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☆ Analysis: China’s EV market reshaped by a brutal elimination round
▼ + stars: | 2024-04-24 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Hong Kong CNN —A “life and death race” has begun to unfold in the world’s largest market for electric vehicles (EV). More than a dozen passenger carmakers disappeared from the market last year, according to statistics from the China Passenger Car Association. Too many playersOvercrowding is another major issue plaguing China’s EV industry. Last month, Xiaomi, a Chinese smartphone brand, launched its electric car, the SU7 sedan. “China’s EV industry has entered a stage of cyclical adjustment after two decades of growth,” he said at a forum in Beijing.

Persons: ”, Tesla, Mark Rainford, Richard Yu, Li Auto, “ They’re, Huawei’s Aito, Lei Jun, BYD, Rainford, Gan Jiayue, Wang Chuanfu, Yin Tongyue Organizations: Hong Kong CNN, Auto China, YouTube, China, “, National Development, Reform Commission, China Passenger Car Association, WM, Mitsubishi Motors, Honda, Hyundai, Ford, Huawei, EV, China Association of Auto Manufacturers, China’s EV, Li, Tesla, Porsche, Geely Auto, Meizu, Chery Auto, International Energy Agency Locations: China, Hong Kong, Beijing, Shanghai, oversupply, Meizu

☆ China's Xiaomi is selling more EVs than expected, raising hopes it can break even sooner
▼ + stars: | 2024-04-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

The Xiaomi SU7 on display at the Mobile World Congress 2024. Arjun Kharpal | CNBCBEIJING — Chinese smartphone company Xiaomi 's new electric vehicle is selling better than expected, putting it closer to break-even despite undercutting Tesla 's Model 3 on price. For context, Tesla China sold more than 600,000 cars last year, according to the China Passenger Car Association. Li Auto had a gross margin of 23.5% in the fourth quarter last year, while Nio's gross margin was 7.5%, both up from the year-ago period. Tesla's gross margin has successively declined over the past five quarters to 17.4% in the first three months of this year.

Persons: Arjun Kharpal, undercutting Tesla, Xiaomi, Lei Jun, Li Auto, Nio, Lei Organizations: Mobile, CNBC BEIJING, Citi, China Passenger Car Association, Li, CNBC Locations: Beijing, China

☆ These 5 recession indicators have escaped the danger zone after flashing economic red flags
▼ + stars: | 2024-04-12 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Five recession indicators that were flashing a warning sign about the economy have since retreated. AdvertisementVarious economic indicators that suggested a recession was imminent not too long ago have since retreated, according to Ned Davis Research. That means investors probably don't have to worry about an economic recession occurring any time soon. AdvertisementThese are the five recession indicators that are no longer flashing red as the resilient US economy continues to power forward. In February, the LEI ticked up 0.1% and the Conference Board no longer expects a recession," Kalish said.

Persons: Ned Davis, Joseph Kalish, Kalish, Board's LEI, LEI Organizations: Ned Davis Research, NDR, Gross, GDI, Conference Board

☆ This Chinese company may be emulating Elon Musk's Tesla playbook
▼ + stars: | 2024-04-09 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

Read previewAt the start of the year, Elon Musk issued a clear warning about who he thought posed the biggest challenge to Tesla's electric vehicle ambitions: Chinese EV makers. Kyle Chan, a postdoctoral research associate at Princeton, recently drew attention to how Xiaomi's EVs have been made with machines similar to the "giga press" machines Tesla uses in its die-casting process. AdvertisementWhen Tesla entered China, it helped Chinese firm LK Group develop the world’s largest casting machines to make Tesla parts. Later, LK sold similar casting machines to 6 Chinese firms, likely automakers. However, LK's die-casting expertise was no longer limited to Tesla after 2022, as the company was reported to have struck deals with six other Chinese companies to supply casting machines to them.

