Pandaily's Digest#20221205 & Holiday Season Offer
XPeng‘s G9 model, which the Chinese electric vehicle maker had high hopes for, delivered only 184 units in the first month. Behind these challenges are reportedly organizational deformities.
XPeng’s Company Structure Faces Challenges Amid Low EV Delivery
XPeng‘s G9 model, which the Chinese electric vehicle maker had high hopes for, delivered only 184 units in the first month of its availability. The company sold less than 10,000 units in both October and November, falling behind its rivals. Behind these challenges are reportedly organizational deformities. The following is taken from a report from Chinese media outlet Leiphone on December 1.
Virtual Game Assets Gain Attention as Many Blizzard Titles Prepare to Suspend Services in China
When a licensing deal between Activision Blizzard and Chinese game firm NetEase expires on January 24, 2023, many popular games such as World of Warcraft and Hearthstone will suspend services in mainland China. NetEase said that it will work out plans as soon as possible and start refunds and related work.
Chinese COVID Testing Firm Nucleus Gene in Spotlight Due to Huge Profits and Violations
The Omicron COVID-19 variant, which appears more transmissible but less pathogenic than earlier strains of the coronavirus, has caused a surge in demand for nucleic acid testing in China this year. However, false positives have frequently been reported, even as the firms maintain ultra-high profit margins and rapid expansion, arousing public doubts. The most prominent case involves a domestic nucleic acid testing company called Nucleus Gene.
Chinese Tea Chain Mixue Enters South Korea and Japan
Mixue, a Chinese tea-based beverages brand that is set to list on the main board of the Shenzhen Stock Exchange, has recently entered the South Korean and Japanese markets.
Chinese Battery Manufacturers Face Risk of Overcapacity
Fluctuating supply and demand within China’s lithium-ion battery industrial chain has attracted widespread attention recently. Production capacity now far exceeds demand, and some entities in the sector are seemingly pursuing blind expansion and hoarding, Cailian Press reported on December 4.
Switzerland-based ABB Invests $150 Million in Shanghai Factory
ABB, a Swedish-Swiss industrial giant and one of the world’s four largest robotics companies, announced the official opening of its robotics factory in Shanghai on December 2. The fully automated flexible manufacturing factory, which combines production and research and development, covers an area of 67,000 square meters with an investment of $150 million.
Self-Driving Tech Startup QCraft Secures Round-B1 Financing
QCraft, a Beijing-based provider of autonomous driving solutions, announced on December 2 its completion of a B1 round of financing worth several hundred million yuan. Investors in this round include a fund under CICC Capital, domestic electronics firm TCL, and a leading chip enterprise.
Some Chinese Cities Face Shortage of COVID-19 Antigen Test Kits
On December 1, Chinese state media outlet People’s Daily published an article stating for the first time the weakening toxicity of the COVID-19 virus. Meanwhile, many local authorities reducing the frequency of nucleic acid testing and advocating for more antigen tests. This has triggered an increase in demand among Chinese consumers for antigen test kits, and resources are now in short supply.
Chinese Home Appliance Retailer Gome Refutes Rumored Bankruptcy Liquidation
In response to bankruptcy rumors circulating in the market recently, Gome, a Chinese home appliance enterprise, issued a statement on the evening of December 1 saying that the company and other subsidiaries of Gome Holding Group had not received any legal documents or inquiries related to bankruptcy.
Halting of NEV Subsidies Causes Profit Pressure for Chinese Automakers
The new energy vehicle subsidies issued by the Chinese government for the past 13 years are scheduled to end this year. However, the vast majority of domestic NEV enterprises have not yet achieved profitability, and are still investing in large-scale research and development. As subsidies get smaller and smaller, making profits is now the primary focus for many of these firms.
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