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☆ Chinese automakers expected to achieve 33% global market share by 2030
▼ + stars: | 2024-06-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Much of the growth, from a forecast 21% market share this year, is expected to come outside of China. The rapid expansion of Chinese automakers is a growing concern for legacy automakers and politicians globally. In North America, Chinese automakers are forecast to only achieve a 3% market share, largely in Mexico, where one in five vehicles are expected to be Chinese brands by 2030. In most other major regions of the world, AlixPartners reports that the share of Chinese automakers is expected to exponentially grow. Chinese brands in China also are expected to grow from 59% to 72% in market share, according to AlixPartners.

Persons: AlixPartners, Mark Wakefield Organizations: Auto Guangzhou, China Import, Export, Visual China, Getty Images, AlixPartners, General Motors, Nurphoto, Getty Locations: Guangzhou, Guangdong Province of China, China, Japan, North America, U.S, AlixPartners, Mexico, Central, South America, Southeast Asia, East, Africa, Bangkok, Nonthaburi Province, Thailand

☆ China wants EU to scrap planned higher tariffs and 'abide by WTO rules,' state media reports
▼ + stars: | 2024-06-24 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

GUANGZHOU, CHINA - NOVEMBER 17: A GAC Aion Hyper SSR electric sports car is on display during the Auto Guangzhou 2023 at China Import & Export Fair Pazhou Complex on November 17, 2023 in Guangzhou, Guangdong Province of China. The ideal outcome China wants is for the European Commission to revoke its tariff decision by July 4 and adhere to World Trade Organization rules, Global Times reported, quoting observers. China has firmly opposed the tariffs, saying the move was "blatant protectionism" and could violate WTO rules, its commerce ministry said on June 14. A Chinese official told CNBC last week that the EU's probe into Chinese EVs was overly selective and that the results were not credible. Read the full report on Global Times.

Persons: Chen Yihang, Wang Wentao, Valdis Dombrovskis, EVs Organizations: Auto Guangzhou, China Import, Export, Getty Images, Union, Global Times, European Commission, World Trade Organization, EV, CNBC Locations: GUANGZHOU, CHINA, Guangzhou, Guangdong Province of China, China, Beijing

☆ China growth worries have hit a big alcohol stock. Why some analysts see a buy opportunity
▼ + stars: | 2024-06-23 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

"Flying Fairy," a 53% alcohol from Shanghai-listed Kweichow Moutai , saw wholesale prices drop by more than 5% in a week. He agreed the drop in wholesale prices won't have a big impact on Moutai's immediate earnings. What's also different about Moutai's stock decline is that investors aren't rushing in to bottom fish as they have in the past, Ye said. "The recent wholesale price drop we think is mostly triggered by the arbitragers in the market," Morningstar's Song said. She expects wholesale prices to increase in coming months given major Chinese holidays in the fall.

Persons: stoking, That's, Jennifer Song, Song, Kweichou Moutai, Ye Yuhua, What's, Ye, Moutai, Huatai, Moutai's, Goldman Sachs Organizations: Nomura, Morningstar, Stock, Capital, Financial Holdings, JPMorgan, Macquarie Locations: Shanghai, Guangzhou, Hainan

☆ Why These Chinese Working Mothers Don’t Want More Babies
▼ + stars: | 2024-06-18 | by ( Isabelle Qian | ) www.nytimes.com time to read: +7 min

Her boss, a woman who had been advocating for her to be given a leadership role, left the team while Ms. Zhao was on a five-month maternity leave. After college, Ms. Zhao set aside her dream of becoming a civil servant to pursue a higher-paying job. (Nearly a third of Chinese women have college degrees now, up from fewer than 1 percent in 1990.) Six months after Ning was born, Ms. Tang returned to her office, leaving the baby in the care of a grandmother. Her husband and in-laws oppose the move, but Ms. Tang doesn’t want to be held back.