Persons: —, Elon Musk, Tesla, Musk's, Lei Jun, Xiaomi, Kyle Chan, Chan, LK, pWQsy2KC7d — Kyle Chan, Liu Siong, Tesla's, LK's, there's Organizations: Service, Business, EV, Xiaomi, Princeton, Group, New York Times, Tesla, LK Group, giga Locations: Beijing, China

☆ A Chinese smartphone maker is breaking into EVs and challenging Tesla. How the stock rates now.
▼ + stars: | 2024-04-07 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Just as the auto industry was grappling with BYD 's rapid rise, Chinese smartphone company Xiaomi has burst into the market — undercutting Tesla and vowing to become a global player. Meanwhile, Tesla last week revealed that its deliveries fell in the first quarter from a year ago . While he still likes Tesla longer-term , he and his team will hold a client webinar on Xiaomi, Tesla and global EVs on Tuesday. Xiaomi shares nearly reached that price during last week's surge. Meanwhile, Tesla shares are down 34% year to date.

Persons: BYD, Tesla, Lei Jun, Xiaomi, Morgan Stanley, Adam Jonas, Jonas, Morgan, Andy Meng, Meng, Taylor Ogan, Lei, Ogan, BEV, Nick Lai, Gokul Hariharan, Janet Yellen, overcapacity Organizations: Apple, Hong, Snow Bull, EV, JPMorgan, Treasury Locations: Hong Kong, China, Shenzhen, U.S

☆ Top tech and business trends face off in our March Madness bracket
▼ + stars: | 2024-03-29 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, we're looking at results from our business, tech, and innovation bracket and voting on the semifinal matchups . In case you missed it, we created a bracket with eight of the biggest topics in business, tech, and innovation . But social media has been around so long, it's truly embedded in our DNA. Former employees are suing the social media agency that manages OnlyFans accounts for top influencers like Tana Mongeau and Abby Rao.

Persons: —, it's, Chelsea Jia Feng, Let's, BlackRock's Larry Fink, Joe Biden, Donald Trump, We've, Ray Dalio, Xi Jinping, LEI, Julio Cortez, Marissa Mayer's, Sam Bankman, Fried, Lewis Kaplan, Tana Mongeau, Abby Rao, Cowboy Carter, Dan DeFrancesco, Grace Lett, Lisa Ryan Organizations: Service, Business, Boomers, Getty, Bridgewater Associates, Walmart, BI, Amazon, ChatGPT, Yahoo, didn't Locations: China, Bankman, New York, Chicago

☆ Tesla's stock wraps up one of its worst quarters on record as global dominance wanes
▼ + stars: | 2024-03-29 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +11 min

Deliveries are the closest approximation of sales reported by Tesla but are not precisely defined in the company's shareholder communications. Tesla's Model 3 is about $4,000 more than that. Aging lineup, early days for Cybertruck While EV sales are still gaining popularity worldwide, the growth rate has slowed. In a push for end-of-quarter sales, Musk recently mandated that all sales and service staff install and demo FSD for customers before they hand over their cars. Despite its name, Tesla's premium option requires a human driver at the wheel, ready to steer or brake at any moment.

Persons: Florence Lo, Tesla, Troy Teslike, Tesla's, China's BYD, BYD, Lei Jun, Emmanuel Rosner, Rosner, Elon Musk, Krisztian Bocsi, Rohan Patel, Musk, Sandy Munro, Forbes, Larry Magid, Donald Trump, He's, he's, Investor Ross Gerber, who've, Brad Gerstner, Gerstner, FSD Organizations: Reuters, FactSet, Independent, Qin, Tesla's, China Passenger Car Association, Bloomberg, Deutsche Bank, Tesla, Volvo, Elon, Tesla Inc, Getty, IF Metall, IF Metall's, IF, Pew Research, Gallup, Investor, CNBC, Bears, S3 Partners, U.S Locations: Beijing, China, China In China, Shanghai, Europe, Red Sea, Iran, Gruenheide, Germany, Brandenburg, Berlin, Swedish, Sweden, U.S, Austin , Texas, San Jose , California, Fremont , California, Florida, Haiti, Texas, Delaware

☆ Xiaomi releases electric car $4K cheaper than Tesla's Model 3 as price wars heat up
▼ + stars: | 2024-03-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — Chinese smartphone company Xiaomi said Thursday it will sell its first car for far less than Tesla's Model 3, as price wars heat up in China's fiercely competitive electric car market. Xiaomi CEO Lei Jun said the standard version of the SU7 will sell for 215,900 yuan ($30,408) in the country — a price he acknowledged would mean the company was selling each car at a loss. He also said the SU7 had a minimum driving range of 700 kilometers (nearly 435 miles) versus the Model 3's 606 kilometers. Lei also claimed that Xiaomi's car factory, for which all "key" steps are fully automated, can produce an SU7 every 76 seconds. Earlier this week, the Xiaomi CEO said on social media the SU7 would be the best sedan "under 500,000 yuan" ($69,328).

