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☆ SenseTime's former IP rights employee under investigation
▼ + stars: | 2023-09-28 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

Hong Kong, Sept 28 (Reuters) - Chinese tech company SenseTime (0020.HK) said on Thursday a former employee of its intellectual property division is now under police investigation. Without elaborating on details, a SenseTime spokesperson told Reuters via messaging app WeChat, "a former employee of [the] intellectual property division is currently under investigation by the Public Security Bureau due to suspected commercial related case." The state-backed Shanghai Securities News said the suspect is a former executive director of intellectual property rights. The report added that the suspect is now subject to "mandatory measures" due to economic problems but it did not specify which economic problems are under investigation. Reporting by Josh Ye in Hong Kong, Ella Cao in Beijing and Meg Shen in Hong Kong.

Persons: SenseTime, Josh Ye, Ella Cao, Meg Shen, Jane Merriman, Ros Russell Organizations: HK, Public Security, Shanghai Securities News, Thomson Locations: Hong Kong, Beijing

☆ Apple's Chinese supplier Luxshare's production of some iPhone 15s doubled in a year
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Ann Wang/File Photo Acquire Licensing RightsBEIJING, Sept 21 (Reuters) - Apple Inc's (AAPL.O) Chinese supplier Luxshare Precision Industry (002475.SZ) is producing three models of iPhone 15 series this year, and the business has doubled in a year, Luxshare's chairwoman said on Thursday. Luxshare has increased the production types and numbers of Apple's iPhone products in recent years, Wang added. "Luxshare is continuing to expand its production capacity in China to meet Apple's needs," Wang said, adding the company built a new plant in Kunshan last year to support the development and mass production of iPhone. "The fact that Luxshare Precision can have this scale this year is inseparable from Apple's support," Wang told the Paper. Founded in 2004, Luxshare became an Apple supplier in 2011 and has steadily moved up the hardware giant's value chain, from making connector cables for the iPhone and Macbook to manufacturing Airpods.

Persons: Ann Wang, Wang Laichun, Wang, Luxshare, Ella Cao, Meg Shen, Jane Merriman Organizations: Apple, REUTERS, Rights, Luxshare Precision Industry, Apple Vision, Thomson Locations: Taipei, Taiwan, Rights BEIJING, China, Kunshan, Beijing, Hong Kong

☆ China and EU Hold Talks on AI, Cross-Border Data Flow Amid Renewed Tensions
▼ + stars: | 2023-09-18 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +2 min

BEIJING (Reuters) - China and the European Union held talks on topics including artificial intelligence and cross-border data flows on Monday in Beijing, amid disputes over an EU probe into China's electric vehicle (EV) subsidies. The meeting comes as tensions between China and the EU are heightened after European Commission President Ursula von der Leyen announced an investigation into whether to impose punitive tariffs on Chinese EVs to protect EU producers. The talks on Monday covered key issues including platforms and data regulation, AI, and cross-border flow of industrial data, China and the EU said. The European Commission conveyed concerns about "difficulties faced by EU companies in China to make use of their industrial data, as a result of the application of recent legislation." Both sides agreed to promote an open, fair and non-discriminatory environment for the development of the digital economy, Xinhua said.

Persons: Zhang Guoqing, Vera Jourova, Ursula von der Leyen, Zhang, Ethan Wang, Ryan Woo, Meg Shen, Andrew Heavens Organizations: European Union, EU, China's, European Commission, Values, European, Xinhua Locations: BEIJING, China, Beijing, EU, Europe, Hong Kong

☆ China and EU hold talks on AI, cross-border data flow amid renewed tensions
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

