Japan, ASEAN to counter China's EV grip
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Japan and the Association of Southeast Asian Nations (ASEAN) plan to create their first joint strategy on automobile production and sales within the Southeast Asian bloc to counter China's increasing presence in the electric vehicle (EV) market. The aim is to draw up an interim joint strategy through around 2035 when the Japanese and ASEAN economic ministers meet next September. Japan intends to use 140 billion yen from its Ministry of Economy, Trade and Industry budget for assistance to the Global South for personnel training. China's National Development and Reform Commission announced measures to strengthen the leading position of the country's EV industry. XPeng's shares jumped over 7 percent in Hong Kong as it revealed its new artificial intelligence initiative. XPeng plans to launch new products in the second half of the year and is confident in sales growth via product upgrading and AI. Li Auto's first-quarter net profit slumped 72 percent quarter-on-quarter to 1.28 billion yuan, though total deliveries grew 52 percent year-on-year to 80,400 units. Xiaomi's electric vehicle unit and China's battery giant CATL have set up a joint venture on battery manufacturing with a registered capital of 1 billion yuan. Tesla is working to appease European leasing companies after retail price cuts affected their fleets' value and slow service and expensive repairs alienated corporate customers.

#Japan #Asean #China #ElectricVehicles #AutomobileProduction #Sales #EvMarket #Strategy #Xpeng #LiAuto #Xiaomi #Catl #Tesla

https://www.thestandard.com.hk/section-news/section/2/262899/Japan,-ASEAN-to-counter-China%27s-EV-grip