China's BYD and Geely bank on big discounts, Xpeng launches ‘super AI' SUV: 7 EV reads
subscribing
China's leading electric vehicle (EV) makers from BYD to Geely Auto sustained their strong sales last month as big price cuts lured new buyers, helping boost their market share and heaping pressure on smaller, unprofitable rivals.
Visitors at the 21st Shanghai International Automobile Industry Exhibition in April. Photo: Xinhua
Less than 10 per cent of EV brands in China will turn a profit in the next five years, as the industry grapples with a price war and chronic overcapacity, according to AlixPartners.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Standard
6 minutes ago
- The Standard
Cathay Pacific, HK Express carried 2.9 million passengers in June, up 23pc
US not rushing trade deals ahead of August deadline, will talk with China, Bessent says
South China Morning Post
36 minutes ago
- South China Morning Post
EU share of China's rare earth magnet shipments jumps in June
Following the acceleration of licence approvals for the export of rare earth elements, China's shipments of the minerals rebounded in June – and the proportion of its permanent magnets sent to the European Union rose to its highest level this year. Last month, China exported 3,188 tonnes of rare earth permanent magnets – an essential component for a variety of products, including electric vehicles (EVs), wind turbines, smartphones and aerospace vessels. This represented a 157.5 per cent increase from May and a 38.2 per cent drop year on year, according to customs data. Of this sum, some 1,364 tonnes of magnets were shipped to the EU, accounting for 43 per cent of June exports, up from 32 per cent in May. By comparison, the proportion for the United States stood at 11 per cent in June and 4 per cent in May. The US bought 353 tonnes of the magnets in June, a 660 per cent surge over the figure for May, though still down 52 per cent from the year before. After China imposed export controls on seven rare earth elements and magnets in retaliation for US tariff hikes in April, companies were required to obtain a government permit before shipping these products overseas. As a result, China's rare earth magnet export volume plummeted in April and May, each dropping by around 50 per cent month to month.
South China Morning Post
an hour ago
- South China Morning Post
Why did Singapore name cyberthreat group UNC3886 and is it linked to China?
Singapore has made a rare move to identify the UNC3886 cyberthreat group that it says is attacking local critical infrastructure. UNC3886 has been identified by Google-owned cybersecurity firm Mandiant as a China-linked cyber espionage group, although Beijing's embassy in Singapore has vehemently rejected the claim. Singapore's Coordinating Minister for National Security K Shanmugam said during a speech at the 10th anniversary of the Cyber Security Agency last Friday that from 2021 to last year, suspected advanced persistent threats against Singapore had increased more than fourfold. These threats often carried out state objectives, the minister noted. Shanmugam, who is also home affairs minister, said one advanced persistent threat group Singapore was facing was UNC3886, which the industry had associated with cyberattacks against critical areas such as defence, telecommunications and technology organisations in the United States and Asia. 'The intent of this threat actor in attacking Singapore is quite clear. They are going after high value, strategic targets. Vital infrastructure that delivers our essential services. If it succeeds, it can conduct espionage, and it can cause major disruption to Singapore and Singaporeans,' he said, without naming the suspected country linked to UNC3886. Less than a day after his speech, the minister posted that lottery numbers for 3886 in Singapore had been sold out. 'I said Singaporeans need to know that UNC3886 is attacking us in cyberspace. And that it's very serious. One reaction: No 3886 has been sold out for 4D today,' he wrote on social media.
