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☆ The longest flight from China will take you to Mexico City
▼ + stars: | 2024-04-29 | by ( Kathleen Magramo | Hassan Tayir | ) edition.cnn.com time to read: +2 min

CNN —China Southern Airlines is launching its first-ever direct passenger flight from the megacity of Shenzhen to Mexico City, which will set the record as the longest nonstop regular commercial flight to originate in China. The inaugural flight will depart from the Chinese southern metropolis of Shenzhen on May 11, making a 16-hour nonstop journey to Mexico City, according to information available from China Southern Airlines. The upcoming route overtakes China Southern Airlines’ Guangzhou to New York flight, which covers a distance of 12,871 kilometers, as the furthest nonstop commercial flight to depart from a Chinese airport. China Southern Airline’s newest route would knock out Singapore Airlines’ Singapore to Los Angeles flight to take 8th place on the list of the world’s longest flights compiled by aviation analytics database OAG. China Southern Airlines was the first-ever Chinese carrier to operate flights to Mexico, launching the Guangzhou-Vancouver-Mexico City route in April 2017, according to reports from Chinese state media agency Xinhua at the time.

Organizations: CNN, China Southern Airlines, Mexico City, Airbus, SZ News, Singapore Airlines, China Southern, Singapore Airlines ’, Airlines, Xinhua Locations: Shenzhen, Mexico, China, Mexico City, Tijuana, Guangzhou, New York, Singapore, Singapore Airlines ’ Singapore, Los Angeles, United States, Europe, Vancouver

☆ What it’s really like to live in Macao
▼ + stars: | 2024-04-25 | by ( Lilit Marcus | ) edition.cnn.com time to read: +9 min

Macao, the Chinese special administrative region (SAR) often twinned with Hong Kong, is known as the Las Vegas of Asia. But travelers who are willing to dig in a little deeper can explore Macanese culture, which mixes Portuguese, Chinese and Southeast Asian heritages. Macao is comprised of two islands – the north one, Macao itself, and its southern neighbor Taipa. “In Asia, [people] think that Macao is full of casinos, and I think they do not understand the other parts of Macao,” says Lai. That means that they can live in Macao without a work visa and do not need a company sponsoring them.

Persons: CNN — “, ”, Vivian Lai, Taipa, Lai, ” Marina Fernandes, Michael Maslan, “, it’s, Uber, Fernandes, Eduardo Leal, Ricardo Balocas, Balocas, Don’t Organizations: CNN, Las, Macanese Association, Bloomberg, Macao International Airport, Joseph’s University, Macao, Henley Locations: Macao, Hong Kong, Las Vegas, Asia, China, Taipa, “, ”, Europe, Portuguese, Zhuhai, Macao’s, Singapore, Jakarta, Hanoi, Bangkok, Beijing, North America, Shenzhen, Guangzhou, Bay Area, Portugal, Macao's, Lisbon, St, Philippines, ‘ Little Lisbon, it’s

☆ Bubble tea: ChaPanda shares plunge in Hong Kong IPO
▼ + stars: | 2024-04-23 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

The company, also known as Chabaidao or ChaPanda, had priced its shares at $17.50 Hong Kong dollars ($2.23) apiece, but they plunged as low as $10.80 Hong Kong dollars ($1.38) in the first two hours of trading on the Hong Kong stock exchange. Bubble tea (also called “black pearl tea” or “boba tea”) originated in Taiwan in the 1980s, but has since found millions of devotees around the world. In January, two of China’s most popular bubble tea brands, Mixue Group and Guming Holdings, applied for IPOs on Hong Kong’s stock exchange. Another Chinese bubble tea maker, Nayuki, has lost 88% of its stock market value since going public in Hong Kong in 2021. “The overall turnover and valuation of the (Hong Kong) stock market, which depend on the market liquidity, i.e.

