The automaker estimates its struggling China business will cost $5 billion, but it isn't giving up on the country yet.
Five years of rapid European growth for Chinese electric-car manufacturers ground to a halt in 2024, as trade barriers added to the challenge of building up sales in a stagnant market.Most Read from B
In order to increase localization of cars under the joint venture, the group is exploring the state of Orissa to set up another manufacturing facility, says Parth Jindal
General Motors Co. lost $2.96 billion in the fourth quarter after a $4 billion charge for restructuring its struggling business in China, but it logged record full-year adjusted profits globally and in North America.
On May 24, 2014, Chinese President Xi Jinping visited SAIC Motor and emphasized that the development of new energy vehicles (NEVs) was essential for China to transition from being a major auto producer to an auto powerhouse.
MG has returned to the South African market after exiting the country in 2016. The former British brand belongs to Shanghai giant SAIC Motor, which acquired it in 2007.
Tesla and BMW sue EU over tariffs on electric vehicles from China, joining Chinese automakers that filed claims. Read more.
Tesla's legal challenge is in response to the EU introducing tariffs at the end of October of 7.8 percent on Tesla's China-made vehicles. The bloc has also set tariffs of up to 35.3 percent on other China-made EVs. The new tariffs come on top of a 10 percent standard import tariff that was already in place for electric vehicle imports into the EU.
General Motors (GM) is scheduled to announce Q4 earnings on Tuesday, January 28th, before the market opens, with analysts expecting a double-digit growth in pro
Brands led by SAIC Motor Corp.'s MG registered 3.5 per cent fewer EVs in the region for all of 2024, according to data from automotive researcher Dataforce
The EU Commission had imposed duty rates on Chinese-made EVs in a bid to encourage domestic manufacturing. Tesla was subjected to the lowest rate of 7.8%, while other automakers such as SAIC Motor faced tariffs as high as 35%. These rates are in addition to a 10% standard import tariff.
Thailand is bracing for an extended electric vehicle (EV) price war triggered by a surge in local production from Chinese car makers, a move likely to deal a further blow to a domestic auto industry already struggling with tumbling sales,