Wall Street Journal (August 17)
“Volkswagen, GM and other big brands are losing their grip on a once-lucrative market as Chinese consumers embrace homegrown electric vehicles.” The issue is broad ranging. “Manufacturers from China’s Asian neighbors aren’t faring better… Toyota’s Chinese JV income fell 73% in the quarter through June compared with the same period of 2023, while Honda’s equity income was all but wiped out.” China is turning into “a money pit for foreign automakers.”
Tags: Big brands, China, Consumers, Equity, EVs, GM, Homegrown, Honda, Income, JV, Manufacturers, Market, Money pit, Once-lucrative, Toyota, Volkswagen
New York Times (May 27)
“The United States, Europe and other wealthy nations are trying frantically to catch up” to China which, according to the IEA, “accounted for 85 percent of all clean-energy manufacturing investment in the world” in 2022. These nations are now “spending huge amounts on subsidizing homegrown companies while also seeking to block competing Chinese products.” They seem to be making “modest inroads” with China’s share of investment falling to 75% in 2023.
Tags: 2022, 2023, Catch up, China, Clean-energy, Competing, Europe, Homegrown, IEA, Inroads, Manufacturing investment, Subsidizing, U.S., Wealthy nations
