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Business Insider
13 hours ago
- Business
- Business Insider
Wall Street's rebound is real — but hiring isn't following
Dealmaking is back. Hiring? Not quite. Big banks wowed investors last month when they reported better-than-expected revenues from dealmaking in the second quarter, introducing a wave of cautious optimism across Wall Street. IPOs, including the one from Figma, gave equity capital markets teams reason to celebrate. A new KPMG report on mergers and acquisitions found that second-quarter deal values were up 22% quarter over quarter, amounting to $123 billion in value overall. At private credit giant Apollo, business has been booming: "The team is working as hard as I've ever seen," CEO Marc Rowan said recently, citing a surge in in‑office presence. "It is among the busiest Julys we have ever seen in our business." Yet beneath that bravado lies a more nuanced picture: Sure, dealmaking hasn't bottomed out the way some feared in the spring, but some job cuts are still unfolding behind the scenes, Business Insider has learned. Year-end bonus forecasts appear tepid in sectors like M&A advice and private equity investing. Hiring has yet to ramp up en masse, and executives continue to emphasize the need for "efficiency," pointing to disruptions from artificial intelligence and geopolitical uncertainty. Eric Li, an analyst at the financial services research firm Crisil Coalition Greenwich, expressed surprise at the level of layoffs he's witnessed this summer in his role advising investment banks. "Investment banking numbers actually beat estimates by a long margin, and people are still doing layoffs in July and August," Li said, adding: "It's not really rational if you ask me." "Uncertainty is probably people's biggest concern," he added, saying that jitters sparked by President Trump's tariffs and other geopolitical turmoil haven't abated. "Which means that we'll continue to see corporates holding cash, preparing for the rainy day." From uncertainty to AI At Goldman Sachs, second-quarter investment banking fees jumped 26% with M&A advisory revenue surging more than 70%. Yet the bank saw headcount decline by roughly 2% to 45,900 in the most recent quarter. A New York State WARN notice filed in March says it plans to part ways with an additional 338 NYC-based staffers later this month. The bank said the August job cuts are tied to an annual culling of underperformers it conducted earlier this year — not economic activity. "This is the same annual talent review that was announced months ago. Many of these positions can and will be filled with new people in New York and our other offices," a spokesperson for the bank told Business Insider. Barclays cut several staffers from its Los Angeles-based financial sponsors team in what appears to be a larger reorganization of that team, according to a person familiar with the matter. Some roles are expected to be moved to San Francisco, where the team's new MD is based, this person said. JPMorgan's chief financial officer, Jeremy Barnum, earlier this year said his firm has instructed managers to "resist" hiring and to double down on "their focus on efficiency." One senior dealmaker pointed to the rise of private credit as a factor behind summer cuts at banks. "What traditionally used to be done at some of the larger banks has now moved into some of the larger alternative asset managers and insurance companies," the banker said, speaking on the condition of anonymity to discuss industry practices. "Some of those changes are because of the advent of private credit." Banks are showing some signs of selective onboarding — but those efforts remain measured. Sophia Samadian, an investment banking recruiter at Selby Jennings, said her clients are "still being selective" about who they hire but pouncing on the "strategic" hires more quickly than before — a signal that momentum may be picking up. "Once they identify the right talent," she said, "they're moving faster than we've seen." Indeed, some smaller or boutique firms have been scooping up bankers in anticipation of a busier second half of the year. Jefferies poached several senior tech investment bankers from Guggenheim Partners to bolster its presence in the Bay Area, which Reuters first reported in May. Evercore poached a top JPMorgan industrials banker in July to serve as a senior managing director. Even if M&A surges back to 2021 levels, AI could still dampen hiring, said Chris Connors, a principal at Johnson Associates, who predicted that headcount at banks will "trend lower" over the long term. "I don't think you're going to see gangbusters hiring," Connors concluded. From here on out, "I think it's going to be strategic hiring."
