosco, one of the world's largest shipping and marine logistics companies. The buying consortium was told that if Cosco wasn't included in the deal the sale of the ports would be blocked. There have also been reports that Cosco is seeking rights that would enable it to veto any decisions by the consortium considered inimical to China's interests. Including Cosco in consortium will create another point of tension between the US and China. Hutchison's ports sale includes assets located in the Panama Canal. Credit: Bloomberg Not only does Trump have a fixation with the Panamanian ports, to the point that he has threatened an invasion of Panama to gain control of them, but his administration has taken aim at China's global leadership in shipbuilding and container shipping. The US is proceeding with plans to charge punitive fees on Chinese-built ships entering US ports; fees that start at $US18 per net tonne of cargo, or $US120 per container, that would increase incrementally over time. Trump's ambition is to rebuild the US ship building and shipping industries. The US builds only a fraction of a per cent of the world's large commercial ships and has no meaningful presence in the global cargo shipping market. The collision of interests between the two major powers over the ports sale was regarded as important enough for it to be raised at the trade negotiations the US and China held in Switzerland in May. When the deal, and BlackRock's involvement in the acquiring consortium, was announced, Trump hailed it as both a victory for America and a personal triumph. Trump isn't going to willingly allow a Chinese state-owned company to have a substantial interest and say in the operation of the ports in Panama. China, which sees influence over the ownership of ports and shipping logistics around the world as a critical component of its geopolitical strategies, isn't going to readily relinquish either its influence over Hutchison or, if Cosco is successful, an opportunity to gain a more direct stake in the ports. One possible solution raised is the carving out of the Panamanian ports from the larger deal, allowing US interests to control those ports while clearing the way for Cosco's involvement with the rest. That would, however, mean China would be relinquishing whatever influence it has today over the fastest shipping route between Asia and the east coast of America. The other would be that the deal falls over and the status quo prevails, although Hutchison, which stands to clear $US19 billion of cash from a sale, would see that as a major lost opportunity. Trump's trade wars and his new port charges for Chinese-built or operated ships will have massively disruptive effects on global supply chains and global port activity and container shipping volumes. Indeed, they are already having an impact, with container volumes at America's west coast ports falling away as his tariffs take effect. Loading The planned sale and exit from the ports was therefore well-timed and an example, if one were needed, of Li Ka Shing's business acumen. Now he and his family find themselves caught between the proverbial rock and a hard place, trying to sell highly strategic global infrastructure assets in the middle of a global trade war and a geopolitical struggle between the world's two major powers. The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.