Persons: Xiaomi, Lei Jun, Lei, Tesla Organizations: Tesla's, Tesla, Huawei Locations: BEIJING, China, Beijing

☆ China’s Xiaomi joins the crowded EV race with ‘dream car’ to take on Tesla
▼ + stars: | 2024-03-28 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Xiaomi formally launched its much-anticipated electric car — the new Speed Ultra 7 (SU7) sedan — on Thursday night in Beijing. “Xiaomi wants to build a ‘dream car’ comparable to Porsche and Tesla,” he said on Weibo Wednesday. On Thursday, Xiaomi announced that prices for SU7 models would range from 215,900 yuan ($29,874) to 299,900 yuan ($41,497). Xiaomi’s SU7 has been on display in showrooms in 29 cities across mainland China since Monday, according to Lei. People look at Xiaomi's first electric vehicle SU7, displayed in a newly opened Xiaomi store in Beijing on March 25, 2024.

Persons: Hong Kong CNN — Xiaomi, Lei Jun, “ Xiaomi, ”, Xiaomi, SU7, Lei, Tingshu Wang, It’s Organizations: Hong Kong CNN, Porsche, Tesla, Weibo, Counterpoint Research, Reuters, Porsche Taycan, Tesla’s Locations: Hong Kong, Beijing, China, EVs

BEIJING (AP) — Xiaomi, a well-known maker of smart consumer electronics in China, is joining the country's booming but crowded market for electric cars. The tech company will start taking orders for the SU7, a sporty four-door sedan, following a launch event with founder Lei Jun in Beijing on Thursday evening. Government subsides have helped make China the world's largest market for electric vehicles, and a bevy of new makers are locked in fierce competition. "I believe that one day, Xiaomi EVs will be a familiar sight on roads around the world,” he was quoted as saying in a company news release. “China is determined to dominate the future of the auto market, including by using unfair practices,” President Joe Biden said when the U.S. investigation was announced.

Persons: —, Lei Jun, Lei, Xiaomi, Le, ”, automaking, “, ” Le, Joe Biden, I’m Organizations: BEIJING, Analysts, Fitch, Sino, Insights, EU, U.S, Trade Organization, U.S . Defense Department, U.S . Locations: China, Beijing, American, U.S

☆ China's Xiaomi will price its Tesla EV rival under $69,400, CEO says ahead of Thursday launch
▼ + stars: | 2024-03-25 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

On Thursday, Xiaomi will officially launch the SU7 electric vehicle and begin taking orders. Xiaomi CEO Lei Jun on Monday teased the price of the Chinese firm's first electric vehicle ahead of its official launch this week. Xiaomi Group President Weibing Lu told CNBC previously that the company is targeting the premium segment of the electric car market. The EV market is in the midst of a price war which was sparked by Tesla at the end of 2022. "Three years ago, I announced that Xiaomi was going to enter the EV market.

Persons: Xiaomi, Lei, Lei Jun, Weibing Lu, Li Auto, Tesla Organizations: Weibo, Xiaomi, CNBC, stoke, EV Locations: Hefei, Anhui Province, China, Xiaomi

☆ Apple spent 10 years trying to launch a car. China's Xiaomi just did it in 3.
▼ + stars: | 2024-03-13 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Xiaomi CEO Lei Jun. Advertisement"As we approach the 3rd anniversary of our EV-manufacturing journey, 'Fight for Xiaomi EV' continues to fuel me and the team. Like Apple, Xiaomi is best known for selling smartphones. So it's worth asking how Xiaomi has managed to do what Apple spent the best part of a decade trying to do. Xiaomi CEO Lei Jun unveils the SU7, the company's first electric car.

