The EU may as well “apply to be a province of China” such is its inability to wean itself off that country’s supply of critical raw materials used in everything from electric vehicles to smartphones and wind turbines, a leading German industrialist has said. As chief executive of AMG Lithium, the EU’s first factory to make the lithium hydroxide used in many car batteries, Stefan Scherer sits at the centre of what has been dubbed a new gold rush. But the chemist said China will continue to dominate battery technology…
Tag: Automotive industry
Lotus plans to end UK sportscar production, putting 1,300 jobs at risk
Lotus is planning to end production of its sportscars in the UK and shift it to the US, a move that would put 1,300 jobs at risk and represent a major blow to the British car industry. The carmaker’s Chinese owner, Geely, is looking at options including manufacturing its Emira sportscar in the US, and permanently stopping production at its factory in Hethel, Norfolk, according to a person with knowledge of the company’s thinking. No final decision has been made. Workers at the factory, in a former second world war…
Chinese carmaker Chery Auto ‘actively considering’ building UK factory
The Chinese carmaker Chery Auto is considering building its second European factory in Britain. After launching two brands, Omoda and Jaecoo, in the UK in September, Chery’s UK director, Victor Zhang, said the company is making inroads in the British market with the appetite growing for Chinese cars. He was speaking at the annual conference of the Society of Motor Manufacturers and Traders, where the business secretary, Jonathan Reynolds, admitted that there was “still a lot of work” to do in negotiating away all of Donald Trump’s tariffs against the…
Trump says China will face 55% tariffs as he endorses trade deal
Donald Trump has endorsed the US-China trade deal struck in London that will ramp up supplies of rare earth minerals and magnets needed for the automotive industry, saying it will take total tariffs on Beijing to 55%. Acknowledging that his Chinese counterpart, Xi Jinping, still needed to give his final approval on the terms agreed late on Tuesday night at Lancaster House, the US president disclosed the pact would also facilitate Chinese students’ access to US colleges. The 55% tariff total appears at first glance to be a hike from…
Sing when you’re winning: how karaoke in cars heralds the triumph of Chinese firms
If Chinese carmakers are to be believed, a lot of people really love karaoke. Those people love karaoke so much that they want it in their family car. This was not something the European mind could comprehend a few years ago, according to Volkswagen’s chief financial officer, Arno Antlitz. Yet the technology, included in electric cars sold by China’s BYD and Xpeng, is just one example of the lessons that Volkswagen and its European counterparts have had to learn as they scramble to keep up with Chinese rivals on track…
Nissan open to making cars for Chinese partner in Sunderland, says CEO
Nissan’s new chief executive has said the Japanese carmaker would be open to building cars for a Chinese partner at its factory in Sunderland as he confirmed it would not be closed in a round of deep cost cuts. This week Nissan revealed plans to close seven factories and cut 20,000 jobs after sustaining heavy losses. Ivan Espinosa said on Thursday the UK plant at Sunderland would not be among the factories to close and he would consider building cars for China’s Dongfeng. Sunderland, where it employs 6,000 people, is…
BMW boss predicts Trump’s 25% tariffs on foreign cars will be lowered by July
The boss of BMW has predicted that Donald Trump’s import tariffs on foreign cars will be lowered this summer, as the German carmaker reported profits for the first three months had tumbled by a quarter. Oliver Zipse, BMW’s chief executive, said he expected that Trump’s 25% tariffs on the import of foreign cars would be dropped by July. He made the prediction after the company reported a drop in profit to €3.1bn (£2.6bn) as it braced for the effects of Trump’s trade war and strong competition in China. Zipse also…
German chancellor urges Chinese industry bosses to play fair in EU market
The chancellor of Germany has urged industry bosses in China to play fair by not overproducing cheap goods or infringing copyright rules. Speaking on a three-day visit to China, where he is travelling with leading business representatives and three government ministers, Olaf Scholz said he, in turn, would encourage the European Union not to be driven by self-interested protectionism, in which governments restrict international trade to help domestic companies. Scholz was seen to be treading a careful path, driven by European concerns that Chinese goods are being dumped on the…
Chinese EV battery maker in talks to invest £1bn in new UK gigafactory
A Chinese manufacturer of electric vehicle batteries is in talks to invest more than £1bn to build a giant new factory on the outskirts of Coventry. EVE Energy, which says it employs 28,000 staff worldwide, is understood to be in talks to construct a 5.7m sq ft gigafactory, which will form one of the main parts of the planned UK Centre for Electrification, an investment zone in the West Midlands. Sources with knowledge of the talks confirmed EVE’s interest in the project, which could create up to 6,000 jobs in…
Honda and Nissan join forces on electric car technology to chase Chinese rivals
Honda and Nissan have put aside the “traditional approach” of fierce rivalry to join forces and work together on electric vehicle technology as Japan’s carmakers try to catch up with Chinese competitors. The Japanese manufacturers will work together on technology for EVs, including components and software, after signing a memorandum of understanding on Friday. Honda and Nissan, respectively the country’s second- and third-largest carmakers behind Toyota, aim to cut costs by combining resources. Traditional manufacturers are struggling to compete profitably with upstart rivals as the electric vehicle sector grows rapidly,…