Daily Mail
14-07-2025
- Automotive
- Daily Mail
What these five Chinese car brands did before they made cars
By One in 10 cars sold in Britain last month were made in China, latest figures from the Society of Motor Manufacturers and Traders show. In the past week, three car makers hailing from China have announced they will launch in Britain. But this new period of automotive brings a lot to debate - price wars, the threat of cheap EVs, and security issues for starters. And another gripe people have with new Chinese car makers is many aren't actually car makers. Instead, many are tech brands masquerading as car companies. As opposed to legacy European brands like Audi, Mercedes-Benz and Volkswagen, these new Chinese companies don't have automotive histories going back over a hundred years. Instead many of them have technology-based roots or in some cases, even more unusual beginnings. We've dug into the pasts of four of China's automotive powerhouses to get to know them a bit better. And we've looked into a fifth that bucks the technology trend, standing proud as a car maker that has always and only made cars. Geely - from fridge parts to EVs... How it started: Geely's origins have a colder start, as the automotive powerhouse began life as a refrigerator parts manufacturer. In 1986, Eric Li founded Huangyan Refrigerator Parts in Taizhou City in the Zhejiang Province of China. For eight years it made refrigerators, freezers and construction and decorative materials. Then in 1994, Huangyan Huatian Motorcycles Factory was established – the predecessor of Geely and the Geely trademark was registered. It wasn't until 1997 that Geely entered the automotive industry. It wanted to produce affordable cars for those on tight budgets, and in doing so it became China's first privately-owned auto manufacturer. How it's going: In 2002, Geely entered into China's top 10 automakers, and by 2010 was in a position to acquire Volvo. Taking 100 percent of the shares of Volvo Car Corporation from Ford, Geely started its Western expansion and quickly snapped up 51 percent of Lotus in 2017, and 9.69 percent of Daimler AG (Mercedes-Benz owner) in 2018. Thanks to these acquisitions Geely Auto was the first Chinese car brand to sell one million vehicles. In 2024, Geely achieved record-breaking sales of almost 2.2 million vehicles – a 34 percent year-on-year increase. Sales outside China increased 21 percent year-on-year, to almost 1.22 million units. And electrified sales grew over 52 percent to almost 45 percent of aggregate sales. Geely will debut under its own name in Britain with the arrival of its EX5 SUV towards the end of the year. BYD – mobile phone batteries to the world's biggest EV maker How it started: BYD was founded in November 1994 by Wang Chuanfu, a Chinese chemist and entrepreneur. He wanted to compete against expensive Japanese battery manufacturers and become a world leader in energy generation, energy storage and rechargeable batteries. In 1996, BYD began manufacturing lithium-ion batteries for modern day smartphones, just as there was a boom in the devices. Throughout the early 2000s, BYD supplied batteries to Motorola and Nokia - at the time two of the biggest players in the mobile phone industry. In 2003, BYD was in a position to sidestep into the automotive industry, acquiring a small car maker called Xi'an Qinchuan Automobile. Its first combustion car, the F3, arrived in 2005, before releasing the plug-in hybrid F3DM in 2008. Warren Buffet invested 10 percent ($230million) and BYD became famous. BYD really took off when it introduced its lithium-ion Phosphate Blade battery in 2020 which increased space utilization by 50 percent and delivered a range boost also of up to 50 percent. How it's going: BYD began exporting outside China in 2010. By 2024, it reached an annual overseas sales figure of 417,204 units – a 71.86 percent increase on 2023. By 2030, BYD aims to sell half its cars outside its native land. In 2024, BYD sold 4,272,145 vehicles globally, marking a substantial increase from 427,302 in 2020. As of March 2025, BYD's sold 11.6 million EVs to date. Tesla on the other hand – who used to be the biggest EV maker in the world - has sold 7.5 million EVs. China's Geely, the owner of Volvo, Polestar and Lotus, is the third biggest EV manufacturer in the world, and yet has just 1.4 million EVs comparatively. BYD is now the largest electric car maker in the world after dethroning Tesla in 2023. Xpeng – search browsers to AI cars How it started: Xpeng is core of the tech-to-car Chinese movement, as it was founded in 2014 as a smart driving technology company. It wanted to redefine the driving experience and use artificial intelligence to craft its EVs. Why did it have this angle? Because it was created by He Xiaopeng, a self-made tech trailblazer who built UCWeb – China's most popular mobile browser. He sold it in 2014 to Alibaba for $4.3billion before pivoting to automotive after being inspired by Tesla and sustainable transport. In 2017, Xpeng revealed its first model, the Xpeng G3, an electric SUV, with deliveries commencing in 2018. Then in 2020, it launched the P7, which made headlines for its AI driving mode. This year Xpeng officially launched in the UK with the G6 all-electric coupe SUV which costs from £39,990. XPeng says 'it is a technology company at heart' and wants to use technology to transform the future of mobility – from road EVs to ones that fly. In this way it is fully embracing its technology origins, not trying to shy away or downplay them. How it's going: In the first half of 2025, Xpeng delivered 197,189 vehicles, already topping its total deliveries for last year which stood at 190,068 