Persons: Baidao, Frost, Frost & Sullivan, Robert Lui, “, ”, Laura Organizations: London CNN —, Hong, Frost &, China, Franchise Association . Stock, Mixue, Guming Holdings, Deloitte Locations: Sichuan, Hong Kong, Chengdu, Taiwan, China, Hong, Dealogic, Shanghai, Shenzhen

☆ Apple iPhone sales drop 19% in China as demand for Huawei smartphones soars, research says
▼ + stars: | 2024-04-23 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

TOPSHOT - The Apple iPhone 15 series is displayed for sale at The Grove Apple retail store on release day in Los Angeles, California, on September 22, 2023. (Photo by Patrick T. Fallon / AFP) (Photo by PATRICK T. FALLON/AFP via Getty Images)Apple's iPhone sales dropped sharply in China in the first quarter of this year as the company saw strong competition from domestic brand Huawei, according to a new report from market research firm Counterpoint Research. Apple saw sales of its iPhones fall 19.1% in the first three months of the year, Counterpoint's data showed, as Chinese telecommunications and consumer electronics giant Huawei saw a resurgence in its smartphone business. The Shenzhen, China-based firm saw sales of its smartphones surge a whopping 69.7% in the first quarter, Counterpoint said. Starting in 2019, the U.S. slapped sanctions on Huawei in an effort to stop it from accessing such technology, nearly wiping out Huawei's smartphone business.

Persons: Patrick T, Fallon, PATRICK T, FALLON Organizations: Apple, Grove Apple, Getty, Huawei, Research Locations: Los Angeles , California, AFP, China, Shenzhen, U.S

☆ Huawei smartphone sales are soaring in China as Apple sinks
▼ + stars: | 2024-04-23 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

New Delhi CNN —Huawei is not only making a roaring comeback in China, it is also on the verge of overtaking Apple in the world’s largest smartphone market. Its market share now stands at 15.7%, while Huawei’s has jumped to 15.5%, from 9.3% last year. Counterpoint’s data comes just days after another market research firm IDC said Apple’s global smartphone sales had tumbled 10% in the first quarter, mainly because of loss of momentum in China. Overall smartphone sales in China grew 1.5% in the first quarter, according to Counterpoint. Local smartphone makers Vivo and Honor were the top two brands by market share.

Persons: ”, Ivan Lam, Huawei’s Organizations: New, New Delhi CNN, Huawei, Apple, Research, IDC Locations: New Delhi, China, Shenzhen, Washington, Beijing, United States, China . China

☆ Young Chinese are trading Shanghai for small cities. Brands like KFC are following them with thousands of stores.
▼ + stars: | 2024-04-23 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +4 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . They're struggling to make it in big cities as the world's second-largest economy suffers from a flailing property market and slow post-pandemic consumption recovery. Going big on smaller citiesChina's smaller cities aren't exactly an untapped market. KFC and Pizza Hut operator Yum China, which plans to add 6,000 stores in China by 2026, is also betting big on small cities. AdvertisementThe cost of living crisis driving young people out of China's big cities is a trend that echoes across continents.

Persons: —, MetroDataTech, They're, Joey Wat, DPC, Canyandata Organizations: Migrants, Service, KFC, Bloomberg, Starbucks, Yum Locations: megacities, Shanghai, Shenzhen, MetroDataTech, China, Beijing, —, Yum China, Local, Fuzhou, Korea, New York City, London

☆ Chinese swimmers head to Paris Olympics under a cloud amid row over handling of drugs tests
▼ + stars: | 2024-04-23 | by ( George Ramsay | ) edition.cnn.com time to read: +5 min

CNN —A dispute over the handling of a 2021 case in which 23 Chinese swimmers tested positive for a banned performance-enhancing substance ahead of the Tokyo Olympics now threatens to overshadow swimming events at the Paris Games this summer. Sun is now free to return to competitions next month, but revelations about the 2021 case have cast Chinese swimmers and WADA in a harsh spotlight. Trimetazidine has the potential to boost endurance and has been banned by WADA since 2014. China’s national swimming championships, which serve as selection trials for the upcoming Olympics, are currently underway in Shenzhen, concluding on April 27. At the Tokyo Olympics, China won six medals in swimming, including three golds.