Persons: —, Lei Jun, ChinaFotoPress, Lei, Xiaomi, Apple, BYD, Tim Cook Organizations: Service, Apple, Business, EV, Counterpoint Research, Bloomberg, Beijing Automotive Group, BAIC, FLORENCE LO, REUTERS Locations: China, Beijing, Arizona, FLORENCE, Cupertino

☆ The new Chinese EV that wants to take on Tesla and Porsche is coming this month
▼ + stars: | 2024-03-12 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

Chinese smartphone maker Xiaomi designed the SU7 to challenge Tesla and Porsche. The EV claims a top range of 500 miles — about 95 miles more than the Tesla Model S, per Xiaomi. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChinese smartphone maker Xiaomi is launching a new Tesla fighter later this month, marking yet another competitor for CEO Elon Musk in the critical Chinese EV market. The SU7 model, a high-end electric car, is set to launch on March 28 in China, CEO Lei Jun said in a Tuesday post on X.

Persons: Xiaomi, Tesla, —, Elon Musk, Lei Jun Organizations: Porsche, Tesla, Service, Apple, Business Locations: Beijing, China

☆ What We Can Learn From Flaco, the Wild Owl in the Urban Unwild - The New York Times
▼ + stars: | 2024-03-04 | by ( Margaret Renkl | ) www.nytimes.com time to read: +1 min

Flaco, the Eurasian eagle-owl who escaped the Central Park Zoo and spent a year on the lam in Manhattan, is dead. Few apex predators fare well in the built human environment, and Flaco was an apex predator who had never been taught to hunt. He learned to hunt anyway, as a wild owl in the urban unwild. I live in Tennessee, but I began to follow the wonderful urban wildlife photographer David Lei on Instagram just for the pure joy of seeing Flaco, day after day, in all his ill-fated magnificence. Flaco had spent his life among our kind and seemed to be as curious about us as we were about him.

Persons: It’s, irretrievably, Flaco, —, David Lei Organizations: Park Zoo, ahs Locations: Manhattan, York, Tennessee

☆ I'm far from U2's biggest fan, but watching them perform at the Sphere in Las Vegas was unlike any other concert experience
▼ + stars: | 2024-03-02 | by ( Anneta Konstantinides | ) www.businessinsider.com time to read: +1 min

I recently saw U2 play at the Sphere, the revolutionary new music venue in Las Vegas. While I don't consider myself a huge U2 fan, the immersive visuals and concert really blew me away. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOn night three of a reporting trip in Las Vegas, wearing a fur coat, plastic lei, and four-inch heels during Super Bowl weekend, I unexpectedly found myself watching U2 at the Sphere.

Persons: —, hadn't Organizations: Service, Irish Locations: Las Vegas

☆ Zong Qinghou, self-made billionaire founder of top Chinese beverage brand Wahaha, dies
▼ + stars: | 2024-02-26 | by ( Nectar Gan | ) edition.cnn.com time to read: +6 min

The self-made billionaire, who was once China’s richest man, died of an illness on Sunday at the age of 79, his company Hangzhou Wahaha Group said in a brief statement, without providing further details. Victory in that bitter battle boosted Zong’s wealth to $8 billion, making him China’s richest man in 2010 and again in 2012, according to Forbes. He was nicknamed “the richest man in cloth shoes” for always sporting plain black shoes, complete with a dark jacket and slacks. That year, Zong founded the Hangzhou Wahaha Group after acquiring a failing state-run canned food factory. The dispute was eventually settled in 2009, with Danone selling its stake for about $500 million and ceding all control to Wahaha.

Persons: Hong Kong CNN — Zong Qinghou, Zong, Forbes, Jack Ma, Lei Jun, Zong Fuli, Mao Zedong’s, ”, Deng Xiaoping, Wahaha, Danone Organizations: Hong Kong CNN, Hangzhou Wahaha, Danone, Forbes, Getty Locations: China, Hong Kong, Hangzhou, “, Guangzhou, Beijing

☆ A closely watched gauge of economic activity says no recession headed for the US
▼ + stars: | 2024-02-20 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

The Conference Board's Leading Economic Index fell to its lowest level since April 2020. It marks the first time since July 2022 that the gauge is not signaling a recession ahead. The Conference Board's Leading Economic Index– a gauge of future economic activity — dropped 0.4% to 102.7 in January, signaling the lowest level since April 2020 when the US economy was struck by the COVID-19 pandemic-spurred lockdowns. "The U.S. LEI fell further in January, as weekly hours worked in manufacturing continued to decline and the yield spread remained negative," the Conference Board's Justyna Zabinska-La Monica said on Tuesday. As a result, the leading index currently does not signal recession ahead."

