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☆ SenseTime shares soar more than 30% after announcing its latest generative AI model
  + stars: | 2024-04-24 | by ( Lim Hui Jie | ) www.cnbc.com   time to read: 1 min
A logo of SenseTime is seen during 2021 China Content Broadcasting Network Exhibition at China International Exhibition Center on May 29, 2021 in Beijing, China. Shares of SenseTime Group surged more than 30% on Wednesday, after the Chinese AI giant announced its latest generative artificial intelligence model, called SenseNova 5.0. The company's shares traded as high as 82 Hong Kong cents a share, or 34.42% higher than its previous close of 61 cents. SenseTime said in a release that the major advancement in SenseNova 5.0 focuses on knowledge, mathematics, reasoning, and coding capabilities.
Persons: SenseTime Organizations: China Content Broadcasting Network, China International Exhibition Center, SenseTime, Hong Locations: China, Beijing, Hong Kong
☆ Procter & Gamble's strategic pricing shift should accelerate business growth this year
  + stars: | 2024-04-18 | by ( Paulina Likos | ) www.cnbc.com   time to read: +6 min
Those are key items to watch out for Friday morning when P & G reports its fiscal 2024 third-quarter earnings. Shares of P & G hit a multiyear high of $163 on March 28 — less than $2 per share below all-time highs reached in late April 2022. Traditionally for Procter, pricing has contributed low single digits to its earnings growth. In P & G's fiscal second quarter , pricing contributed 4% to sales growth, but volumes were down on a companywide basis. He expects to see a healthy organic growth rate consistent with the 4% organic growth reported in the second quarter.
Persons: Jeff Marks, Jim Cramer, Nik Modi, Modi, Procter, Jon Anderson, William Blair, Anderson, Ulta, Jim Cramer's, Jim Organizations: Procter, Gamble, CNBC, Federal Reserve, Fed, RBC Capital Markets, Anderson, China, National Exhibition, Convention Center, VCG, Getty Locations: U.S, North America, Shanghai, China
☆ Nissan targets 1 million extra vehicle sales in next 3 years, aims to cut EV costs
  + stars: | 2024-03-25 | by ( Elliot Smith | ) www.cnbc.com   time to read: +1 min
A Nissan Ariya electric car is on display during 2020 Beijing International Automotive Exhibition (Auto China 2020) at China International Exhibition Center on September 27, 2020 in Beijing, China. Nissan is targeting an additional 1 million vehicle sales over the next three years and a 30% reduction in electric vehicle production costs by 2030, the Japanese carmaker announced Monday. In a new medium-term business plan, Nissan also said it would launch 30 new models by fiscal year 2026, with 16 of these electrified. "Faced with extreme market volatility, Nissan is taking decisive actions guided by the new plan to ensure sustainable growth and profitability." The country boasts the world's largest and most crowded EV market and its automakers are exerting significant downward pressure on prices.
Persons: Makoto Uchida, Elon Musk Organizations: Nissan, Automotive, China International Exhibition Center, Ford Motor, General Motors, Mercedes, Benz, Volkswagen Locations: China, Beijing
☆ Why a small China-made EV has global auto execs and politicians on edge
  + stars: | 2024-03-22 | by ( Michael Wayland | ) www.cnbc.com   time to read: +12 min
The rise of BYD and other Chinese automakers led Tesla CEO Elon Musk in January to warn that Chinese automakers will "demolish" global rivals without trade barriers. Caresoft, an engineering benchmarking and consulting firm, has already torn down one China-built BYD Seagull and is preparing to do another. Michael Wayland / CNBCThe consulting firm tore apart the BYD Seagull piece by piece to benchmark the small EV against vehicles from other startups and traditional automakers. Its initial study of the BYD Seagull found it to be efficiently and simplistically designed, engineered and executed, but with unexpected quality and anticipated reliability. Growing concernsBYD's rise comes at a precarious time for global auto industry dynamics.