Persons: doesn’t, Xi Jinping, —, ” Joyce Zhao, Joyce Zhao, Ming, Zhao, Ms, “, Ming’s, ” Ms, ”, ” Guo Chunlei, Guo Chunlei, Guo, Tianyi, ” Tang Pingjuan, Tang Pingjuan, Tang, Ning, Tang doesn’t Locations: Beijing, China, Hangzhou, Guangzhou, Shenzhen

☆ Shein's CEO is so low-profile his employees don't even recognize him: report
▼ + stars: | 2024-06-18 | by ( Meghan Morris | ) www.businessinsider.com time to read: +4 min

Read previewFast-fashion giant Shein is gearing up for its widely-anticipated debut as a public company. But one key figure has stayed out of the spotlight: CEO Xu Yangtian, also known as Sky Xu. Even Xu's own employees don't recognize him in the office, the South China Morning Post reported on Monday. As a public company CEO, he'll be expected to participate in regular updates — UK companies are not required to have quarterly earnings calls, but most do — and interact with investors. Loyalty to China under scrutinySo far, Shein's public face has been executive chairman Donald Tang.

Persons: —, Xu Yangtian, Xu, Chris Xu, Shein, Frances Townsend, Townsend, he'll, Jack Ma, Donald Tang, Bear Stearns, Tang Organizations: Service, TikTok, Business, China Morning Post, Wall, Bloomberg, Shein's, Street, Shein, Milken, Pacific, Financial Locations: Guangzhou, London, China, Shanghai, Beijing

☆ New high-speed sleeper train service connects Hong Kong with Beijing and Shanghai
▼ + stars: | 2024-06-16 | by ( Maggie Wong | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Interested in capping off your trip to Hong Kong with a long weekend in Beijing or Shanghai? A new high-speed sleeper train service is making that possibility easier than ever. Return trips depart from Beijing and Shanghai at around 8 p.m. and arrive in Hong Kong at 8.47 a.m. and 7.29 a.m. A passenger with a child boards the high-speed sleeper train in Beijing for its inaugural journey to Hong Kong's West Kowloon Station. Jia Tianyong/China News Service/VCG/Getty ImagesHong Kong’s controversial high-speed railwayOpened in 2018, the 26-kilometer Hong Kong high-speed railway is a part of the larger Guangzhou-Shenzhen-Hong Kong Express Rail Link (XRL).

Persons: ” John Lee, Hong, Jia Tianyong Organizations: Hong Kong CNN, Hong Kong West Kowloon Station, China News Service, Passengers, China, ”, Hong, Hong Kong Express, Express Locations: Hong Kong, Beijing, Shanghai, Hong Kong West Kowloon, Kowloon, Hong, China, cn, China , Hong Kong, Guangzhou, Shenzhen

☆ Huang Xueqin: China #MeToo journalist sentenced to five years in prison, supporters say
▼ + stars: | 2024-06-14 | by ( Nectar Gan | ) edition.cnn.com time to read: +4 min

Huang Xueqin, an independent journalist, was found guilty by the Guangzhou Intermediate People’s Court Friday for “inciting subversion of state power,” supporters said. “There are so few people prosecuted because there are only so few victims who report,” she told CNN in a 2018 interview. In the months following their detention, more than 70 friends and supporters of Huang and Wang were summoned by the police for questioning, according to supporters. A close friend of Huang previously told CNN the journalist had suffered significant weight loss in detention and stopped menstruating for months. I have no sense of belonging anymore,” the friend told CNN last year ahead of the closed-door trial.