Persons: –, “, ” Mack Horton, Horton, Sun Yang, Sun, WADA, Adam Peaty, ”, Sarah Hirshland, Witold Banka, …, Trimetazidine, CHINADA, Ross Wenzel, trimetazidine, ” Wenzel, Denis Cotterell, Cotterell wasn’t Organizations: CNN, Tokyo, Paris Games, New York Times, ARD, Doping Agency, Olympic, “, Sydney Morning Herald, WADA, Canadian Olympic Committee, Paralympic, ”, CHINADA, Xinhua, Paris Olympics, Chinese Swimming Association, China Locations: Tokyo, China, Australian, South Korea, ”, trimetazidine, Shenzhen

☆ Jim Cramer says Apple stock could go even lower but sees plenty of reasons it shouldn't stay down
▼ + stars: | 2024-04-23 | by ( Morgan Chittum | ) www.cnbc.com time to read: +3 min

Apple stock has had a lackluster 2024 so far — dropping over 13% since the start of the year. AAPL YTD mountain Apple YTD What's next for Apple stock? As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Apple, Jim, Jeff Marks, Jim Cramer's, Christian Organizations: Apple, Research, Huawei, China, U.S, Apple's, Conference, CNBC, Getty Locations: China, Shenzhen, India, Hamburg, Germany

☆ Massive floods threaten tens of millions as intense rains batter southern China
▼ + stars: | 2024-04-22 | by ( Nectar Gan | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Heavy rains hammered southern China on the weekend, flooding homes, streets and farmland and threatening to upend the lives of tens of millions of people as rescuers rushed to evacuate residents trapped by rising waters. Since April 16, sustained torrential rains have pounded the Pearl River Delta, China’s manufacturing heartland and one of the country’s most populated regions, with four weather stations in Guangdong registering record rainfall for April. Since last week, at least 44 rivers in the Pearl River basin have swelled above the warning line, threatening to burst their banks, according to state broadcaster CCTV. Aerial view of waterlogged fields after torrential rains on April 20, 2024 in Qingyuan, Guangdong Province of China. Authorities raised the flood control emergency response for the Pearl River Delta to level 2 on Sunday – the second highest in a four-tier system.

Organizations: Hong Kong CNN, Xinhua, China Meteorological Administration, Visual China, CCTV, Authorities Locations: Hong Kong, China, Guangdong, Jiangwan, Shaoguan, Pearl, Qingyuan, Guangdong Province of China, Guangning county, Zhaoqing, Qingyuan city, Guangzhou, Shenzhen

☆ China's fiscal stimulus is losing its effectiveness, S&P says
▼ + stars: | 2024-04-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's fiscal stimulus is losing its effectiveness and is more of a strategy to buy time for industrial and consumption policies, S&P Global Ratings senior analyst Yunbang Xu said in a report Thursday. The analysis used growth in government spending to measure fiscal stimulus. "In our view, fiscal stimulus is a buy-time strategy that could have some longer-term benefits, if projects are focused on reviving consumption or industrial upgrades that increase value-add," Xu said. The head of the top economic planning agency said in March that China would "strengthen macroeconomic policies" and increase coordination among fiscal, monetary, employment, industrial and regional policies. High debt levels limit how much fiscal stimulus a local government can undertake, regardless of whether a city is considered a high or low-income region, the S&P report said.

Persons: Yunbang Xu, Xu Organizations: Global Locations: Nanning, Guangxi Zhuang, China, BEIJING, Shenzhen, Bazhong, Sichuan

☆ The world’s best airports for 2024, according to Skytrax
▼ + stars: | 2024-04-18 | by ( Lilit Marcus | ) edition.cnn.com time to read: +5 min

For the last decade, Singapore’s Changi International Airport and Doha’s Hamad International Airport have been going back and forth, battling over the title of ‘world’s best’. European airports dominateNine of the top 20 best airports are in Europe, including Vienna, Madrid and Istanbul. Kansai International Airport (KIX), which serves the Osaka area, scored the award for the world’s best airport baggage delivery. El Dorado International Airport (BOG), which serves Bogota, Colombia, was voted the best airport in South America, while Panama Tocumen Airport (PTY) won the honor of best airport for Latin America and the Caribbean. The world’s best airports for 20241.

