Latest news with #Chinese-controlled
Yahoo
12-06-2025
- Automotive
- Yahoo
Pirelli investors back 2024 earnings report despite opposition from China's Sinochem
MILAN (Reuters) -Pirelli investors on Thursday approved the Italian tyremaker's earnings report for last year despite the opposition of its largest shareholder, the Chinese state-controlled group Sinochem, the company said. The outcome of the vote suggests that Sinochem, whose influence over Pirelli has been restricted by the Italian government, no longer has effective control over the company. Sinochem, which owns a 37% stake, has crossed swords with the company and its second largest shareholder Camfin, which claim that a large Chinese presence in Pirelli poses a threat to its ambitions to expand its business in the United States. The Pirelli statement confirmed that Sinochem had been the only shareholder to vote against the approval of the annual report for 2024. The shareholder meeting also approved the payment of 250 million euros to investors as a dividend, the equivalent of 0.25 euro per share. Washington is cracking down on Chinese technology in the automotive industry by banning key software and hardware from Chinese-controlled companies in connected vehicles on U.S. roads. The Italian government is seeking clarity from the United States about possible restrictions on Pirelli's U.S. activities due to its Chinese investor, Reuters reported on Wednesday. As part of the governance dispute, some Sinochem representatives on Pirelli's board, including Chairman Jiao Jian, earlier this year voted against the group's financial statement for 2024. Some Sinochem board members also voted against Pirelli's results for the first quarter of 2025. The Italian government intervened two years ago to curb Sinochem's influence in Pirelli and to protect the autonomy of its management under so-called "golden power" legislation for companies deemed of strategic importance. Camfin, which owns a 27.4% stake in Pirelli, is the vehicle of Executive Vice-Chairman Marco Tronchetti Provera, the Italian businessman who has been the company's top boss for more than three decades. In a challenging context for the whole automotive industry, Pirelli last year posted above-target results, with a 2% revenue increase and a margin on adjusted operating profit rising to 15.7%. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
West Australian
12-06-2025
- Business
- West Australian
EV Resources locks in historical antimony project in Mexico
EV Resources has officially sealed a 70 per cent stake in its high-grade Los Lirios antimony mine in Oaxaca, Mexico. The company now aims to fast-track the critical minerals project towards mine development thanks to a string of recent value-accretive project divestments. The company has executed a binding assignment of mining rights over the 1552-hectare project, which includes three mining concessions. The three historic open pits and multiple underground workings previously churned out commercial-grade direct shipping ore (DSO). EVR owns 70 per cent of a new joint venture entity that holds the project. It will now look to leverage proceeds from several recent shrewd divestments to fast-track development at Los Lirios, positioning itself to capitalise on an skyrocketing antimony market amid global, Chinese-controlled supply constraints. EVR will now steer the ship at Los Lirios, providing management and capital to ramp up production to a targeted 300 tonnes DSO per day. The company is wasting no time, with 30-kilogram samples already undergoing ore characterisation and mineralogy analysis. It expects to soon receive the results. The samples will feed into recovery test work focused on gravity methods, which have proven effective for antimony in Mexico. EVR is also in talks with owners of permitted plant sites to establish a pilot processing plant. Its aggressive timeline will look to cash in on its staggeringly high-grade ore, which includes stockpile assays as high as 29.17 per cent stibnite – the primary antimony sulphide ore. Fuelling this ambitious push are the proceeds from the company's recent portfolio rationalisation, including the recent blockbuster sale of its Yanamina gold-silver project in Peru to TSX-listed Daura Gold for up to US$6 million (A$9.3M). Similarly, EVR recently disposed of its Coyote Creek antimony project in Utah to Trigg Minerals for a handy $450,000 in cash and shares, delivering a tidy profit on an asset acquired for less than $150,000 just one month earlier. The sale of the La Cienega copper project in Arizona to Magnum Mining and Exploration, with a 2 per cent royalty on future production, further bolsters the company's future earnings potential. The savvy divestments have armed EVR with a war chest to accelerate development at Los Lirios and its Parag copper-molybdenum porphyry project in Peru. The company's strengthened cash position allows it to fund critical exploration and development activities, including sampling, trenching and drilling programs, which are set to kick off at Los Lirios early next year. EVR is eyeing strategic partnerships to unlock Parag's massive porphyry-style potential, after a previous drilling program delivered some eye-popping molybdenum intersections such as 18 metres running 1.7 per cent copper and 0.4 per cent moly from just 11m. As Los Lirios shapes up as a cornerstone asset for the company's Americas-focused strategy, EVR can now channel its divestment proceeds to fast-track its antimony supply. That could also help relieve the unprecedented market pressure pushing the price of the critical metal to a massive US$60,000 (A$92,000) per tonne. Is your ASX-listed company doing something interesting? Contact:
Yahoo
11-06-2025
- Automotive
- Yahoo
Bad news for Tesla: Britain is going bonkers for Chinese cars
Sales of BYD and other Chinese EVs are surging in tariff-free UK, even as Tesla's plummet. One analyst told BI it's proof that in a straight fight, BYD can quickly take market share from legacy automakers. The US imposed 100% tariffs on Chinese EVs last year, and Elon Musk warned that they could "demolish" Western rivals. Tesla might be safe from Chinese EV competition in the US — but across the Atlantic in the UK, China's automakers are booming. Sales of Chinese cars have surged this year in Britain, even as Tesla's sales have cratered, with the likes of BYD growing at enormous speed in the tariff-free market. According to data from the Society of Motor Manufacturers and Traders, vehicles manufactured in China made up 9.4% of all UK sales in May, up from 7.7% in April, and up from 5.5% in May 2024. The surge was driven by BYD. The Chinese EV giant recorded a 400% rise in sales from a year earlier, while Polestar, which is owned by Chinese conglomerate Geely, saw its sales spike by nearly 300%. In contrast to its Chinese rivals, Tesla, which is battling a global sales slump amid protests and backlash against CEO Elon Musk's political interventions, saw its sales collapse 36% in the UK in May. Unlike the US and Europe, the UK has not imposed tariffs on Chinese EVs, and JATO Dynamics analyst Felipe Munoz told Business Insider that the lack of import taxes made the UK a "free market" for Chinese carmakers. In the US, Chinese electric cars were hit with a 100% tariff last year, while the European Union has imposed import taxes of up to 35% on specific manufacturers, with BYD facing a 17% tariff. Munoz said the growing popularity of Chinese cars in the UK offers evidence that the likes of BYD can quickly take market share from Tesla and legacy automakers. "It's sending a message to the legacy carmakers, Tesla and many others, that the Chinese can gain market share very easily, because their cars are very competitive compared to what you see in the legacy carmakers," said Munoz. Munoz said Chinese-controlled firms like BYD and MG, a historic British brand now owned by Chinese company SAIC, had achieved success in the UK by offering a broad spectrum of new models, including both EVs and plug-in hybrids. He added that BYD was introducing new, high-quality models at such competitive prices so quickly in the UK that it was outweighing the lack of brand awareness that usually limits the growth of carmakers when they enter a new market. BYD's cheapest model in the UK, the Dolphin Surf hatchback, is expected to cost around £18,000 ($24,500) when it goes on sale this week, more than £20,000 ($27,000) less than the starting price of Tesla's Model 3. While Tesla sales slumped, US automaker did manage to outsell Jaecoo and Omoda, two relatively unknown Chinese brands that beat Tesla in April, but lagged behind BYD and MG. Tesla's struggles in the UK are a dire warning for the company as it faces growing competition from Chinese carmakers around the globe. The rapid rise of BYD and its rivals has sent shockwaves throughout the auto industry, with Chinese carmakers putting Western and Japanese carmakers in China under severe pressure with a wave of affordable, high-tech electric and hybrid cars. Now, many of those Chinese automakers are eyeing global expansion, with BYD vowing to sell half of its cars overseas by 2030, according to a recent report from Reuters. Musk himself warned last year that without trade barriers, Chinese carmakers would "demolish" their Western rivals — and what's happening in the UK seems to be proving him right. Ultimately, Munoz said the growing popularity of Chinese cars in the UK offers evidence that, in a straight fight, the likes of BYD can quickly take market share from Tesla and legacy automakers. The analyst said that while tariffs would slow BYD and its rivals down, it was unlikely to stop them entirely. Munoz pointed to BYD's growing sales in Europe, where the brand has adapted its strategy to deal with the EU's 17% tariff by selling more hybrid cars, which are exempt from tariffs. "With or without tariffs, these guys are coming. The tariffs are not going to stop them," he said. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
11-06-2025
- Business
- Yahoo
Peru, the US's top blueberry supplier, looks to China as tariffs hit