An attendant walks past EU and China flags ahead of the EU-China High-level Economic Dialogue at Diaoyutai State Guesthouse in Beijing, China June 25, 2018. REUTERS/Jason Lee/File Photo Acquire Licensing RightsBEIJING, Sept 18 (Reuters) - China and the European Union held talks on topics including artificial intelligence and cross-border data flows on Monday in Beijing, amid disputes over an EU probe into China's electric vehicle (EV) subsidies. The meeting comes as tensions between China and the EU are heightened after European Commission President Ursula von der Leyen announced an investigation into whether to impose punitive tariffs on Chinese EVs to protect EU producers. The talks on Monday covered key issues including platforms and data regulation, AI, and cross-border flow of industrial data, China and the EU said. The European Commission conveyed concerns about "difficulties faced by EU companies in China to make use of their industrial data, as a result of the application of recent legislation."

Persons: Jason Lee, Zhang Guoqing, Vera Jourova, Ursula von der Leyen, Zhang, Ethan Wang, Ryan Woo, Meg Shen, Andrew Heavens Organizations: REUTERS, Rights, European Union, EU, China's, European Commission, Values, European, Xinhua, Thomson Locations: China, EU, Beijing, Rights BEIJING, Europe, Hong Kong

☆ TSMC to invest up to $100 mln in Arm Holdings' IPO
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: 1 min

A smartphone with a displayed TSMC (Taiwan Semiconductor Manufacturing Company) logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsTAIPEI, Sept 12 (Reuters) - TSMC (2330.TW), the world's largest contract chipmaker, said it would invest up to $100 million in Arm Holdings Plc's initial public share offering (IPO), it said on Tuesday. The company also agreed to purchase 10% equity interest in IMS Nanofabrication Global, LLC from Intel Corp (INTC.O) for up to $432.8 million, the statement said. Reporting by Meg Shen, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, chipmaker, Meg Shen, Louise Heavens Organizations: Taiwan Semiconductor Manufacturing, REUTERS, Rights, Arm Holdings, IMS Nanofabrication, Intel Corp, Thomson Locations: Rights TAIPEI

☆ China, U.S. climate envoys hold video talks on climate-change cooperation
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: 1 min

John Kerry, the U.S. special envoy on climate issues, gestures as he attends a press conference in Beijing, China, July 19, 2023. REUTERS/Thomas Peter Acquire Licensing RightsBEIJING, Aug 23 (Reuters) - China's climate envoy Xie Zhenhua and U.S. counterpart John Kerry held a video call on Wednesday, exchanging views on topics such as climate change dialogue and cooperation between the two countries, Beijing's Ministry of Ecology and Environment said. Both sides agreed to continue to maintain close communication, the ministry said. Reporting by Ella Cao in Beijing and Meg Shen in Hongkong, editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

Persons: John Kerry, Thomas Peter Acquire, Xie Zhenhua, Ella Cao, Meg Shen, Mark Heinrich Our Organizations: U.S, REUTERS, Rights, Beijing's Ministry of Ecology, Thomson Locations: Beijing, China, Rights BEIJING, Hongkong

☆ Chinese Premier Li: Sino-U.S. relations, trade cooperation face difficulties
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

Chinese Premier Li Qiang attends a meeting with U.S. Special Presidential Envoy for Climate John Kerry (not pictured) at the Great Hall of the People in Beijing, China July 18, 2023. REUTERS/Florence Lo/Pool/File Photo Acquire Licensing RightsBEIJING, Aug 21 (Reuters) - Bilateral relations and economic and trade cooperation between China and the United States are facing difficulties, Chinese Premier Li Qiang told the chair of the U.S.-China Business Council heading a USCBC delegation on a visit to Beijing. "At present, China-U.S. relations and economic and trade cooperation are facing some difficulties, which require both sides to show sincerity, move towards each other and make joint efforts," Li told USCBC chair Marc Casper on Monday, according to the Chinese state news agency Xinhua. Li added that China is willing to work with the U.S. to jointly safeguard international trade rules and ensure the stability of global industrial chains. Reporting by Ella Cao, Liangping Gao in Beijing and Meg Shen in Hong Kong, editing by Ed Osmond and Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Qiang, John Kerry, Florence Lo, Li's, Gina Raimondo's, Li, Marc Casper, Casper, Jin Zhuanglong, Ella Cao, Liangping Gao, Meg Shen, Ed Osmond, Mark Heinrich Our Organizations: U.S, of, People, REUTERS, Rights, U.S ., China Business Council, U.S . Commerce, Bloomberg, Xinhua, Chinese Industry, Ministry of Industry, Information Technology, Thomson Locations: Beijing, China, Rights BEIJING, United States, U.S, Hong Kong