Persons: CNN — Ali, Frazier, ‘, Badr Mohammed Al Meer, It’s, Charles de Gaulle, ORY, Indira, Skytrax, Paris Charles de Gaulle Organizations: CNN, The Red Sox, Yankees, Doha, Singapore, Singapore’s, Singapore’s Changi International Airport, Doha’s Hamad International, Hamad International, Airport, ” Qatar Airways Group’s, Oryx, Paris, Paris ’, Rome Fiumicino Airport, Zurich, Vantaa, Haneda, New, Chubu Centrair International, Kansai International, Vancouver International, Melbourne Airport, MEL, Australia, Indira Gandhi International Airport, Cape Town Airport, King Shaka International, El Dorado International, Panama Tocumen, TWA, New York JFK, Hyatt Regency Shenzhen, Hilton Munich Airport, Crowne Plaza Changi Airport, Doha Hamad, Singapore Changi, Seoul Incheon, Tokyo Narita, Dubai, Munich, Istanbul, Hong Kong, Rome Fiumicino, Vienna, Madrid, Barajas, Vancouver, Kansai, Melbourne, Copenhagen Locations: Singapore’s Changi, Doha’s, Qatar’s, Singapore, Doha, “, Frankfurt, Germany, Europe, Vienna, Madrid, Istanbul, Paris, Skytrax, Rome, Helsinki, HEL, Japan, Asia, Haneda, Narita, New Chitose, Sapporo, Nagoya, Osaka, North America, Down, Pacific, India, Cape, Africa, Durban, Bogota, Colombia, South America, Panama, America, Caribbean, New York, China, Tokyo, Vantaa

☆ Baidu releases new AI tools to promote application development
▼ + stars: | 2024-04-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Baidu's newly announced AI tools allow people with no coding knowledge to create generative AI-powered chatbots for specific functions, which can then be integrated in a website, Baidu search engine results or other online portals. watch nowThe basic Baidu tools are generally available to try for free, up until a certain usage limit, similar to some of Google's cloud and AI functions. Baidu this week also announced three new versions of its Ernie AI model — called "Speed," "Lite" and "Tiny" — that coders can selectively access, based on the complexity of the task. In a demonstration hall, Baidu business departments showed off how the AI tools could be integrated with virtual people doing livestreams, or directing search engine traffic to an AI-based interactive buying guide. Also on display was a humanoid robot developed by Shenzhen-based UBTech Robotics that used Baidu's Ernie AI model for understanding commands and reading written words.

Persons: Robin Li, Ernie bot, OpenAI, Ernie, Bo Du, Baidu, Buysmart.AI, Andy Qiu, That's, Qiu Organizations: Bloomberg, Getty Images, Baidu, CNBC, WestSummit Capital Management, Robotics Locations: Shenzhen, China, Getty Images SHENZHEN, Weibo, U.S

☆ China's BYD fires up its car offerings to compete with Tesla and Jeep at the same time
▼ + stars: | 2024-04-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BYD unveiled three new cars for its Fang Cheng Bao brand on April 16, 2024, in Shenzhen. SHENZHEN – Chinese electric car company BYD is rapidly expanding its lineup to include vehicles that compete with traditional automakers in the mass market, Tesla on the premium end and Jeep in the off-road segment. BYD on Tuesday unveiled three new cars for its Fang Cheng Bao brand: an off-road "Leopard 8" SUV, a "Super 3" SUV geared toward city driving and a "Super 9" sports car. BYD launched its Fang Cheng Bao brand last summer with a focus on "personalized needs of consumers," particularly in off-road vehicles and sports cars. The brand's first vehicle, a hybrid-powered off-road SUV called "Leopard 5," launched in November with a starting price of about 290,000 yuan ($40,845).

