Beijing Summons Nvidia Over Alleged ‘Serious Security' Risks in Chips
In an online statement, the Cyberspace Administration of China (CAC) said that it had requested Nvidia to explain the 'security risks linked to back doors' in the company's H20 chips sold in China and to provide supporting materials.
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Fast Company
a few seconds ago
- Fast Company
Chinese EV company BYD is seeing surging European sales—while Tesla continues to tank
On August 5, new automotive industry data revealed how EV brands are faring in the U.K. and Germany, and the update marks yet another chapter in the saga of Tesla's terrible, horrible, no good, very bad year. According to the reports, Tesla's European sales slumped in July, as sales of its top competitor, the Chinese company BYD, shot up. This isn't exactly a new story: Since the beginning of the year, Tesla's European sales have been trending on a sharp downward decline, while BYD has made major headway in expanding through global markets. As this pattern continues to play out, the data points to the possibility that BYD is on a fast track to overtake Tesla at the top of the EV market. Tesla continues to stumble in the U.K. and Germany According to data from the U.K.'s Society of Motor Manufacturers and Traders (SMMT), Tesla's new car sales in the U.K. dropped by nearly 60% to 987 units in July, down from 2,462 year-over-year. The story was much the same in Germany, where the brand's new car sales fell by around 55%, based on data from the road traffic agency KBA. Tesla's slump can't be attributed to an overall decline in the EV market, either: Total EV sales were up by 9.1% for the month in the U.K., and up 58% in Germany. BYD, on the other hand, saw massive gains in Europe this past month. In the U.K., the brand quadrupled its year-over-year sales for the month to a total of 3,184. In Germany, sales went up almost fivefold to 1,126 cars sold. At this point, Tesla is falling solidly behind BYD in the European market. By late March of this year, Tesla had already sold nearly 43% fewer cars in the region compared to the same period in 2024. In May, its sales in the U.K. and Germany plummeted to multi-year lows, allowing BYD to surpass it on European sales for the first time ever. Now, it seems like BYD's upward trajectory is only getting started. BYD may be on a path to EV market domination Tesla and BYD's battle for market dominance in Europe might be a harbinger of what's to come for the two brands on a global scale. In 2024, BYD topped Tesla in terms of total revenue, but it still lagged behind on overall profitability. In 2025, that narrative may be shifting. Per its most recent second quarter earnings report, published at the end of July, Tesla notched its steepest decline in quarterly revenue in more than a decade, with a 12% fall. The news has caused investors to question whether Tesla CEO Elon Musk's involvement in American politics has permanently damaged the brand. Meanwhile, BYD saw its revenue rise by 37.4% year-over-year in its most recent first quarter report. As pressure continues to mount against Tesla, the brand is beginning to bet more of its resources on breaking into the nascent robotaxi industry. On August 1, though, a Florida court verdict called the safety of Tesla's Autopilot function into question, a development that may stifle Tesla's robotaxi plans before they even get off the ground. Tesla's compounding struggles, combined with BYD's meteoric success, may result in a very different global EV landscape by the end of this year. BYD's second quarter results, which are likely to publish at the end of August, will shed more light onto how the company is currently faring—and how soon it might be poised to dethrone Tesla on profit.
Bloomberg
a minute ago
- Bloomberg
Chinese Drone Maker DJI Shut Out of Washington With US Market at Risk
Chinese-owned and operated DJI Technologies is up against an end-of-year deadline to keep its US business alive, and the drone maker is struggling to get anyone in Washington to listen. The company, which controls over 70% of the domestic commercial market in the US, has hired a small army of lobbyists and recently dispatched an Australia-based executive to Washington to address a looming ban on their technology. But DJI says emails and calls are going unanswered and they're running out of time.
Newsweek
a minute ago
- Newsweek
China Faces Economic Blow From Population Crisis
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. China's potential output growth could fall to half its 2020s level by mid-century, with a shrinking labor force becoming a structural drag on the world's second-largest economy, warns a new report. Birthrates are falling across much of the world amid falling child mortality rates, increased life expectancy, greater economic opportunities for women and rising costs of living. China and several of its East Asian neighbors face a sharper demographic challenge: some of the world's lowest birthrates alongside rapidly aging populations, without the mitigating effect of large-scale immigration seen in countries like the United States. Women push toddlers in strollers in Chongqing, China, on July 20, 2025. Women push toddlers in strollers in Chongqing, China, on July 20, trend has driven policymakers to roll out childcare subsidies, fertility treatments, and other pro-natal measures—so far to little effect—in hopes of slowing or reversing the trend and maintaining economic stability. Newsweek reached out to the Chinese foreign ministry by email with a request for comment. Demographic Drag China's declining fertility rate—estimated at 1.2 births per woman in 2024—could undercut the U.S. rival's long-term economic ambitions. Economists Marco Santaniello and Benjamin Trevis, in a report on global demographic trends published by independent global advisory firm Oxford Economics, project China's potential output growth will fall sharply over the coming decades because of a shrinking workforce and slowing productivity gains. Unlike GDP growth, which can fluctuate with business cycles, potential output growth measures the maximum pace of expansion that can be achieved without fueling inflation. The report estimates growth could drop below 4 percent in the 2030s and fall under 3 percent in the 2040s, down from double-digit rates during the country's boom years in the 2000s and early 2010s. Those projections roughly align with a working paper published by the International Monetary Fund in November. By the 2050s, potential growth could slow to just above 2 percent annually, the report finds. The Chinese Communist Party leadership in Beijing have set their sights on around 5-percent GDP growth this year—a modest target compared to the 2000s and 2010s as the country continues to grapple with a prolonged housing market crisis, tepid consumer confidence and a range of other economic challenges. Labor Crunch Meanwhile, China's shrinking labor force is expected to reduce growth by approximately one percentage point per year by that time as the working-age population contracts. Another warning sign is China's rising old-age dependency ratio, which measures the number of people aged 65 and over relative to the working-age population. China's old-age dependency ratio stood at 21 percent in 2024, according to estimates by the United Nations' World Population Prospects. That's an 8-percent rise since 2013, when the working age population was at its peak. The growing imbalance is expected to place increasing strain on China's limited social safety net, with the costs falling on a shrinking base of workers as the country joins Japan and South Korea as a so-called "super-aged society." "We anticipate this pressure being felt most acutely in developing economies like China and Brazil, where populations are still relatively young but ageing fast," the authors said. In a January report, researchers at Southwestern University of Finance and Economics in Chengdu projected that even under their most optimistic scenario—where China's fertility rate climbs back up to 1.31—the share of the population aged 65 and older would still peak at 36 percent by 2084. In the least optimistic model, seniors would account for more than half the population by the end of the century. A Gen Alpha Bump While there is broad consensus that these demographic shifts will pose serious long-term challenges—particularly in terms of workforce strain, slower productivity growth, and reduced innovation—some analysts argue that the risks may be overstated in the near to medium term. China's Generation Z, now in their late teens to late 20s, will be joined in the workplace by the more numerous Generation Alpha over the next decade, Noah Smith, an economics commentator and former assistant professor of behavioral finance at Stony Brook University, observed in a November blog post. This will inject some demographic momentum into the labor force before the inevitable gradual decline. "China's dependency ratio in 2030 will still be as good as Japan's at the height of its economic miracle," Smith wrote. "Around 2050, things start to look worse. China's big Millennial generation will begin to age out of the workforce, and no large young cohort will be coming up to replace them."