Persons: Huang Xueqin, ”, Wang Jianbin, Huang, Wang, “, ” Huang, Huang’s, menstruating, it’s Organizations: Hong Kong CNN, Communist, Guangzhou, Labor, CNN, University of Sussex, Amnesty International, Communist Party Locations: Hong Kong, China, Guangzhou, United Kingdom

☆ Guilty Verdict for Chinese Activists Who Gave #MeToo Victims a Voice
▼ + stars: | 2024-06-14 | by ( Alexandra Stevenson | Zixu Wang | ) www.nytimes.com time to read: +1 min

A court in southern China on Friday found a prominent feminist journalist guilty of endangering national security and sentenced her to five years in prison, Beijing’s latest blow to civil society. A labor activist convicted of the same charge got a sentence of three years and six months. The activities that prompted the arrest and conviction of the two, Huang Xueqin and Wang Jianbing, involved organizing discussions, providing support to other activists and receiving overseas training. The legal action against Ms. Huang and Mr. Wang, which experts said was harsh even by China’s standards, signals the shrinking space for independent discussion of social issues. “We are seeing an almost zero-tolerance approach to even the mildest forms of civil society activism in China,” said Thomas Kellogg, the executive director of the Georgetown Center for Asian Law.

Persons: Huang Xueqin, Wang Jianbing, Huang, Wang, ”, Thomas Kellogg Organizations: Guangzhou, People’s, Borders, Protect Journalists, Georgetown Center, Asian Law Locations: China

☆ Shein wants to sell the supply-chain tech it used to disrupt online shopping. Retail experts say brands may have concerns.
▼ + stars: | 2024-06-06 | by ( Madeline Stone | ) www.businessinsider.com time to read: +9 min

Shein has also grown beyond its fashion roots, selling products in categories such as home goods, electronics, and office supplies. A Shein spokesperson said the company's success did not depend on the de minimis provision. The Shein spokesperson said the company had a "zero-tolerance policy for forced labor" and required its "contract manufacturers to only source cotton from approved regions." "Shein suppliers and third-party sellers are required to comply with company policy and certify their products do not infringe third-party IP." "Currently, Shein just sells the very low-cost products, but including various brands in its platform, it can sell products at various price ranges," he said.

Persons: —, Shein, Donald Tang, Evelyn Gong, who's, It's, confidentially, Prince Ghosh, Ghosh, Christophe Archambault, Gong, minimis, wouldn't, JADE GAO, hasn't, Anand Kumar Organizations: Chain Management, Service, Industry, Wall Street Journal, Carnegie Mellon University's Tepper School of Business, Research, London Stock Exchange, Brands, Walmart, Walmart Commerce Technologies, Department of Homeland Security, Labor, CNBC, National Retail Federation, Coresight Research, Shein Locations: China, Singapore, Paris, minimis, Shein, Guangzhou

☆ China to invest $845 million on ramping up its advanced EV battery ambitions
▼ + stars: | 2024-05-30 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Earlier this month, the Biden administration imposed major new tariffs on Chinese EVs, advanced batteries and other goods. The European Commission is set to announce early next month its own decision on Chinese EV tariffs, which could spell trouble for Chinese EV makers that export hundreds of thousands of cars to Europe every year. In January, Toyota (TM) said it would launch vehicles with solid-state batteries in a few years, according to Reuters. Samsung SDI said in March that it would begin mass producing solid-state batteries in 2027. GAC Group, a state-owned automaker based in Guangzhou, said in November that it had achieved a breakthrough in solid-state batteries and would roll out vehicles with them in 2026.

Persons: Biden Organizations: Hong Kong CNN, China Daily, West, European, EV, Global, Toyota, Reuters, Samsung SDI, Volkswagen, GAC Locations: China, Hong Kong, Europe, Beijing, Guangzhou

☆ Shein suppliers work 75-hour weeks, report claims as Chinese fast-fashion giant looks to IPO
▼ + stars: | 2024-05-16 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

As fast-fashion giant Shein prepares for an IPO in the U.S., a new report suggests that workers at some of its suppliers are still clocking 75 hour weeks, despite assurances the company would tighten its labor standards. Following negative press in the wake of the previous report, Shein promised to improve its standards. However, a new survey by Public Eye, which polled 13 workers across six suppliers in China, has found little progress. "I work every day from 8 in the morning to 10.30 at night and take one day off each month. I can't afford any more days off because it costs too much," Public Eye cited one worker as saying.

