Connect with us

Published

on

Xpeng introduces an AI-driven sedan to compete with Tesla's FSD self-driving system. The firm, based in Guangzhou, has established three different pricing tiers for the P7+ sedan: 186,800 yuan, 198,800 yuan, and 218,800 yuan.

The company based in Guangzhou has set three different pricing tiers for the P7+ sedan, depending on the variety of driving ranges: 186,800 yuan ($26,104), 198,800 yuan, and 218,800 yuan. This pricing structure is in contrast to its presale price of 209,800 yuan, as stated by Xpeng on Thursday. Hence, the P7+ is at least 5 per cent less expensive than Tesla's Model 3, which has a starting price of 231,900 yuan. The company also announced that it would begin shipping the vehicles as of Thursday.

"The Xpeng P7+ is working hard to offer the globe's top smart driving solution," stated He Xiaopeng, the founder and CEO of Xpeng.

Currently, China's automobile industry is undergoing significant turmoil due to competitive pricing and the rush of manufacturers to incorporate advanced features in their cars to attract buyers. The nation hosts a multitude of intelligent car manufacturers, producing vehicles with features like self-driving technology, voice control systems, and facial recognition software. These innovative approaches are driven by consumers' increasing demand for enhanced digital connectivity.

Tesla is one of the auto manufacturers that has adopted self-driving technology, and the firm believes it will play a crucial role in the expansion of China's electric vehicle market. The company, which is headquartered in Austin, Texas, was originally slated to introduce its Full Self-Driving software in mainland China by the end of the year. However, the postponement has provided an opportunity for its Chinese rivals to take the lead by launching their own versions.

"The more Tesla delays its FSD launch in China, the more advantage its Chinese competitors can gain," stated Chen Jinzhu, the CEO of Shanghai Mingliang Auto Service, a consulting firm.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

China’s Tech Giants ByteDance, Alibaba, Tencent Scout for Top AI Talent at ‘AI Olympics’: Addressing the Rising Demand in AI Professionals by 2030

Published

on

By

ByteDance, Alibaba, and Tencent from China are hunting for new talent at the 'AI Olympics'. It is anticipated that this year's Neural Information Processing Systems Annual Conference will be attended by some of the most brilliant AI intellects worldwide.

The need for AI product development specialists in China is projected to hit six million by 2030, as per a report by McKinsey released the previous year. A 2023 research conducted by the job-focused social networking platform Maimai revealed a significant talent gap, with only two suitable professionals for every five emerging AI positions in the country.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

Investor Anticipation Builds for China’s Economic Conference: A Glimpse into Potential Stimulus Measures and Market Impacts

Published

on

By

Investors are on the lookout for new indications of economic stimulus from China prior to Xi Jinping's financial summit. Any expansion of the government's budget or reinforcement actions for consumer spending and the real estate sector would be positively received by investors.

The meeting's date is still undecided, however, according to various news outlets, it's expected to take place on December 11th and 12th. Stock market participants are uncertain about the outcomes of this business conference. Nonetheless, any talk of enhancing the state's budget, or introducing initiatives to boost consumer spending and the real estate market, would be seen as positive triggers.

"Many are unsure about the eventual stabilization of the economy," stated Yuan Fang, a financial analyst at SDIC Securities. "Thus, the financial market is closely monitoring the central economic conference. The course of the equity market will be dictated by how the conference outlines the scale and speed of policies intended to stabilize growth."

Citic Securities, the biggest publically traded brokerage in China, indicated that the conference is expected to sustain an optimistic outlook for macroeconomic policies in 2025. It's anticipated that the leaders will emphasize the importance of local government debt, the real estate market, consumer spending, and technological advancement as key priorities for the country.

In particular, China plans to boost residential property acquisitions next year to establish a stockpile of reasonably priced homes, as per Citic Securities' statement last month. They are also urging local authorities to repurchase unused land to support the real estate market. Additionally, Citic Securities anticipates that Beijing will implement further reductions in mortgage rates to stimulate demand and encourage the technology sector to decrease its dependency on foreign resources.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

Opinion: The Silver Thread – Hong Kong’s Opportunity to Reclaim Its Gateway Status Amidst China’s Latin American Expansion

Published

on

By

Perspective | Is it possible for Hong Kong to reestablish its position as Asia's main link to the Americas?

With China broadening its commerce and financial ventures in Latin America, Hong Kong ought to take initiative and leverage the chance to bridge all entities involved.

