BUSINESS - Page 14

BYD, the world’s largest electric vehicle (EV) manufacturer, has surprised the global market with its pricing strategy. Unlike competitors who undercut foreign rivals with lower prices, BYD’s EVs are priced significantly higher outside China. This double standard has sparked curiosity – why the hefty markup for export models? The answer lies in a combination of factors, primarily driven by the contrasting market dynamics between China and the rest of the world. Cutthroat Competition at Home: China boasts the largest auto

On Tuesday, German luxury car manufacturer Porsche announced a collaboration with ClearMotion to verify the effectiveness of the U.S. startup’s active suspension technology and road-sensing software. Additionally, the companies revealed the signing of a licensing agreement for ClearMotion’s technology. While ClearMotion CEO Zack Anderson refrained from specifying the Porsche models that could integrate their technology, he assured Reuters that it could be seamlessly implemented in both electric and combustion-engine vehicles without necessitating redesigns. Anderson highlighted the system’s ability to rapidly

China’s ride-hailing giant, Didi Global, is shifting into high gear for the future of transportation. The company announced a collaboration with GAC Aion, a leading electric vehicle (EV) manufacturer, to mass produce self-driving electric taxis, or robotaxis, starting in 2025. This joint venture, named Andi, marks a significant step towards autonomous driving becoming a reality on Chinese roads. Didi’s self-driving unit brings its expertise to ride-hailing operations and autonomous driving technology. GAC Aion, on the other hand, contributes its experience

Walt Disney’s opens a new tab popular Disney+ streaming service will start cracking down on password sharing from June in some regions and then more broadly by September, CEO Bob Iger said on Thursday. The entertainment conglomerate is looking to boost subscriber growth for its money-losing digital offerings as it shifts the bulk of its content away from its more profitable theatrical operations. Iger told CNBC that the company’s upcoming password-sharing change is “a real priority” and will help drive

Chery, China’s leading electric vehicle manufacturer, is making a significant strategic move. It will be the first Chinese company to establish a manufacturing facility in Vietnam, a country poised to double its electric vehicle sales in the next decade. The $ 800 million plant, a joint venture between Chery’s Omoda&Jaecoo unit and Vietnamese company Geleximco, is set to open in 2024. The facility will produce a range of electric vehicles, from middle to luxury segments, aiming to capture a significant

Disney appears to have prevailed in a high-stakes proxy battle with billionaire corporate raider Nelson Peltz’s hedge fund, Trian Fund Management. According to people familiar with the matter, the company has secured enough shareholder votes to defeat a challenge against its board mounted by the investors. As of Tuesday evening, enough votes had been cast to put Disney’s board directors Maria Elena Lagomasino and Michael Froman ahead of Trian’s two challengers, Peltz and former Disney chief financial officer Jay Rasulo.

Global fashion giant H&M, the world’s second-largest clothing retailer, has been forced to delay the launch of some Spring/Summer campaigns due to disruptions in the Red Sea. This news comes amidst ongoing security concerns in the region, which have caused shipping firms to reroute cargo vessels, leading to delays in getting new clothing lines to stores. H&M CEO Daniel Erver acknowledged the need to adapt, stating, “We have made some short-term adjustments on the starting dates of campaigns.” He reassured

SWIFT, the global bank messaging network, is gearing up to introduce a new platform within the next one to two years. This platform aims to bridge the gap between the emerging trend of central bank digital currencies (CBDCs) and the current financial system. Given SWIFT’s pivotal role in global banking, this initiative holds significant importance for the evolving CBDC ecosystem. The anticipated launch, likely synchronized with the introduction of major CBDCs, is poised to stimulate greater interest in digital iterations

WeWork co-founder Adam Neumann, in a bold move, has bid over $500 million to reclaim the reins of the struggling office-sharing group he co-founded. This bid, backed by investors like Dan Loeb’s Third Point, signifies a renewed hope in WeWork’s revival from bankruptcy and a potential resurgence of its business. Despite its initial promise to revolutionize office sharing, WeWork’s value has plummeted from its peak of $47 billion. It is currently grappling with high operating costs, a situation that has

Chinas Leapmotor, which has been selling EVs since 2021 and has four models on the market, will start production of small cars at a Polish Stellantis plant as part of a joint venture between the two carmakers. The deal will give Stellantis, which owns the Chrysler brand, access Leapmotor’s advanced technology, including its proprietary “Four-Leaf Clover” centrally controlled electric and electronic architecture. The joint venture also gives Stellantis the right to sell and produce Leapmotor vehicles outside Greater China, a