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<keyword id="4233468" type="General" weightage="80" keywordseo="mg-motor-india" source="Orion">MG Motor India</keyword> on Wednesday said it plans to offer majority stakes to local partners over the next 2-4 years as part of a five-year business roadmap in the country. <keyword id="5287148" type="General" weightage="100" keywordseo="mg-motor" source="Orion">MG Motor</keyword> is a British brand which is currently owned by China's largest automaker <keyword id="317281" type="General" weightage="20" keywordseo="saic-motor-corp-" source="Orion">SAIC Motor Corp.</keyword> The automaker, which has lined up Rs 5,000 crore to expand operations in the country by 2028, has been looking to raise capital for sometime now to fund its next phase of growth. The company's plans to bring in more capital to the country from its Chinese parent have not been successful so far. As per industry sources, the automaker has been waiting for government approval for around two years now and has therefore started looking for other options to raise capital. Elaborating on its roadmap, the company said it has plans to set up its second manufacturing plant in the country, taking its installed capacity to 3 lakh units per annum and roll out new products for the domestic market, including electric vehicles, as part of its five-year business roadmap in the country. The company currently rolls out products from its manufacturing plant in <keyword id="6389723" type="General" weightage="20" keywordseo="halol" source="Orion">Halol</keyword>, Gujarat, which it had acquired from <keyword id="4581" type="General" weightage="50" keywordseo="general-motors" source="Orion">General Motors</keyword>. The Halol plant can produce up to 1.2 lakh units per year. The automaker said it aims to launch 4-5 new cars in the country, with a focus on EVs. The company expects its EV portfolio to contribute up to 65-75 per cent of total sales in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, it noted. The automaker said it is also exploring setting up cell manufacturing and hydrogen fuel-cell technology through joint ventures or third-party manufacturing. With expansion plans in place, the automaker aims to have a total workforce of 20,000 by 2028. "The company's unwavering dedication to India is deeply ingrained in our <keyword id="16833980" type="DOMAIN" weightage="20" keywordseo="ethos" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="ethos" meta.entityname="Ethos Ltd." meta.entityid="23844" meta.seoname="ethos-ltd">ethos</keyword>. As we pave the way for our next phase of sustainable growth, we have outlined a clear roadmap and vision for 2028. Our growth strategy is centred around strengthening localisation, aligning more closely with the government's 'make in India' initiative while innovatively augmenting our promise consistently, and diligently meeting the evolving needs of the market," MG Motor India CEO <keyword id="17374417" type="General" weightage="50" keywordseo="emeritus-rajeev-chaba" source="Orion">Emeritus Rajeev Chaba</keyword> stated. He further said that the automaker is committed to making a positive impact on society. Chaba also highlighted the company's focus on promoting gender diversity. The company said it aims to train 1,00,000 students under its 'MG Nurture' programme. The students will be trained in EV, <keyword id="2572482" type="General" weightage="50" keywordseo="adas" source="Orion">ADAS</keyword> and connected car technologies. MG Motor India sells models like <keyword id="1027495" type="General" weightage="50" keywordseo="hector" source="Orion">Hector</keyword>, Astor, <keyword id="1218145" type="DOMAIN" weightage="20" keywordseo="gloster" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="gloster" meta.entityname="Gloster Ltd." meta.entityid="12267" meta.seoname="gloster-ltd">Gloster</keyword> and ZS EVs in the market. It recently introduced a small EV, Comet, in the domestic market. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/top-10-fastest-fifties-in-ipl-history/slidelist/100126211.cms">Top 10 fastest fifties in IPL history</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/investment-supertrends-2023-ai-to-digitalisation-and-green-energy/articleshow/100126382.cms">AI to digitalisation and green energy: Supertrends defining investment for today and the future</a>