Persons: It's, Terry Woychowski, Warren Buffett, —, BYD, Tesla, Elon Musk, Caresoft Bernstein, Nissan, Michael Wayland, Caresoft, simplistically, Woychowski, Mathew Vachaparampil, CNBC BYD, Stellantis —, Donald Trump, Zach Gibson, Jennifer Granholm, Republican Sen, Marco Rubio, Trump, –, GM Dong, Tang, Marin Gjaja, Gjaja, Ford, you've, Evelyn Cheng, Dylan Butts Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, Visual China, Getty, U.S, General Motors, Caresoft, Alliance for American Manufacturing, Overseas, Chevrolet, Nissan Leaf, Bolt, Chicago Federal Reserve, BYD, CNBC, Cox Automotive, Seagull, Tesla, Toyota Motor, Nissan Motor, Honda Motor, Hyundai, Kia, — GM, Ford, Chrysler, U.S ., Washington , D.C, Bloomberg, Republican, North American Free Trade, Republicans, Buick, SAIC, GM, GM Dong Yue Motors Co, Detroit Locations: Shanghai, LIVONIA, Mich, –, China, Europe, Latin America, Detroit, Texas, Germany, Japan, U.S, Livonia , Michigan, America, XPENG, Mexico, Thailand, Brazil, Indonesia, Hungary, Uzbekistan, ., Washington ,, United States, Marco Rubio of Florida, Yantai, Shandong Province
☆ Xpeng plans to hire 4,000 people, invest in AI as CEO warns intense EV rivalry may end in 'bloodbath'
  + stars: | 2024-02-19 | by ( Arjun Kharpal | ) www.cnbc.com   time to read: +1 min
VCG | Visual China Group | Getty ImagesXpeng plans to hire 4,000 new people and invest in artificial intelligence technology, according to the company's CEO, who warned of intense competition in the electric vehicle space which could end in a "bloodbath." Xpeng has a driver assistance system called Xpilot which allows its cars to carry out some functions semi-autonomously. The CEO also said Xpeng intends to launch around 30 new or upgraded cars over the next three years. This year, the firm will launch its first models in the price segment of over 300,000 yuan and at 150,000 yuan. Xpeng, like other electric carmakers, has been battling in a price war in China which was sparked by Tesla.
Persons: Xpeng, Tesla, Xiaopeng Organizations: HK, Shanghai International Automobile Industry, National Exhibition, Center, Visual China, Getty, Xpeng, CNBC, carmakers Locations: Shanghai, China
☆ Procter & Gamble revenue rises 3%, short of expectations
  + stars: | 2024-01-23 | by ( Amelia Lucas | ) www.cnbc.com   time to read: +1 min
A Procter & Gamble (P&G) logo is seen during the 6th China International Import Expo (CIIE) at the National Exhibition and Convention Center (Shanghai) on November 7, 2023 in Shanghai, China. Procter & Gamble on Tuesday reported mixed quarterly earnings and revenue for its fiscal second quarter. Shares of the company rose less than 1% in premarket trading. Excluding items, the company earned $1.84 per share. Net sales rose 3% to $21.44 billion.
Persons: Gamble Organizations: Procter, Gamble, China, National Exhibition, Convention Center, LSEG Locations: Shanghai, China
☆ Why China poses a growing threat to the U.S. auto industry
  + stars: | 2024-01-22 | by ( Michael Wayland | ) www.cnbc.com   time to read: +7 min
Tesla CEO Elon Musk, whose company operates a large plant in China, has said Chinese automakers are the greatest competitors for his Texas-based company. "They were 26% [market share] a few years ago, up to more than 50% in 2022 and headed towards two-thirds by the end of the decade." Chinese companies have begun expanding into Mexico, Europe and elsewhere, Wakefield said. The EU believes Chinese EVs are undercutting the prices of local models by about 20% in the European market. The influx of Chinese EVs has spurred the European Union to launch into government support for the industry.
Persons: —, Carlos Tavares, Elon Musk, Tesla, Musk, BYD, Massimo Pinca, Reuters BYD, Kristin Dziczek, Mathew Vachaparampil, Bernstein, Eunice Lee, Mark Wakefield, Evelyn Cheng, hasn't, Wakefield, That's Organizations: GM, Shanghai International Automobile Industry, National Exhibition, Convention Center, Visual China, Getty, DETROIT, American, of, SAIC, Dongfeng, General Motors, U.S . Bureau, Analysis, America —, Chrysler, America's GM, Ford Motor, automakers, The New York Times, Economist, Reuters, Federal Reserve Bank of Chicago's, Caresoft, Overseas, Chicago, CNBC, European Union, EU, Union, Volvo, Karma, Ford, U.S, Buick, Lincoln Nautilus Locations: Shanghai, U.S, of China, Asia, Europe, China, Japan, Nio, Mexico, Korea, Germany, Beijing, Texas, Turin, Italy, Federal Reserve Bank of Chicago's Detroit, AlixPartners, Russia, America
☆ China's EV stocks start 2024 in reverse gear as price wars pressure profitability
  + stars: | 2024-01-11 | by ( Sheila Chiang | ) www.cnbc.com   time to read: +1 min
"We expect competition within the domestic market to remain intense and put pressure on pricing and profitability," Bernstein analysts said in a report on China's EV industry earlier this month. Morgan Stanley also highlighted competitions concerns in its note on Wednesday: "Investors remain cautious as China's auto market has had a volatile start to the year as competition and macro uncertainties persist." In mainland China, passenger EV sales growth fell to 28% in the third quarter of 2023, from 108% in the same period a year earlier, according to China Association of Automobile Manufacturers data quoted by Fitch Ratings. The growth slowdown will deepen in 2024, according to Fitch Ratings. "We expect China's domestic passenger car demand to increase modestly in 2024 to nearly 22 million units amid economic uncertainty," said Fitch Ratings.
