Pandaily's Digest #20210927
China's power crunch interrupts production, Tesla sues Model S owner for infringing reputation, Huobi Global to cease new sign-ups for China-based users, Caocao Mobility eyes new financing, and more.
Power Crunch Causes Key Suppliers of Apple and Tesla to Stop Production in Eastern China’s Jiangsu Province
Due to a continuous shortage of power supply, many provinces and cities in China have adopted power restriction measures recently, which has had an impact on the production of some major enterprises, Chinese media outlet Jiweinet reported.
Tesla Sues Model S Owner for Infringing Reputation, Claiming 5.05 Million Yuan
Chinese Tesla Model S owner who formerly won a fraud case against the EV firm posted on Weibo on Sunday, saying that he has been sued by Tesla for infringing the firm’s reputation. According to the indictment posted by the car owner, Tesla asked him to immediately delete all infringing content and comments on Weibo, claiming a total of 5.05 million yuan ($781,685).
Bitcoin Trading Platform Huobi Global to Cease Registration of New China-Based Users
Huobi Global, one of the major cryptocurrency exchanges catering to Chinese mainland customers, announced that as required by the regulatory policies issued by the Chinese government, it has decided to discontinue account registration for new users in Chinese mainland since September 24, and will gradually retire existing user accounts in the region by 24:00 (UTC+8) on December 31. The actions are carried out on the premise of ensuring the safety of users’ assets.
Geely-Backed Ride Hailing Firm Caocao Mobility Negotiating New Round of Financing, Plans for IPO Within Five Years
Geely-backed Caocao Mobility, also known as Caocao Chuxing, is negotiating a new round of financing with investors and expects to break even within two years, Bloomberg reported on Monday. Gong Xin, CEO of the company, said in an interview that the new round of financing may be completed in the first half of 2022.
Honor Notebook’s Market Share in China Increases from 1.4% to 6.6%
On September 26, Chinese smartphone brand Honor held an online conference to release new electric notebook products, such as the Honor MagicBook V14, MagicBook 16 Series, Honor Tablet V7 and Honor Smart Screen X2 Series.
Tesla’s Shanghai Factory Expects to Produce 300,000 Vehicles Next Year
Reuters reported on Sunday that Tesla’s Shanghai factory is expected to produce 300,000 cars within the first nine months of the new year, capped by a delivery rush in the end of the July-September quarter. The company expects to hit its target output despite a global semiconductor shortage.
Tesla to Increase Investment and R&D in China
At the 2021 World Internet Conference held in Wuzhen, Zhejiang Province on Sunday, Tesla CEO Elon Musk said that Tesla will continue to increase investment and research and development in China in the future.
Evergrande Auto Makes Late Night Announcement on Delays in Paying Suppliers and Projects
Evergrande Auto, also known as China Evergrande New Energy Vehicle, announced on Friday night at the Hong Kong Stock Exchange that, as disclosed in its interim report, constrained by poor liquidity, there has been a delay in paying suppliers and projects in the group’s Evergrande Elderly Care Valley and new energy vehicles, and some projects were in suspension. As of the announcement, no significant progress had been made in the resumption of work for some projects.
Ant Group Releases Self-Developed Morse Privacy All-in-One Computing Machine
On September 25, the “Light of the Internet Expo” at the 2021 World Internet Conference opened. At the event, Ant Group officially released its Morse Privacy All-in-One Computing Machine developed by its Ant Chain team. This represents another industry effort to realize the availability and invisibility of data.
Huawei CFO Meng Wanzhou Released After Deals with U.S. Justice Department
Meng Wanzhou, the Chief Financial Officer of Chinese telecommunication giant Huawei, was released from house arrest in Vancouver on Friday and allowed to return to China after striking deals with U.S. Justice Department. Within hours, two Canadians that the Chinese government had arrested shortly after Meng’s arrest in December 2018 were also freed, marking an end to the three-year diplomatic tensions between China, the U.S. and Canada surrounding the case.