Persons: BYD, Fang Cheng Bao, Tesla Organizations: BYD Locations: Shenzhen, SHENZHEN, Beijing

☆ India’s economy and elections: Is the hype around Narendra Modi’s vision justified?
▼ + stars: | 2024-04-16 | by ( Diksha Madhok | Rachel Wilson | ) edition.cnn.com time to read: +9 min

New Delhi/London CNN —In just a few days, India will commence the world’s largest democratic election. So, is the hype around Modi’s India, which remains a largely impoverished country, justified? The world’s largest biometric database has also helped the government save millions by reducing corruption in welfare initiatives. Domestic investors, both retail and institutional, have been driving India’s stock market to unprecedented peaks. Still, India’s economy, much like its democracy, is far from perfect.

Persons: Narendra Modi, Indranil Mukherjee, Modi, Himanshu Sharma, Guido Cozzi, Arun Sankar, Billionaire Elon Musk Organizations: London CNN —, Getty, CNN, World, University of St, Unified, Bank, ”, National Stock Exchange of India, bourse, Bombay Stock Exchange, NSE, Shenzhen Stock Exchange, Hong Kong Exchange, World Federation of Exchanges, Macquarie Capital, Apple, Foxconn, Billionaire, International Labour Organization Locations: New Delhi, London, India, China, Beijing, Ajmer, Rajasthan, University of St Gallen, Switzerland, Asia’s, Washington, Sriperumbudur, Chennai, Mumbai's Churchgate, AFP

☆ Baidu says its ChatGPT-like Ernie bot exceeds 200 million users
▼ + stars: | 2024-04-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Men interact with a Baidu AI robot near the company logo at its headquarters in Beijing, China April 23, 2021. Florence Lo | ReutersSHENZHEN — Baidu CEO Robin Li said Tuesday the company's ChatGPT-like Ernie bot has exceeded 200 million users. Li, who is also co-founder and chairman of Baidu, was delivering an opening speech titled "Everyone is a Developer" at Baidu's AI Create conference. Smartphone companies Samsung and Honor have integrated Ernie's AI capabilities with certain mobile devices. Li said in February that Baidu's AI chip reserve "enables us to continue enhancing Ernie for the next one or two years."

Persons: Florence Lo, Robin Li, Ernie, Li, Joe Tsai Organizations: Baidu, Reuters SHENZHEN, Samsung, Norges Bank Investment Management 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

☆ Yellen kicks off China meetings with overcapacity concerns, encouraging market-oriented reforms
▼ + stars: | 2024-04-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Ambassador to China Nicholas Burns (R) receive U.S. Treasury Secretary Janet Yellen (R) upon her arrival in Guangzhou on April 4, 2024. Pedro Pardo | Afp | Getty ImagesBEIJING — U.S. Treasury Secretary Janet Yellen kicked off her first full day of official meetings in China with discussion about overcapacity concerns and encouragement to pursue market-oriented reforms. It is her second trip to China as Treasury secretary. China's growth potentialGuangdong is one of the largest contributors to China's economic growth and home to the city of Shenzhen, a major hub for tech companies and startups. "In recent decades, [Guangzhou] was at the forefront of market-oriented reforms that advanced China's economic development and openness," Yellen said in prepared remarks for her meeting with Wang.

Persons: Liao Min, China Nicholas Burns, Janet Yellen, Pedro Pardo, Yellen, Wang Weizhong, Wang, I've, Nicholas R, Lardy Organizations: Finance, U.S, Treasury, Afp, Getty, Peterson Institute for International Economics, Foreign Affairs Locations: China, Guangzhou, BEIJING, U.S, Beijing, Guangdong province, United States, Guangdong, Shenzhen, Asia

☆ Google says crypto fraudsters are making it look bad
▼ + stars: | 2024-04-04 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +3 min

Google is suing two crypto scammers it says threatened the integrity of its platforms. Scammers tricked Google Play into hosting 87 fake crypto apps, conning over 100,000 users, Google says. The lawsuit alleges the fraudsters tricked Google into accepting their apps on its app store, Google Play, by misrepresenting their identity, location, and intent. Advertisement"By using Google Play to conduct their Fraud Scheme, Defendants have threatened the integrity of Google Play and the user experience," the lawsuit states. "Defendant's scheme has thus impaired Google users' confidence and trust in Google, its services, and its platforms."