Persons: —, LEI, Monica, Andrew Hollenhorst, David Rosenberg Organizations: Service, Conference Board, Federal Reserve Locations: U.S

☆ Australia and China: Rebound in Ties Threatened by Death Sentence for Australian Writer
▼ + stars: | 2024-02-05 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +4 min

China's then ambassador to Australia says that in response to the call, the Chinese public would boycott Australian wine, beef and tourism. Nov. 27, 2020 - China will impose temporary anti-dumping tariffs on Australian wine, China announces. Jan. 3, 2023 - China allows three government-backed utilities and its top steelmaker to resume coal imports from Australia. Oct. 11, 2023 - China releases Australian journalist Cheng Lei after three years in a Beijing prison on national security charges. Oct. 22, 2023 - China agrees to review dumping tariffs of 218% on Australian wine, potentially clearing way for the resumption of imports.

Persons: Yang Hengjun, Anthony Albanese, China's, Cheng Lei, Albanese, Xi Jinping, Jan, Li, Kirsty Needham, Antoni Slodkowski, Gerry Doyle Organizations: SYDNEY, South China, Huawei Technologies Co, Australia's Labor Party Locations: Beijing, Canberra, China, South, Australia, Indonesia, Japan

A forward-looking gauge of economic activity continued to soften in December, though the overall rate of decline improved in the last six months of 2023. The Conference Board’s Leading Economic Index fell by 0.1% in December, below expectations, yet contracted by 2.9% over the past six months, down from 4.3% for the prior six-month period. “Despite the overall decline, six out of 10 leading indicators made positive contributions to the LEI in December. Moreover, other recent economic data – consumer sentiment, retail sales and jobless claims – has been positive and consistent with an expanding economy. The Fed indicated then that members of its monetary policy committee favored at least three cuts in rates this year.

Persons: LEI, Justyna, “, ”, –, Shaan Raithatha Organizations: The Conference, Congress, Federal, Commerce Department, Vanguard, Fed Locations: U.S, Wells Fargo

☆ My family has traveled to 20 states and 20 countries. My young kids have been everywhere from Colombia, to Turks and Caicos, to Florida.
▼ + stars: | 2024-01-09 | by ( Taryn White | ) www.businessinsider.com time to read: +6 min

My parents introduced me to traveling with road trips, and I've done the same with my kids. AdvertisementAs a child, I eagerly awaited the annual road trips across the US with my parents and two siblings. On our trips, we've learned everything from the art of lei-making in Maui to the Black history of Cartagena. In 2018, Taryn White and her family went to Medellin, Colombia, and stopped to enjoy some colorful street art. Taryn White and her family have been all over the world together, from Aspen to Turks and Caicos.

Persons: I've, —, we've, they're, Taryn White, it's, We've, Hvar's Organizations: Service, Virginia, Virginia Aquarium Locations: Myrtle Beach, Saint Kitts, Nevis, Maui, Cartagena, Portugal, Bahamas, Medellin, Colombia, Aspen, Bend, Shenandoah, Virginia Beach, Bradenton , Florida, Caicos, Grace Bay, Douro, Algarve, Turks, Czech Republic, Hungary, Croatia, Prague, Budapest, Hvar

☆ China's Xiaomi unveils its first EV as it looks to compete with Porsche, Tesla
▼ + stars: | 2023-12-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — Chinese consumer electronics company Xiaomi on Thursday detailed plans to enter China's oversaturated electric vehicle market and compete with automaker giants Tesla and Porsche with a car model it says it spent more than 10 billion yuan ($1.4 billion) to develop. Pronounced "Sue Qi" in Mandarin, the Xiaomi SU7 beats Porsche's Taycan and Tesla's Model S on acceleration and other metrics, Lei said during a three-hour presentation Thursday. This is an area of potential advantage for Xiaomi, which is best known for its smartphones and home appliances and previously said it wants to create a "'Human x Car x Home' smart ecosystem." The SU7 is integrated with Xiaomi's smartphones and internet-connected home appliances, Lei announced Thursday. Lei said the vehicle will also be compatible with Apple 's iPhone, iPad, CarPlay and AirPlay.

