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Huawei is set to launch its most affordable electric vehicle brand, “Shangjie,” in partnership with SAIC Motor on April 10th. This new brand will focus on mid-to-large SUVs priced between 150,000 to 200,000 yuan, targeting younger consumers with a strong emphasis on value and advanced technology. The first model is expected to integrate Huawei’s electric vehicle architecture and autonomous driving systems, leveraging SAIC’s existing platforms.
BYD aims to boost its overseas electric vehicle sales to over 800,000 units by 2025, as stated by chairman Wang Chuanfu. To mitigate tariff issues, the company plans to assemble vehicles locally while sourcing key components from China and is expanding into markets like Latin America, Southeast Asia, and Britain. Factories are being established in Brazil, Thailand, Hungary, and Turkey, but BYD will not enter the US or Canada due to tariffs.
Guangzhou Automobile Group (GAC) has denied rumors that its new subsidiary, Huawang Auto, formed in partnership with Huawei, will acquire Evergrande NEV's Nansha plant. GAC clarified that there have been no discussions regarding the purchase, emphasizing that Huawang Auto will focus on utilizing existing production capacity and leveraging Huawei's expertise in product development and marketing. The new luxury intelligent NEV brand is set to launch soon, with the first model priced around CNY300,000.
Chinese AI firm SenseTime Group Inc. reported a net loss of 4.3 billion yuan (US$592 million) for 2024, surpassing analyst estimates of 4 billion yuan (US$550 million). Despite this, revenue grew by 11% to 3.8 billion yuan (US$523 million), driven by strong performance in its generative AI segment, which saw triple-digit growth for the second consecutive year. The company plans to cut costs related to large model training and inference in anticipation of growth in large model applications.
Morgan Stanley has revised its USD/yuan projection to 7.35 by mid-2025, down from 7.5. The bank emphasizes that currency strength is crucial for the performance of Chinese equities, especially in offshore markets, as a stronger yuan can encourage foreign investment.
Huawei Cloud hosted its Asia-Pacific Forum, unveiling six collaborative initiatives to support Chinese enterprises expanding in the region, which is now their largest market outside China. The forum highlighted the importance of understanding local markets and leveraging technology for successful globalization. With a commitment of USD10 million for the "Asia-Pacific Acceleration Program," Huawei aims to empower businesses through strategic consulting, solution development, and co-marketing initiatives.
Nestlé S.A., the world's leading food group, reports its sales breakdown by product family: powdered and liquid beverages (26.9%), pet food (20.7%), pharmaceutical and nutrition products (16.6%), prepared dishes and seasonings (11.7%), dairy and ice creams (11.4%), chocolates and cookies (9.2%), and packaged waters (3.5%). Geographically, sales are concentrated in the United States and Canada (35.2%), followed by China (5.9%), Brazil (4.4%), and several European countries, with Switzerland at 1.2% and the UK at 4%.
In March 1-23, China's retail sales of new energy vehicles (NEVs) reached 622,000 units, marking a 40% increase month-on-month and a 30% rise year-on-year, with a penetration rate of 53.90%. Overall passenger car sales totaled 1.154 million units, up 18% year-on-year and 25% month-on-month. Cumulative NEV retail sales for the year hit 2.048 million units, a 34% increase from the previous year.
Huawei has reportedly doubled its AI chip yield rate to 40%, prompting Nvidia CEO Jensen Huang to label the company as the "most formidable" competitor in the tech industry, despite U.S. sanctions. Huang noted Huawei's significant advancements in AI and manufacturing capabilities, emphasizing the company's growing influence in the market. In 2024, Huawei's revenue surged by 22% to 860 billion yuan, aided by government support, while Nvidia generated $12 billion in sales in China, selling twice as many AI chips as Huawei's Ascend 910 B.
Morgan Stanley has raised its targets for several Chinese stock indices, noting a potential earnings turnaround after 13 quarters of misses. The MSCI China Index has gained 16% this year, driven by tech advancements and a more favorable government stance, with fourth-quarter earnings showing an 8% net beat. Analysts recommend being overweight in A shares and suggest buying high-quality stocks on dips for non-US investors.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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