Caixin
Oct 26, 2022 09:15 AM
CX DAILY

CX Daily: The World’s No. 1 EV-Battery Maker Juices Up Global Expansion

Batteries /

In Depth: The world’s No. 1 EV-battery maker juices up global expansion

The world’s largest producer of batteries for electric vehicles (EVs) has long pursued a global expansion. Back in 2018 it announced a $233 million factory in Germany.

But China’s Contemporary Amperex Technology Co. Ltd. (CATL) has pushed that into overdrive this year, with a flurry of moves to expand its production across three continents.

In August, the company announced a 7.3 billion euro ($7.2 billion) factory in Hungary. Caixin learned that plans for a production facility in Mexico have been finalized. There are also reports that CATL is considering plants in the U.S. and Indonesia.

CATL aims to mass produce sodium-ion batteries in 2023

Bishops /

China and the Vatican extend deal on appointing bishops

China and the Vatican agreed to extend a provisional agreement on the appointment of bishops in the Asian country for another two years, according to joint statements.

The decision was made after “friendly consultations” Saturday, Chinese Foreign Ministry spokesperson Wang Wenbin said at a press conference Monday. He did not elaborate on details of the agreement, which the Vatican had previously said was confidential.

FINANCE & ECONOMY

Foreign businessmen check out commodities at an Expo in Guangzhou, South China's Guangdong province, in 2021. Photo: VCG

Business /

Beijing calls for local governments to facilitate entry for foreign business executives

China instructed local governments to facilitate access for international businesspeople to enter the country in a bid to stabilize foreign investment, especially in the manufacturing sector.

The move is part of measures in a document released Tuesday by six central government agencies including the National Development and Reform Commission (NDRC).

Stocks /

U.S.-traded Chinese stocks plunge

U.S.-traded Chinese stocks slumped Monday with internet giants and electric-vehicle (EV) makers among the hardest-hit.

The Nasdaq Golden Dragon China Index of 65 Chinese stocks plunged a record 14% to close at its lowest level since April 2013.

Some of China’s biggest internet companies including Alibaba Group Holding Ltd., JD.com Inc. and Baidu Inc. lost at least 12%, while Pinduoduo Inc. dived 25%.

Brokerage /

State investor takes control of TF Securities

A conglomerate backed by the Hubei provincial government took control of Shanghai-traded brokerage TF Securities Co. Ltd. in a flurry of transactions.

TF Securities disclosed in a Saturday filing that Hongtai Group, a financial holding company wholly owned by the Hubei government, became its controlling shareholder. Together with Wuhan Commerce and Trade Group, a party acting in concert, Hongtai controls 22.62% of TF Securities, according to the filing.

Quick hits /

Rule change unlocks billions for property-related companies

Wang Tao: China’s third-quarter GDP growth beat expectations but paints a mixed picture

BUSINESS & TECH

 

Tesla /

Update: Tesla cuts prices in China after signs of softening demand

Tesla Inc. shares fell to their lowest point since June of last year after the carmaker lowered prices across its lineup in China, where competitive and economic pressures are intensifying.

The carmaker cut the cost of the cheapest locally built Model 3 sedan by 5% to 265,900 yuan ($36,774), Tesla’s website showed Monday. The company dropped the starting price of the Model Y SUV by 8.8% to 288,900 yuan.

While the price cuts are expected to attract more potential buyers, they have also incited dissatisfaction among car owners as Tesla China said in early October that it would not lower prices.

Quick hit /

Carnival’s Costa Cruises pulls Asia trips as China’s ‘zero-Covid’ policy bites

GALLERY

World Cup gives China manufacturers a boost

 

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