China's Xiaomi takes on Tesla, armed with 1,000 EV factory robots
ITSURO FUJINO
BEIJING -- As Chinese manufacturer Xiaomi prepares to expand capacity for electric vehicles, the company is responding to the overwhelming demand for its EVs by employing 1,000 robots at its plant.
Xiaomi's sole EV factory sits on a 720,000-square-meter site in Beijing that also contains a dealership, a delivery center and a test course.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Mainichi
an hour ago
- The Mainichi
IMF upgrades outlook for global economy, citing less-than-expected damage from Trump's trade wars
WASHINGTON (AP) -- The International Monetary Fund is upgrading the economic outlook for the United States and the world this year and next because President Donald Trump's protectionist trade policies have so far proven less damaging than expected. The IMF now forecasts 3% growth for the global economy this year. That is down from 3.3% in 2024 but an improvement on the 2.8% it had forecast for 2025 back in April. The 191-country lender, which works to promote growth, stabilize the world financial system and reduce poverty, expects world growth to come in at 3.1% next year, up a tick from the 3% it had forecast three months ago. Trump's decision on April 2 -- "Liberation Day,'' the president called it -- to impose taxes of 10% or more on U.S. imports from most of the world's countries had been expected to be a bigger drag on global growth. But the damage was limited, the IMF said, partly because many U.S. importers scrambled to bring in foreign goods before Trump's tariffs took effect and partly because Trump ended up suspending his biggest levies (including a 145% duty on Chinese goods). "This modest decline in trade tensions, however fragile, has contributed to the resilience of the global economy so far," IMF chief economist Pierre-Olivier Gourinchas said at a press conference Tuesday. "This resilience is welcome, but it is also tenuous. While the trade shock could turn out to be less severe than initially feared, it is still sizeable, and evidence is mounting that it is hurting the global economy.'' Tariffs raised $108 billion for the U.S. Treasury from October through June, nearly double the $55.6 billion they brought during the same period of the previous fiscal year. Global growth of around 3% is below pre-pandemic average and the world economy would be growing faster without Trump's trade wars. The IMF modestly upped its forecast for U.S. economic growth to 1.9% this year and 2% in 2026 when the big tax cuts Trump signed into law July 4 are expected to provide "a near-term boost.'' The Chinese economy, the world's second biggest, is expected to grow 4.8% this year, a hefty upgrade from the 4% the IMF had forecast in April. China is getting a boost from lower-than-expected U.S. tariffs and from government spending. The 20 economies that share the euro currency are collectively expected to expand 1%, up from the 0.8% the IMF had forecast in April. But a big chunk of that growth is coming from a surge of pharmaceutical exports from Ireland, which were timed to beat Trump's expected tariffs on drugs. Japan remains in a slow-growth rut and is expected to eke an expansion of just 0.7% this year and 0.5% next. India is once again expected to be the world's fastest-growing major economy, expanding a forecast 6.4% this year and next. Trump has pressured Japan and the European Union to accept 15% U.S. tariffs on their exports. Indonesia, Vietnam and the Philippines also agreed to accept stiff U.S. tariffs. More such deals are expected before Friday when Trump will slap even higher tariffs on countries that don't agree make concessions. Trump's protectionism is buffeting global commerce. The IMF upgraded its forecast for growth in world trade, measured by volume, to 2.6% this year. That is up from the 1.7% it had predicted in April and reflects a surge in shipments as exporters tried to beat the tariff crunch. But eventually the higher U.S. levies are expected to take a toll. The IMF sees trade growing just 1.9% next year, down from the 2.5% it had forecast in April. Trump has also unsettled financial markets by openly and repeatedly criticizing Federal Reserve Chair Jerome Powell for the Fed's reluctance to cut American interest rates. Powell has said that the central bank must wait to better understands the impact of Trump's tariffs on inflation. That same message was delivered last week by the European Central Bank, which is also holding off on rate calls to measure the impact of Trump's tariffs. At the press conference Tuesday, IMF chief economist Gourinchas spoke up in favor of keeping central banks like the Fed independent from political pressure. "The evidence is overwhelming that independent central banks, with a narrow mandate to pursue price and economic stability, are essential'' to containing inflationary pressure, he said. The Fed and other central banks raised rates after inflation flared up in 2021 and 2022. They managed a so-called soft landing -- bringing inflation down without causing a recession. "That central banks around the world achieved a successful 'soft landing' despite the recent surge in inflation owes a great deal to their independence and hard-earned credibility," Gourinchas said.
