Latest news with #non-Chinese
Yahoo
21 hours ago
- Automotive
- Yahoo
China Schools the West on EVs
In April this year, China's BYD hit a first--it sold more cars in Europe than Tesla. Of course, one reason for this was EV fans' reaction to Elon Musk's political endeavors, but another was that BYD's EVs were simply better and more affordable. And now Western carmakers want to learn from BYD and other Chinese sector players how to make their electric cars more attractive—and affordable—for buyers. Caixin Global reported this week that non-Chinese carmakers were 'tapping into local expertise and supply chains in a bid to regain lost ground.' The reason is that local carmakers have come to completely dominate the Chinese car market with their EVs, eating into foreign majors' market share. It's not just Tesla. It's everyone that's in danger of losing market share to Chinese manufacturers of electric cars—just two decades after they taught those Chinese car manufacturers how to make good cars. The Financial Times related these developments in an in-depth analysis from April. It cited a German car engineer joking about how 20 years ago, Chinese cars were pretty much copy-paste versions of the European flagship models. Now, European car companies are trying to develop features that their Chinese rivals already have in their vehicles. As with wind and solar equipment, Chinese EVs are both better and cheaper than the European—and American— is an obvious problem for the West, which has realized that Chinese competition is dangerous for local players in more than one industry. In response to that danger, the European Union shunned originality in favor of import tariffs on Chinese electric vehicles, essentially sentencing itself to forever subsidies for local EVs because carmakers have struggled to lower costs below a certain point that is still higher than the costs for internal combustion vehicles. Yet the carmakers themselves want to learn from the Chinese—so the EU has obliged, taking a page out of China's playbook. For decades, Chinese industrials have learned how to do things better by mandating expertise sharing from foreign companies with ambitions for the Chinese market. Now, this is exactly what the EU wants to do with BYD and its sector players: require them to provide access to their know-how to European car companies. Since 2020, non-Chinese automakers have lost a third of their market share in China to local manufacturers. This is just five years in which Chinese makers of electric cars have managed to improve their technology so much that over two-thirds of car sales in the country come from local manufacturers, according to Caixin. The Germans are second, with a 13.2% share, followed by the Japanese, with a share of 9.4%, and U.S. carmakers with a market share of 5.8% in China. Of course, an easy explanation of how this happened would be one that focuses on Chinese state subsidies for all things energy transition, notably including the electrification of transport. The Chinese government has literally thrown billions at carmakers to make EVs. It has also encouraged more buyers to go electric through various incentives. But this is not the whole story. The whole story must include the fact that Chinese carmakers simply became very good at making electric cars while in Europe, their peers wondered how many women to appoint to their boards and how to cut their emissions. China is currently phasing out its subsidy programs for EVs. Their goal has been accomplished; EVs have gone from niche to mainstream. Europe, meanwhile, tried to phase the subsidies out, and sales immediately crashed—because the cars were too expensive for what they offered. This is the root cause of the problem with EV uptake. And it's Chinese carmakers that can help solve it. It would be wise to bear something in mind, though. Chinese industries sometimes overdo the growth thing, and it all ends in tears. First, it was the property sector. Now, it could be the EV makers' turn. A large BYD dealer in Eastern China just went bust. Chinese EV makers may well need the international market as much as European carmakers need Chinese EV expertise. It could be a match made in Heaven. By Irina Slav for More Top Reads From this article on
Yahoo
a day ago
- Business
- Yahoo
Apple Sees Small Rebound in China Shipments
Foreign-branded phone shipments in China climbed to 3.52 million units in Aprilup from 3.50 million a year agomarking a modest rebound for the Apple (NASDAQ:AAPL) iPhone. According to government-affiliated CAICT data cited by Reuters, April's 0.6% uptick follows a rough Q1 in which Apple's China phone sales fell 9% year-over-year. As the top non-Chinese smartphone vendor, Apple's volumes are a bellwether for the segment, even as domestic rivals Huawei and vivo press on pricing and features. E-commerce platforms offered discounts up to 2,530 yuan ($351) on the new iPhone 16 models to stoke demand. While the April gain is small, it hints at stabilization after broader market softness and aggressive local promotions. Investors should care because China is Apple's second-largest market, and any uplift in iPhone shipments can support Services revenue tied to active devices. With CAICT set to publish May figures in mid-June and summer sales promotions ramping up, markets will watch for sustained momentum or renewed pressure from tariff-echo pricing in the world's biggest smartphone arena. This article first appeared on GuruFocus. Sign in to access your portfolio