MG Motor India plans to dilute majority stakes to local partners

<a href="http://www.businessinsider.in/searchresult.cms?query=Jack+Ma&amp;sortorder=effectivedate">Jack Ma</a>’s <a href="http://www.businessinsider.in/searchresult.cms?query=Alibaba+Group&amp;sortorder=effectivedate">Alibaba Group</a> today launched the OS'Car, the first <keyword id="3472898" type="UNKNOWN" weightage="40" keywordseo="YunOS">YunOS</keyword> enabled, mass produced <a href="http://www.businessinsider.in/searchresult.cms?query=internet+car&amp;sortorder=effectivedate">internet car</a>, in collaboration with <keyword id="142975" type="COMPANY" weightage="60" keywordseo="SAIC-Motor-Corp">SAIC Motor Corp</keyword>. 
 The smart operating system tailored for the automotive industry ‘YunOS for cars’ was touted as a milestone for <keyword id="302749" type="COMPANY" weightage="60" keywordseo="Alibaba">Alibaba</keyword>’s <a href="http://www.businessinsider.in/searchresult.cms?query=Internet+of+Things&amp;sortorder=effectivedate">Internet of Things</a> (IoT) strategy. 
 
“Humans have made machines more intelligent in the past few decades. What we hope to achieve in the coming decades is to inject machines with human wisdom. Just as software programs have made the phone smarter today, YunOS will make cars an even more indispensable part of human life in the future society. Today marks the dawn of that new era. We feel proud and privileged to be playing a part in driving that change”, <a href="http://www.businessinsider.in/searchresult.cms?query=Jack+Ma&amp;sortorder=effectivedate">Jack Ma</a>, Executive Chairman of <a href="http://www.businessinsider.in/searchresult.cms?query=Alibaba+Group&amp;sortorder=effectivedate">Alibaba Group</a> said. 
 
The OS’Car RX5 is the first ‘Internet-connected Car’ of its kind in mass production. It was co-developed after two years of intensive study and collaboration. 
 
 “What we are creating is not ‘internet in the car’, but a ‘car on the internet’. This is a significant milestone in the automobile industry. Smart operating systems become the second engine of cars, while data is the new fuel,” said Dr. Wang Jian, Chairman of Technology Steering Committee of <a href="http://www.businessinsider.in/searchresult.cms?query=Alibaba+Group&amp;sortorder=effectivedate">Alibaba Group</a>. 
 
Here are a couple of its features: 
 
· An intelligent map which enables instant and precise location by sub-meter, location tracking without Wi-Fi or GPS, automatic change in map zoom size based on the car speed 
· The car is able to take direct commands through smart voice control, creating a more natural and safer driving environment. Audio is the primary mode for controlling the system. 
· Equipped with up to four detachable action cameras, it enables video recordings of the journey and 360-degree in-car selfies. The selfies can be shared instantly with friends via the connected smart phone. 
· As the first car with an “Internet ID”, OS’Car can recognize the driver through connected smart phones or smart watches. It also enables personalized internet services such as greetings, preferred music and destinations. 
· Three integrated screens– a large touch screen, LED dashboard and an intelligent rear-view mirror - result in safer driving. 
· OS’Car RX5 uses an open platform, for different smart hardware and services which will enable the introduction of additional premium and creative driving experiences for users. 
 
The OS’Car RX5 is currently available for sale from RMB 99,800 (Rs. 10.06 lakhs) to RMB 186,800 (Rs. 18.83 lakhs). 
 
Have fun! 
 