Persons: Li Auto, Bernstein, Morgan Stanley, Fitch Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, China Association of Automobile Manufacturers, Fitch Locations: Shanghai, Hong Kong, Nio, BYD, Zhejiang, China
☆ Polestar cuts its guidance as it retools its business plan for lower EV sales, higher profits
  + stars: | 2023-11-08 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com   time to read: +3 min
At the time of its initial public offering last year, Polestar was targeting annual sales of about 290,000 vehicles by the end of 2025. For 2023, Polestar now expects to deliver "approximately 60,000" vehicles, at the low end of its previous guidance range, with a positive gross margin of about 2%. The company had previously guided to deliveries of between 60,000 and 70,000 vehicles in 2023, with a gross margin of 4% for the year. Polestar's gross margin was 1.1% in the first nine months of 2023 and 4.9% in 2022. Production of the Polestar 4, a smaller crossover SUV, will begin in China next week as planned, the company said.
Persons: Polestar, Thomas Ingenlath, Volvo — Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, Geely Automobile, Geely, Volvo, Revenue Locations: Shanghai, China, Swedish, United States
☆ To Star at the Venice Biennale, Artists Need Patrons’ Deep Pockets
  + stars: | 2023-10-24 | by ( Zachary Small | More About Zachary Small | ) www.nytimes.com   time to read: +2 min
Organizers said that last year’s exhibition there by Simone Leigh cost about $7 million. But curators say financial support from the State Department has not kept pace with the increases. “We consider private-sector support a strength in our approach to this program, as it creates broad engagement with a wide variety of stakeholders,” a spokesman for the State Department said. “I think there is an understanding even before a selection is made that if you apply, then you have the ability to fundraise,” said Brooke Kamin Rapaport, artistic director and chief curator at Madison Square Park Conservancy and the commissioner of the $3.8 million Venice exhibition by the sculptor Martin Puryear in 2019. Robert Storr, who directed the 2007 Venice Biennale and is a former dean of the Yale School of Art, said the rising costs of shipping and other logistics make the system unsustainable.
Persons: William Adams Delano, Chester Holmes Aldrich, Robert Rauschenberg’s, Robert Gober’s, Simone Leigh, “, ”, Brooke Kamin Rapaport, Martin Puryear, Robert Storr Organizations: State Department, Venice Biennale, Park Conservancy, “, Yale School of Art Locations: United States, Venice, Italy, Madison
☆ Chinese EV stocks tank after Tesla earnings disappoint
  + stars: | 2023-10-19 | by ( Sheila Chiang | ) www.cnbc.com   time to read: +1 min
(Photo by VCG/VCG via Getty Images)Shares of Chinese EV-makers were battered on Thursday after Tesla reported disappointing third-quarter results on Wednesday where the company missed estimates. It was the first time Tesla, co-founded by Elon Musk, missed on both earnings and revenue since second-quarter 2019. On Thursday morning, Hong Kong-listed shares of Chinese EV makers BYD and Xpeng fell 2.18% and 8.76% respectively. Musk said the company is working to bring down the prices of its cars amid high interest rates, but it is as challenging as "Game of Thrones, but pennies." "I'm worried about the high interest rate environment we're in," he said, adding that it will be much harder for consumers to purchase cars if interest rates were to increase further.