vehicles. It's a year-on-year increase of 279.01 percent and marks the eight consecutive month since November 2024 that Xpeng's deliveries have exceeded 30,000 units. As of June, XPeng has entered over 40 countries and regions globally and has set itself a goal that half of future sales coming from overseas markets. Its cumulative sales to date tally up to 752,957. Xiaomi – the smartphone maker turned EV maker How it's going: In June the U7 went on sale and within three minutes Xiaomi said it received 200,000 pre-orders. The orders required a non-refundable deposit of 5,000 yuan (£509) for the vehicles, which are priced from 253,500 yuan to 329,900 yuan. This is unprecedented new vehicle demand in China, where monthly sales of 10,000 units for a single model are a success in its highly competitive EV market. It outdoes annual deliveries of other electric car makers, and could overtake Tesla's sales in China of 480,000 units. The Xiaomi SU7 Ultra is already the fastest electric production car to have lapped the Nurburgring in just 7m 04.95s. Chery - the Chinese car maker that started by making cars How it started: Chery is in rare company in the Chinese automotive world because it is, and always has been, a car manufacturer. This will make naysayers rejoice. Chery was founded in 1996 by a group of government officials who established the automotive company to reduce poverty in Anhui and drive wider economic development. Engine-manufacturing equipment was bought from Ford in the UK, and tooling from VW's Seat. Factory construction commenced in early 1997, with the first vehicles rolling off the production line towards the end of 1999. Mass production came a year later. How it's going: It became the first passenger car company in China to export complete vehicles and as of 2024 it sold more cars last year than BMW: Chery shifted a whopping 2.6million units in 2024 - a 38.4 percent increase on 2023. It's been China's top exporter of passenger vehicles for 21 consecutive years. By production, it was China's third-largest automotive maker in 2024. Chery has launched two sub-brands in the UK in the last year, Omoda and Jaecoo, which have already gained two percent market share. This is Money exclusively revealed this week that Chery is coming to the UK this summer under its own brand, with two SUVs going on sale soon. The first will be revealed at Goodwood Festival of Speed.
Daily Mail
13-07-2025
- Automotive
- Daily Mail
From freezers to browsers: What these five Chinese car brands did before they made cars
One in 10 cars sold in Britain last month were made in China, latest figures from the Society of Motor Manufacturers and Traders show. In the past week, three car makers hailing from China have announced they will launch in Britain. But this new period of automotive brings a lot to debate - price wars, the threat of cheap EVs, and security issues for starters. And another gripe people have with new Chinese car makers is many aren't actually car makers. Instead, many are tech brands masquerading as car companies. As opposed to legacy European brands like Audi, Mercedes-Benz and Volkswagen, these new Chinese companies don't have automotive histories going back over a hundred years. Instead many of them have technology-based roots or in some cases, even more unusual beginnings. We've dug into the pasts of four of China's automotive powerhouses to get to know them a bit better. And we've looked into a fifth that bucks the technology trend, standing proud as a car maker that has always and only made cars. Geely - from fridge parts to EVs... How it started: Geely's origins have a colder start, as the automotive powerhouse began life as a refrigerator parts manufacturer. In 1986, Eric Li founded Huangyan Refrigerator Parts in Taizhou City in the Zhejiang Province of China. For eight years it made refrigerators, freezers and construction and decorative materials. Then in 1994 Huangyan Huatian Motorcycles Factory was established – the predecessor of Geely and the Geely trademark was registered. It wasn't until 1997 that Geely entered the automotive industry. It wanted to produce affordable cars for those on tight budgets, and in doing so it became China's first privately-owned auto manufacturer. How it's going: In 2002, Geely entered into China's top 10 automakers, and by 2010 was in a position to acquire Volvo. Taking 100 per cent of the shares of Volvo Car Corporation from Ford, Geely started its Western expansion and quickly snapped up 51 per cent of Lotus in 2017, and 9.69 per cent of Daimler AG (Mercedes-Benz owner) in 2018. Thanks to these acquisitions Geely Auto was the first Chinese car brand to sell one million vehicles. In 2024, Geely achieved record-breaking sales of almost 2.2 million vehicles – a 34 per cent year-on-year increase. Sales outside China increased 21 per cent year-on-year, to almost 1.22 million units. And electrified sales grew over 52 per cent to almost 45 per cent of aggregate sales. Geely will debut under its own name in Britain with the arrival of its EX5 SUV towards the end of the year. BYD – mobile phone batteries to the world's biggest EV maker How it started: BYD was founded in November 1994 by Wang Chuanfu, a Chinese chemist and entrepreneur. He wanted to compete against expensive Japanese battery manufacturers and become a world leader in energy generation, energy storage and rechargeable batteries. In 1996, BYD began manufacturing lithium-ion batteries for modern day smartphones, just as there was a boom in the devices. Throughout the early 2000s, BYD supplied batteries to Motorola and Nokia - at the time two of the biggest players in the mobile phone industry. In 2003, BYD was in the