BMW Profits Plunge as Chinese Demand Crashes

Oliver Zipse, BMW’s chief executive has warned of “extraordinary challenges” as the company became the latest carmaker to post a large drop in China sales. 

 

BMW on Wednesday revealed profits from July to September had plunged 84 percent compared to a year earlier, to €476 million. It followed a 13 percent drop in vehicle deliveries, including a 30 percent slump in the Chinese market, which they rely on for one third of all sales. 

 

In another blow, BMW cars have also been hit by problems with the integrated brake system supplied by Continental AG that forced the German automotive giant to recall 1.5 million cars and delivery delays expected for around 320,000 vehicles. 

 

The results come after similarly bleak reports from other top manufacturers such as Volkswagen, as Chinese consumers spurn Western brands for cheaper, high-tech, domestically made alternatives. 

 

 

 

 

 

 

 

 

 

 

 

Celtic returned to the top of the Scottish Premiership with a hard-fought 2-0 win against Kilmarnock yesterday. 

 

After reaching the League Cup final and their impressive Champions League victory over RB Leipzig, the Glasgow team knew they had to end the week on a high after Aberdeen's win over Dundee took them to the summit on Saturday.

 

With half-time approaching, Callum McGregor put Celtic in front, his curling cross from outside the box finding its way past the Killie goalkeeper. Nicolas Kuhn wrapped up the win when he smashed a shot into the corner in the seventy-first minute. 

 

The Scottish champions will next face Hearts on November 24, after the international break.

Xiaomi SU7 Clone Nicknamed Redmi SU7

A copycat of the Xiaomi SU7 sedan has been spotted in China. 

 

The license plate tells us the EV’s name is Yunlei (韵蕾) and the badge reveals the manufacturer as Shandong Yanlu New Energy. Despite Xiaomi SU7 being a sedan, its clone is a compact SUV. Xiaomi will unveil their first SUV early next year, so Yunlei is way ahead of its time. 

 

Also, Yanlu’s designer did a pretty good job, as the front face, headlights, and hood shape are quite accurate, as is Xiaomi’s Blue Bay signature color. 

 

The Xiaomi SU7 clone belongs to the category of low-speed electric vehicles (LSEVs). 

 

LSEVs are small, affordable electric cars with limited speed and range, mainly used for short city trips and popular for their low cost and minimal regulations. Seniors mainly used them and were often copycats of expensive legacy cars. Their popularity culminated a few years ago. 

 

However, Yunlei EV proves that LSEVs are not yet done in China. 

 

Yunlei EV is manufactured in Gaotang County in Shandong province, about four hours south of Beijing, where Shandong Yanlu New Energy are based. 

 

“Our company take independent research and development as the core value and adheres to the business philosophy of environmental protection”, the company, which focused mainly on producing electric tricycles, claim. Chinese social media users nicknamed Yunlai a Redmi SU7, referring to Xiaomi’s low-cost smartphone series. 

 

LSEVs were famous in China for providing cheap copies of famous vehicles. You could, for example, buy an electric Bodo BD10, a replica of the Hummer H2, Buggati Chiron, or Volkswagen UP! clones. The price was usually no more than 30,000 yuan ($4,200). The cars had only a few horsepower. 

 

FYI, Xiaomi SU7 was launched on March 28 in China. CEO Lei Jun said they will deliver 100,000 units by the end of November, exceeding the original target. The new target is 120,000 units delivered by the end of the year. 

 

And on October 29, Xiaomi Auto unveil the production model of the Xiaomi SU7 Ultra, positioning the battery-electric vehicle as the world’s most powerful and fastest road-going sedan with 1,527 hp and a top speed of 207 mph (333 km/h). Pre-orders have already started, and the company announced a starting price of 814,900 yuan ($111,700).

 

 

 

 

 

 

 

 

 

 

By comparison, Porsche's Taycan Turbo GT retails at $230,000.

 

With the SU7 Ultra, Xiaomi signal a serious entry into the high-performance electric-vehicle market, but its success will likely depend on its reception beyond the domestic Chinese market as it aims to challenge performance-car mainstays such as Porsche, Tesla, Mercedes-Benz, BMW and Audi.