BEIJING, September 15  (TMTPOST)— Tesla may change the traditional way to focus on promoting vehicles in downtown due to effect of the Covid-19 pandemic. Source: Visual China  Tesla is working on new ways to sell electric vehicles (EVs) in China, including shutting down some of its showrooms in big cities like Beijing, as traffic there reduced notably amid the Covid restrictions and lockdowns, Reuters cited people familiar with the matter Thursday. Tesla also wants to focus more on retail stores in suburban areas, where cost less than leading cities and are more convenient for customers to visit when they need services such as repair, the sources revealed. The retail strategy change doesn’t mean Tesla is holding back in its second largest market next to the United States. While T

TMTPost -- Shares of Zhejiang Zeekr Intelligent Technology Co., Ltd., a Chinese electric vehicle (EV) startup under Volvo’s owner Zhejiang Geely Holding Group, jumped around 34.6% to US$28.26 on Friday, a shockingly robust debut in U.S. market despite reported upcoming elevated tariffs on Chinese EVs. Credit：Zeekr Zeekr sold 21 million American depositary shares (ADSs) at $21.00 piece, 3.5 million shares more than its planned offering size. With an offer price at the top of a marketed range of $18.00 to $21.00, Zeekr raised $441 million, creating the biggest U.S. initial public offering (IPO) by a China-based company since Didi Global Inc.’s listing in June 2021. Base on the close of Friday, Zeekr commanded a market value of nearly $6.9 billion, still 47% lower than its post-money valuatio

BEIJING, September 8  (TMTPOST)— Tencent’s largest shareholder seems to accelerate its trimming stakes in the Chinese tech giant. Source: Visual China Prosus NV, a Dutch technology investment company, sold 1,115,000 ordinary shares of Tencent, bringing its total ownership in the WeChat owner down to 27.99%, according to a statement Thursday. The sales came after US$7.6 billion worth of Tencent stakes entered in the Central Clearing And Settlement System (CCASS) of Hong Kong, spurring speculation about further offloading from South African internet and multimedia company Naspers, the major shareholder holding Tencent via its unit Prosus. The recent stake cut was made to fund buyback, and as part of ongoing implementation of the repurchase program, Prosus said it has taken the administr

BEIJING, March 11  (TMTPOST)— New vehicles, especially in the green sector, resume their robust growth in sales during the past month in China, thanks to stimulus measures from the government and promotions from the auto players. Source: Visual China There were 1.976 million new vehicles sold and 2.032 million units made in February in China, increasing 13.5% and 11.9% from a year earlier, respectively, data from the China Association of Automobile Manufacturers (CAAM) released on Friday showed. The sales and output climbed 19.8% and 27.5% from the previous month, respectively, signaling a strong recovery from the start of the year. In January, produced vehicles fell 34.3% year-over-year (YoY) to 1.594 million, representing a 33.1% month-over-month (MoM) decline, and vehicles sold dro

BEIJING, December 29 (TMTPost)— JD.com announced a massive increase in wages for its core retail business despite gross margin weighed by ongoing low-pricing strategy. Credit：Visual China All the staff at JD Retails, a segment contributed abour 86% of overall revenue for the third quarter of this year, will get their pay with an average bump of no less than 20% from the start of 2024, according to a statement late Wednesday. It also said and all the frontliners including those responsible for procurement and sales of products across all categories will have an almost 100% increase in their fixed compensation for a year, effective on January 1, 2024. JD Retail workers will get raise from salaries and their performance-based compensation will have an increase without cap,  China Securit

BEIJING, December 28 (TMTPost)— China’s leading smartphone maker Xiaomi Corporation presented its most ambitous initiative in the automotive industry, completing its strategic vision of “Human x Car x Home” smart ecosystem. Credit：Xiaomi Xiaomi unveiled its first production electric vehicle (EV) model SU 7 at an event on Thursday, 1,003 days after the Chinese firm announced its EV-making plan. “Xiaomi’s goal is to make a dream car comparable to (those from) Porsche and Tesla,” founder and CEO Lei Jun said during his more than two-hour presentation. Lei explained SU stands for Speed Ultra in a post on the social media platform X earlier this week. While Lei said SU7 isn’t built to chase any specific competitor, the executive suggested the smart sedan will compete with th

BEIJING, August 9 (TiPost)— Tesla’s Chinese rival Li Auto Inc. recorded robust growth in sales and highest-ever earnings in the second quarter despite the stiff competition. Credit：Visual China Li Auto’s revenue surged 228.1% year-over-year to RMB28.65 billion (US$3.95 billion) in the quarter ended June 30, beating the analysts’ estimated RMB27.21 billion. The revenue increased 52.5% from the previous quarter. The electric vehicle (EV) company posted net income of RMB2.31 billion in the June quarter, the best quarterly earnings since it founded in 2015. That  suggested the company maintained profitability for the third consecutive quarter, also highlighted a successful turnaround compared with the net loss of RMB641 million a year earlier. Vehicle sales in the second quarter jumped 22

BEIJING, November 28  (TMTPOST)— Chinese e-commerce giant Pinduoduo posted much-better-than expected results in the past quarter, highlighting its overwhelming rapid growth as the Covid-19 restrictions boost online sales.   Source: Visual China During the quarter ended September 30, Pinduoduo’s total revenue increased 65% year-over-year (YoY) to RMB35.504 billion (US$4.99 billion), beating the analysts’ projection of RMB30.937 billion. Net income attributable to ordinary shareholders in the quarter was RMB10.589 million (US$1,488.5 million) with a YoY increase of 546%, well above the estimates of RMB5.636 billion. Adjusted earnings per American depositary share (ADS) rose from the same quarter of last year’s RMB 2.18 to RMB8.62, compared with the market expected RMB4.75.   T