☆ China's Geely unveils auto robotics brand JI YUE
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Maxim Shemetov/File PhotoBEIJING, Aug 14 (Reuters) - Chinese automaker Geely Holding Group (0175.HK) on Monday unveiled a premium intelligent technology brand JI YUE, which stems from Geely's cooperation with Baidu Inc (9888.HK) on "automotive robotics", and introduced its first model. JI YUE 01, the flagship model under the new brand will be produced by Geely and is expected to debut in the last quarter of this year, the company said. Baidu will provide its know-how in smart cockpits, autonomous driving and artificial intelligence technologies, which will be applied in JI YUE cars, Geely added. Also on Monday, China's industry ministry website showed three electric vehicles under the JI YUE brand were seeking regulatory approvals. Geely had co-funded an electric vehicle venture Jidu with Baidu.

Persons: Maxim, YUE, Geely, Zhang Yan, Ella Cao, Meg Shen, Tomasz Janowski Organizations: REUTERS, Geely Holding, HK, Baidu Inc, Baidu, JI, Thomson Locations: Moscow, Russia, BEIJING, China, Beijing, Hong Kong

☆ China's BYD says first-half net profit could more than triple
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, July 14 (Reuters) - Chinese electric vehicle giant BYD Co LTD (002594.SZ), forecast strong growth in its six-month net profit on Friday, buoyed by robust car sales and increased market share. Net profit for the first six months of the year would rise as much as 225.4% to 11.7 billion yuan ($1.64 billion) from 3.6 billion yuan the year before, it said in a filing to the Shenzhen stock exchange. The bottom end of its forecast range was 10.5 billion yuan, up 192.1% from the year before. BYD and U.S. rival Tesla (TSLA.O) set record deliveries of their China-made vehicles in the second-quarter, according to industry data, as a fight for market share heats up. ($1 = 7.1348 Chinese yuan renminbi)Reporting by Meg Shen Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: BYD, Tesla, Meg Shen, Mark Potter Organizations: Thomson Locations: HONG KONG, Shenzhen, China, India

☆ EV brand Smart plans funding led by Tianqi Lithium
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, July 13 (Reuters) - EV brand Smart said on Thursday it planned to raise $250-300 million via series-A funding which it hoped would enhance its long-term sustainable development strategy and accelerate its global development. Chinese lithium producer Tianqi Lithium Corp (002466.SZ) has agreed to invest $150 million in the fund raising, Smart said in a statement. Smart, a joint venture of Germany's Mercedes-Benz Group AG (MBGn.DE) and China's Zhejiang Geely Holding Group (GEELY.UL), said both firms will remain equal controlling shareholders. "Thanks to the support from Mercedes-Benz and Geely, Smart now is accelerating its global development and business operation. Meanwhile, we are more than glad to welcome the strategic investments of worldwide industry leaders, such as Tianqi Lithium," Smart's Global CEO Tong Xiangbei said in the statement.

Persons: Smart, Germany's Mercedes, Tong Xiangbei, Zhang Yan, Brenda Goh, Meg Shen Organizations: Lithium Corp, Benz Group AG, Zhejiang Geely Holding, Mercedes, Benz, Smart, Thomson Locations: SHANGHAI, Zhejiang

China's central bank said that financial regulators would fine Ant and its subsidiaries a total of 7.12 billion yuan, require it to stop operations of its crowdfunded medical aid service Xianghubao and compensate users. Reuters reported earlier, citing sources, that Chinese authorities intended to unveil its fine on Ant as early as Friday. The sources had earlier said that the fine on Ant had been revised to at least 8 billion yuan. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they initially had in mind. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations.