<a href="http://cdn2.gbtimes.com/cdn/farfuture/1pGO6kb_lM69FXg33oOGSk2zcFoLZfTTYGA7rb1AvJo/mtime:1467878701/sites/default/files/styles/768_wide/public/2016/07/07/alibaba-jack-ma-internet-car.jpg?itok=WpnbLzWU">Image Source</a>

Move aside Google, Alibaba's Jack Ma now has his own Internet Car

China's biggest automobile manufacturer <keyword id="64310" type="CITY" weightage="100" keywordseo="SAIC">SAIC</keyword> Motor Corp is all set to become the next company to become a part of the Modi Goevrnment’s <keyword id="6354869" type="UNKNOWN" weightage="100" keywordseo="make-in-India">Make in India</keyword> campaign. It plans to buy the Gujarat factory of the American carmaker <keyword id="4581" type="CITY" weightage="100" keywordseo="general-motors">General Motors</keyword>. SAIC, which partners <keyword id="6372405" type="CITY" weightage="100" keywordseo="GM">GM</keyword> in China and holds a single digit percentage share in the US company's India operations, is conducting a due-diligence of the <keyword id="6389723" type="CITY" weightage="100" keywordseo="Halol">Halol</keyword> factory that GM will vacate by July as it focusses on operations through its plant at Talegaon in Maharashtra. "The company is in advanced stages of negotiations with GM on the matter," a top industry official told TOI. 

	SAIC -which also partners German auto giant Volkswagen in China -will be the first major automotive company from dragon land to start manufacturing in India, if the deal with GM materializes. The company is expected to begin its India operations by contract-manufacturing GM India's models that are already being made at Halol, sources said.
 

	A spokesperson for GM India told TNN, "We are examining a number of options in relation to the Halol factory. We have nothing further to announce at this time." 
 

	SAIC had bailed out GM's India operations in 2010 when the company was battling bankruptcy in the US. GM's Indian business has been a laggard for many years. "After getting control of the Halol plant, SAIC may also sell its holding in GM India," a source said. 
 

	Halol, GM's first factory in India, has a capacity of 1.1 kers.

	 
	 
	(Image credits: indiatimes)

China's SAIC plans to Make in India soon

<ul class="summary-list"><li><keyword id="12087066" type="UNKNOWN" weightage="60" keywordseo="shanghai" source="Orion">Shanghai</keyword> locked down parts of the city this week to battle a rise in COVID-19 cases.</li><li><keyword id="12012630" type="UNKNOWN" weightage="60" keywordseo="general-motors" source="Orion">General Motors</keyword> is asking workers to sleep on its factory floors in Shanghai, Reuters reported.</li></ul>General Motors is asking workers to sleep on the floors of its Shanghai factories to keep production going during the city's new COVID-19 lockdown, <a href="https://www.reuters.com/business/autos-transportation/gm-keeps-up-shanghai-output-with-workers-sleeping-factory-floor-sources-2022-03-29/">Reuters reported</a>, citing two people familiar with the matter.<keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword>, which has pursued a zero-COVID strategy throughout the pandemic, is battling several new outbreaks of COVID-19.The city of Shanghai <a href="https://www.scmp.com/news/china/politics/article/3172101/coronavirus-shanghai-lockdowns-split-chinas-financial-hub">said Sunday it was locking down</a> half of the city from Monday to Friday while it launched a mass COVID-19 testing drive. The other half of the city is to be locked down for the same period starting April 1. While the lockdowns last, China has told companies based in the zone to enforce a "closed-loop" arrangements, whereby workers live and work in a bubble away from the public, Reuters said.To accommodate this, <keyword id="12019081" type="UNKNOWN" weightage="60" keywordseo="gm" source="Orion">GM</keyword> asked workers to sleep on the factory floor and secured "passes" for its truck drivers, the agency said.A GM spokesperson told Insider: "GM, along with our joint ventures' supply chain and engineering teams, have developed and are continuing to execute contingency plans on a global basis with our suppliers to mitigate the uncertainty related to COVID-19. In the past two years, we have proved the resilience of our operations and our people."The GM factories are run in partnership with China's SAIC Motor Corp and produce Buick, Chevrolet, and Cadillac vehicles.While GM is aiming to keep up production, Tesla suspended production for the lockdown as it couldn't meet the "closed-loop" requirements, <a href="https://www.reuters.com/business/autos-transportation/tesla-suspends-production-shanghai-factory-4-days-comply-with-covid-curbs-2022-03-28/">Reuters previously reported.</a>On Sunday, Shanghai recorded 3,450 cases of COVID-19 — around 70% of the nationwide total, <a href="https://www.theguardian.com/world/2022/mar/28/shanghai-to-lock-down-millions-for-mass-testing-as-chinas-covid-cases-surge">The Guardian reported</a>, citing city authorities.They are China's highest daily COVID-19 case numbers since the early days of the pandemic in Wuhan in February 2020.