Persons: Lei Jun, Sue Qi, Porsche's Taycan, Lei Organizations: Tesla, Porsche, BMW, Mercedes, Benz, Apple Locations: BEIJING, U.S

☆ Minnie Chan: Media groups raise concerns following report of ‘missing’ Hong Kong journalist in China
▼ + stars: | 2023-12-05 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Press freedom groups are voicing concern for veteran Hong Kong journalist Minnie Chan following a news report that she went missing after traveling to Beijing to cover a security forum in late October. The association, a trade union which advocates for press freedom, called for friends or relatives with information to get in touch. Chan is a highly regarded journalist in Hong Kong and among international audiences who closely follow China news. China ranks 179 out of 180 in the 2023 RSF World Press Freedom Index. It is the world’s largest captor of journalists and press freedom defenders with at least 121 detained, according to the organization.

Persons: Hong, Minnie Chan, “, Chan, ”, Cheng Lei, Haze Fan Organizations: Hong Kong CNN — Press, Protect Journalists, Kyodo, China Morning, Beijing ”, China’s Foreign, Hong Kong Journalists Association, Bloomberg News, China Locations: Hong Kong, Beijing, China, Hangzhou

☆ PDD earnings: Alibaba’s Jack Ma urges reform as rival rattles e-commerce giant
▼ + stars: | 2023-11-30 | by ( Michelle Toh | Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Alibaba founder Jack Ma has called for “change” as the stellar performance of a competitor causes a stir at his e-commerce company. On Wednesday, the billionaire responded to a recent rally in the stock of PDD (PDD), the group behind Chinese online shopping giant Pinduoduo and US-based retail upstart Temu. That has pushed up the company’s stock in New York dramatically, taking it 18% higher Tuesday and another 2% higher Wednesday. As a result, PDD’s market cap has soared to $188.3 billion, putting it just below Alibaba’s (BABA) $189.9 billion. I believe that everyone in Alibaba today is watching and listening,” he wrote in a comment, according to the source.

Persons: Hong Kong CNN —, Jack Ma, PDD, Ma, ”, ” “, Chen Lei Organizations: Hong Kong CNN, Temu Locations: China, Hong Kong, New York, Hangzhou, Alibaba, United States, Australia

REUTERS/Mike Segar/File Photo Acquire Licensing RightsBEIJING, Nov 23 (Reuters) - Apple (AAPL.O) saw a decline in the number of smartphones sold during China's recent Singles Day shopping festival, data from Counterpoint Research showed, lagging domestic rivals Huawei and Xiaomi which recorded robust increases. The number of Apple smartphones sold declined 4% year-on-year during the two-week sales from Oct. 30 to Nov. 12, the research consultancy said on Thursday. In comparison, the number of units sold by Huawei (HWT.UL) and Xiaomi (1810.HK) grew 66% and 28% respectively year-on-year over the same period. The increases for Huawei and Xiaomi helped fuel a 5% year-over-year rise in the overall number of Chinese smartphones sold during the promotion period, it said. ($1 = 7.2111 Chinese yuan renminbi)Reporting by Yelin Mo and Brenda Goh; editing by Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Segar, China's, JD.com, Xiaomi, Lei Jun, Ivan Lam, Yelin Mo, Brenda Goh, Miral Organizations: Apple Inc, Apple, REUTERS, Rights, Counterpoint Research, Huawei, HK, IDC, Thomson Locations: Manhattan , New York, U.S, Rights BEIJING, China, United States

People check new products of Xiaomi ahead of the 2023 Mobile World Congress in Barcelona, Spain February 26, 2023. Demand in the world's biggest smartphone market has long been in decline, with the COVID-19 pandemic and then a faltering economic recovery persuading customers to wait longer before upgrading their phones. IDC predicts the Chinese market is on track to achieve year-on-year sales growth in the fourth quarter after ten consecutive quarters of decline. U.S. chip designer Qualcomm also said last week that it is seeing strong demand from smartphone companies, especially in China. The Mi 14 series, priced between 3,999 yuan and 6,499 yuan ($550-$890), represents an attempt by Xiaomi to make deeper inroads into the premium smartphone market and compete with Apple (AAPL.O) and Huawei.

Persons: Nacho, Lei Jun, Will Wong, Qualcomm, Xiaomi, Yelin Mo, Brenda Goh, Edwina Gibbs Organizations: REUTERS, Rights, HK, Weibo, IDC, Huawei, Apple, Thomson Locations: Barcelona, Spain, Rights BEIJING, China, U.S

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