New report shows one type of vehicle outselling all others in China: 'A reflection of the current situation'
New industry data has revealed that domestic sales for all types of new electric vehicles in China rose by over 40% last year, while those for new gas-powered cars plummeted.
According to the China Association for Automobile Manufacturers, 31.4 million vehicles were sold in the world's largest automobile market in 2024, representing an increase of 4.5% from the previous year.
In turn, the sales of traditional gasoline and diesel-powered vehicles went down 17% in 2024 to only 11.6 million and accounted for 51% of overall new car sales.
How often will you be gardening this summer?
Every day
At least once a week
At least once a month
I don't garden
Click your choice to see results and speak your mind.
Chinese passenger car exports also increased by 20% in 2024, and 1.28 million of those exports represent what Chinese automakers have described as "new energy vehicles," including pure battery EVs, fuel-cell cars, and plug-in hybrids. That represents a 6.7% increase from 2023.
It's got American and European automakers scrambling. The United States announced a 100% tariff on all China-made electric cars last year in response, as did the European Union, claiming that the country's industry benefited from unfair government subsidies.
In reality, these rebates encouraged greater passenger car sales in China, which rose by 13.6% to 22.6 million in December 2024. More EVs on the road can help lessen the impact of Chinese air pollution domestically and globally while saving consumers money.
China has been investing in more EV technology over the years to expand the industry beyond passenger vehicles.
"Higher-end consumers have started to abandon foreign brands and are turning to comparatively better-priced high-end domestic cars," said Tai Chih-yen, an associate researcher at the Chung-Hua Institution for Economic Research, in an interview.
"This is not a so-called consumption downgrade, but more a reflection of the current situation, where many are choosing to be more discreet [in the kinds of cars they drive] and show their patriotism by driving domestic luxury brands."
Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
19 minutes ago
- Yahoo
AI Fund Assets Reach $38B on Record Chinese Inflows
Global assets in artificial intelligence and big data funds surged more than sevenfold over the past five years, reaching $38.1 billion by the end of 2025's first quarter, with AI ETFs dominating the U.S. market, according to a recent Morningstar Direct report. The artificial intelligence investment theme experienced record inflows in the first quarter, driven by Chinese investors responding to the breakthrough success of domestic AI startup DeepSeek. The Chinese company's efficient AI model demonstrated how advances could improve performance while reducing dependency on high-powered computing hardware, according to the report. The surge reflects growing investor interest in AI technologies following the late-2022 launch of ChatGPT 3.5, which marked a pivotal moment in AI adoption and sparked institutional and retail investor enthusiasm for the sector, Morningstar reports. However, the investment landscape has been marked by high volatility, with AI funds experiencing both dramatic growth and sharp declines as market sentiment shifts. The growth demonstrates how ETFs have become the preferred vehicle for AI investing in the U.S., contrasting with Europe, where actively managed mutual funds dominate, according to the Morningstar report. Unlike Europe, where AI funds are typically actively managed mutual funds, AI investing in the U.S. is overwhelmingly dominated by exchange-traded funds, according to Morningstar Direct. The ETF structure appeals to investors because of its lower cost, greater transparency and enhanced trading flexibility compared with traditional actively managed vehicles. U.S.-domiciled AI and big data fund assets grew 14-fold in just two years, reaching a record $5.5 billion by the end of May 2025. Despite this surge, the U.S. still accounts for only 15% of global AI fund assets, according to the report. The largest AI fund in the U.S. is the Global X Artificial Intelligence & Technology ETF (AIQ), which benefits from first-mover status as the region's inaugural AI-focused ETF. The rise of actively managed ETFs has also contributed to growth, with assets in actively managed thematic AI ETFs reaching $415 million, representing nearly 10% of total U.S.-domiciled AI fund assets, according to Morningstar Direct. The focused style of ETFs makes them suited for targeting granular exposures within the broader AI theme. The largest funds illustrate this diversity of options, according to the report. The so-called Magnificent Seven technology stocks dominate AI ETF holdings, creating structural challenges for fund managers. NVIDIA Corp. (NVDA) appeared in almost nine out of every 10 AI funds, while all seven companies were held by more than half of AI portfolios, according to Morningstar Research. The dominance presents a dilemma for ETF designers. Including these stocks results in overlap with core equity exposures, potentially reducing the appeal of AI ETFs as tactical investments. Excluding them introduces underperformance risk relative to peers, according to the report. The concentration highlights limited geographic diversification. Nearly all frequently held AI stocks globally are U.S.-listed, underscoring American leadership in the technology sector, according to Morningstar | © Copyright 2025 All rights reserved Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Chicago Tribune