Persons: China c.bank, Ant, Ping, Rukim Kuang, Jack Ma, Jeffrey Towson, Pan Gongsheng, Pan, Didi Global, Alibaba, Julie Zhu, Jane Xu, Jason Xue, Kevin Huang, Meg Shen, Twinnie Sui, Josh Ye, Ethan Wang, Muralikumar Anantharaman, Brenda Goh, David Holmes, Susan Fenton Organizations: Ant, Singapore FinTech Festival, REUTERS, Ant Group, People's Bank of China, Reuters, Ping An Bank, PICC, HK, Postal Savings Bank, Tencent Holdings, Alibaba, Hong Kong, Financial Regulatory Administration, State Council, Lens Consulting, Thomson Locations: Singapore, China, HONG KONG, Ant's, Hong, Beijing, CHINA

Reuters reported earlier, citing sources, that Chinese authorities intended to unveil its fine on Ant as early as Friday. The National Financial Regulatory Administration (NFRA), a new government body under the State Council, is now the primary regulator to grant Ant the license, they added. The sources had earlier said that the fine on Ant had been revised to at least 8 billion yuan. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they initially had in mind. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations.

Persons: China c.bank, Ant, Ping, Rukim Kuang, Jeffrey Towson, Jack Ma, China's, Pan Gongsheng, Pan, Didi Global, Alibaba, Julie Zhu, Jane Xu, Jason Xue, Kevin Huang, Meg Shen, Twinnie Sui, Josh Ye, Ethan Wang, Muralikumar Anantharaman, Brenda Goh, David Holmes, Susan Fenton Organizations: Ant, Singapore FinTech Festival, REUTERS, Ant Group, People's Bank of China, Reuters, Ping An Bank, PICC, HK, Postal Savings Bank, Tencent Holdings, Tenpay, Alibaba, Hong Kong, Lens Consulting, Communist Party, Financial Regulatory Administration, State Council, Thomson Locations: Singapore, China, HONG KONG, Ant's, Hong, Beijing, CHINA

☆ China's Xpeng sees sales turnaround in second half with new EV model
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

Xpeng has received a "significant" amount of orders for its newly launched G6 pure electric crossover, president Brain Gu told reporters on Wednesday. Xpeng, which saw first-half sales drop by 40%, will start the delivery of its G6 compact crossover this month with a starting price 20% lower than Tesla's best-selling model of Model Y. With G6, Xpeng also introduced its most advanced autonomous driving capabilities into the category of EVs priced at 250,000 yuan ($34,500.37) or below, Gu said. Shares of Xpeng in Hong Kong had gained more than 20% after it announced prices for the G6 last Thursday. ($1 = 7.2463 Chinese yuan renminbi)Reporting by Zhang Yan and Brenda Goh; Writing by Meg Shen; Editing by Toby Chopra and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Xpeng, Brain Gu, BYD, Gu, Zhang Yan, Brenda Goh, Meg Shen, Toby Chopra, Devika Organizations: Tesla, Thomson Locations: SHANGHAI, HK, Shanghai, China, Hong Kong

☆ China's eastern Hangzhou city signs comprehensive strategic agreement with Alibaba
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: 1 min

BEIJING/HONG KONG, June 29 (Reuters) - China's eastern Hangzhou city has signed a comprehensive strategic cooperation agreement with the e-commerce giant Alibaba Group Holding (9988.HK), according to a city government statement on Thursday. It is expected that Alibaba can expand its leading advantage in the platform economy, and reinvigorate the innovation momentum of digital trade, according to the statement. The eastern city also hopes that Alibaba could expand more new businesses and land more new projects in Hangzhou. Reporting by Ella Cao in Beijing and Meg Shen in Hong Kong; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Persons: Ella Cao, Meg Shen, Toby Chopra Organizations: Alibaba, HK, Thomson Locations: BEIJING, HONG KONG, Hangzhou, Beijing, Hong Kong