The Mainichi
2 hours ago
- The Mainichi
US, China eye 90-day tariff truce extension
STOCKHOLM (Kyodo) -- The United States and China plan to extend beyond Aug. 12 a 90-day tariff truce, possibly for the same duration, officials said Tuesday after holding another round of high-level trade talks. Following two days of discussions with senior Chinese officials in Stockholm, U.S. Trade Representative Jamieson Greer said President Donald Trump will decide whether to extend the truce struck between the two countries in May. Attending a press conference with U.S. Treasury Secretary Scott Bessent, Greer said, "We're going to talk to the president about whether that's something that he wants to do. It's certainly something that's been under discussion." Li Chenggang, China's vice minister of commerce, who spoke to the media separately, said both sides agreed to push for the extension, without specifying how long they may stretch the pause. Li also said the two countries discussed each side's major trade and economic concerns and agreed to maintain "close communication." Bessent suggested that both sides are exploring another 90-day extension. He said the Chinese officials were surprised by "the magnitude of" the Trump administration's recent trade agreement with Japan, as well as a similar deal with the European Union, and they appeared to be in the mood for wide-ranging discussions about the world's two biggest economies. The U.S. delegation expressed concerns about China's close economic ties with Russia and Iran, as well as the Asian country's industrial overcapacity and "what that might mean for this year, for the next few years," Bessent said. But he added that the overall tone of the talks was "very constructive." In mid-May, the United States and China backed away from their respective triple-digit tariff rates imposed during a trade war launched by Trump. Since then, the truce in the tit-for-tat tariffs that both sides agreed to in Geneva during their first round of trade talks has been in place. Currently, the Trump administration is enforcing a 10 percent tariff as part of a planned 34 percent hike on all Chinese imports. The 10 percent rate was introduced in early April under the "reciprocal" U.S. tariff scheme, with the remainder to be negotiated during the 90-day pause. China has also retained a 10 percent tariff as part of a 34 percent retaliatory hike on all U.S. goods, with the remaining 24 percent likewise subject to negotiation. Separately, the Trump administration has kept a 20 percent tariff in place over what it has called China's insufficient efforts to curb the flow of fentanyl into the United States. While traveling back to the United States from Scotland, Trump told reporters on board Air Force One that he had just heard from Bessent that the two-day meeting in the Swedish capital "went very well." Asked about his potential in-person meeting with Chinese President Xi Jinping, Trump said he looked forward to seeing him, possibly "before the end of the year."
NHK
2 hours ago
- NHK
US, China wrap up two days of trade talks in Stockholm
The US and China concluded two days of trade negotiations in Stockholm on Tuesday. They were trying to reach an agreement ahead of a deadline on August 12. Li Chenggang, China's vice commerce minister, said both sides have agreed to extend the discussions beyond that date. He added, "The two economic and trade teams will continue to maintain close communication and have timely exchanges on trade and economic topics." Among the participants were US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, who oversees China's economic policy. Bessent said the US side has not yet agreed to a new pause, and that President Donald Trump will make the final decision. He also said the overall tone of the meetings was "very constructive." Negotiators for the world's two largest economies agreed in May to pause some tariffs for 90 days. They wanted more time for discussions. The talks follow a US trade deal with the European Union on Sunday, which Trump described as the "biggest." It sets a 15-percent tariff on exports from the EU, and European officials say they will eliminate tariffs on US industrial goods, including automobiles.