Persons: Shein Organizations: Public, CNBC Locations: Guangzhou, China's, Guangdong, U.S, Swiss, China

☆ China’s Shenzhen metropolis sees fastest growth in millionaires globally
▼ + stars: | 2024-05-16 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

China's Shenzhen has recorded the fastest growth in millionaires over the past decade, and is poised to see a further influx in the coming years, according to a recent report. Shenzhen recorded 140% growth in millionaire count, according to the report from New World Wealth and investment migration advisors Henley & Partners. In 2023 alone, Shenzhen saw a 10% growth in millionaires, while Beijing and Shanghai recorded a decline of around 5% amid an exodus of high-net-worth individuals from China. Shenzhen, also known as China's Silicon Valley, is expected to continue growing "very strongly" all through to 2040, compared with Beijing and Shanghai, which are likely to see moderate growth, Amoils added. China's Hangzhou city was second in terms of millionaire growth at 125%, while India's Bengaluru and Austin city in the U.S. placed third and fourth, respectively; China's Guangzhou ranked fifth, Amoils told CNBC.

Persons: Andrew Amoils, Amoils Organizations: Wealth, Henley & Partners, CNBC, China's Guangzhou Locations: Shenzhen, China, Beijing, Shanghai, Hong Kong, China's Hangzhou, Bengaluru, Austin, U.S

☆ Recent college grads are doing shockingly well. Can it last?
▼ + stars: | 2024-05-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

And recent grads aren’t just finding any job, they’re finding good jobs. Not all is well: The EPI study found that racial and gender wage gaps still remain large among recent grads. GameStop shares tripped multiple circuit breakers — a temporary and mandated halt in trading to let investors cool off for a bit. Robinhood denied claims on social media on Monday that it had once again halted GameStop stock purchases on its platform. Robinhood has not shut down the purchase of Gamestop shares,” Robinhood spokesperson Anupriya Ghate said in a statement to CNN.

Persons: it’s, —, Katherine deCourcy, Elise Gould, “, Z, Z’ers, Krystal Hur, Keith Gill, Roaring Kitty, Gill, Robinhood, ”, Anupriya Ghate, ” Shein, Shein, CNN Shein Organizations: CNN Business, Bell, New York CNN, Economic Policy Institute, Stanford Institute for Economic Policy Research, Employers, GameStop, AMC, Partners, AMC Entertainment, Gamestop, CNN, Workers, Public, Public Eye Locations: New York, Black, Swiss, Guangzhou, China

☆ Shein promised to tackle overwork. A new report claims 75-hour weeks are still common
▼ + stars: | 2024-05-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

“The 75-hour weeks that we found out about two years ago still seem to be common at Shein,” the Swiss organization said. Public Eye interviewed 13 textile workers employed at six factories in Guangzhou, a region in southern China, last summer. Shein does not reveal the identity of its suppliers, Public Eye said in its report. The group said it established that the factories were Shein suppliers through interviewees’ responses as well as the presence of Shein products. I can’t afford any more days off because it costs too much,” Public Eye cited one worker as saying.

Persons: London CNN —, Shein, “, ”, ” Shein Organizations: London CNN, Workers, Public, Public Eye, Wage, CNN Locations: Swiss, Guangzhou, China, ”

☆ Your Neighbors Are Retiring in Their 30s. Why Can’t You?
▼ + stars: | 2024-05-07 | by ( Amy X. Wang | ) www.nytimes.com time to read: +2 min

Even before he really knew what it meant, Allen Wong wanted to be rich. What “rich” seemed to dangle was something simpler, more elementary, more a feeling than anything else: freedom from pain. “I didn’t want to be absent from my family and only show up a few hours each day after work. Wong’s father was ousted from his business, sank into a depression and committed suicide; his mother tripped down a spiral of mental illness. Suddenly, Wong’s entry-level computer programming job was the household’s only source of income, and there was a world financial crisis going on.

