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This Chinese EV Manufacturer is Ready to Compete with Elon Musk in China

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Chinese EV startup Xpeng aims to compete with Tesla in China, developing autonomous driving tech while facing tariffs blocking US entry, and preparing for tough competition in the growing Chinese EV market.


Testing Tech Against Tesla

Chinese EV startup Xpeng is excited about comparing its technology with Tesla’s, especially since it is currently barred from entering the U.S. market due to high tariffs. Xpeng co-president Brian Gu expressed eagerness for this competition, which he sees as an opportunity for both companies to learn from each other and improve their offerings.

Tariff Challenges

The tariffs imposed by the U.S. and European Union have significantly impacted Xpeng and other Chinese EV manufacturers by blocking them from key markets. In May, President Biden introduced a 100% tariff on China-made electric vehicles, aiming to protect the U.S. automotive industry. Gu noted that these levies put pressure on profitability and may affect Xpeng’s pricing strategies.

Future Strategies

Despite these hurdles, Xpeng continues to thrive in China’s lucrative EV market, boasting record sales recently. The company is exploring establishing production facilities in Europe to mitigate tariff impacts. With aggressive pricing, such as the upcoming P7+ model, Xpeng aims to compete effectively against Tesla’s lineup while fostering innovation within the industry.

Source : This Chinese EV maker is up for a battle with Elon Musk in China

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China Telecom Gulf Officially Launches Operations in Saudi Arabia for Business Expansion

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China Telecom Gulf was launched in Riyadh, enhancing digital cooperation between China and Saudi Arabia under the “Belt and Road Initiative,” with a focus on technological innovation and infrastructure development.


China Telecom Gulf Launches in Riyadh

On November 21, 2024, China Telecom Gulf was officially inaugurated in Riyadh, symbolizing a significant advancement in China Telecom’s internationalization efforts and commitment to the "Belt and Road Initiative." The event was attended by over 100 dignitaries, including Mr. Liu Guiqing, Executive Director of China Telecom Corporation, and Mr. Fawaz from the Industrial and Commercial Bank of China Riyadh Branch, marking a milestone in fostering a shared future between China and Arab nations.

Commitment to Digital Transformation

In his speech, Mr. Liu highlighted China Telecom’s dedication to collaborating with Saudi enterprises and local governments to enhance digital infrastructure. By leveraging its expertise in technologies like 5G and artificial intelligence, the company aims to provide high-quality communication services, thereby driving socio-economic growth in the region.

Strategic Partnerships for Growth

During the launch, China Telecom Gulf signed strategic agreements with several prominent companies, including Saudi Telecom Company and Huawei. These collaborations are geared towards optimizing digital experiences for Saudi customers and contributing to the broader Sino-Saudi cooperation in technology and economic development, solidifying China Telecom’s role in the Middle Eastern telecom landscape.

Source : China Telecom Gulf Officially Launches in Saudi Arabia for Business

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BRICS: China Classifies Crypto as Property and Prohibits Business Ownership

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China’s Shanghai court ruled cryptocurrencies are property, boosting optimism in the crypto industry while maintaining a ban on business transactions. This may signal a shift in future regulations.


China’s Ruling on Cryptocurrency

In a pivotal decision for the nation and its BRICS alliance, China has officially classified cryptocurrency as property while maintaining prohibitions against business transactions involving digital assets. A notable ruling from the Shanghai Songjiant People’s Court affirmed cryptocurrencies as property, sparking optimism within the crypto industry regarding future regulations.

Implications for the Crypto Industry

As cryptocurrencies gain significance globally, the Chinese ruling is viewed as a potential-positive shift amidst ongoing restrictions. While individuals can hold virtual currency, businesses remain barred from engaging in investment transactions or issuing tokens independently. This decision has generated anticipation for more accommodating regulations in the future.

Future Prospects for Cryptocurrency in China

Experts like Max Keiser believe this ruling indicates China’s growing acknowledgment of Bitcoin’s influence. As BRICS nations explore increased cryptocurrency utilization in trade, this legal shift could enhance market demand and lead to greater acceptance of cryptocurrencies as a legitimate asset class, setting the stage for potential developments in 2025.

Source : BRICS: China Rules Crypto as Property, Bars Business Holdings

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Wegovy: The Popular Weight-Loss Drug Now Available in China

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Novo Nordisk launched Wegovy in China after approval, competing with Eli Lilly’s upcoming weight-loss drug. The treatment, costing 1,400 yuan, targets obesity but has potential side effects and isn’t covered by healthcare.


Wegovy Launch in China

Novo Nordisk recently launched its weight-loss drug, Wegovy, in China after obtaining approval from local health authorities in June. The introduction of Wegovy is expected to increase competition with Eli Lilly, which has also received approval for its weight-loss treatment, although it has not yet been released in China’s significant pharmaceutical market.

Cost and Accessibility

In China, a set of four Wegovy injections will be priced at 1,400 yuan (approximately $194), significantly lower than the drug’s U.S. price. However, patients will need to pay the full amount out of pocket since Wegovy is not yet covered by the national healthcare insurance plan.

Benefits and Side Effects

Research indicates that Wegovy can help users lose over 10% of their body weight. The drug contains semaglutide, which assists with appetite control and satiety. While Wegovy has been gaining traction globally, it may cause side effects like nausea. Concerns have emerged about its misuse among individuals who are not obese, prompting medical professionals to remain vigilant.

Source : Popular weight-loss drug Wegovy goes on sale in China

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