STORY: For more than a decade, Peru's blueberries have rolled north to U.S. supermarket shelves. But now, growers are looking at markets in China amid the new U.S. tariffs. China has insatiable demand and has built a huge new port near Lima that cuts shipping time across the Pacific in half. Miguel Bentin is a general manager of major blueberry producer, the Valle y Pampa farm. "I believe the full potential of the Chinese market for our products has not yet been fully realized." He said the farm began production in 2012 when the blueberry harvest was a tenth of the size it is today. Thanks to genetic innovations, varieties like Eureka Sunset can now grow in arid landscapes like the Pisco Desert. The farm typically ships 60% of its blueberries to the United States and the rest to Europe. This year, though, it is planning its first big Chinese shipment to mitigate the impact of 10% in U.S. tariffs. Peru overtook Chile in 2021 as the world's largest exporter of blueberries. According to Peru's Foreign Trade and Tourism Ministry, U.S. tariffs could slow the fruit's booming rise, that boosted Peru's exports by some $2.3 billion last year. Seller Kelly Montalvo told Reuters in May that the tariffs have affected her business because people buy less when the produce becomes more expensive. Exports of blueberries dipped 30% year-on-year in the first quarter of this year, due to a change in harvest timing. Even as quarterly U.S. shipments ticked down, those to China rose from a lower base. Bentin is forecasting a noticeable increase to China as the harvest begins to peak around August. Peru's new Chinese-controlled port of Chancay cuts the sea journey times to Asia in half to just around 20 days - a big plus for keeping fruit fresh. Bentin called the port a "game changer". Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
11-06-2025
- Automotive
- Business Insider
Bad news for Tesla: Britain is going bonkers for Chinese cars
Tesla might be safe from Chinese EV competition in the US — but across the Atlantic in the UK, China's automakers are booming. Sales of Chinese cars have surged this year in Britain, even as Tesla's sales have cratered, with the likes of BYD growing at enormous speed in the tariff-free market. According to data from the Society of Motor Manufacturers and Traders, vehicles manufactured in China made up 9.4% of all UK sales in May, up from 7.7% in April, and up from 5.5% in May 2024. The surge was driven by BYD. The Chinese EV giant recorded a 400% rise in sales from a year earlier, while Polestar, which is owned by Chinese conglomerate Geely, saw its sales spike by nearly 300%. In contrast to its Chinese rivals, Tesla, which is battling a global sales slump amid protests and backlash against CEO Elon Musk's political interventions, saw its sales collapse 36% in the UK in May. Unlike the US and Europe, the UK has not imposed tariffs on Chinese EVs, and JATO Dynamics analyst Felipe Munoz told Business Insider that the lack of import taxes made the UK a "free market" for Chinese carmakers. In the US, Chinese electric cars were hit with a 100% tariff last year, while the European Union has imposed import taxes of up to 35% on specific manufacturers, with BYD facing a 17% tariff. Munoz said the growing popularity of Chinese cars in the UK offers evidence that the likes of BYD can quickly take market share from Tesla and legacy automakers. "It's sending a message to the legacy carmakers, Tesla and many others, that the Chinese can gain market share very easily, because their cars are very competitive compared to what you see in the legacy carmakers," said Munoz. Munoz said Chinese-controlled firms like BYD and MG, a historic British brand now owned by Chinese company SAIC, had achieved success in the UK by offering a broad spectrum of new models, including both EVs and plug-in hybrids. He added that BYD was introducing new, high-quality models at such competitive prices so quickly in the UK that it was outweighing the lack of brand awareness that usually limits the growth of carmakers when they enter a new market. BYD's cheapest model in the UK, the Dolphin Surf hatchback, is expected to cost around £18,000 ($24,500) when it goes on sale this week, more than £20,000 ($27,000) less than the starting price of Tesla's Model 3. While Tesla sales slumped, US automaker did manage to outsell Jaecoo and Omoda, two relatively unknown Chinese brands that beat Tesla in April, but lagged behind BYD and MG. A warning sign for Tesla Tesla's struggles in the UK are a dire warning for the company as it faces growing competition from Chinese carmakers around the globe. The rapid rise of BYD and its rivals has sent shockwaves throughout the auto industry, with Chinese carmakers putting Western and Japanese carmakers in China under severe pressure with a wave of affordable, high-tech electric and hybrid cars. Now, many of those Chinese automakers are eyeing global expansion, with BYD vowing to sell half of its cars overseas by 2030, according to a recent report from Reuters. Musk himself warned last year that without trade barriers, Chinese carmakers would "demolish" their Western rivals — and what's happening in the UK seems to be proving him right. Ultimately, Munoz said the growing popularity of Chinese cars in the UK offers evidence that, in a straight fight, the likes of BYD can quickly take market share from Tesla and legacy automakers. The analyst said that while tariffs would slow BYD and its rivals down, it was unlikely to stop them entirely. Munoz pointed to BYD's growing sales in Europe, where the brand has adapted its strategy to deal with the EU's 17% tariff by selling more hybrid cars, which are exempt from tariffs. "With or without tariffs, these guys are coming. The tariffs are not going to stop them," he said.