General Motors told Shanghai workers to sleep on factory floors to keep up production during the city's new lockdown, report says

<ul class="summary-list"><li>UBS Global Wealth Management believes the <keyword id="5552648" type="UNKNOWN" weightage="60" keywordseo="EV-market">EV market</keyword> still has room to run.</li><li>CIO <keyword id="3648399" type="PERSON" weightage="60" keywordseo="mark-haefele">Mark Haefele</keyword> and a team of analysts laid down three reasons why in a Friday note to clients.</li><li>Electric-vehicle sales jumped 43% in 2020 while overall car sales fell roughly 20%.</li></ul>Electric-vehicle stocks have taken a hit the past few weeks amid a <a href="https://www.businessinsider.com/stock-market-outlook-value-rotation-stocks-jpmorgan-barclays-stimulus-vaccines-2021-3">rotation away</a> from highly valued tech and growth names, but that doesn't mean it's the end of the road for the EV boom, according to Mark Haefele, chief investment officer of UBS Global Wealth Management. Long-term technological and environmental shifts suggest the boom should continue, while acknowledging that volatility in the share prices of individual companies argues for investors to diversify their exposure. Still, Haefele's team said investors should consider the underlying data.Elon Musk's <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> has led an incredible boom for <keyword id="6354973" type="UNKNOWN" weightage="60" keywordseo="electric-vehicles">electric vehicles</keyword> over the past few years, and in 2020 alone, sales of electric cars rose 43% while overall car sales slumped 20%, according to data published on Tuesday by <a href="http://www.ev-volumes.com/">EV-volumes.com</a>. The market has grown so much that these days, Tesla is just one of dozens of competitors in the rapidly-expanding industry.In fact, Tesla's <a href="https://www.businessinsider.com/tesla-losing-electric-car-lead-ford-mustang-mach-e-sales-2021-3">share of the US EV market</a> fell to 69% in February, down from 81% in the prior year, a Morgan Stanley report found.It's getting more crowded, too, as every major car company in the US has said they will be entering the EV market.<a href="https://markets.businessinsider.com/stocks/gm-stock">General Motors</a> recently <a href="https://www.businessinsider.com/gm-planning-ev-surge-tesla-has-nothing-to-worry-about-2021-1">pledged to invest</a> $27 billion to launch 30 EV models by 2025, and it has showed off new cars like an electric <a href="https://www.businessinsider.com/gmc-hummer-ev-convert-pickup-truck-buyers-electric-super-truck-2020-10">Hummer</a>, which is set to be released in 2022. <a href="https://markets.businessinsider.com/stocks/f-stock">Ford</a> released the Mustang Mach-E, which has <a href="https://www.businessinsider.com/tesla-losing-electric-car-lead-ford-mustang-mach-e-sales-2021-3">taken market share</a> from Tesla, and VW recently unveiled its plans to build <a href="https://markets.businessinsider.com/news/stocks/volkswagen-stock-price-surges-battery-factories-to-compete-with-tesla-2021-3-1030216255">six "gigafactories"</a> in Europe by 2030 to aid with its EV business.In China, EV players like SAIC Motor Corporation are targeting the lower-end market with cars starting at just $4,465. The company sold over <a href="https://www.businessinsider.com/tesla-model-3-saic-motor-hong-guang-electric-vehicle-china-2021-2">25,000 Hong Guang Minis</a> in January alone. Public transit is also getting a revamp from EV companies. Proterra, a company that makes electric public and school buses, inked a deal to go public via billionaire investor <a href="https://www.businessinsider.com/palihapitiyas-biggest-investment-climate-change-arclight-clean-transition-merge-proterra-2021-1">Chamath Palihapitiya's SPAC Arc Light Clean Transition Corp.</a> in January. Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-pandemic-seismic-shifts-financials-btig-emanuel-2021-3" target="_blank" rel="noopener">Buy these 30 stocks that are best-placed to benefit from the pandemic's 'seismic shifts' and continue surging in its aftermath, BTIG says</a>Many analysts argue the EV boom is set to continue. Wedbush's Dan Ives said in a recent note to clients that he believes the "EV party and transformation is just beginning as this industry is on the cusp of a $5 trillion market opportunity over the next decade."Haefele and his team agree with Ives, detailed below are three reasons why they see a long way to run for the EV boom.<ol><li>"Electric vehicles continue to rapidly gain market share. Electric vehicle sales have been rapidly gaining market share. The diverging paths of automakers have been confirmed during the pandemic. While the overall auto market contracted by 15% in 2020, global electric vehicle sales rose by 43%, reaching a 4.2% market share. This trend looks set to continue and will benefit pure EV makers, as well as traditional automakers that are adapting fastest to the growing consumer preference for electric vehicles," Haefele and co. wrote.</li><li>"Electrification of vehicles is still 'The Next Big Thing' in the automotive industry. Tighter emission regulations mean there is no alternative to the switchover from combustion to electric engines - be they battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), or fuel cell vehicles (FCV). This move toward electric has also been embraced by traditional automakers such as Volkswagen, which has pledged investment of over EUR 50bn in its EV strategy as it aims to catch up with Tesla," Haefele and co. wrote.</li><li>"The transformation underway in the auto sector goes beyond drive trains. We see parallel technological advances in the sector, along with a shift in consumer preferences away from ownership. On technology, progress is being made in areas such as autonomous driving, helped by the rollout of 5G networks. On the issue of ownership, increasing mobile connectivity and changing preferences among younger age groups are leading to the rise of car-sharing models. In the future, using a car will not automatically mean owning one. Overall, we foresee potential sales of some USD 400bn connected to our Smart Mobility theme by 2025, of which electrification represents more than half, an eight- to nine-fold increase on today's figure," Haefele and co. wrote.</li></ol>Read more: <a href="https://www.businessinsider.com/investing-strategy-outperformance-moonshots-arkk-innovation-etf-moon-dave-mazza-2021-3" target="_blank" rel="noopener">An innovation ETF is crushing competitors with 40% returns this year even as tech stocks flounder. The provider breaks down its 2-part playbook for selecting moonshots - and knowing the perfect time to sell</a>