position to sidestep into the automotive industry, acquiring a small car maker called Xi'an Qinchuan Automobile. It's first combustion car, the F3, arrived in 2005, before releasing the plug-in hybrid F3DM in 2008. Warren Buffet invested 10 per cent ($230million) and BYD became famous. BYD really took off when it introduced its lithium-ion Phosphate Blade battery in 2020 which increased space utilisation by 50 per cent and delivered a range boost also of up to 50 per cent. How it's going: BYD began exporting outside China in 2010. By 2024, it reached an annual overseas sales figure of 417,204 units – a 71.86 per cent increase on 2023. By 2030, BYD aims to sell half its cars outside its native land. In 2024, BYD sold 4,272,145 vehicles globally, marking a substantial increase from 427,302 in 2020. As of March 2025, BYD's sold 11.6 million EVs to date. Tesla on the other hand – who used to be the biggest EV maker in the world - has sold 7.5 million EVs. China's Geely, the owner of Volvo, Polestar and Lotus, is the third biggest EV manufacturer in the world, and yet has just 1.4 million EVs comparatively. BYD is now the largest electric car maker in the world after dethroning Tesla in 2023. Xpeng – search browsers to AI cars How it started: Xpeng is core of the tech-to-car Chinese movement, as it was founded in 2014 as a smart driving technology company. It wanted to redefine the driving experience and use artificial intelligence to craft its EVs. Why did it have this angle? Because it was created by He Xiaopeng, a self-made tech trailblazer who built UCWeb – China's most popular mobile browser. He sold it in 2014 to Alibaba for $4.3billion before pivoting to automotive after being inspired by Tesla and sustainable transport. In 2017, Xpeng revealed its first model, the Xpeng G3, an electric SUV, with deliveries commencing in 2018. Then in 2020 it launched the P7, which made headlines for its AI driving mode. This year Xpeng officially launched in the UK with the G6 all-electric coupe SUV which costs from £39,990. XPeng says 'it is a technology company at heart' and wants to use technology to transform the future of mobility – from road EVs to ones that fly. In this way it is fully embracing its technology origins, not trying to shy away or downplay them. How it's going: In the first half of 2025 Xpeng delivered 197,189 vehicles, already topping its total deliveries for last year which stood at 190,068 vehicles. It's a year-on-year increase of 279.01 percent and marks the eight consecutive month since November 2024 that Xpeng's deliveries have exceeded 30,000 units. As of June XPeng has entered over 40 countries and regions globally and has set itself a goal that half of future sales coming from overseas markets. Its cumulative sales to date tally up to 752,957. Xiaomi – the smartphone maker turned EV maker How it started: The latest left field entrant to the car market is smartphone maker Xiaomi. Xiaomi was founded in April 2010 by Chinese entrepreneur Lei Jun, former president of the software company Kingsoft, along with seven partners. By 2024, it was the third largest smartphone vendor globally, with a market share of 13.8 per cent. Headquartered in Beijing Xiaomi Auto is a subsidiary of electronics company Xiaomi and officially entered the EV market in March 2021 after announcing a $10billion investment in the sector. A combination of US sanctions on their smartphone business and the booming Chinese EV market gave Xiaomi an opportunity to diversify and use its strengths in hardware, software and user experience to expand into this rapidly growing sector. Promising a 'revolutionary EV experience' the first model, the Xiaomi SU7 was unveiled in 2023. How it's going: In June the U7 went on sale and within three minutes Xiaomi said it received 200,000 pre-orders. The orders required a non-refundable deposit of 5,000 yuan (£509) for the vehicles, which are priced from 253,500 yuan to 329,900 yuan. This is unprecedented new vehicle demand in China, where monthly sales of 10,000 units for a single model are a success in its highly competitive EV market. It outdoes annual deliveries of other electric car makers, and could overtake Tesla's sales in China of 480,000 units. The Xiaomi SU7 Ultra is already the fastest electric production car to have lapped the Nurburgring in just 7m 04.95s. Chery - the Chinese car maker that started by making cars How it started: Chery is in rare company in the Chinese automotive world because it is, and always has been, a car manufacturer. This will make naysayers rejoice. Chery founded in 1996 by a group of government officials who established the automotive company to reduced poverty in Anhui and drive wider economic development. Engine-manufacturing equipment was bought from Ford in the UK, and tooling from VW's Seat. Factory construction commenced in early 1997, with the first vehicles rolling off the production line towards the end of 1999. Mass production came a year later. How it's going: It became the first passenger car company in China to export complete vehicles and as of 2024 it sold more cars last year than BMW: Chery shifted a whopping 2.6million units in 2024 - a 38.4 per cent increase on 2023. It's been China's top exporter of passenger vehicles for 21 consecutive years. By production it was China's third-largest automotive maker in 2024. Chery has launched two sub-brands in the UK in the last year, Omoda and Jaecoo, which have already gained two per cent market share. This is Money exclusively revealed this week that Chery is coming to the UK this summer under its own brand, with two SUVs going on sale soon. The first will be revealed at Goodwood Festival of Speed.
