Eastly: Asia Tech News Direct From The Source

Welcome to Eastly, your weekly infusion of all the top tech stories from the world’s innovation powerhouse: East Asia!

Every Sunday we’ll bring you a short, sharp roundup of the biggest stories our team in China have spotted – the kind of stuff that takes a few weeks for the Western media to notice.

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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

Printing Teslas

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.

Source: https://en.pingwest.com/w/7994

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.

Source: https://www.techinasia.com/alibaba-rakes-741-gross-merchandise-volume-single-day-sale

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%.

Source: https://www.chinadaily.com.cn/a/202011/13/WS5fadf944a31024ad0ba93ec6.html

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.

Source: https://36kr.com/newsflashes/967926122146057

China’s Insurance Sector Tackles Electric Vehicles

person holding pencil near laptop computer

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.

Source: https://www.yicai.com/brief/100837987.html

Notes:

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.