News18
3 days ago
- Business
- News18
Pakistan Gets $3.7 Billion Lifeline From China In Yuan
Last Updated: China has assured Pakistan of relending USD 3.7 billion in commercial loans, denominated in Chinese currency, before the end of June. China has assured Pakistan of re-lending USD 3.7 billion in commercial loans, denominated in Chinese currency, before the end of June, in a move that will help keep the foreign exchange reserves in double digits, according to a media report on Wednesday. Unlike in the past, when Beijing has given loans in non-Chinese currency too, this time Pakistan's strategic ally has decided not to give loans in the United States currency as part of its drive to decouple the economy from the dollar, the government sources told The Express Tribune newspaper. They said that China gave these assurances during recent meetings, aimed at securing the refinancing of loans maturing between March and June 2025. Pakistan has already returned a USD 1.3 billion loan of the Industrial and Commercial Bank of China (ICBC) in three tranches between March and April this year, officials said. Subject to some clarifications that the commercial bank has sought from Pakistan, it is expected that the ICBC would re-lend the money in Chinese currency in the next few days, said the government sources. The ICBC had given the loan two years ago at floating interest rates, which translated to around 7.5 per cent. The central bank's reserves remained around USD 11.4 billion after a USD 1 billion injection by the IMF this month. After the next Chinese refinancing, it may increase to USD 12.7 billion before seeing another dip from the middle of next month, said the sources. A USD 2.1 billion or 15 billion RMB syndicate financing loan by three Chinese commercial banks is maturing in June. Pakistan will pay at least three days ahead of the maturity to make sure that the money is given back before the close of the fiscal year. China would give this money in RMB currency, said the sources. The China Development Bank had given 9 billion RMB, Bank of China 3 billion RMB and ICBC 3 billion RMB. The loan is being extended for a period of three years, said the government sources. However, the interest rate issue was still undecided. Chinese authorities have given two options to Pakistan. It has proposed that Pakistan should either get the loan at a fixed interest rate or at a floating rate but that would not be based on Shanghai Interbank Offered Rate (Shibor), said the sources. The timely refinancing of this loan was critical for Pakistan to keep the reserves in the double digits by the end of June. Under the International Monetary Fund (IMF) programme, Pakistan has committed to increase the reserves close to USD 14 billion in this fiscal year. The Bank of China's USD 300 million loan will also mature next month, which Pakistan has to get refinanced to retain the reserves at their critical minimum levels. This loan too would be refinanced in Chinese currency, said the sources. The move to delink loans from the US dollar is not Pakistan specific rather it is part of the overall Chinese policy to decouple its economy from the US currency. Pakistan remains dependent on Beijing for remaining afloat, the friendly nation that is constantly rolling over the USD 4 billion cash deposits, USD 5.4 billion worth commercial loans and USD 4.3 billion trade financing facility. The recent IMF report stated that Pakistan's total foreign commercial loans as of December 2024 amounted to USD 6.2 billion, including USD 5.4 billion Chinese commercial loans. The rupee-dollar parity has largely remained stable in this fiscal year, albeit some depreciation during the past few days. The rupee-dollar parity closed at Rs 282.2 to a dollar on Tuesday. When contacted, Ministry of Finance spokesman Qumar Abbasi did not give an official version for the story. He had been requested to confirm whether China has agreed to refinance USD 1.3 billion ICBC loan paid in March-April and whether it will be refinanced in RMB currency. He also did not respond to a question whether China also agreed to refinance USD 2.1 billion equivalent CDB-led loan that Pakistan will pay in June. The IMF report underlined that Pakistan has received firm commitments for USD 1 billion financing in the next one year. It added that key bilateral partners remain committed to rolling over existing short-term liabilities in the remaining programme period. But the IMF said that access to external commercial financing is expected to remain limited during the programme period, with a small 'Panda" bond issuance anticipated in the next fiscal year. The IMF sees a gradual return to the Eurobond and global Sukuk market from fiscal year 2027, reflecting a restoration of policy credibility, according to the report. (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) Watch India Pakistan Breaking News on CNN News18. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! tags : China pakistan Location : New Delhi, India, India First Published: May 29, 2025, 08:49 IST
Time of India
3 days ago
- Business
- Time of India
China assures Pakistan $3.7 billion loan