Persons: Tesla, Elon Musk, Li Auto, Geely, Musk Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, Getty, Elon Locations: SHANGHAI, CHINA, Shanghai, China, Hong Kong, Xpeng
☆ Xpeng suspends supply chain boss for corruption probe
  + stars: | 2023-10-10 | by ( Arjun Kharpal | ) www.cnbc.com   time to read: +1 min
The Xpeng G9 SUV is on display during the 20th Shanghai International Automobile Industry Exhibition at the National Exhibition and Convention Center in Shanghai, April 18, 2023. Chinese automaker Xpeng on Tuesday said it suspended Li Feng, its vice president in charge of supply chains, for a corruption probe. "Xpeng has a strict stance against corrupt activities. We remain vigilant in identifying and rectifying any instances of corruption promptly," a spokesperson for the company told CNBC. Xpeng shares were up around 2% in pre-market trade on Wednesday.
Persons: Xpeng, Li Feng, Feng Organizations: Shanghai International Automobile Industry, National Exhibition, Center, CNBC Locations: Shanghai
☆ Tesla rival Polestar plans own smartphone launch alongside its first electric vehicle in China
  + stars: | 2023-09-06 | by ( Arjun Kharpal | ) www.cnbc.com   time to read: +5 min
Vcg | Visual China Group | Getty ImagesMUNICH — Swedish electric vehicle maker Polestar plans to launch a smartphone in December alongside deliveries of its first car to be released in China, the company's CEO told CNBC. It will be the company's first car to be delivered in China, as it ramps up expansion in the world's biggest electric vehicle market. Alongside that, Polestar will take the unusual move of launching a smartphone carrying the brand's name. It stems from a joint venture created in June between Polestar and Xingji Meizu, a Chinese smartphone maker owned by Chinese auto giant Geely . And the Polestar smartphone would not be an attempt to grow market share.
Persons: Thomas Ingenlath, Polestar, Xingji, Meizu, Ingenlath, It's, Neil Shah, Shah Organizations: HK, Shanghai International Automobile Industry, National Exhibition, Convention Center, Visual China, Getty, MUNICH, CNBC, Apple, EV, Counterpoint Research, BMW, Mercedes, Benz, Porsche Locations: Shanghai, China, Swedish, Polestar, German
☆ Shares of BYD jump after Chinese EV maker posts 200% surge in first half profit
  + stars: | 2023-08-29 | by ( Sheila Chiang | ) www.cnbc.com   time to read: +2 min
Shares of Chinese automaker BYD listed in China jump more than 5% Tuesday, a day after posting a stellar jump in first half profit. Thanks to record deliveries, the Chinese electric car maker on Monday posted a 204.68% jump in net profit for the first half of the year — that's net earnings of 10.95 billion yuan ($1.50 billion) in the January to June period, compared to 3.59 billion yuan a year earlier. Hong-Kong listed shares of the automaker rose 5.6% while stocks in Shenzhen were up as much as 4.75% on Tuesday. Revenue in the first six months increased 72.72%, compared to the first half of 2022, according to the stock filing. "BYD is targeting mass market where Tesla cannot reach," said Vivek Vaidya, associate partner at Frost & Sullivan, on CNBC's "Street Signs Asia" Tuesday.
Persons: BYD, Jiong Shao, China's, Tesla, Vivek Vaidya, Frost & Sullivan, Vaidya Organizations: British, Farnborough International Exhibition, Kong, Barclays, Frost &, Tesla Locations: Farnborough, England, China, Shenzhen
☆ Stocks making the biggest moves premarket: 3M, CrowdStrike, Xpeng and more
  + stars: | 2023-08-28 | by ( Hakyung Kim | ) www.cnbc.com   time to read: +2 min
Xpeng — U.S.-traded shares of the Chinese electric vehicles company jumped 5% Monday premarket. Xpeng announced it would buy Didi's smart electric car business in a deal worth $744 million. Mister Car Wash — The car wash stock climbed 5.7% in premarket trading following an upgrade to overweight from neutral by Piper Sandler. The firm said Mister Car Wash has upside potential over the next two years. CrowdStrike — Shares of the cybersecurity company fell 2.6% in premarket trading after Morgan Stanley downgraded CrowdStrike to equal weight from overweight.
Persons: Xpeng, Piper Sandler, CrowdStrike, Morgan Stanley, Akero, Conor Flynn, Danaher, —, Jesse Pound, Sarah Min, Alexander Harring Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, —, Bloomberg News, UBS, RPT, Kimco Realty, Boston, Boston Scientific Locations: Shanghai, China, Xpeng —
☆ Chibuike Ifedilichukwu: Nigerian upcycling artist creates portraits from waste
  + stars: | 2023-08-16 | by ( Aneta Felix | ) edition.cnn.com   time to read: +4 min
But where others see trash, 37-year-old Nigerian artist Chibuike Ifedilichukwu sees opportunity. He creates portraits of celebrities from discarded aluminum cans, making a bold statement about waste management in the country. One day in 2021, while accompanying his wife to an antenatal clinic, Ifedilichukwu says he stumbled upon a pile of dumped plastic strips. I found that nobody does this pattern of art,” Ifedilichukwu told CNN. Although he wears gloves when he works, he says he’s been cut many times by sharp-edged cans, craft knives, scissors, needles and steel wire.
