Capacity of Tesla’s factory in Shanghai has officially surpassed its plant in California. Giga Shanghai, which makes Model 3 and Model Y, now has an annual capacity of more than 750,000 units, according to Tesla’s second-quarter earnings report.
China Evergrande New Energy Vehicle Group, the carmaking unit of the embattled property developer China Evergrande Group, said on Wednesday that it had received non-binding pre-orders for more than 37,000 units of its first car model Hengchi 5.
More than half of the listed Chinese property developers that have so far released forecasts for first-half earnings expect net losses for the period, with some companies projecting losses exceeding 1 billion yuan ($148 million).
China’s solar power related industries posted rapid growth in the first half of the year amid the country’s efforts to achieve its carbon-peaking and carbon-neutrality goals, with major parts of the supply chain posting year-on-year growth above 45%, said China’s Ministry of Industry and Information Technology.
China’s installed capacity of electric power generation reached 2.44 billion kW in the first six months of the year, rising 8.1% from a year earlier, according to the National Energy Administration (NEA).
Shares of Chinese property developers are sliding amid growing concerns over financial health of the sector after Chinese media reported that hundreds of developers’ suppliers are struggled to survive.
UBS believed mutual market access with mainland China would remain a major investment theme for the Hong Kong Exchanges and Clearing (HKEX) and recent key developments include the ETF Connect and the Swap Connect.