The commerce was driven by silver originating from the territories that were, at the time, Spanish colonies of Peru and New Spain. The latter included regions of Mexico, Central America, and portions of the United States. This silver was fundamental to the Chinese monetary system and by the start of the 18th century, it had become China's initial normalized form of currency.

The Hong Kong dollar, Chinese yuan (with yuan translating to "round", indicative of coins as opposed to taels), the Japanese yen, and certainly the US dollar, all trace their roots back to this monetary predecessor. Hong Kong, on the other hand, supplanted Manila as the principal trading hub in East Asia.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

Hong Kong Stocks Soar in Anticipation of Key China Conference: A Glimpse at Market Movements and Economic Forecasts

Published

on

By

Hong Kong's stock market records its most significant weekly increase in two months, just before a crucial Chinese gathering. According to Citic Securities, the central economic work conference is set to uphold an optimistic outlook for macroeconomic strategies in the coming year.

The Hang Seng Index increased by 1.6 per cent, ending at 19,865.85, which resulted in a weekly rise of 2.3 per cent. This signifies the index's highest achievement within a week since October 4. The Hang Seng Tech Index also saw a rise of 2.2 per cent.

The CSI 300 Index in China saw a rise of 1.3 per cent, while the Shanghai Composite Index increased by 1.1 per cent.

Wuxi AppTec and Wuxi Biologics saw a rise in their stocks after Citigroup announced that US legislators are considering a possible concession on a bill designed to stop Chinese biotech companies from securing US government contracts. Property development companies like Longfor Group also saw an increase, driven by predictions of increased policy backing for the sector.

According to Citic Securities, China's biggest publicly traded brokerage, the private meeting is expected to keep an upbeat outlook on macroeconomic strategies for 2025. The conference's leaders are projected to emphasize the importance of local government debt, real estate market, consumer spending, and technological advancement as key focus areas.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

NBA Strikes Landmark Deal with Sands China: Brooklyn Nets and Phoenix Suns to Flag-off Preseason Games at Macau’s Venetian Arena

Published

on

By

The NBA has inked a contract with Sands China to host pre-season matches at the Venetian Arena in Macau. The Brooklyn Nets and Phoenix Suns are slated to inaugurate this collaboration with a pair of games on the 10th and 12th of October in the upcoming year, as announced by the NBA's deputy commissioner, Mark Tatum.

"Today is a thrilling day as we introduce the NBA to Macau," announced Mark Tatum, the NBA's deputy commissioner. "It's astounding to witness the changes in Macau since my previous visit in 2008."

Macau boasts an enthusiastic following for the NBA and with Sands China pouring resources into sports, it's the reason we're reintroducing the games, he stated.

"During the Covid era, we initiated conversations with the NBA as part of our effort to enhance the tourism offerings of the resort," Sands China's CEO, Grant Chum, revealed in a Post interview. "We're pooling our resources with the NBA for a long-term strategic partnership that includes a number of significant events. This not only provides new experiences for our guests, but it also boosts Macau's image and standing as a global tourist spot that seamlessly blends top-quality entertainment, hospitality, and sports."


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

Chip War Deescalation: U.S. Excludes Major Chinese Firms from Latest Export Restrictions, Yielding to Japanese Opposition

Published

on

By

Semiconductor battle: US gives certain Chinese companies a reprieve from limitations as a compromise to Japan, insiders report

The U.S. government has exempted a few of China's top semiconductor firms from its most recent export sanctions.

According to insiders, the leading Chinese manufacturer of dynamic random-access memory (DRAM) chips was exempted from the most recent set of US chip export limitations, due to resistance from Japan.

CXMT did not promptly reply to a comment request on Thursday.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

Strengthening Financial Ties: Hong Kong and Saudi Arabia Enhance Roles as Asia and Middle East Gateways

Published

on

By

Hong Kong and Saudi Arabia enhance economic relationships, acting as entry points for Asia and the Middle East

The governor of the Saudi central bank, Al-Sayari, and his team were in Hong Kong this week for the Financial Stability Board’s main conference.

Hong Kong and Saudi Arabia are intensifying their mutual collaboration in the financial services industry following a gathering in the city this week. Their central banks are investigating methods to improve their positions as the links between the two regions.

The Chief Executive Officer of the Hong Kong Monetary Authority (HKMA), Eddie Yue Wai-man, had a meeting with the head of the Saudi Central Bank, SAMA, Ayman Al-Sayari, on Thursday. This meeting was a continuation of their initial interaction in Riyadh in July 2023. Topics such as the progression of financial infrastructure, the incorporation of regulatory technology, and investment perspectives were among the subjects discussed, according to a statement from the HKMA on Friday.