Persons: Scammers, —, Halimah DeLaine Prado Organizations: Google, Service Locations: New York, Shenzhen, China, Hong Kong

☆ Tesla has a big competitor. And it is China’s BYD
▼ + stars: | 2024-04-03 | by ( Rosa Deacostanoya | Rosa De Acosta | ) edition.cnn.com time to read: +4 min

In 2023, Tesla sold around 230,000 more cars than BYD. That drop was big enough for Tesla, which sold 386,810 BEVs in the same period, to retake its former position despite posting plunging sales. Both Tesla and BYD are expanding beyond their home markets and investing in factories abroad. BYD sold about 3 million electric cars, including hybrids, in 2023 globally. By comparison, Tesla, which does not sell hybrids, delivered a total of 1.8 million vehicles worldwide last year, which was about 19% of the global market for BEVs.

Persons: Hong Kong CNN —, Wang Chuanfu, It’s, Murthy Grandhi, BYD, Tesla Organizations: Hong Kong CNN, Tesla, Toyota, French PSA Group, Fiat Chrysler Automobiles, Chrysler, Maserati, Peugeot, BMW, Ford, Benz, Ferrari, Yuan, Rho, BEVs Locations: China, Hong Kong, Shenzhen, London, United States, American, Shanghai, California, Canada, European

☆ Alibaba and Tencent: China’s internet giants snap up their own shares to boost flagging stock market value
▼ + stars: | 2024-04-03 | by ( Laura He | ) edition.cnn.com time to read: +4 min

That would mark the biggest share repurchase by a Chinese tech company in the past year. The tech giant’s move comes at a time when Chinese regulators have been asking listed companies to repurchase shares to stabilize market confidence. Overall, companies listed in Hong Kong spent 126 billion Hong Kong dollars ($16.1 billion) buying back shares in 2023, the highest on record, according to Chinese financial data provider Choice. Tencent alone accounted for about 40% of total share buybacks in the Hong Kong market. Additionally, the global selling of Chinese assets, driven by geopolitical tensions or concerns about regulatory uncertainties, has further pressured Chinese share prices.

Persons: Alibaba, “, ”, Stephen Innes, Tencent, Xiaomi, ” Innes Organizations: Hong Kong CNN, Alibaba, BABA, Hong Kong, CNN, “ Locations: China, Hong Kong, buybacks, Shanghai, Shenzhen, Hangzhou, Beijing

☆ BYD hands back top EV seller title to Tesla after Q1 sales decline
▼ + stars: | 2024-04-02 | by ( ) www.cnbc.com time to read: +2 min

BYD, China's biggest electric vehicle (EV) maker, reported first quarter 2024 sales fell 43% compared to the fourth quarter of 2023, handing back the title of world's biggest EV seller to Tesla after winning it last year. But, BYD's quarterly drop means Tesla took back the sales title based on first-quarter deliveries for Tesla of 386,810, a decline of 20.2% from the prior quarter and 8.5% from a year ago. Tesla sold 89,064 China-made vehicles in March, up 0.2% from a year earlier, data from the China Passenger Car Association showed on Tuesday. BYD reported an all-time monthly high of 341,043 units in December. Last week, BYD set a 3.6-million-unit sales target for 2024, a 20% increase from its record-breaking sales last year, Reuters reported citing sources.

