China’s share of global electric car market rises to 76%
China’s share of the global electric vehicle market reached 76% in October, the country’s automotive trade body said, reflecting strong demand for EVs in the country even as western tariffs risk hobbling exports,Between January and October, sales of EVs reached 14,1m units, according to the China Passenger Car Association, with 69% of those sales in China,In October, China’s share surpassed three-quarters,The figures suggest that China is on track to increase its share of the global EV market.
Last year, just under 60% of new EV registrations were in China, according to the International Energy Agency,The vast majority of global EV sales happen in China, the EU and the US, with China dominating the market,But tariffs imposed by the western markets in recent years have threatened to hit the brakes on China’s rapidly expanding industry, which has been named by Beijing as one of the “new three” priority areas for China’s economic development and green transition,Chinese EVs are all but blocked from the US market,This year,Joe Biden increased the levy on Chinese electric cars from 25% to 100%.
Donald Trump has promised to imposed an additional levy of 10% on all imports from China.The EU has also decided to impose tariffs on Chinese EVs of up to 35%, on top of existing duties of 10%, a decision that was condemned by China.Although western markets are becoming increasingly difficult to penetrate for Chinese companies, the strong demand and support for EVs at home has continued.China recently doubled the subsidy available to car buyers to support EV purchases, to 20,000 yuan (£2,169) for consumers who trade in their conventional cars.Tesla, the US car company led by Elon Musk, a close ally of Trump, appeared to be one of the beneficiaries of the new Chinese subsidy in September.
Tesla’s sales increased by 7% in the third quarter.China’s auto sales to Russia have also continued to surge.Data shared on Monday by Cui Dongshu, the secretary-general of the China Passenger Car Association, showed that exports to Russia have increased by 109% in the past two years, while exports to the US have dropped 23% in the same period.Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionCui said that Chinese carmakers were “eager to export” to Russia, as international rivals avoided the market because of “risks”.The US and the EU banned the export of cars to Russia after the invasion of Ukraine in February 2022.
Global investigation exposes alleged billion-dollar Russian money-laundering network
Operatives said to be behind a billion-dollar Russian money-laundering network – used by drug dealers, financial criminals and foreign spies – have been sanctioned and arrested in a coordinated international investigation led by the National Crime Agency.The UK law enforcement body, which tackles serious and organised crime, said the actions constituted the “most significant money laundering operation” it had undertaken in the past few years. The operation involved America’s Federal Bureau of Investigation, France’s Direction Centrale de la Police Judiciaire and Ireland’s Garda.The networks are said to have laundered cash and cryptocurrencies for serious and organised crime gangs in the UK and across the west; Russian hacking groups, which extract ransom payments from corporations after disabling their computer networks; as well as “Russian elites seeking to bypass sanctions”, including in the UK.The agency added that the scheme had serious real-life implications, as it was directly linked to laundering drug money made on the streets of the UK
What do the latest GDP figures tell us? That the RBA is still getting it very wrong | Greg Jericho
The Australian economy is now so weak due to the Reserve Bank’s 13 interest rate hikes that were it not for commonwealth and state government spending and investment, we would now be in a recession and close to 100,000 more people would be out of work.The trouble with GDP figures is actually trying to explain why they matter. Yes they measure the size of the economy and we can then calculate how much it has grown, and if we want to be clever, how much it has grown when we exclude population growth. But so what?We can say that GDP per capita has now fallen for eight out of the past nine quarters and that that is a record bad run.But what does that mean, really?GDP overall in the September quarter grew just 0
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ChatGPT’s refusal to acknowledge ‘David Mayer’ down to glitch, says OpenAI
Last weekend the name was all over the internet – just not on ChatGPT.David Mayer became famous for a moment on social media because the popular chatbot appeared to want nothing to do with him.Legions of chatbot wranglers spent days trying – and failing – to make ChatGPT write the words “David Mayer”. But the chatbot refused to comply, with replies alternating between “something seems to have gone wrong” to “I’m unable to produce a response” or just stopping at “David”.This produced a blizzard of online speculation about Mayer’s identity
Ding Liren and Gukesh D play to rollercoaster draw in Game 8 of title tilt
Ding Liren and Gukesh Dommaraju played to a fifth successive draw on Wednesday in the eighth game of their $2.5m world championship showdown in Singapore, leaving the best-of-14-games match all square at 4-all after a rollercoaster affair which saw both players let winning chances slip away in the middlegame.The 32-year-old reigning champion from China, after playing a new first move (1 c4) for the fourth time in four games with the favored white pieces, fought back from the brink of disaster by finding an incredible idea from a worse position while trailing badly on time. Helped by a Gukesh blunder, Ding played confidently and quickly to turn the tables.• Read our complete World Chess Championship watch guideThe playersChina’s Ding Liren is defending the world chess championship against fast-rising Indian teenager Gukesh Dommaraju
England’s Ben Stokes demands answers from ICC after latest over-rate sanctions
Ben Stokes has revealed a personal stand-off with the International Cricket Council about over-rate penalties, including his refusal as England captain to sign the relevant post-match paperwork as a protest against the system.Speaking before the second Test against New Zealand in Wellington, and naming an unchanged England XI as they target an unassailable 2-0 lead, Stokes laid bare his frustrations at the sides being docked three World Test Championship points and 15% of their match fees for the sluggish, albeit four-day, series opener in Christchurch.Under the ICC rules, Test matches are supposed to be played at a rate of 15 overs an hour, with an extra 30 minutes per day available to make up any shortfall. Both England and New Zealand were deemed to have fallen three overs short of their targets at Hagley Oval as part of a system that Stokes feels does not factor in the conditions.“The most frustrating thing is it’s an issue depending on where you are in the world and the style of cricket that’s played,” said Stokes, while also pointing out his side won the first Test with a day and a half to spare
MPs back PR bill in vote, a symbolic win for electoral reform campaigners – as it happened
Welsh Tory leader Andrew RT Davies resigns after controversies
MPs back proportional representation system for UK elections in symbolic vote
Scottish ministers mull tax rise for wealthy amid tricky budget decisions
Rachel Reeves appoints Covid corruption commissioner
Starmer rejects false choice between Trump’s US and EU in key speech