Persons: Allen Wong, Wong, “, ”, Wong’s, doggedly Organizations: Lamborghini Locations: Guangzhou, Hong Kong, New York City, Chinatown

☆ U.S. automakers like GM are rapidly losing ground in China, once an engine for growth
▼ + stars: | 2024-05-06 | by ( Michael Wayland | ) www.cnbc.com time to read: +13 min

China was once a profit engine for GM, and its top sales market from 2010 to 2023. GM revealed several vehicles last week in China, including plug-in hybrid versions of its Buick GL8 minivan, a best-seller in China, and the Chevrolet Equinox crossover. "We think clearly that market has shifted and the landscape has shifted … with the capability of the Chinese [automakers]," Barra said. But it has had to aggressively cut prices to compete against Chinese automakers such ay BYD, Nio and others. Stellantis CEO Carlos Tavares earlier this year called Chinese automakers his company's "No.

Persons: Mary Barra, Jeff Kowalsky, we're, Barra, Paul Jacobson, GM wasn't, John Murphy, Michael Dunne, Dunne, Mark Fulthorpe, They'll, they've, Tesla, lockdowns, Elon Musk, Tingshu Wang, Reuters Tesla, Morgan Stanley, Adam Jonas, Musk, Junheng Li, Stellantis, Carlos Tavares, Zhu Jiangming, We've, We're, Ford, John Lawler, Lawler Organizations: General Motors Co, Bloomberg, Getty, General, GM, U.S, Chevrolet, SAIC, GM Pan, Asia Automotive Technology Center, Nurphoto, PSA Groupe, Chrysler, EVs, GM's, Buick, Wuling Motors, Motors, Bank of America Securities, China, Hummer, Durant Guild, America's, Detroit, P Global Mobility, Ford Motor, Tesla, Reuters, EV, Baidu, Warren Capital, Ford, Guangzhou Automobile Group, India & Asia, Lincoln, Lincoln Nautilus Locations: Detroit , Michigan, China, Barra, Beijing, Asia, Shanghai, Russia, India, Thailand, Australia, North America, South Korea, Brazil, Europe, GM's U.S, Qingdao, East China's Shandong, Indonesia, U.S, Nio, Greater China, South America

☆ 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

☆ Elon Musk will face intense competition if he tries to bring Tesla's full self-driving technology to China
▼ + stars: | 2024-04-29 | by ( Tom Carter | ) www.businessinsider.com time to read: +4 min

Elon Musk has moved closer to getting full self-driving technology approved in China, reports suggest. One local EV boss welcomed the move, saying regulators should "let a hundred flowers bloom." Tesla has moved closer to securing approval to operate its full self-driving technology in China, according to multiple reports, after CEO Elon Musk made a surprise visit to the country over the weekend. Getting FSD approved for China would be a massive win for Musk, who has bet Tesla's future on self-driving cars and robotaxis. AdvertisementMany of Tesla's local rivals are rolling out their own versions of Tesla's Autopilot, which is available in China, and full self-driving technology as competition rages in the country's EV market.

Persons: Elon Musk, Tesla, —, Elon, Musk, XPeng's, William Li, Xiaopeng, EVs, Warren Organizations: EV, Service, Huawei, Xiaomi, Weibo, Bloomberg Locations: China, Guangzhou

☆ Tornado kills at least 5, injures 33, in Chinese metropolis
▼ + stars: | 2024-04-27 | by ( Jennifer Hauser | ) edition.cnn.com time to read: +2 min

CNN —At least five people were killed and 33 injured in a tornado Saturday that struck Guangzhou, a city of 19 million people in southern China, according to Chinese state media. Authorities say 141 factory buildings were damaged but no residential houses collapsed, according to the Xinhua news agency. It said a preliminary assessment put the tornado at level-three intensity, two below the highest level of five. A weather station in Liangtian Village, Baiyun District, about 1.7 miles from where the tornado hit, registered a maximum wind gust of 20.6 meters per second, Xinhua reported. Earlier this week state media reported that floods had killed at least four people in Guangdong.

