As the world struggles with the economic fallout from the Ukraine war, fears are mounting about a conflict that would be even more consequential: a Chinese invasion of Taiwan. Last week, Taiwan’s foreign minister said he was preparing for the possibility of a conflict with China in 2027, and a leaked memo from a four-star US general said his “gut” told him the US – which is committed to defending Taiwan – would be at war with China in 2025. The UK foreign secretary warned last week that such a…
Tag: Automotive industry
China’s BYD blames Brexit as it rules out UK for first electric car plant in Europe
The world’s largest seller of electric and hybrid cars will not consider building its first European car factory in the UK because of the impact of Brexit. China’s BYD, which has been backed by the US investment billionaire Warren Buffett since 2008, intends to take on household names such as Tesla and become one of the three most popular electric vehicle brands in Europe by the end of the decade. China’s top-selling electric car maker, which is targeting sales of about 800,000 cars annually in Europe by 2030, has shortlisted…
Chinese owner of Lotus Technology to list a stake in US via blank cheque firm
The Chinese owner of Lotus is to list a stake in a division of the luxury sports car group in the US as part of deal with a firm backed by the world’s richest man. China’s Geely said on Tuesday that it plans to merge electric carmaker Lotus Technology – an offshoot of the Norfolk-based sports car brand – with a special purpose acquisition vehicle (Spac) founded by L Catterton, which is backed by LVMH and its billionaire founder, Bernard Arnault. The Nasdaq listing is expected to value the business…
China takes great leap forward in Australia’s car market with EVs leading the charge
China is rapidly becoming one of the largest sources of new cars for Australian buyers with Chinese carmakers’ increasing dominance of electric vehicle sales in their home market potentially accelerating the transition off fossil-fuel powered transport. In 2022, sales of Chinese-made vehicles in Australia totalled 122,845 units, a 61.1% increase on the previous year, according to Federal Chamber of Automotive Industries data. In December, imports from China were more than double a year earlier. The increase made China the fourth-largest import source, narrowing the gap with larger rivals. Cars sourced…
Star-crossed: Mercedes faces dilemma over dependence on Russia and China
A brand new, gleaming Mercedes vehicle rolls off the production line roughly every three minutes at the carmaker’s Rastatt plant in south-western Germany. A total of 185,000 of its upmarket A-Class, B-Class and all-electric EQA cars were assembled here last year in the factory, close to the French border. They are then taken by road, rail and ship to their new owners, perhaps to zip through European capitals, Chinese cities, or along California’s coastal roads. Mercedes-Benz Group (MBG) produces hundreds of thousands such vehicles a year from eight German factories:…