☆ Berkshire Hathaway sells $58.9 mln worth of shares in China's BYD
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, May 8 (Reuters) - Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 1.96 million Hong Kong-listed shares of electric vehicle maker BYD (002594.SZ) for HK$462.09 million ($58.9 million), a stock exchange filing showed. The sale on May 2 lowered Berkshire's holdings in BYD's issued H-shares to 9.87% from 10.05%, the filing to the Hong Kong stock exchange on Monday showed. ($1 = 7.8479 Hong Kong dollars)Reporting by Twinnie Siu and Meg Shen; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

"We have an extraordinary relationship with China, a relationship that every day gets more acute and stronger," Lula said before his meeting with Xi. Brazil and China need to work together so that the relationship is not merely one of commercial interest, he added. China and Brazil did agree to set up a working group to pursue cooperation on semiconductors, strengthening ties with Beijing in areas of sensitive technology. Brazil is now the largest recipient of Chinese investment in Latin America, driven by spending on high tension electricity transmission lines and oil production. On Friday, the two countries agreed to encourage their companies to invest in each country in infrastructure, energy transition, logistics, mining, agriculture and high-tech industries.

☆ Pfizer signs strategic cooperation pact with China's Sinopharm
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: 1 min

April 13 (Reuters) - Pfizer (PFE.N) said on Thursday it has signed a strategic cooperation agreement with China's Sinopharm Group (1099.HK), and plans to seek approval to market 12 innovative drugs in China through 2025. Sinopharm's president Liu Yong said during the signing event in Shanghai on Wednesday that the cooperation will involve accelerating the delivery of Pfizer's new drugs to patients, according to a statement from Pfizer. Reporting by Brenda Goh, Meg Shen and Ethan Wang; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ China's BYD bets on self-developed chassis suspension system
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, April 10 (Reuters) - China's BYD launched on Monday a new chassis suspension system as the electric vehicle maker ramps up efforts to move upmarket with premium products. The system, BYD DiSus Intelligent Body Control System, is similar to the chassis suspension systems available in premium and luxury cars, such as Porsche's Dynamic Chassis Control and Mercedes Benz's Magic Body Control. The DiSus system will come in three variations and will be used in BYD's luxury off-road SUV Yangwang U8 initially, BYD said in a statement. BYD launched its first luxury car brand Yangwang in January with an off-road SUV and a sportscar priced above 1 million yuan. BYD has benefited from its strategy to use self-developed batteries and powertrain systems.

☆ China calls on Japan to correct chip export restrictions
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: 1 min

BEIJING, April 4 (Reuters) - China is seriously concerned about Japanese export restrictions on chip manufacturing equipment and called on it to correct its "wrong practice", the Chinese commerce ministry said on Tuesday. "China will take decisive measures to safeguard its rights and interests if Japan insists on obstructing the chip industry cooperation between the two countries," it said in a statement. Japan said last week it would restrict exports of 23 types of semiconductor manufacturing equipment, aligning its technology trade controls with a U.S. push to curb China's ability to make advanced chips. Reporting by Ella Cao and Meg Shen; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ China to conduct cybersecurity review on chipmaker Micron's products
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: 1 min

BEIJING, March 31 (Reuters) - China's cyberspace regulator will conduct a cybersecurity review on products sold in China by U.S. memory chip manufacturer Micron Technology (MU.O), the regulator said on Friday. The move is aimed at protecting the security of the supply chain for critical information infrastructure, prevent hidden risks and safeguard national security, the Cyberspace Administration of China said in a brief statement. It gave no other details, including what Micron products it was reviewing. Shares in Micron fell 3.3% in pre-market trading after the announcement. Reporting by Ella Cao and Meg Shen Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ China to examine US chipmaker Micron's products for cybersecurity risks
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