3 reasons why the recent electric vehicle stock-price correction isn't the end of the road for the EV trend, according to the world's largest wealth manager

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://www.apimages.com/OneUp.aspx?st=k&amp;kw=china%20general%20motors&amp;showact=results&amp;sort=relevance&amp;intv=None&amp;sh=10&amp;kwstyle=and&amp;adte=1349913567&amp;pagez=60&amp;cfasstyle=AND&amp;rids=d2c13a5c9de5da11af9f0014c2589dfb&amp;dbm=PY2002&amp;page=1&amp;xslt=1&amp;mediatype=Photo">AP Images</a></div></div></div>SHANGHAI (Reuters) - General Motors Co <GM.N> and its China joint venture partner will recall close to 1.5 million vehicles due to potential safety issues in one of the biggest recalls in the world's biggest autos market.</GM.N>
Shanghai General Motors Co Ltd, GM's venture with SAIC Motor Corp &lt;600104.SS&gt;, will recall about 1.46 million Buick and Chevrolet models produced locally due to issues with a bracket that secures the fuel oil pump, the country's quality watchdog said on Friday.
Some of the recalled vehicles include the Chevy Sail which is exported to emerging markets, a Shanghai-basedGM official said.
Separately, the watchdog said Ford Motor Co's <F.N> joint venture with Chongqing Changan Automobile Co Ltd &lt;000625.SZ&gt; will recall close to 81,000 of its Kuga cars over a steering part.</F.N>
U.S. carmakers in China have outpaced growth in the overall market, boosted by their popular product line-ups and partly as Japanese rivals were hit last year by anti-Japan protests following a territorial dispute between Beijing and Tokyo.
GM sold 2.89 million vehicles in China in January-November, up 11.4 percent from a year earlier, while Ford sold 840,975 vehicles, up 51 percent.
Last month, Volkswagen's <VOWG_p.DE> Chinese unit recalled 640,309 vehicles for checks that they were using mineral oil rather than synthetic oil to avoid gearbox-related electronic flaws. That was part of a broader global recall over a range of issues with several models. It also pulled 207,778 Tiguan compact sport-utility vehicles off the road due to a risk of a partial light malfunction.</VOWG_p.DE>
GM makes vehicles in China in partnership with both FAW Group &lt;000800.SZ&gt; and SAIC. Ford has manufacturing and sales ventures in China with Changan Automobile and Jiangling Motors Corp &lt;000550.SZ&gt;.
(Reporting by Kazunori Takada; Additional reporting by Norihiko Shirouzu in BEIJING; Editing by Ian Geoghegan)

GM To Recall 1.5 Million Cars In China

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Thomson ReutersA line of Baidu autonomous vehicles are seen in an undated photo</div></div></div><ul><li>Tech giant Baidu has received Beijing's first licenses to test self-driving vehicles on the capital city's roads.</li><li>The cars, which are permitted to travel on 33 roads spanning 105 kilometers (65 miles), took their first drive in Beijing on Thursday.</li><li>Earlier this month a self-driving Uber was involved in a fatal crash in Arizona, raising questions of the technology's safety.</li><li>While Uber and Toyota have temporarily halted self-driving testing, Baidu is pushing forward as China tries to position itself as a leader in autonomous vehicles.