Eastly - Issue #21 | Manufacturing & Retail In China Still Bullish Despite Pandemic 🐂
By Eastly.co | Asia Tech News • Issue #21
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If Alibaba’s recent Singles’ Day profits, Tencent’s Q3 results, and Tesla’s confidence in the market are anything to go by, it seems that despite the anticipated economic downturn across different industries in other parts of the world, China continues to buck the trend.
Tesla to Produce 550K Vehicles in Shanghai Gigafactory
Date: 10 November, 2020
Electric automotive pioneer, Tesla has announced ambitious plans to produce 550,000 vehicles out of its Shanghai Gigafactory next year.
The majority – some 300,000 will be Model 3 sedans, while the remaining 250,000 will be Model Y crossovers. At least 110,000 of the overall total will be exported.
It’s a significant jump from the 150,000 vehicles Tesla had planned in 2020 but is a step closer to its desired 1 million units per year, which it aims to achieve in the near future.
Alibaba Makes $75 billion During Singles’ Day Sales
Singles’s Day is the new Black Friday
Date: 12 November, 2020
Tech giant, Alibaba Group announced that it made a whopping US$75.3 billion in gross merchandise volume (GMV) during the 11-day Singles’ Day shopping event – which took place between November 1 to 11.
Handling over 583,000 orders per second at peak shopping times, it’s no wonder the company saw revenues increase by 26% compared to the same period last year.
Tencent Q3 Profits Hit 29%
Growing steady during the pandemic
Date: 13 November, 2020
Tencent has reported a 29% year-on-year revenue increase for Q3 2020 – amounting around US$19 billion.
The conglomerate, which is best known for being the parent company of renowned social media platforms, WeChat, also reported that its net profits had risen 89% year-on-year, while its value-added services had grown by 38%, and its online games revenue surpassed 45%.
Bio-Inspired Material Could Soon Replace Plastics
Replacing plastic with biomaterial for a better world
Date: 14 November, 2020
Researchers at the University of Science and Technology of China have developed a new ‘bio-inspired’ material which could soon replace petroleum-based plastics.
The new material combines cellulose nanofibers and titanium dioxide-coated mica sheets to create high-performance sustainable structural materials. Looking a lot like mother-of-pear, the biomaterial is much stronger than plastic and offers excellent crack resistance.
Tests conducted at extreme temperatures (-130℃ to 150℃) showed little change in the material’s size – which is in sharp contrast to how plastic responds under such circumstances.
China’s Insurance Sector Tackles Electric Vehicles
Insurance for your e-car
Date: 15 November, 2020
China’s insurance industry is currently developing a new suite of products to cater for the rise in electric vehicles, according to reports – an idea that’s getting broad support. Companies involved include Ping An, China Pacific Insurance, and many others.
At present, traditional domestic auto insurance doesn’t have the appropriate protection and risk control for battery-powered vehicles – which have different safety performance indicators.
Singles Day: Similar to the Black Friday sales that commence the seasonal shopping period in the West, Singles’ Day (officially 11/11) started in the 1990s. It is now the biggest online and offline retail event in the entire world.
How Biden’s victory could impact Asian markets
Markets Summary: https://www.bloomberg.com/markets/stocks/world-indexes/asia-pacific
PS5, it’s finally here! 🎮
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