Latest news with #北京
Bloomberg
12 hours ago
- Business
- Bloomberg
China Warns BYD, Rivals to Self-Regulate as Price War Heats Up
Chinese officials summoned the heads of major electric vehicle makers, including BYD Co., to Beijing earlier this week to address concerns about the long-running price war, according to people familiar with the matter. The meeting was hosted by the Ministry of Industry and Information Technology, the market regulator and the top economic planning agency, said the people, who asked not to be identified discussing private information. The gathering was attended by senior executives from more than a dozen manufacturers that also included Zhejiang Geely Holding Group Co. and Xiaomi Corp., the people said.
South China Morning Post
2 days ago
- Automotive
- South China Morning Post
Xiaomi's EV unit to become profitable this year, CEO Lei Jun says
Chinese smartphone maker Xiaomi will start making money from its electric-vehicle (EV) venture by the end of this year, according to its founder and CEO Lei Jun, less than two years after rolling its first units off the assembly line, as demand surpassed expectations. Advertisement Losses have narrowed, and the unit could become profitable by the third or fourth quarter, local media The Paper reported on Tuesday, quoting Lei during a presentation in Beijing. Xiaomi was confident about its sales following the introduction of its second EV model last month, it reported. A Xiaomi spokesperson confirmed the CEO's comments and declined to elaborate. Sales of EVs amounted to 18.1 billion yuan (US$2.5 billion) in the first quarter versus 18.4 million in the same quarter in 2024, Xiaomi said in a stock exchange filing on May 27. Its gross profit of 4.3 billion yuan was less than its operating expenses of 4.8 billion yuan, resulting in a loss of about 500 million yuan, it added. 01:18 Chinese President Xi Jinping holds rare meeting with China's top entrepreneurs amid US tech rivalry Chinese President Xi Jinping holds rare meeting with China's top entrepreneurs amid US tech rivalry Xiaomi first announced its EV plan in 2021 and rolled out its first unit, the SU7 sedan, in March 2024 to a strong reception. Its deliveries jumped 8.8 per cent to 75,869 units in the first quarter from the preceding three months, bringing the total sales to 258,000 units since inception.
Khaleej Times
2 days ago
- Business
- Khaleej Times
China's premier calls for expanded trade, investment with Japan
Chinese Premier Li Qiang on Tuesday urged China and Japan to expand trade and investment to achieve higher levels of mutual benefit under the current international situation, state broadcaster CCTV reported. Li made the remarks in a meeting with a Japanese trade promotion association delegation in Beijing.
South China Morning Post
27-05-2025
- Business
- South China Morning Post
Alibaba touts rapid growth in fast-delivery service in heated race with Meituan, JD.com
Chinese e-commerce giants Alibaba Group Holding Meituan and are intensifying their costly rivalry in the on-demand fast-delivery sector, with each touting significant gains in user base and order volume. Alibaba, owner of the South China Morning Post, saw combined daily orders on its freshly launched Taobao Instant Commerce initiative and food delivery service surpass 40 million within a month, according to data released by the company on Monday. The new service, which has products delivered by aims to fulfil online orders of food and consumer items in less than an hour. It reached 10 million daily orders within its first week of launch on April 30, the company previously said. Before the recent surge in rivalry, China's food delivery market was primarily dominated by Meituan and with Beijing-based Meituan holding a larger share. But after joined the fray earlier this year, the market – consisting of about 553 million users – had shifted into a 'competition of ecosystems', according to a recent report from Chinese research firm MCR. A Meituan delivery worker seen at a Starbucks store in Beijing. Photo: Reuters Alibaba is leveraging its extensive resources in online shopping, delivery and algorithms to maintain its dominant position in China's e-commerce sector, as competition intensifies in the instant commerce segment. Taobao Instant Commerce, accessible via Alibaba's popular Taobao online shopping app, initially attracted users with subsidies on popular drinks, such as milk tea. However, sources familiar with the matter, who declined to be named, said drinks currently represented a small fraction of daily order volume, as demand was spread across a broader range of categories.
South China Morning Post
19-05-2025
- Automotive
- South China Morning Post
China directs state bodies to buy more home-made EVs for official use
China's central government has directed state institutions and ministries to purchase more domestic electric vehicles (EVs), in the latest effort to promote environmentally friendly automobiles for official use. Advertisement No specific target was mentioned, but Cui Dongshu, general secretary of the China Passenger Car Association, said the move showed the government's backing for home-made EVs and that it could influence others to buy more of the vehicles. Still, Cui said the directive – published by state media Xinhua News Agency on Sunday – may have a limited impact on the industry. Official procurement accounts for a relatively small share of the national market, he added, with the public sector making up only around 10 per cent of auto sales. Beijing has promoted the purchase of electric vehicles by state institutions since 2017, when it published official guidelines on their procurement. In December 2024, the Ministry of Finance issued a circular stating that EVs must account for at least 30 per cent of total annual vehicle purchases by ministry-level authorities and affiliated units nationwide. Advertisement This followed a requirement last October from the National Government Offices Administration that called for more battery-powered vehicles in government fleets, and directed departments to purchase EVs priced under 180,000 yuan (US$25,000) – part of ongoing efforts to cut costs.