20 minutes ago
- Chicago Tribune
Editorial: The sad application of justice in the Michael Madigan saga
In the end, U.S. District Judge John Robert Blakey chose to send a stern message with his 7.5-year prison sentence of Michael J. Madigan, former speaker of the Illinois House of Representatives. Madigan — for decades the most powerful politician in Illinois, the state that gave this nation its greatest president — will have to spend more than six years of that term at a minimum under federal rules, even assuming good behavior. The former Illinois House speaker is 83, so the likelihood of his dying while in confinement is considerable. A human tragedy is self-evident. But that doesn't make Blakey's sentence unjust. Madigan admitted no wrongdoing in his own short statement before the judge handed down the sentence. The closest he came was saying, 'I'm not perfect.' We wonder whether there was a legal strategy behind such obstinance given near-certain appeals of the verdict as to how federal law was applied to Madigan's conduct. A tactical reasoning may have been behind Madigan's rejection of the courtroom contrition that might otherwise have trimmed his sentence. We'll find out in due course. Speaking of the 16th president of the United States, Blakey referenced Abraham Lincoln before he sentenced Madigan: 'It's really hard to be Honest Abe right? He's a unicorn in our American history. Being great is hard. But being honest is not. Being honest is actually very easy. It's hard to commit crimes.' And the evidence showed that Madigan did indeed work hard in hatching and executing the schemes that a jury of Madigan's peers concluded were felonies. The justice behind this sentence reflects how Madigan ran this state for so long, his unprincipled grip on power, and the price we all will pay for many years to come for the financial malpractice he left in his expansive wake. The former House speaker was convicted on multiple corruption-related counts based mainly on his brazenly corrupt dealings with Commonwealth Edison in the 2010s, but there's little doubt the modus operandi he used to help ComEd and parent Exelon rake in billions from ratepayers was in place for far longer than the eight years on which federal prosecutors focused. Those eight years were just the period wherein the FBI and the U.S. attorney's office pressured former Ald. Danny Solis to wear a wire and capture damning interactions with Madigan (and powerhouse Ald. Edward Burke, who is serving time as we write) and tapped the cellphone of Madigan confidant and right-hand man Michael McClain, for years ComEd's lead outside lobbyist. Even people inside ComEd would refer to McClain as a 'double agent,' serving Madigan as much or more than the company that was paying him. McClain was caught on wiretaps saying that Madigan was his one, true client. The corruption caught on those intercepted calls and in a few videos taken by cooperating co-conspirators was just as ugly as those who battled Madigan politically (and usually lost) and those who criticized his stranglehold on state government (such as this page) always had imagined it would be. The plotting. The fixation on rewarding political soldiers with no-work arrangements. The frequent demands on a compromised and beholden company to perform the patronage function local government used to provide before courts put the kibosh on the practice. The public was made privy to all. And who paid to keep the Madigan machine running? Anyone paying taxes. Anyone paying an electric bill. That is, just about everyone in this state. Judge Blakey's agreement with prosecutors that Madigan lied when he took the witness stand in his own defense suggested there would be no mercy forthcoming. Blakey even went so far as to call Madigan's lies 'a nauseating display.' We marveled in January, witnessing Madigan's testimony, how he depicted McClain as just one friend among a sizable coterie of loyalists when anyone who'd sat through Madigan's trial (and the 2023 'ComEd Four' trial in which McClain was convicted) knew full well that McClain and Madigan were extremely close. Madigan had a strategic reason to distance himself from his supremely loyal friend, who evidence showed acted as Madigan's agent in his dealings with ComEd and others in Springfield, even the Democratic lawmakers who typically followed Madigan's orders. Once he was convicted, Madigan's betrayal of McClain served to exacerbate his crimes in the judge's eyes. After a jury convicted Madigan in February on 10 of 23 counts (on the remainder he was acquitted or jurors couldn't agree), we held out hope that the former speaker's downfall would spell the end of corruption on the scale that he practiced in Illinois. We still hold fast to that hope and belief, while of course acknowledging that graft and corruption, albeit on a less ambitious scale always will be a part of our politics and governance as long as human nature exists. But this prison sentence should serve as a clear deterrent for any future political Svengali wanting to follow in Madigan's footsteps. Michael J. Madigan had myriad political skills, as a parade of governors whom he watched come and go all would attest. To the very end, Madigan ran the playbook of his mentor, Mayor Richard J. Daley, written in an era when the Democratic machine was the accepted way of political life in Chicago and Illinois. We feel sorry for Madigan and his family. But we applaud this firm and final repudiation of the 'Velvet Hammer's' brand of politics.