</li></ul> China's capital city has given the green light to tech giant Baidu Inc to test self-driving cars on city streets, just days after an <a href="https://www.businessinsider.com/uber-arizona-woman-dies-after-behing-hit-self-driving-car-report-2018-3">autonomous Uber vehicle killed a woman in Arizona</a>.Beijing gave Baidu, best known as China's version of search engine Google, a permit to test its autonomous vehicles on 33 roads spanning around 105 kilometers (65 miles) in the city's less-populated suburbs, the firm said in a statement.It is the first company to receive licenses to conduct open road tests in Beijing, and five cars ventured onto public roads in the Daxing district on Thursday."With supportive policies, we believe that Beijing will become a rising hub for the autonomous driving industry," Baidu Vice-President Zhao Cheng said in the statement. "We hope to work with more partners to pave the way for the full development of autonomous driving."There is growing scrutiny on safety globally after a fatal accident involving an Uber self-driving car in Tempe, Arizona earlier this month. The autonomous Uber, which was driving at about 64 kph (40 mph) at the time, did not slow down for a pedestrian who was hit and later died.It is thought to be the first time a pedestrian has been killed by an autonomous vehicle. The National <keyword id="34991" type="ORGANIZATION" weightage="60" keywordseo="transportation">Transportation</keyword> Safety Board is investigating the crash but the local police chief said "<a href="http://uk.businessinsider.com/tempe-police-chief-uber-likely-not-at-fault-fatal-self-driving-car-crash-2018-3">Uber would likely not be at fault in this incident</a>."Despite this, the company has reportedly paused all self-driving operations in Tempe, San Francisco, and Toronto and a number of other companies, including Toyota, followed suit."Because Toyota Research Institute (TRI) feels the incident may have an emotional effect on its test drivers, TRI has decided to temporarily pause its own Chauffeur mode testing on public roads," <a href="http://www.businessinsider.com/toyota-pauses-self-driving-tests-in-us-after-fatal-uber-accident-2018-3">Toyota told Business Insider</a>.There have also been calls for <a href="https://theconversation.com/after-tempe-fatality-self-driving-car-developers-must-engage-with-public-now-or-risk-rejection-93681">companies to be more transparent about the use of self-driving technology with the public</a>.But in China, Baidu is leading the push for driverless technology, with Beijing keen to keep up with global rivals such as Waymo, the self-driving arm of Google parent Alphabet and Tesla.China issued licenses to auto makers allowing self-driving vehicles to be road tested in Shanghai earlier this month, which included Shanghai-based SAIC Motor Corp Ltd and electric vehicle start-up NIO.Regulations in the sector are, however, still catching up with fast growth and increasing numbers of firms wanting to carry out tests on public roads.Baidu Chief Executive Robin Li tested his firm's driverless car on Beijing's roads last July, stirring controversy as there were no rules for such a test at the time. The firm hopes to get self-driving cars onto the roads in China by 2019.In September last year Baidu announced a $1.5 billion autonomous driving fund, with plans to invest in 100 autonomous driving projects over the next three years. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/wall-street-divided-stocks-after-latest-meltdown-intelligent-investing-2018-3">Wall Street is divided over whether stocks can storm back from their latest meltdown</a></h3> <div> </div> </div>