March 31 (Reuters) - China's cyberspace regulator will conduct a cybersecurity review of products sold in the country by U.S. memory chip manufacturer Micron Technology Inc (MU.O), the regulator said on Friday. It gave no other details, including which Micron products it was reviewing. The Netherlands, which makes advanced lithography equipment critical for the manufacture of advanced chips, made a similar announcement earlier this month. Weak consumer demand has roiled the memory chip market, which is dominated by South Korea's Samsung Electronics (005930.KS). The larger chunk of the company's products flowing into China are being purchased by non-Chinese firms for use in products manufactured in the country, according to analysts.

☆ BYD downplays China price war impact after Q4 profit jumps
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

HONG KONG/SHANGHAI, March 29 (Reuters) - Chinese electric vehicle (EV) giant BYD said on Wednesday it was large enough to shake off the impact of a bruising price war and faltering demand in China, after reporting an 11-fold increase in fourth-quarter profit. The strong result came as it extended its lead in the Chinese market, thanks to an expanding range of products that is helping it overtake Volkswagen (VOWG_p.DE) to become the top-selling brand. BYD accounted for 41% of so-called new energy car sales in the world's biggest auto market for the first two months of the year. The Chinese EV giant has been slowing output since the start of the year when Beijing ended a national subsidy programme for EVs and plug-in electric vehicles. ($1 = 6.8756 Chinese yuan renminbi)Reporting by Josh Ye, Zhang Yan, Ella Cao and Meg Shen; Editing by Jonathan Oatis, Angus MacSwan and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Shanghai exchange cancels Syngenta IPO hearing -filing
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, March 28 (Reuters) - The Shanghai Stock Exchange has cancelled a hearing to review Swiss agrichemicals and seeds group Syngenta's initial share offering (IPO) plan, a filing posted on the exchange showed. Syngenta, which planned to raise 65 billion yuan ($9.44 billion) in its Shanghai flotation, was bought for $43 billion by ChemChina in 2017 and folded into Sinochem Holdings Corp in 2021. The Shanghai exchange, which planned to conduct the hearing on Wednesday, did not provide a reason for the cancellation. Companies planning IPOs on the exchange need to appear before a panel for a hearing as a requirement for proceeding with their listing. ($1 = 6.8821 Chinese yuan renminbi)Reporting by Meg Shen and Twinnie Siu; editing by Jason Neely, Jane Merriman and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ China urges Apple to strengthen data security
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, March 28 (Reuters) - China has urged Apple (AAPL.O) to strengthen its data security and personal privacy protection, the country's state planner said in a statement on Tuesday. Chairman of National Development and Reform Commission Zheng Shanjie made the comments when he met Apple CEO Tim Cook on Monday, the statement said. Reporting by Ella Cao and Meg Shen, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ BYD posts 11-fold jump in Q4 profit -filing
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/BEIJING, March 28 (Reuters) - Chinese electric vehicle giant BYD Co Ltd (002594.SZ) reported an 11-fold increase in fourth-quarter profit as it extended its lead in the domestic market with a wide range of products. Net profit for October-December came in at 7.3 billion yuan ($1.06 billion) versus 602 million yuan a year earlier. For the whole of 2022, net profit increased 446% to 16.6 billion yuan, said the company, which is 12% owned by Warren Buffett's Berkshire Hathaway (BRKa.N). Its battery installation volume ranked the second globally in Janaury with 17.6% market share, exceeding LG Energy Solutions, according to SNE Research. ($1 = 6.8756 Chinese yuan renminbi)Reporting by Zhang Yan, Ella Cao and Meg Shen; editing by Jason Neely, Jonathan Oatis and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

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