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Car sales in China have declined for the first time since 1990, according to the China Association of Automobile Manufacturers (CAAM). The figures fell by 2.8% last year to 28.1 million vehicles. The supply of passenger cars fell by 4.1%. At the same time, cars using alternative energy sources proved to be successful among consumers - their sales increased by 62%. The increase in the standard of living of the population and the rise in energy prices stimulated high demand for SUVs in China. Sales of crossovers increased 20 times in 10 years, and the demand for sedans doubled. In 2019, sales of cars in the country, according to experts, will remain at the same level, and the export of cars will be reduced to 1 million units.
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
On Tuesday, Tesla Inc.’s (TSLA.O) Chief Executive Officer Elon Musk announced that the automotive company would start to open its licensing software to supply powertrains and batteries for other car manufacturers. “Tesla is open ...
On Monday, Remington Arms Co. filed for bankruptcy protection for the second time since 2018 as the U.S. firearms manufacturer faced financial difficulties due to gun sales restrictions. According to the court filing, the company filed for ...
China’s industrial firms had seen an increase in profits for two consecutive months. This came as the most rapid pace ever recorded in over a year, suggesting that the country’s recuperation from the novel coronavirus pandemic ...
Oil prices fell on Monday as a surge in coronavirus cases and the escalating U.S.-China tensions prompted a safe-haven bid. Brent crude slid 0.2%, or 8 cents, at $43.26 per barrel. U.S. West Texas Intermediate crude fell 0.2%, or 7 cents, ...
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