Why a tycoon from Kazakhstan wants to partner with China to ride the overwhelming EV wave
Kazakhstan – gets excited about
electric vehicles (EVs), saying he drives a Zeekr and his father-in-law owns a Hongqi.
Advertisement
The two Chinese auto brands are just a small part of his automotive menagerie, but the chairman of the Fincraft Group – with businesses in oil and gas, metals mining and processing – plans to add more to his collection.
The 45-year-old just visited China in February, where he had the opportunity to check out
Xiaomi's newest EV.
The investor and entrepreneur has been branching out into the cleantech sector from a previous focus on oil and gas. This includes investing in critical minerals used for making EVs, batteries and solar panels. In 2019, his company set up a subsidiary called Kaznickel that produces nickel and cobalt in eastern Kazakhstan.
'The West is lagging behind China when it comes to the EV race,' he said in a video interview last week. 'China started to secure supplies of lithium, cobalt and graphite decades ago, and they are racing ahead when it comes to the price and quality of their EVs.'
Advertisement
'We are a natural partner for China, especially in the growing EV sector.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
HKFP
4 hours ago
- HKFP
Hong Kong couple arrested again over allegedly providing false information in gov't water contract scandal
Hong Kong's customs department has arrested a couple on suspicion of providing false information in relation to a water supply contract with the government, the latest development in a scandal over the authorities' procurement processes. On Wednesday, the Customs and Excise Department said businessman Lui Tsz-chung and his wife Chan Pik-lam had been arrested for allegedly breaching the Trade Descriptions Ordinance. They were already apprehended by police on Sunday for suspected fraud. Tommy Kwok, head of the Trade Descriptions Investigation Bureau, told reporters that the couple allegedly attached false manufacturer information to the water – bottled in mainland China – supplied to the Government Logistics Department. The investigation is ongoing and more arrests may be made, he said. The second arrest is the latest development in a scandal relating to a now-suspended government contract, worth HK$52.9 million, with bottled water supplier Xin Ding Xin Trading Co. Lui is the company's director and his wife is a shareholder. The supplier had been selected to provide mainland Chinese bottled water to Hong Kong government offices. But authorities later found that the company had no relationship with the Guangzhou supplier it claimed to be sourcing water from. Instead, the product was obtained from a different supplier in Dongguan. The couple is suspected of winning the contract through fraudulent means. Lui was formally charged with fraud on Tuesday and denied bail, while his wife was released on police bail pending further investigation. The scandal has raised concerns about the government's procurement and vendor vetting processes. Secretary for Financial Services and the Treasury Christopher Hui called an urgent meeting on Sunday to review the incident and has promised a probe into the blunder. On Tuesday, he admitted the scandal reflected 'inadequacies' in the processes but did not answer directly when asked if any officials would resign or be held accountable.
HKFP
12 hours ago
- HKFP
White House launches TikTok account as September deadline for platform's ban looms
The White House launched a TikTok account on Tuesday, as President Donald Trump continues to permit the Chinese-owned platform to operate in the United States despite a law requiring its sale. 'America we are BACK! What's up TikTok?' read a caption on the account's first post on the popular video sharing app, a 27-second clip. The account had about 4,500 followers an hour after posting the video. Trump's personal account on TikTok meanwhile has 110.1 million followers, though his last post was on November 5, 2024 — Election Day. TikTok is owned by China-based internet company ByteDance. A federal law requiring TikTok's sale or ban on national security grounds was due to take effect the day before Trump's inauguration on January 20. But the Republican, whose 2024 election campaign relied heavily on social media and who has said he is fond of TikTok, put the ban on pause. In mid-June Trump extended a deadline for the popular video-sharing app by another 90 days to find a non-Chinese buyer or be banned in the United States. That extension is due to expire in mid-September. While Trump had long supported a ban or divestment, he reversed his position and vowed to defend the platform — which boasts almost two billion global users — after coming to believe it helped him win young voters' support in the November election. Trump's official account on X, formerly Twitter, has 108.5 million followers — though his favored social media outlet is Truth Social, which he owns, where he has 10.6 million followers. The official White House accounts on X and Instagram have 2.4 million and 9.3 million followers, respectively.
South China Morning Post
12 hours ago
- South China Morning Post
China's EV industry expands ‘going global' strategy, latest Tesla Model 3: 7 EV reads
We have put together stories from our coverage on electric and new energy vehicles from the past two weeks to help you stay informed. If you would like to see more of our reporting, please consider subscribing The electric vehicle (EV) industry, formerly one of China's most inward-focused industrial sectors, is now leading a push overseas, carrying the government's hopes of forging an offshore economic empire to sidestep cutthroat competition at home. A woman views a Tesla Model 3 during the third China International Supply Chain Expo at the China International Exhibition Centre, in Beijing on July 18. Photo: AP Photo Tesla has begun offering its longer-range Model 3 variant to Chinese customers as it fights to regain market share from local rivals amid intense competition in the country's premium EV segment. EV sales in mainland China hit a speed bump last month, sparking worries about the industry's growth momentum as more carmakers heed Beijing's call to hold back on discounts and focus on profitability.
