GLOBAL CURRENCY RESET QUOTES RUSSIA NEW CURRENCY

'It points to how important China is for their global ambitions and, to a lesser degree, the confidence that they can ultimately design, engineer and manufacture products that can compete with Tesla and China EV Inc.' 'VW and GM, who have historically been leaders in the market, both believe they can salvage their positioning and protect the share they currently have,' said Tu Le, an analyst at China-based research firm Sino Auto Insights. 'We've got to have the right EVs at the right price with the right technology,' GM CEO Mary Barra told investors on a conference call on Tuesday, referring to the company's China strategy.

Last month, GM cut the price of the luxury Lyriq by 14% in China. It has sold more than 12,000 Ultium-based EVs since the first model, the Cadillac Lyriq, started sales a year ago. GM, which saw a 9% decline in its Buick, Chevrolet and Cadillac sales in China in the first half, has been counting on EVs developed on its Ultium platform to turn things around.

'This major collaboration between Volkswagen and Xpeng is a milestone for our electrification strategy 'in China for China',' said Ralf Brandstatter, a VW board member on his social media account. Volkswagen, which has been outsold by BYD 002594.SZ since late 2022, announced two agreements on Wednesday aimed at strengthening its position in China: a partnership with China's Xpeng Inc 9868.HK to build two new models from 2026 featuring Xpeng's software, and plans to jointly develop Audi models and a new platform with its Chinese partner SAIC 600104.SS. Top Kremlin economic aide Arkady Dvorkovich said China and Russia would “state their stance that the global currency system needs smooth evolutionary development.”īrazilian President Luiz Inacio “Lula” da Silva said he was keen to explore “the possibility of new trade relations not dependent on the dollar” and India has also said it is open to the debate.That includes Volkswagen VOWG_p.DE and GM. REUTERS/Manuel SilvestriĪs leaders of the Group of Eight rich nations and the major developing powers traveled to Italy for a three-day summit starting on Wednesday, it seemed unlikely the currency debate would get a specific mention in summit documents.īut both G8 member Russia and emerging power Brazil - which like China and India is a member of the “G5” that joins the second day of the summit on Thursday - echoed China’s calls for the currency debate to be taken up by world leaders. Hu is on a state visit to Italy and will attend the summit by G8 and G5 leaders in L'Aquila.

China's President Hu Jintao and his wife Liu Yongqing (centre R) tour Saint Mark's square in Venice July 7, 2009.

GLOBAL CURRENCY RESET QUOTES RUSSIA NEW CURRENCY