China's Baidu gets approval to test self-driving cars in Beijing, days after fatal Uber crash in the US

Volkswagen is trying to mix things up overseas to try and nail down some higher profit margins.
The car company is launching a luxury car designed solely for China next year. It is set to be based on Audi's A6, which now holds the top spot in China among luxury sedans. Volkswagen is entering into direct competition with Audi, and hoping it will pay off.
Reuters spoke to two people with knowledge of the plan, though they couldn't elaborate on how the car's features would be specific to China. The Audi A6 in China has a longer body than A6s elsewhere, allowing more leg room and out-sizing many of its rivals.
The price of the VW premium sedan is undetermined, and nearing the A6's 383,000 yuan ($62,375) starting price would risk cannibalizing Audi sales. But Volkswagen, better known for small cars and family-oriented models, is drawn to Audi's margins. Volkswagen sells three times more cars than Audi globally, yet Audi earns more than double the profit of VW-branded cars.
"Volkswagen wants to boost its brand value, which is natural for any company seeking higher margins. But it's not easy," said Yale Zhang, managing director at consultancy Automotive Foresight.
"If Volkswagen's premium car is priced too high, people would go straight to Audi. If the price is not high, then what's the point?"
Volkswagen aims to replicate Audi's success in luxury vehicles at a time when a state crackdown on extravagance among public officials is creating demand for upmarket cars absent of marques typically associated with opulence.
Going upmarket would see the German auto maker trespass into a segment dominated by Audi, BMW <BMWG.DE> and Daimler AG's Mercedes-Benz, which are in turn seeking growth by producing more affordable models closer to Volkswagen's line-up.</BMWG.DE>
"Selling luxury cars makes for fatter profit. Volkswagen believes this segment will continue to grow rapidly," said one of the people, who is not authorized to talk to the media so declined to be identified.
"Premium models under the Volkswagen brand will be especially attractive to those who want a superior car but don't want to catch too much attention," said the person, dismissing the long-term impact of the crackdown.
China's premium car market could surpass that of the United States to become the world's biggest as early as 2016 thanks to increasing affluence, forecast consultancy McKinsey &amp; Co.
The Volkswagen group operates upper-class name plates Audi, Bentley, Porsche and Lamborghini independently to its Volkswagen brand. The group commands over one-fifth of China's passenger vehicle market where it dominates in mid-tier compact sedans.
<h3>CODE NAME 511</h3>
Volkswagen's new premium car is code-named 511, the people said. It was designed inEurope but will be the brand's first large "C-class" sedan manufactured in China - byShanghai Volkswagen, a joint venture with China's SAIC Motor Corp Ltd.
A spokeswoman at Volkswagen in China confirmed the existence of a plan for a C-classcar but declined to provide details. SAIC Motor declined to comment.
Shanghai Volkswagen produces the Santana, China's No. 2-selling compact sedan this year, according to researcher LMC Automotive. But the German auto maker's joint venture with China FAW Group Corp [SASACJ.UL], FAW-Volkswagen Automobile, is more profitable because it builds Audi cars, one of the people said.
Volkswagen earned 1.01 billion euros ($1.29 billion) in operating profit in January-June selling 2.3 million VW passenger vehicles globally. By comparison, Audi earned 2.67 billion euros from 750,000 cars.
Volkswagen's entry into China's high-end car market will begin toward the end of 2015. It has not determined a price for its luxury car but has set an annual sales target of 50,000 vehicles, the person said.
To elevate its brand image, Shanghai Volkswagen will set up 100 upscale dealerships across China over the next three years, where the decor and hospitality will give prospective buyers a different feel of a familiar brand, the second person said.
 
