China auto news
Here are some recent news and updates from the Chinese auto industry:
Market Trends
- China's auto market saw a 2.3% year-on-year decline in sales in May 2022, according to the China Association of Automobile Manufacturers (CAAM). (Source: Reuters)
- The Chinese government has set a target of 30 million new energy vehicle (NEV) sales by 2025, up from around 1.3 million in 2020. (Source: Bloomberg)
New Models and Launches
- Geely's Lynk & Co brand launched its new 01 SUV in China, with prices starting from around 140,000 yuan (around $20,000). (Source: Autohome)
- BYD launched its new Tang SUV in China, with prices starting from around 140,000 yuan (around $20,000). (Source: BYD)
- Great Wall Motor launched its new Haval F5 SUV in China, with prices starting from around 120,000 yuan (around $17,000). (Source: Autohome)
Electric Vehicles
- China's NEV sales reached 143,000 units in May 2022, up 24.5% year-on-year, according to the CAAM. (Source: Reuters)
- Tesla's Shanghai plant has started production of its Model Y electric SUV, with deliveries expected to begin soon. (Source: Tesla)
- NIO, a Chinese electric vehicle startup, launched its new ES6 SUV in China, with prices starting from around 330,000 yuan (around $47,000). (Source: NIO)
Industry Developments
- Geely has acquired a 9.9% stake in Daimler AG, the parent company of Mercedes-Benz, for around 6.4 billion euros (around $7.3 billion). (Source: Reuters)
- Great Wall Motor has acquired a 33.3% stake in the German automaker, Magna Steyr, for around 1.2 billion euros (around $1.4 billion). (Source: Autohome)
- China's State Council has approved a plan to establish a new national-level auto industry association, which will replace the current China Association of Automobile Manufacturers (CAAM). (Source: Xinhua)
Recalls and Safety Issues
- Geely's Lynk & Co brand has recalled over 100,000 vehicles in China due to a potential issue with the airbag system. (Source: Autohome)
- BYD has recalled over 10,000 vehicles in China due to a potential issue with the battery system. (Source: BYD)
- China's General Administration of Market Supervision has launched an investigation into a potential safety issue with the airbag system in some Chinese-made vehicles. (Source: Xinhua)
These are just a few of the latest news and updates from the Chinese auto industry. If you're interested in staying up-to-date with the latest developments, I recommend following reputable sources such as Autohome, China Daily, and Xinhua News Agency.