Chinese leaders have for a while prioritised the pivot from ICE to EVs as this supports the government’s longer-term policy priority of transitioning the economy from one that has historically relied on real estate investments and lower-value manufacturing to one that’s driven by hi-tech...
The Shenzhen-based company said in a filing to the Hong Kong and Shenzhen stock exchanges on Monday evening that its net profit for last year would come in at between 29 billion yuan (US$4.1 billion) and 31 billion yuan, a jump of 74.5 per...
China’s BYD and US EV rival Tesla gain favour with Norway’s US$1.5 trillion wealth fundNorway’s US$1.5 trillion wealth fund boosted its holdings in Tesla and Chinese electric vehicle leader BYD in 2023 as the companies scaled up production of plug-in cars.Tesla moved up to the...
“We will give more policy guarantees in the areas of land use, energy supply, environmental evaluation and financing, [while] encouraging more foreign companies to invest in green transition, digitalisation and technological innovation,” Gong told a press conference after the close of the annual Shanghai People’s...
The city’s gross domestic product (GDP) expanded 5 per cent to 4.72 trillion yuan (US$664.5 billion) last year as the global economy turned out to be weaker than expected, Mayor Gong Zheng told an annual session of the Shanghai People’s Congress on Tuesday.The growth...
Contemporary Amperex Technology (CATL), the world’s largest electric vehicle (EV) battery manufacturer, will build its first plant in Beijing to tap the rising demand for battery-powered cars in mainland China.CATL’s plant will help China’s capital city form a complete supply-chain for EV production, as...
Tesla had a blockbuster 2023, as its shares more than doubled in 12 months. But 2024 is starting on a different note, with Elon Musk’s electric vehicle (EV) maker off to its worst start to any year – ever.The company has lost...
Gauges of consumer stocks have been the worst performers on the MSCI China Index since the end of September, after the real estate measure. The aggregate market value of companies included in the two consumer indexes has fallen by about US$157 billion since.Consumer stocks...
Tesla has cut the prices of its Shanghai-made vehicles by up to 6 per cent as it works to maintain its leading position in the premium segment of the world’s largest electric vehicle (EV) market.The Texas-based company announced on Friday that the price...
Volkswagen (VW) and General Motors (GM), once the dominant players in China’s car sector, are now struggling to keep up with mainland-based electric vehicle (EV) makers as their petrol-powered line-ups lose ground in the world’s largest market.VW reported on Tuesday that it delivered 3.24...