The pair of financial regulators also investigated possible avenues of collaboration in areas such as financial stability, data interpretation, financial ingenuity and payment infrastructures, according to a distinct statement from the SAMA.

"Recent years have seen an increase in the connection between Hong Kong and Saudi Arabia," expressed Yue. "We are eager to reinforce our affiliation with the SAMA and persist in our shared areas of interest to further our positions as the key links between the Middle East and Asia."

Five minutes past three

Paul Chan encourages businesses from the Middle East to consider visiting Hong Kong in 2023 with the aim of investigating potential listing options.

Al-Sayari and his team were present in Hong Kong for the Financial Stability Board's main gathering on December 4th and 5th, alongside various international central bank and finance department representatives. This board, headquartered in Basel, oversees potential risks to the system and proposes solutions to address weak points in the worldwide financial structure.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

China Favors Locally Made Products in Government Contracts: A 20% Price Advantage Boosts Domestic Manufacturers

Published

on

By

China is set to promote local goods by prioritizing them in government contract bids. This shift in Chinese policy, referred to as 'new thinking', will provide a 20% price benefit to all domestically produced products in government purchases.

Items produced within the country, regardless of the ownership status of the manufacturer, will be given priority in the Chinese government's procurement process, which includes a 20 percent decrease in the bidding price, according to China's Finance Ministry.

The department publicized the policy and solicited public feedback through a preliminary document issued on Thursday.

The announcement stated, "[We are committed to] providing equal treatment to all kinds of business organizations." It further clarified, "Whether it's a state-owned company, a private firm, a foreign-owned business, or any other type of entity, they will all receive the same level of government assistance for their domestically manufactured goods."

The document outlined the guidelines the department would follow to ascertain if a certain product is domestically produced. It also detailed the method of the bidding procedure. It stated, "When both local and foreign products are in competition, the cost after discount will be utilized for assessment."

Since cost is a significant factor in deciding who wins a contract, this would provide a relative benefit to local manufacturers.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

HSBC Survey Predicts Housing Demand Surge in Hong Kong: 1 in 6 Eyeing Home Purchase Amidst Shortage Concerns

Published

on

By

One out of every six residents in Hong Kong is planning to buy a property within the next five years, according to a survey by HSBC. An estimated 300,000 households are set to enter the housing market, a number that surpasses the projected supply, as per the bank's evaluation.

Approximately one out of every six residents in Hong Kong is contemplating buying a property within the next half decade, with a third of those potential purchasers being first-time homebuyers, according to a study conducted by HSBC.

Considering the population of the city, HSBC projects that there could potentially be 300,000 households looking to purchase homes. This indicates that the supply of housing will not meet the anticipated demand, as the government plans to introduce 132,000 private homes and an additional 123,000 public homes to the market in the coming ten years, based on information from HSBC.

The survey of 3,170 residents of Hong Kong, aged 18 to 65, revealed that two-thirds of those expressing a willingness to buy a house were already homeowners. In the group considering the purchase of an additional property, 72% were doing so with the intention of investing and generating passive income. Similarly, nearly one-third of those buying a house for the first time were also inspired by investment objectives.

"Latest patterns indicate a boost in market sentiment, which corresponds with the results of our study. The survey was conducted post the initial interest rate reduction in September, but prior to the government's relaxation of property market controls," stated Sidney Massunaga, the chief of retail products, wealth and personal banking at HSBC Hong Kong. "The year's second decrease in interest rates, declared in early November, is predicted to heighten interest in property acquisitions."

Interest rate reductions have led to the lowest borrowing costs in Hong Kong's commercial banks in two years. This has decreased the monthly mortgage payments by approximately HK$709 (US$91) to HK$22,803, says local mortgage advisor mReferral. This estimate is based on a standard 30-year loan of HK$5 million.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

Hong Kong Advances Stablecoin Bill: A Move to Regulate Virtual Tokens and Fortify Financial Stability

Published

on

By

Hong Kong is set to present a new law concerning stablecoins in an effort to oversee digital currencies and safeguard economic steadiness. The Stablecoins Bill was made public by the government in the official journal on December 6, with its preliminary review in the Legislative Council scheduled for December 18.