Yahoo
11-07-2025
- Automotive
- Yahoo
Polestar reports H1 sales ramped up 51%
Polestar, the Geely-owned car brand, has reported a 38% increase in retail sales volumes in the second quarter (Q2) of 2025, with an estimated 18,049 cars sold. For the first half of the year, Polestar has sold 30,319 cars, marking a 51% increase from the same period of the previous year. Polestar CEO Michael Lohscheller said: 'We've delivered another strong quarter of growth in increasingly challenging market and geopolitical conditions. 'Volume growth of 38% in the second quarter and 51% in the first half of the year is a clear sign that our retail expansion is delivering and that more customers are choosing Polestar.' This growth follows a strong Q1, where sales were up 76% compared to the same period in the previous year. In April, amidst a challenging economic environment, Polestar maintained stable sales from the last quarter of 2024, with Q1 2025 sales volumes reaching around 12,304 cars. The company has made a substantial $200m equity investment last month from PSD Investment, controlled by Eric Li, founder and chairman of Geely Holding Group. This investment came through the sale of 190 million Class A American Depositary Shares to PSD Investment by Polestar Automotive Holding UK. The Sweden car brand's expansion continued with the commencement of sales in France, making it the 28th market for the brand. Its French customers can order the full model lineup, including the Polestar 2, Polestar 3, and Polestar 4. Looking ahead, Polestar plans to introduce the Polestar 5 four-door GT this year, followed by the Polestar 6 roadster and the Polestar 7 compact SUV. The company has also signed a memorandum of understanding with Volvo Cars, another Geely unit, to manufacture the upcoming Polestar 7 in Kosice, Slovakia. The Polestar 7 is set to launch in 2028 and will be developed using engineering architectures from within the Geely Holding Group. It will benefit from group component sharing, 'next-generation battery density', and in-house developed e-motors. Polestar has its presence in 27 markets across Asia Pacific, Europe, and North America. "Polestar reports H1 sales ramped up 51%" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
TimesLIVE
27-06-2025
- Automotive
- TimesLIVE
Geely appoints new chair of European business, replacing founder Eric Li
China's Geely Holding, the main owner of Volvo Cars, Lotus and other car brands, has appointed a new board chair at its key European investment company to replace founder Eric Li, it said late on Thursday. Danish business veteran Lone Fonss Schroder will take the helm at Geely Sweden Holding's board, which oversees the Chinese group's European businesses, Geely said, without elaborating on the reason for the switch. She replaces Li, also known as Li Shufu and Geely's top shareholder. Li is also the chair of Volvo Cars. Last year, Li urged a greater strategic focus at Geely to improve synergies and eliminate internal competition. So far, that has involved merging teams and restructuring some of its brands such as Zeekr, Geely Auto and Lynk & Co, and moving or axing executives and board members at Swedish brands Volvo Cars and Polestar. Loss-making Polestar, where Li is majority owner via Geely Sweden and private holdings, will also replace two Geely board members at a June 30 shareholder meeting. Schroder will step down from the board of Volvo Cars, where she has been a member since 2010, and instead take a seat on the carmaker's nomination committee in charge of board appointments. Former Volvo Cars CEO Hakan Samuelsson was unexpectedly brought back to run Volvo in March at a turbulent time for the carmaker marked by tariff pressures and market uncertainty.
