Li’s comments come at a time when China’s EV sales start to slow amid potential recession worries, growing competition, and supply chain disruptions due to frequent Covid comebacks.
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Hyundai to expand use of CATL battery technology in 2023: report
Korean automaker Hyundai will reportedly source technology from Chinese battery giant CATL in 2023, sources told Korean media The Elec on Monday. The technology, named cell to pack (CTP), can pack battery cells without modules. The latest CTP methods offer 13% more density than the conventional 4680 batteries. Light electric vehicles such as the Kia […]
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Pinduoduo sees net profit up by 546%, executive says profit level unsustainable
Chinese e-commerce platform Pinduoduo on Monday reported that its third-quarter revenue surged 65% year-on-year to RMB 35.5 billion ($4.99 billion), surpassing the high end of analyst estimates compiled by Yahoo Finance. For the quarter ending September, the company’s net profit increased 546% year-on-year to RMB 10.6 billion, however the company’s vice president of finance Liu […]
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Volkswagen stops several plants in China due to Covid surge
Volkswagen and China’s state-owned carmaker FAW’s manufacturing plant in central city of Chengdu partly halted production last week due to China’s ongoing Covid outbreak. In addition, two of the five production lines at the plant in the northern city of Changchun are on hold due to the lack of available components. Founded in 2009, the […]
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Chinese auto chip maker SemiDrive secures RMB 1 billion in Series B+
Chinese auto chip maker SemiDrive secured RMB 1 billion ($140 million) in Series B+ on Monday. SAIC Jinshi Innovation Industry Fund led the round, CITIC Securities, Guozhong Venture, Shanghai STVC Group, Shanghai Zhangjiang, and others participated. The funding will be used to develop core tech, line up the next generation of auto chips, and expand […]
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Unilever, Huhtamaki, and Bluepha share paths to a plastic-free future
Representatives from Unilever, Huhtamaki, and Bluepha discussed alternatives to plastics and approaches that these firms are adopting.
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More Chinese tech companies see potential growth in fictional short video series
Major Chinese tech companies like Xiaomi and Baidu are increasing their offerings in fictional short video series, an area in which established short-video platforms Douyin and Kuaishou excel. These short dramas are typically low-budget, under 10 minutes per episode, made for verticle viewing and target mobile users. Many of these short video dramas are adapted […]
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Meituan’s revenue surges 28% in Q3 as firm turns first profit in two years
Chinese food delivery and life services giant Meituan saw its revenue surge 28% to RMB 62.6 billion ($8.7 billion) in the third quarter of 2022, helping the company finally achieve a net profit after almost two years of losses. Meituan’s profit of RMB 1.2 billion in the June-September period was mainly attributed to a significant […]
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Beijing regulators outline hydrogen car blueprint to boost industry
Beijing’s municipal government has set a target of having 3,000 fuel cell electric vehicles (FCEV) on the Chinese capital’s roads by the end of next year and of expanding that number to more than 10,000 units in 2025. According to a five-year roadmap published on Nov. 22 by the Beijing Municipal Commission of Urban Management, […]
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Leak image shows BYD’s upcoming premium EV
Images of what could be BYD’s first model under its so-called “Yangwang” premium marque have leaked online ahead of the car’s expected launch early next year. The pictures, circulated on Chinese media sites, show an off-road car with styling similar to the iconic Mercedes-Benz G-Class and equipped with a full-size spare tire attached at the […]