Persons: Chibuike Ifedilichukwu, Ifedilichukwu, “, ” Ifedilichukwu, Chibuike, ”, Cardi, Chimamanda Ngozi Adichie, Don Jazzy, Greta Thunberg, Leonardo di Caprio, Davido, Ifedilichukwu Ifedilichukwu, he’s, “ It’s Organizations: CNN —, CNN, Ifedilichukwu Locations: Nigeria, Anambra, Awka
☆ Chinese EV maker Xpeng sees highest deliveries this year but is eclipsed by rivals Nio, Li Auto
  + stars: | 2023-08-01 | by ( Arjun Kharpal | ) www.cnbc.com   time to read: +2 min
Chinese electric car startups Xpeng , Nio and Li Auto on Tuesday posted vehicle delivery numbers for July, showing growth but differing in strength, as competition in the Chinese market continues to ramp up. Xpeng's sales were also eclipsed by Chinese rivals Nio and Li Auto. It is the second consecutive month that Li Auto has surpassed the 30,000 vehicle delivery mark. Competition in China's electric car market continues to ramp up, as companies launch new models and a price war, stoked by U.S. giant Tesla , plays out. In June, Beijing extended tax breaks for the purchases of electric vehicles, which may boost sales in the coming months.
Persons: Li Auto, Nio, Li, Warren Buffett, BYD Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, Li, Li Auto, Consumers Locations: Shanghai, China, Beijing
☆ Some electric vehicles from BMW, Nissan, Hyundai and Volkswagen will no longer get federal tax credits
  + stars: | 2023-04-18 | by ( Emma Newburger | ) www.cnbc.com   time to read: +4 min
Brown | AFP | Getty ImagesFewer electric vehicles now qualify for federal tax credits after the Biden administration this week unveiled stricter rules for battery sources that will prioritize domestically manufactured models. The new list published by the Treasury Department includes 16 U.S. manufactured models from Ford , General Motors , Tesla and Stellantis . Ten of the models on the new list will qualify for the full $7,500 tax credit, with the rest qualifying for half that amount. Vehicles losing credits include those from BMW, Hyundai, Nissan, Rivian , Volkswagen and Volvo Cars. The bill set various manufacturing requirements for new all-electric and plug-in hybrid vehicles to qualify for the $7,500 tax credit.
☆ Chinese A.I. stocks jump on growing ChatGPT interest, state media warns of risks
  + stars: | 2023-02-09 | by ( Jihye Lee | ) www.cnbc.com   time to read: +1 min
Visitors walk past a stand with AI (artificial intelligence) security cameras using facial recognition technology at the 14th China International Exhibition on Public Safety and Security at the China International Exhibition Center in Beijing in 2018. With growing interest surrounding OpenAI's ChatGPT, stocks related to artificial intelligence listed in mainland China have soared this year – with one company having tripled in valuation since January. Alibaba told CNBC it's working on a rival product similar to ChatGPT, while Baidu announced earlier this week it will launch "Ernie bot," its own artificial intelligence chatbot. Hanwang Technology is up 124% and CloudWalk Technology Company rose 105% as of Wednesday's trading session. "Please pay attention to investors, avoid capital risks, hype, make rational decisions, and invest prudently," it said in a Tuesday filing.
☆ I've won $3 million in my 7 years as a pro poker player, but it's not a life that I would ever recommend — it's a hard way to make easy money
  + stars: | 2021-12-30 | by ( Xuan Liu | As Told To Jenny Powers | ) www.businessinsider.com   time to read: +5 min
Since we were all a bunch of super competitive analytical type students, the school was a hotbed for poker players. From 2010 to 2017, I earned $3 million playing live and online tournaments (online under the name xx23xx). From an outsider's perspective, it may seem glamorous, but poker is also mentally and physically drainingLiu with fellow players at a poker tournament. By 2017, I didn't like the trajectory my life was heading, so after a brief marriage to a fellow player, I left the circuit to live life at a slower pace in Vancouver. Now that live events are back, I'm getting back into poker in different waysI'm doing live poker tournament commentating work in English and Mandarin because there's a broader international audience these days.
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