Persons: Tesla, BYD, BYD's Organizations: Shenzhen Stock Exchange, China Passenger Car Association, Reuters Locations: China

☆ Elon Musk's Tesla looks set to regain its crown as the world's biggest electric carmaker as BYD sales tumble
▼ + stars: | 2024-04-02 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

It looks like Tesla is about to regain its title as the world's top electric car maker. China's BYD reported on Monday that sales plummeted more than 40% for the first three months of 2024. Elon Musk's company is set to reveal its own quarterly delivery numbers on Wednesday. The slide has caused some to question whether Musk's company deserves its spot in the "Magnificent Seven" group of mega-cap tech stocks. A drop in deliveries would cap a "nightmare quarter for Tesla," said Wedbush analysts in a research note last week.

Persons: Tesla, China's BYD, Elon, —, It's, That's, BYD, Wells Fargo, Bernstein, Warren Buffett Organizations: Elon Musk's, Service, Shenzhen Stock Exchange, BYD, Visible Alpha, Wedbush Securities, Tesla Locations: Shenzhen, Texas, Wells, Hong Kong

☆ Mumbai overtakes Beijing to become Asia's billionaire capital for the first time
▼ + stars: | 2024-03-27 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

With 92 billionaires, Mumbai ranks third behind New York and London, but ahead of Beijing, and Shanghai. Tuul & Bruno Morandi | The Image Bank | Getty ImagesMove over, Beijing. Mumbai is now the Asian capital with the most number of billionaires, according to Hurun Research Institute's global rich list. In Asia, Mumbai — India's financial capital — moved ahead with 92 billionaires, according to Hurun. Following close behind are Beijing (91) and Shanghai (87).

Persons: Bruno Morandi, Topping, — Organizations: New, Tuul, Bank, Getty, Research, New York, London, Mumbai, Beijing, Shanghai, Shenzhen, Hong Kong, Moscow, New Delhi, San Francisco, Hurun Research, United States, India, United Kingdom, Germany, Russia, Italy, France Locations: Mumbai, New York, London, Beijing, Shanghai, Asia, China, U.S, India, Switzerland, Brazil

☆ BYD’s profit soared 80% in the year the Chinese EV giant overtook Tesla
▼ + stars: | 2024-03-26 | by ( Laura He | Anna Cooban | ) edition.cnn.com time to read: +2 min

Net profit almost doubled to 30 billion yuan ($4.2 billion) last year, from 16.6 billion yuan ($2.3 billion) in 2022, the Shenzhen-based company said Tuesday. BYD sold 525,409 battery electric vehicles (BEVs) during that period, compared with Tesla’s 484,507. In 2023 as a whole, BYD sold a record 3.02 million vehicles globally, up 62% from 2022. Its entry-level model sells in China for the equivalent of just over $10,000; the cheapest Tesla car, a Model 3, costs almost $39,000. But intensifying competition and a brutal price war last year have impacted the profit margins of many Chinese car makers, including BYD.

Persons: London CNN — BYD, That’s, Warren Buffett, BYD, Tesla, Elon Musk’s carmaker Organizations: London CNN, Elon, Tesla, Chinese Passenger Car Association, Geely, Chery, XPeng Motors Locations: Hong Kong, London, Shenzhen, China

☆ Japan bucks private equity slowdown in Asia-Pacific with deal value soaring 183% last year
▼ + stars: | 2024-03-24 | by ( Clement Tan | In Clemtan | ) www.cnbc.com time to read: +1 min

An editorial picture of the Japan flag set against an economic trend graph and images associated with the stock market, finance and digital technology. Japan though, was an outlier, with deal value jumping 183% in 2023 from a year earlier, making it the largest private equity market in Asia Pacific for the first time, according to Bain's 2024 Asia-Pacific Private Equity Report released Monday. Overall, deal value in the Asia-Pacific region declined more than 23% to $147 billion from a year earlier. Greater China accounted for 89% of the IPO exit value in Asia Pacific, with a vast majority listing in Shanghai and Shenzhen. Excluding Greater China IPOs, the total Asia-Pacific exit value was $65 billion.

Persons: Bain Organizations: Asia Pacific, Bain & Company, Pacific, Equity, Japan Inc, China IPOs Locations: Japan, Asia, Asia Pacific, Pacific, Greater China, Shanghai, Shenzhen, China

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