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Xiaomi Auto has achieved a significant milestone with 200,000 vehicle deliveries in under a year since its launch. In response to strong market demand, the company has increased its 2025 delivery target to 350,000 units, while enhancing production and advancing technologies in fast charging and autonomous driving.
Angkas, a motorcycle taxi app in the Philippines, faces stiff competition from Move It and JoyRide, especially after Grab's acquisition of Move It, impacting its market share and driver earnings. The industry grapples with regulatory uncertainty, prompting Angkas to explore geographical expansion for growth. Meanwhile, the Indonesian government plans to allocate $20 billion annually to its new sovereign wealth fund, Danantara, aiming for significant investment partnerships.
Xiaomi's founder and CEO, Lei Jun, has become China's richest person, with his wealth estimated at approximately 440 billion yuan (around US$60.6 billion) following a nearly 6% increase in the company's shares, raising its market value to over HK$1.4 trillion (around US$180 billion). His fortune is primarily attributed to a 24.2% stake in Xiaomi, valued at around 341.2 billion yuan (around US$46.99 billion), and a 51% stake in Shunwei Capital. Analysts remain optimistic about Xiaomi's growth, with Goldman Sachs raising its stock price target from HK$38 to HK$58.
Huawei's founder, Ren Zhengfei, assured President Xi Jinping that concerns over China's reliance on foreign-developed chips and operating systems have diminished, citing advancements in technology. During a meeting with key entrepreneurs, including BYD's Wang Chuanfu and Xiaomi's Lei Jun, discussions highlighted significant growth in sectors like electric vehicles and electronics, emphasizing China's push for technological independence despite challenges such as US sanctions.
During a meeting with private sector entrepreneurs, Huawei's founder Ren Zhengfei assured President Xi Jinping that concerns over China's lack of homegrown chips and operating systems have eased. Other industry leaders, including BYD's Wang Chuanfu and Xiaomi's Lei Jun, expressed confidence in overcoming international challenges under Xi's leadership. The discussion highlighted the progress of China's EV and tech industries, emphasizing a shift towards self-sufficiency in critical technologies.
Huawei's founder, Ren Zhengfei, informed President Xi Jinping that China's concerns over a shortage of domestic chips and operating systems have eased. During a meeting with private sector leaders, Ren expressed confidence in China's technological self-sufficiency, while other entrepreneurs highlighted advancements in the electric vehicle industry and resilience amid changing international circumstances.
Huawei's founder, Ren Zhengfei, informed President Xi Jinping that China's concerns over a shortage of domestic chips and operating systems have eased. During a meeting with private sector leaders, Ren expressed confidence in China's technological self-sufficiency, while other entrepreneurs highlighted advancements in the electric vehicle industry and resilience amid changing international conditions.
Chinese President Xi Jinping met with top tech entrepreneurs, including Jack Ma and Ren Zhengfei, to bolster support for the private sector amid economic challenges and a trade war with the U.S. Xi emphasized the need to eliminate barriers for fair market competition.In other news, X has begun blocking links to the encrypted messaging app Signal, citing potential harm, despite Elon Musk's previous endorsement of the platform for privacy. Meanwhile, OpenAI cofounder Ilya Sutskever's new venture, Safe Superintelligence, is reportedly raising funds at a $30 billion valuation, focusing on advanced AI development.
The Chinese high-end smartphone market is experiencing significant shifts, with Huawei's resurgence challenging Apple's dominance. In 2024, Huawei captured 30.7% of the high-end market, while Apple's share fell to 51.1%. As domestic brands like Honor and Xiaomi strive for growth, the competition intensifies, particularly with the anticipated rise of AI smartphones and national subsidies in 2025.
Xiaomi Corp. has raised its electric vehicle delivery target for 2024 to 130,000 units, an increase of over 8% from the previous goal of 120,000. Co-founder Lei Jun announced this ambitious objective on social media, highlighting the company's commitment to competing in the crowded EV market alongside giants like Tesla and BYD.
Lei Jun
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