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In select regions, China had removed limitations placed on buying cars to render sales from the sector stable. Moreover, the country is expediting plans to herd old cars into retirement, China’s Ministry of Commerce had disclosed on Thursday. Major automakers like Toyota, General Motors (GM), and BMW have reopened its factories in the country the same day.
“Our plants in China have resumed production on a staggered basis, including the two plants in Wuhan,” said a GM representative. “Only three out of 13 plants in China haven’t started production yet.”
China’s auto industry endured a 79% sales loss and is anticipating a 10% drop in June 2020.
According to Wang Bin, the deputy head of the ministry’s consumption promotion division, the ministry will continue extending aid to “realize the consumption potential” in the world’s biggest auto market.
China’s Ministry of Commerce will help Chinese automakers increase orders from foreign suppliers, restock inventories, and create alternative plans, Liu Changyu, a senior commerce ministry official, said in a statement.
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 ...
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, ...
The dollar was under pressure on Monday as the escalating U.S.-China tensions weighed on the market, while investors worried that the U.S. coronavirus resurgence could stall economic recovery. The dollar fell to a four-month low on the yen ...
KYC Policy