Yahoo
32 minutes ago
- Yahoo
Tender Store Owner Cheryl Daskas Dies at 71
Funeral services were held in Troy, Mich., on Friday for Cheryl Daskas, a former model who ran the directional fashion boutique Tender. The cause of death for Daskas, who died on June 9, was not immediately known, according to the publicist Ellen Carey, who was a friend. Daskas had seemed 'fine' while working in the store on Saturday, aside from complaining of a leg issue, Carey said. She was found 'peacefully' at her home, following a wellness check by one of her employees, Carey said. More from WWD Groundbreaking Fashions Focus of Tokyo Exhibition Suite Talk: Frank Darling's Kegan Fisher on Making the Move From Tech to Art The History Behind the World's Most Expensive Tiaras: From Elizabeth Taylor's Mike Todd Headpiece to the $12.7 Million Henckel von Donnersmarck Tiara and More Born in Detroit, the 71-year-old spent her career in the fashion industry in different capacities. For the past 32 years, she owned and operated the store Tender in Birmingham, Mich., with her sister Karen. Tender is known for its European designer labels, which prior to the store's opening were not in abundance in the Midwest. The pair owned the downtown building that houses Tender, and they shared a home as well. Daskas earned a bachelor's degree at Michigan State University before getting into fashion. During her high school and college years, she modeled for the Ford Motor Company, Hudson's department store and other brands, before deciding 'that's not where she was going to make her money,' her sister said. 'She said it was like looking for a job every day of your life. Our mother was a model too. She was British and Scandinavian. They were both so pretty.' Tender once resided next door to a leading designer retailer Linda Dresner. After Dresner shuttered that store, Tender picked up Dries Van Noten. It also sells Erdem, Simone Rocha and Ashlyn, a 2025 CFDA/Vogue Fashion Fund finalist, for its 3,000-square-foot shop. Lanvin was once a strong seller there, during the Alber Elbaz years, Carey said. With pale blue walls, architectural displays and top-shelf names, Tender looks more like the type of a polished retailer one finds in Manhattan or Los Angeles. Ashlyn's managing director Johanne Shepley Siff met the sisters 30 years ago in her former role as senior vice president of sales and marketing at Prada. Siff said, 'We've lost one of the gems of the specialty store business. Cheryl was a force. I called her a 'textile archeologist.' She could immediately identify products of integrity.' Sift added, 'Tender is one of the opinion leaders, and one of the go-to retailers at the high-end specialty store. They not only take the risk to identify emerging talent, but they also have the structure and wherewithal to introduce that talent to a customer they have cultivated to appreciate new talent.' Accustomed to working six days a week, Cheryl Daskas would arrive at 8:30 am, if a customer requested that. The co-owners called their store employees 'Tender-ettes,' and they stayed connected with those past and present through the years, Karen Daskas said. 'Cheryl loved what she did. It was not about her or Tender. It was always about everybody else doing well,' Karen Daskas said. 'She had this gift, where she could look at someone and immediately know what size they were and what types of clothes would look good on them. And you didn't have to be a size four. You could be any size. She was just going to make you look great and feel the best that you can be.' With a larger-than-life personality, she was recognizable for her auburn cropped hair, broad smile and designer outfits. 'She was very tall and grand. When she came into a room, she stole the show,' Carey, who owns Seed Inc., said. Even in the early 1990s, the sisters understood the importance of retailers working closely with manufacturers to create items that would appeal to their customers. They took a highly personal approach to helping shoppers in the store and were also loyal supporters of the arts community through events and philanthropy in Birmingham, Carey said. Recalling how they collaborated on vintage jewelry shows at Tender on occasion, Carey said, 'Cheryl could sell like no one else could. Her heart was 100 percent in everything she did. Why do you want to do something if you're not going to do it well?' They would typically sell 150 of 200 items during a two-day sale. Kenneth Jay Lane items were of particular interest to shoppers and to Daskas, who would set aside five pairs of earrings for herself, Carey said. 'I would say, 'Cheryl, these are for the customers,' and she would say, 'Well, I'm a customer.'' But she wore them during the trunk show sales, and she was the showpiece, Carey said. 'And you're going to want them, if she's wearing them. Karen would not have done that. Karen would have sold them.' While Cheryl Daskas handled front-of-the house sales and the store's social media, Karen Daskas managed the buying trips. Off the clock, Cheryl Daskas enjoyed gardening, relaxing poolside, grilling and sharing meals and binge-watching shows with her sister. 'Every night we would tell eachother we loved eachother and give eachother a hug. We never fought except for a couple of sister squabbles,' Karen Daskas said. 'It's just a shock. We never got married and we didn't have kids. We have two little Kerry Terriers 'Whiskey' and 'Gogo.'' Daskas is survived by her sister. Best of WWD Kate Middleton's Looks at Trooping the Colour Through the Years [PHOTOS] Young Brooke Shields' Style Evolution, Archive Photos: From Runway Modeling & Red Carpets to Meeting Princess Diana The Most Memorable French Open Tennis Outfits With Serena Williams, Naomi Osaka & More [PHOTOS]
