Electric vehicle maker BYD Co Ltd's unit has struck a deal to acquire Jabil Inc's Singaporean division's mobility business in China for 15.8 billion yuan ($2.17 billion), expanding BYD's customer base, product portfolio, and smartphone components business in the sector.
Shares of China Evergrande Group, the world's most indebted property developer, plunged 87% on its first day of trading since March 2022, as the company posted a loss of $5.38 billion for the first half of 2023 amidst its ongoing financial struggles.
Chinese electric vehicle company Xpeng's U.S.-traded shares rose 5% premarket after announcing its acquisition of Didi's smart electric car business for $744 million.
Chinese EV company BYD and Tesla are reporting strong earnings and are emerging as leaders in the electric vehicle industry.
Shares of Chinese e-commerce giants Alibaba and JD.com surged after the Chinese government announced measures to boost the country's capital markets, including halving the stamp duty on securities transactions.
Chinese stocks initially surged on Monday after the government implemented measures to boost investor confidence, but most of the gains were lost by the end of the session due to concerns about the country's economic slowdown and the foreign outflow of funds.
China's top EV maker, BYD, saw a 145% surge in profits in Q2, driven by record deliveries, despite the ongoing EV price war in China.
Tesla's rivals in China, including Li Auto, BYD, XPeng, and Nio, reported strong August deliveries, with Li Auto achieving a record sales month and Nio deliveries coming close to a record, while the overall China EV market is expected to see growth despite the country's weakening economy.
Tesla was able to boost its sales in China by 9.3% in August, thanks to price cuts.
Chinese car makers BYD and XPeng saw their stock prices rise ahead of a major auto show where they will compete with Tesla, which is making its first appearance at the event in Munich.
China's share of the European electric car market has more than doubled in less than two years, with the UK being the largest market for Chinese electric car brands, as new battery electric technology and lower prices have boosted sales and wiped away concerns about lower-quality cars, posing an "imminent risk" to the European industry, according to industry experts.
Chinese electric car firms, including BYD and Xpeng, are expanding their presence in Europe and challenging traditional automakers in the EV market, capitalizing on Europe's attractive market and stringent regulations pushing towards EV adoption.
BYD, a leading electric car manufacturer, achieved its fourth consecutive monthly sales record in August 2023, selling 274,086 plug-in electric vehicles, although the growth rate has slowed down compared to previous years.
Shares of Chinese property developer Evergrande surged as much as 82% on Wednesday, leading gains on the Hang Seng Index, following reports of successful bond coupon payments by Country Garden, signaling a potential recovery in the country's property sector.
Tesla and BYD are currently leading the Chinese electric-vehicle market, while Lucid is taking its time to enter the race.
China's passenger vehicle sales experienced growth in August, driven by discounts and tax breaks on environmentally friendly and electric cars, despite a weak economy, and Tesla's share of the Chinese electric vehicle market nearly doubled.
China's automobile and component exports have doubled in 2021, leading to an investigation by the European Commission into subsidies given to Chinese electric vehicle makers, as European automakers express concern over competition from China in the growing electric vehicle sector.
