One of China’s state-owned telecommunications giants, China Telecom Corp. Ltd., only raised a third of its full-year investment targets in the first six months of 2021, reports Caixin. A senior company executive revealed that a shortage of semiconductor chips and a weak demand for its 5G equipment were contributing factors. The company spent RMB 27 […]
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NIO, a premium electric vehicle (EV) manufacturer, has announced that it is developing a new mass-market brand with the intention of competing with established auto giants VW and Toyota, reports Reuters. The Chinese EV maker is currently positioned against luxury brands Audi and BMW. The automaker had stepped up preparations to make mass-market products under […]
The Chinese Central Committee and State Council, or cabinet, jointly released a five-year plan aimed at increasing regulatory control over strategic sectors on Wednesday, reports the FT. The move comes as part of Beijing’s latest push to strengthen their position in sectors such as technology and healthcare. The plan would expand government legislation and build […]
China Evergrande Group is in talks with investors on selling assets including interests in China Evergrande New Energy Vehicle Group and Evergrande Property Services Group, the troubled property giant said, reported Bloomberg. The discussions involve “several independent third-party investors,” the company said in a statement to the Hong Kong exchange. Evergrande has been offloading assets and listing units […]
China’s vehicle sales slid in July for a third consecutive month, hit hard by flooding in some areas of the country, COVID-19 outbreaks in other areas and the global shortage of semiconductors, reported Reuters. The world’s biggest auto market saw sales drop 11.9% from the same month a year earlier to 1.86 million vehicles, according […]