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Rare earth magnets: Maruti Suzuki explores multiple options to ensure operational continuity

Rare earth magnets: Maruti Suzuki explores multiple options to ensure operational continuity

Deccan Heralda day ago

Domestic auto industry is forced to take steps as the Chinese government has put restrictions since April 4 on the export of rare earth elements and related magnets.

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BYD manager calls EV price war it helped spark unsustainable
BYD manager calls EV price war it helped spark unsustainable

Malaysian Reserve

time23 minutes ago

  • Malaysian Reserve

BYD manager calls EV price war it helped spark unsustainable

BYD Co. sees China's electric vehicle price war as unsustainable, according to a senior company executive, who stopped short of saying the country's largest EV maker would scale back the aggressive discounting it helped trigger. 'It's very extreme, tough competition,' Executive Vice President Stella Li said in an interview with Bloomberg News in London. 'No, it's not sustainable,' she added, noting that consolidation across the sector is likely as the market matures. The comments highlight mounting strain within China's overheated EV market, where a flood of new entrants and deep price cuts — many led by BYD — have eroded margins and triggered rare government intervention. While BYD has gained market share, the fallout is growing, with investors, regulators and rivals all pushing for a reset. Beijing summoned industry leaders for talks earlier this month, telling EV makers not to sell cars below cost or offer unreasonable price cuts. The EV price war has weighed heavily on automaker shares, with BYD losing around $22 billion in market capitalization since peaking in late May. Still, the company is seen as a likely long-term winner if smaller and mid-sized rivals are squeezed out, allowing BYD to grow its dominant market share. Li said BYD plans to continue investing aggressively outside China, with a particular focus on Europe. The company expects to spend as much as $20 billion in the region over the coming years, she said. BYD's market share is rising rapidly in key European countries including Germany, the UK and Italy, helped by a fast-expanding dealer network and competitively priced offerings—especially plug-in hybrids. Read more: Chinese EVs Grab Biggest Market Share in Europe in Nine Months The company recently overtook rival Tesla Inc. in Europe, a shift attributed in part to BYD offering a wider lineup of models. It currently sells around nine to ten vehicles in the region, compared to Tesla's four. Li also said that BYD has no immediate plans to partner with a European automaker, a strategy that local rivals Xpeng Inc. and Zhejiang Leapmotor Technology Co. have embraced. 'But the door is open,' she said. Li added that BYD is also investing heavily in after-sales service, and expects its European market share to climb further as more customers become familiar with the company's technology and support. 'If we decide to do something, we put all our resources behind it,' she said. 'We want to make sure it's successful in the long run.' –BLOOMBERG

Popular Holland Village eateries Crystal Jade La Mian Xiao Long Bao and Wala Wala Cafe Bar to shutter, Lifestyle News
Popular Holland Village eateries Crystal Jade La Mian Xiao Long Bao and Wala Wala Cafe Bar to shutter, Lifestyle News

AsiaOne

time29 minutes ago

  • AsiaOne

Popular Holland Village eateries Crystal Jade La Mian Xiao Long Bao and Wala Wala Cafe Bar to shutter, Lifestyle News

When it comes to popular eateries at Holland Village, two places that probably often come to mind are Crystal Jade La Mian Xiao Long Bao and Wala Wala Cafe Bar. But after decades of operations, both establishments are set to shutter. Crystal Jade announced the news on its website, along with a closing promotion called a 'Farewell Feast' at the outlet offering discounts of up to 30 per cent. "Join us for a limited-time Farewell Fest as we bid a warm farewell to our Crystal Jade La Mian Xiao Long Bao Holland Village outlet," said the Chinese chain restaurant. Currently, Crystal Jade La Mian Xiao Long Bao has six outlets that remain open at Toa Payoh Mall, Bugis Junction, Jurong Point, i12 Katong, Changi Airport Terminal 1 and Hillion Mall. No reason was stated for the closure and Crystal Jade did not say when the restaurant's last day will be. AsiaOne has reached out for more details. Wala Wala, which has been at Holland Village since 1993, will be closing by the end of 2025. Owner Stanley Yeo told The Business Times (BT) in an interview that the lease for the unit ends this year. While there is no official closure date as he is in the midst of looking for a new tenant to occupy the space, the last day of operations would be in end-August at the earliest, he told BT. There were several reasons for the closure, including poor foot traffic, rising operational costs and a challenging labour market. AsiaOne has reached out to Wala Wala Cafe Bar. The closure of both establishments is among several other longstanding tenants that have exited Holland Village, including Thambi Magazine store, which shuttered in May last year after 80 years. Another closure was family-run furniture business Lim's Holland Village, which closed in November after 50 years. [[nid:718070]] melissateo@

Porsche, hugs and a long drive: How rides with strangers in luxury cars are healing broken hearts
Porsche, hugs and a long drive: How rides with strangers in luxury cars are healing broken hearts

Mint

time29 minutes ago

  • Mint

Porsche, hugs and a long drive: How rides with strangers in luxury cars are healing broken hearts

A new trend called 'city ride' is becoming popular among young women in Chinese cities like Shanghai, Hangzhou and Xiamen. For 99 yuan (around ₹ 1,200), women can enjoy evening car rides with fit, attractive young men in luxury cars. These men, nicknamed 'man bodhisattvas', are usually university students from wealthy families. They drive cars like Ferraris, Porsches and Rolls-Royces in their free time. One such man, known online as 'Past as the Wind', is a tall postgraduate student who offers rides in his Porsche for 88 yuan ( ₹ 1,050). He even acts like a friend, boyfriend, or butler during the ride. His booking group has nearly 400 members, according to the South China Morning Post. Women enjoy the smooth ride, the car's pleasant smell and his friendly nature. The trend is seen as a mix of relaxation and luxury after a long workday. It offers a unique and social way to unwind within city limits. In Wuhan, a 24-year-old man nicknamed 'Lemon Can' offers Ferrari rides for just 99 yuan for 30 minutes. A racing enthusiast, he says people can enjoy the thrill of the car and also share their feelings about stress or relationships during the ride. Wang, a graduate from Fujian, is relatively new to this. He has served six women so far, mostly for peaceful evening drives by the sea. One woman cried for half an hour after a breakup and thanked him with a hug. 'I believe a lot of people need this kind of support from strangers. A car can be a comforting space,' SCMP quoted Wang as saying. While some worry about safety, as drivers might learn women's addresses, Wang assures that bookings are made through a ride-hailing app, which tracks every journey. He plans to join his family business soon but is using this time to practise driving and connect with others. For him, the car is not just for speed, but also a place for comfort and support. One of Wang's clients has told the publication that she now looks forward to finishing work to have fun new city ride with a friendly driver in a luxury car. Around the world, there have been growing trends that allow people to spend emotional moments with strangers in private. Professional cuddling, popular in other countries, is slowly gaining attention in India after COVID-19. Many lonely people in big cities find comfort in cuddles. Global sites like Cuddlist lead this trend, but India has few such services, like CuddleBuddy and Jaadu Ki Jhappi. A 2024 survey shows that 53% of urban Indians face daily stress, and 25% feel low for weeks.

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