ISLAMABAD: China has assured Pakistan of re-lending $3.7 billion in commercial loans, denominated in Chinese currency, before June end, in a move that will help keep the foreign exchange reserves in double digits, according to a report. Unlike in the past, when Beijing gave loans in non-Chinese currency too, this time it has decided not to give loans in US currency in a bid to decouple the economy from the dollar. The central bank's reserves remained around $11.4 billion after an IMF injection. It may now increase to $12.7 billion. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
3 days ago
- Business
- Time of India
China assures Pak USD 3.7 billion loan to keep foreign exchange reserves in double digits
China has assured Pakistan of re-lending USD 3.7 billion in commercial loans, denominated in Chinese currency, before the end of June, in a move that will help keep the foreign exchange reserves in double digits, according to a media report on Wednesday. Unlike in the past, when Beijing has given loans in non-Chinese currency too, this time Pakistan's strategic ally has decided not to give loans in the United States currency as part of its drive to decouple the economy from the dollar, the government sources told The Express Tribune newspaper. They said that China gave these assurances during recent meetings, aimed at securing the refinancing of loans maturing between March and June 2025. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like She Was Everyone's Dream Girl In 90's, This Is Her Recently. Investructor Undo Pakistan has already returned a USD 1.3 billion loan of the Industrial and Commercial Bank of China (ICBC) in three tranches between March and April this year, officials said. Subject to some clarifications that the commercial bank has sought from Pakistan, it is expected that the ICBC would re-lend the money in Chinese currency in the next few days, said the government sources. Live Events The ICBC had given the loan two years ago at floating interest rates, which translated to around 7.5 per cent. The central bank's reserves remained around USD 11.4 billion after a USD 1 billion injection by the IMF this month. After the next Chinese refinancing, it may increase to USD 12.7 billion before seeing another dip from the middle of next month, said the sources. A USD 2.1 billion or 15 billion RMB syndicate financing loan by three Chinese commercial banks is maturing in June. Pakistan will pay at least three days ahead of the maturity to make sure that the money is given back before the close of the fiscal year. China would give this money in RMB currency, said the sources. The China Development Bank had given 9 billion RMB, Bank of China 3 billion RMB and ICBC 3 billion RMB. The loan is being extended for a period of three years, said the government sources. However, the interest rate issue was still undecided. Chinese authorities have given two options to Pakistan. It has proposed that Pakistan should either get the loan at a fixed interest rate or at a floating rate but that would not be based on Shanghai Interbank Offered Rate (Shibor), said the sources. The timely refinancing of this loan was critical for Pakistan to keep the reserves in the double digits by the end of June. Under the International Monetary Fund (IMF) programme, Pakistan has committed to increase the reserves close to USD 14 billion in this fiscal year. The Bank of China's USD 300 million loan will also mature next month, which Pakistan has to get refinanced to retain the reserves at their critical minimum levels. This loan too would be refinanced in Chinese currency, said the sources. The move to delink loans from the US dollar is not Pakistan specific rather it is part of the overall Chinese policy to decouple its economy from the US currency. Pakistan remains dependent on Beijing for remaining afloat, the friendly nation that is constantly rolling over the USD 4 billion cash deposits, USD 5.4 billion worth commercial loans and USD 4.3 billion trade financing facility. The recent IMF report stated that Pakistan's total foreign commercial loans as of December 2024 amounted to USD 6.2 billion, including USD 5.4 billion Chinese commercial loans. The rupee-dollar parity has largely remained stable in this fiscal year, albeit some depreciation during the past few days. The rupee-dollar parity closed at Rs 282.2 to a dollar on Tuesday. When contacted, Ministry of Finance spokesman Qumar Abbasi did not give an official version for the story. He had been requested to confirm whether China has agreed to refinance USD 1.3 billion ICBC loan paid in March-April and whether it will be refinanced in RMB currency. He also did not respond to a question whether China also agreed to refinance USD 2.1 billion equivalent CDB-led loan that Pakistan will pay in June. The IMF report underlined that Pakistan has received firm commitments for USD 1 billion financing in the next one year. It added that key bilateral partners remain committed to rolling over existing short-term liabilities in the remaining programme period. But the IMF said that access to external commercial financing is expected to remain limited during the programme period, with a small 'Panda' bond issuance anticipated in the next fiscal year. The IMF sees a gradual return to the Eurobond and global Sukuk market from fiscal year 2027, reflecting a restoration of policy credibility, according to the report.