Organizations: CNN, Authorities, Xinhua, China Meteorological Agency Locations: Guangzhou, China, Xinhua, Hong Kong, Guangdong province, Liangtian Village, Baiyun District, Guangdong

☆ 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

☆ 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

☆ Tesla cuts prices in China and Germany as competition heats up
▼ + stars: | 2024-04-22 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Tesla has announced aggressive price cuts in China and Germany, shortly after reducing prices in the United States, as the world’s largest maker of electric vehicles (EV) faces declining sales and growing competition in major markets. The first cuts were announced on Friday in the US, when Tesla reduced the prices of three of its five models. China gets tougherIn China, the largest EV market in the world, Tesla’s price cuts are expected to exacerbate an existing price war in a highly competitive sector. China’s EV price war started in October 2022, when Tesla cut prices to boost sales as consumers slashed spending in a slowing economy. The competition continues unabated in 2024, with more than 30 major car makers announcing further price cuts.

Persons: Hong Kong CNN — Tesla, Tesla, Elon Musk, Narendra Modi, Li Auto, Li Xiang, Li, China’s BYD, XPeng, BYD Organizations: Hong Kong CNN, EV, Tesla, Li Locations: China, Hong Kong, Germany, United States, Tesla’s, Europe, India, Guangzhou

☆ Take a ride inside Ehang's fully autonomous, two-seater air taxi
▼ + stars: | 2024-04-18 | by ( Arjun Kharpal | Cristy Garratt | ) www.cnbc.com time to read: +1 min

About an hour's drive from the company's headquarters in Guangzhou, China, sits a test site for Ehang's autonomous aerial vehicles. Perched on the tarmac during CNBC's visit was the company's fully autonomous, two-seater air taxi. Its scheduling system runs on the server, so its route is automatically loaded, and then it carries out a completely automated route flight." Because of this other aircraft, we also need to build a vertical take-off and landing flight site between cities," Wang said. Take a tour of the EH216 and watch its test flight by clicking the video above.

Persons: Dong Wang, Ehang, AAV, Wang Organizations: CNBC Tech, Civil Aviation Administration, Federal Aviation Administration Locations: Guangzhou, China, United States

☆ 270 million people are living on sinking land in China’s major cities, new study finds
▼ + stars: | 2024-04-18 | by ( Rachel Ramirez | ) edition.cnn.com time to read: +4 min

That’s 270 million people living on sinking land. The impact of sinking is typically worse along the coasts, where the sea level is rising at the same time. “Most urban cities experience land subsidence, but we focus our attention on coastal cities because of sea level rise,” Ohenhen, who was not involved with the study, told CNN. The project prevents the need for over-pumping groundwater and has stopped land subsidence in Beijing, the study found. “I believe China’s government efforts will address the issue of land subsidence,” Tao said.

Persons: Wang, Shengli Tao, ” Tao, “, ”, Leonard Ohenhen, ” Ohenhen, Tao Organizations: CNN, New, Reuters, Peking University, Virginia Tech Locations: China’s, China, New York City, Netherlands, Mexico City, Tianjin, Shanghai, Guangzhou, Beijing

☆ Tesla slashes price of its premium driver assistance option by half in U.S.
▼ + stars: | 2024-04-12 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +4 min

Tesla said on Friday that it's cutting the subscription price of its premium driver assistance system for customers in the U.S. Marketed as its Full Self-Driving, or FSD, package, Tesla customers will now pay $99 per month, down from $199 previously. "The FSD price will continue to rise as the software gets closer to full self-driving capability with regulatory approval," Musk wrote on Twitter, now known as X, on May 18, 2020. Despite its brand name, the company's FSD option today doesn't make Tesla vehicles autonomous or functional as robotaxis. Tesla didn't respond to a request for more information, including whether the price cut announced Friday is permanent or temporary.

Persons: Tesla, Elon Musk, Musk, Uber, Bill Gates, Amazon's, FSD, didn't Organizations: Twitter, California Department of Motor Vehicles, Companies, Tesla Locations: U.S, China, Guangzhou, North America

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