The government of Hong Kong has released a bill concerning stablecoin in an official publication, advancing the suggested regulatory system towards legality. This move is an effort by the city to maintain both financial stability and consumer safety, while also advancing its focus on digital assets.

The suggested regulatory system mandates that individuals must obtain a license from the HKMA prior to issuing stablecoins or other tokens that claim to hold a steady value against the Hong Kong dollar. The statement also emphasized that licenses are mandatory for anyone intending to widely promote the issuance of such tokens to the general public.

The HKMA will be given the authority to carry out the required oversight, inquiry, and regulation to effectively enforce the system.

Eight fourteen

Bitcoin's progress towards the unprecedented $100,000 mark slows down due to the wariness of crypto investors.

The government has announced that the Stablecoins Bill will have its initial presentation in the Legislative Council on December 18.

The proposed law is crucial for Hong Kong as it aligns with our commitments as a participant in the Financial Stability Board," stated Christopher Hui Ching-yu, the Secretary for Financial Services and the Treasury. "Our goal with this risk-oriented proposal is to encourage a sturdy regulatory setting, which is consistent with Hong Kong's standpoint on the growth of digital assets."


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

NBA Ends 5-Year China Exile with Multimillion-Dollar Deal: Nets and Suns to Play in Macau’s Venetian Arena Starting 2025

Published

on

By

The NBA's agreement with Macau signifies the conclusion of a 5-year absence in China, leading to the arrival of the Nets and Suns in the gambling metropolis. The basketball association and Sands China have inked a partnership worth millions of dollars to hold pre-season matches at the Venetian Arena, beginning in 2025.

The NBA is set to make a comeback in China by 2025, ending a lengthy hiatus caused by a 2019 tweet from an official backing the Hong Kong demonstrators. This reintroduction will be marked with two preseason matches in Macau.

A contract worth millions of dollars between the basketball association and Sands China was inked on Friday. The Brooklyn Nets and Phoenix Suns are lined up to compete in two games on October 10 and 12.

Mark Tatum, the Deputy Commissioner of the NBA, expressed his excitement as he participated in various press activities to publicize the shift. He also mentioned the deep-rooted connection basketball has with China and highlighted that Macau houses some of the most fervent fans.

"Since the mid-1980s, our games have been aired on CCTV, marking almost four decades of partnership. It's genuinely delightful for us to have the opportunity to reintroduce NBA games to Macau," added Tatum.

Sands China's CEO, Grant Chum, stated that his organization was at the forefront of introducing international events to boost Macau's tourism scene.

Half past one

The NBA has inked a contract with Sands China to host pre-season matches at the Venetian Arena in Macau.

Prior to the unfortunate tweet by Daryl Morey, the former General Manager of the Houston Rockets, amid the peak of civil discord in Hong Kong, the NBA had held 25 matches in China since 2004.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

China’s Strategic Empathy: A Potential Path to Mending Economic Ties with Europe Amid Trade Deficit and Market Accessibility Concerns

Published

on

By

Opinion | China might employ strategic empathy to repair relations with Europe

There could be mutual economic advantages for both China and Europe if they deepen their cooperation, especially if China can alleviate investors' worries.

Three specific challenges exist: how Europe views the relationship between China and Russia, the two-way trade shortfall, and the extent to which European companies and investors can access China's market.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

SUBSCRIBE FOR FREE

Advertisement
Business3 mins ago

China’s Tech Giants ByteDance, Alibaba, Tencent Scout for Top AI Talent at ‘AI Olympics’: Addressing the Rising Demand in AI Professionals by 2030

Moto GP23 mins ago

Revving Up: BMW and Suzuki’s Roadmap to Enter MotoGP Amid Dorna’s Strategic Grid Changes

Business32 mins ago

Investor Anticipation Builds for China’s Economic Conference: A Glimpse into Potential Stimulus Measures and Market Impacts

Moto GP51 mins ago

KTM’s MotoGP Future: Steady Amid Financial Turmoil, Eyeing Potential Red Bull Lifeline?