(1 US dollar = 6.1403 Chinese yuan)
(1 US dollar = 0.7769 euro)
 
(Editing by Christopher Cushing)

Volkswagen Has A Bold And Risky New Plan For Higher Margins

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://www.youtube.com/watch?v=R55e-uHQna0">Youtube/Volkswagen</a></div></div></div>BERLIN (Reuters) - <keyword id="6361865" type="CITY" weightage="60" keywordseo="Volkswagen">Volkswagen</keyword> is beset with a large global vehicle recall as Europe's biggest carmaker steps up efforts to surpass Toyota and General Motors in the quest for the top sales spot.
Wolfsburg, Germany-based VW is recalling almost 1.7 million cars, sport-utility vehicles and pick-up trucks worldwide, about half of which are in China, the carmaker's biggest market.
The company's China division said on Thursday that 640,309 vehicles will be recalled from November 25 to change the oil in a number of 7-speed double-clutch gearboxes, without specifying the models affected.
The recall comes a day after China's quality watchdog announced that 207,778 Tiguan compact SUVs, one of VW's three best-selling models globally this year, will be pulled off the world's biggest car market.
"We sincerely apologize to our customers for any inconvenience caused," VW Group China said. "We will do our utmost to serve our customers efficiently and in the shortest time possible."
VW has been pushing rapid growth in China where it aims to double manufacturing capacity to over 4 million carsper annum by 2018, the year it wants to snatch the global sales crown.
Separately, VW's German headquarters said on Thursday that about 800,000 Tiguans assembled between early 2008 and mid-2010 are being recalled for risks of a partial malfunctioning of lights.
The multi-brand group also said on Thursday that it's recalling 239,000 models of its Amarok pick-up truckworldwide for possible leaks in fuel lines. The action affects models built between 2010 and June 2013.
VW doesn't sell the Amarok in China, a spokesman said.
At the heart of VW's global aspirations is a strategy to expand modular production to boost the proportion of parts that can be shared among models and brands, allowing the company to build cars more rapidly and at lower costs.
Analysts have said the strategy isn't without risk and could expose VW to the threat of massive recalls if a single part, used in millions of cars, fails.
China's quality watchdog said the recalls will include VW's imported cars, such as Scirocco, Golf Variant, Golf Cabriolet and the Beetle, as well as those made at its two Chinese joint ventures with FAW and SAIC Motor Corp.
FAW will recall the Bora, Golf, Sagitar and Magotan and Shanghai Volkswagen will recall the Touran, Lavida,Superb, Octavia, Passat and Polo.
(Reporting by Andreas Cremer and Shanghai newsroom;Editing by Elaine Hardcastle)

Volkswagen Is Recalling 1.7 Million Cars Worldwide

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