The feel-good factor from China’s reopening theme continues to fuel a rally as the Hang Seng index reaches the highest level in six months. Even so, there is still ‘significant upside’ to equities, Goldman Sachs says.
China’s once booming electric vehicle (EV) market is set to see slower growth in 2023 as Beijing phases out cash subsidies and consumers avoid big-ticket items over concerns about the economy.
With the EC7, a sport utility vehicle (SUV), and the ES8, a full-size SUV, Nio aims to take on premium petrol cars made by German marques such as BMW and Mercedes-Benz.
China’s EV battery industry must look abroad for customers as it will soon have far more capacity than domestic car makers need, according to a report in a newspaper run by the State Council.