Business1 hour ago

Opinion: The Silver Thread – Hong Kong’s Opportunity to Reclaim Its Gateway Status Amidst China’s Latin American Expansion

Moto GP1 hour ago

Chasing Legends: Jorge Martin Aims to Emulate Valentino Rossi’s Historic MotoGP Triumphs

Business2 hours ago

Hong Kong Stocks Soar in Anticipation of Key China Conference: A Glimpse at Market Movements and Economic Forecasts

Moto GP2 hours ago

Marquez’s Rebirth: How Early Triumphs Could Have Altered His MotoGP Journey, Reveals Frankie Carchedi

AI2 hours ago

OpenAI Unveils ChatGPT Pro: A Deep Dive into the $200 Monthly Subscription’s Exclusive Features and Target Audience

Business2 hours ago

NBA Strikes Landmark Deal with Sands China: Brooklyn Nets and Phoenix Suns to Flag-off Preseason Games at Macau’s Venetian Arena

Moto GP2 hours ago

Revving Back to the Rossi Era: MotoGP 2024 Spectator Surge Mirrors Valentino’s Glory Days

AI2 hours ago

Canva’s Bold Leap into AI: Navigating the Future of Graphic Design Amid Technological Revolution

Business3 hours ago

Chip War Deescalation: U.S. Excludes Major Chinese Firms from Latest Export Restrictions, Yielding to Japanese Opposition

Automakers & Suppliers3 hours ago

Exploring Lamborghini’s Latest Supercar Innovations: A Glimpse Into the Future of Italian Luxury Vehicles

AI3 hours ago

Unlocking AI’s Potential: How ChatGPT’s Canvas Transforms Productivity

Politics3 hours ago

Musk’s Political Play: Tory Co-Chair Slams Billionaire’s Alleged Move to ‘Buy’ Reform UK

Business3 hours ago

Strengthening Financial Ties: Hong Kong and Saudi Arabia Enhance Roles as Asia and Middle East Gateways

Politics3 hours ago

Elon Musk Accused of Attempting to ‘Buy’ Reform UK by Tory Co-Chair Amid Political Tensions

AI2 months ago

News Giants Wage Legal Battle Against AI Startup Perplexity for ‘Hallucinating’ Fake News Content

Tech2 months ago

Revving Up Innovation: Exploring Top Automotive Technology Trends in Electric Mobility and Autonomous Driving

Tech2 months ago

Revving Up Innovation: How Top Automotive Technology Trends are Electrifying and Steering the Future of Transportation

Tech2 months ago

Revolutionizing the Road: How Top Automotive Technology Innovations Are Paving the Way for Sustainability and Safety

Tech2 months ago

Revving Up Innovation: The Drive Towards a Sustainable Future with Top Automotive Technology Advancements

Tech2 months ago

Revving Up Innovation: How Top Automotive Technology is Shaping an Electrified, Autonomous, and Connected Future on the Road

Tech2 months ago

Revving Up Innovation: How Top Automotive Technology is Shaping Electric Mobility and Autonomous Driving

Tech2 months ago

Revving Up the Future: How Top Automotive Technology Innovations are Accelerating Sustainability and Connectivity on the Road

Tech2 months ago

Revolutionizing the Road: The Top Automotive Technology Innovations Driving Us Toward an Electric, Autonomous Era

Tech2 months ago

Revving Up Innovation: Exploring the Top Automotive Technologies Fueling a Sustainable and Connected Future

Cars & Concepts2 months ago

Hyundai and Kia Innovate to Slash LFP Battery Costs and Reduce Dependence on Chinese Suppliers

Tech1 month ago

Revving Up the Future: How Top Automotive Technology Innovations Are Paving the Way for Electric Mobility and Self-Driving Cars

Tech1 month ago

Revving Up the Future: How Top Automotive Technology is Paving the Way for Electric Mobility and Self-Driving Cars

Tech1 month ago

Driving into the Future: The Top Automotive Technology Innovations Fueling Electric Mobility and Autonomous Revolution

Cars & Concepts2 months ago

Fiat 500e Production Freeze Continues Amid Sluggish Sales: Stellantis to Discuss Italian Manufacturing Future

AI2 months ago

Revolutionizing the Future: How Top AI Innovations from DaVinci-AI.de to AI-AllCreator.com Are Redefining Industries

Tech1 month ago

Revving Up Innovation: How Top Automotive Technology Trends Are Shaping the Electric and Autonomous Era

Tech4 weeks ago

Driving Innovation: The Top Automotive Technology Trends Fueling the Future of Electric Mobility and Autonomous Vehicles

V12 AI REVOLUTION COMMING SOON !

Get ready for a groundbreaking shift in the world of artificial intelligence as the V12 AI Revolution is on the horizon

SPORT NEWS

Business NEWS

Advertisement

POLITCS NEWS

Trending

Chatten Sie mit uns

Hallo! Wie kann ich Ihnen helfen?

Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe now to keep reading and get access to the full archive.

Continue reading

×