WoW Returns to China 🎮, Stellantis and CATL EV Partnership 🚗, Shanghai Airports Surge ✈️

2024-06-30 | subscribe | homepage

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🚀 Headlines

Germany’s AllianzGI buys into Chinese pension firm to tap into burgeoning private pension Market (link)

Allianz Global Investors is subscribing to a new share issuance by Guomin Pension which will give the German asset management giant a 2 percent stake in one of the country’s biggest players in its rapidly growing private pension m. AllianzGI, which is part of Europe’s largest insurer Allianz, is buying 228 million new shares for CNY284 million (USD39.1 million), Guomin Pension, which was set up in March 2022 with a registered capital of CNY11.2 billion (USD1.5 billion), said today. The move will give Allianz GI, which was awarded a wholly foreign-owned public fund management license by Chinese regulators two months ago, a toe-hold in China’s fast-developing private pension market amid an aging population. Guomin Pension will learn from the German company's rich experience in product design, asset allocation, pension insurance services, and other aspects.

Stellantis partners with China’s CATL, Leapmotor on Europe EVs (link)

Stellantis is partnering with battery manufacturer Contemporary Amperex Technology (CATL) and other Chinese players to produce electric vehicles and batteries at home in Europe, seeking to compete better against cheaper imports from China. Stellantis, whose brands include Fiat, Chrysler, and Jeep, looks to boost European output to avoid the European Union's recently announced tariffs on Chinese EV imports while still leaning on the expertise of cost-competitive Chinese players. The automaker will work with CATL on lithium iron phosphate batteries, which are relatively inexpensive to produce because they do not require rare metals. LFP batteries are a key factor that makes many Chinese EVs so cost-competitive. Stellantis will revise its battery production plans to better use CATL’s expertise. The automaker has also teamed with Chinese EV startup Leapmotor in the Netherlands. Their joint venture will consider producing Leapmotor EVs at Stellantis facilities in Europe, to be sold in nine European countries including Germany starting in September.