Nvidia CEO to attend China supply chain expo, China's CCTV says
CCTV attributed the information to the China Council for the Promotion of International Trade.
Huang, who had in a visit in April stressed the importance of the Chinese market, will hold a media briefing on the same day, an official from the company said on Sunday.
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The Independent
44 minutes ago
- The Independent
Elon Musk admits ‘rough' times ahead for Tesla as company focuses less on selling cars, more on robo-taxis
The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US Email * SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our Privacy notice Tesla shares fell on Thursday after CEO Elon Musk said the company could face a 'few rough quarters' as it transitions to a future focused less on selling cars and more on offering self-driving taxis. Many prospective buyers have been turned off by Musk's foray into right-wing politics, and the competition has ramped up in key markets such as Europe and China. Revenue dropped by 12 per cent and profit fell by 16 per cent as the electric vehicle maker reported another quarter of lackluster financial results. Revenues and profits have both fallen at Tesla ( AP ) Tesla faces the loss of the $7,500 EV tax credit and stands to make much less money from selling regulatory credits to other automakers after recent changes to federal tax law. President Donald Trump's tariffs on countries including China and Mexico will also cost Tesla hundreds of millions of dollars, the company said on its earnings call. Musk spent the call talking less about car sales and more about robo-taxis, automated driving software and robotics, which he says is the future of the company. But he acknowledged those businesses are a ways off from contributing to Tesla's bottom line. Tesla began a rollout in June of its paid robo-taxi service in Austin, Texas, and hopes to introduce the driverless cabs in several other cities soon. Musk told analysts that the service will be available to probably 'half of the population of the U.S. by the end of the year – that's at least our goal, subject to regulatory approvals.' 'We're in this weird transition period where we'll lose a lot of incentives in the U.S.,' Musk said, adding that Tesla 'probably could have a few rough quarters' ahead. He added, though, 'Once you get to autonomy at scale in the second half of next year, certainly by the end of next year, I would be surprised if Tesla's economics are not very compelling.' In early trading Thursday, Tesla share were down 8 per cent to around $305.
Reuters
an hour ago
- Reuters
TikTok will go dark in US without Chinese approval of sale deal, US commerce secretary says
July 24 (Reuters) - U.S. Commerce Secretary Howard Lutnick said on Thursday that TikTok will have to stop operating in the United States if China does not approve a deal for the sale of the Chinese-owned short video app that is used by some 170 million Americans. Lutnick, speaking on CNBC, also said the United States must control the algorithm that makes the social media platform work. Last month, President Donald Trump extended by 90 days to September 17 a deadline for China-based ByteDance to divest the U.S. assets of TikTok. Trump's action took place despite a 2024 law that mandated a sale or shutdown by January 19 of this year if there had not been significant progress. "China can have a little piece or ByteDance, the current owner, can keep a little piece. But basically, Americans will have control. Americans will own the technology, and Americans will control the algorithm," Lutnick said. "If that deal gets approved, by the Chinese, then that deal will happen. If they don't approve it, then TikTok is going to go dark, and those decisions are coming very soon." TikTok did not immediately comment. A deal had been in the works this spring that would spin off TikTok's U.S. operations into a new U.S.-based firm, majority-owned and operated by U.S. investors. This stalled after China indicated it would not approve it following Trump's announcements of steep tariffs on Chinese goods. Trump has three times granted reprieves from federal enforcement of the law that mandated the sale or shutdown of TikTok that was supposed to take effect in January. Attorney General Pam Bondi sent letters to Apple (AAPL.O), opens new tab, Google (GOOGL.O), opens new tab and other companies that provide services or host the TikTok app that were made public this month. The letters said the Justice Department was irrevocably relinquishing any claims against the companies for potential violations of the law, citing Trump's determination that an abrupt shutdown would interfere with his overseeing national security and foreign affairs. Some Democratic lawmakers argue Trump has no legal authority to extend the deadline and suggest the deal under consideration would not meet legal requirements.
Reuters
2 hours ago
- Reuters
TikTok will go dark in US without Chinese approval of sale deal, Lutnick says
July 24 (Reuters) - U.S. Commerce Secretary Howard Lutnick said on Thursday that TikTok will have to stop operating in the United States if China does not approve a deal for the sale of the Chinese-owned short video app that is used by some 170 million Americans. Lutnick, speaking on CNBC, also said the United States must control the algorithm that makes the social media platform work. Last month, President Donald Trump extended by 90 days to September 17 a deadline for China-based ByteDance to divest the U.S. assets of TikTok. Trump's action took place despite a 2024 law that mandated a sale or shutdown by January 19 this year if there had not been significant progress. "China can have a little piece or ByteDance, the current owner, can keep a little piece. But basically, Americans will have control. Americans will own the technology, and Americans will control the algorithm," Lutnick said. "If that deal gets approved, by the Chinese, then that deal will happen. If they don't approve it, then TikTok is going to go dark, and those decisions are coming very soon." TikTok did not immediately comment. A deal had been in the works this spring that would spin off TikTok's U.S. operations into a new U.S.-based firm, majority-owned and operated by U.S. investors. This stalled after China indicated it would not approve it following Trump's announcements of steep tariffs on Chinese goods.
