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When Lee Seongdong decided to replace his 2016 Chevrolet Spark in April, a two-year wait for Hyundai Motor Co.’s Casper Electric was already pushing him toward BYD Co.’s Dolphin. He was so impressed by the feature-rich ride that he signed a contract on the spot.
Volvo plunged by about 30% to a record low after the Swedish automaker’s chief executive officer said the market for Western-developed cars in China is disappearing fast, prompting it to cut 2,500 more jobs. Luxury powerhouses including Hermès and Cartier are suffering steeper slumps in China, in a sign that a spending pullback by the country’s wealthy consumers is hitting even the most resilient brands. The Opening Trade has everything you need to know as markets open across Europe. With analysis you won't find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Tom Mackenzie. (Source: Bloomberg)
While Washington’s efforts to block Chinese electric vehicles (EVs) were originally intended to protect its domestic automotive industry, they have sparked concerns the strategy is hurting America’s carmaking competitiveness. With a lack of a coherent industrial policy discouraging long-term investment, the protectionist approach was backfiring on Detroit’s EV transition, said David Zhang, a macroeconomics and policy analyst at Trivium China, who added that EVs could be a “perfect concession” in...
No Chinese carmakers were represented at a dinner on Sunday attended by French President Emmanuel Macron and around 60 European automotive industry players, but they were hard to miss when he visited the Paris Motor Show the next day. Allianz Trade said in a report that Chinese marques comprised half the exhibitors at this year’s show, even as they dealt with the fallout from a China-EU agreement to curb the growth of China’s hybrid and plug-in hybrid automotive exports to the bloc. Against the...