BYD completes eBus delivery in Hungary

BYD 12-metre eBuses in Pecs credit:BYD

Pecs’s new eBus fleet consists of BYD’s 12-metre low-floor model assembled at BYD’s factory in Komárom (Hungary). The 12-metre model delivers a range of 300km on a single charge and, across the new BYD fleet, will cover 900,000km per year– 10% of the Tüke Busz Zrt’s annual distance. BYD is currently market leader in electric bus sales in Europe, electric buses have already been sold in 12 countries and in 44 European cities including Amsterdam , London, Ankara , Madrid Turin (Italy), and Oslo. 

Surprising decision – Germany suspend extradition agreement with HK

Germany ended its extradition agreement with Hong Kong because according to Berlin, HK violated international law, and the basic norms of international relations with postponing the election until 2021.

The decision from Berlin came after the European Union called on member states to review extradition arrangements with Hong Kong. The European Parliament accepted a resolution on 18 of June about the current situation (https://www.europarl.europa.eu/doceo/document/RC-9-2020-0169_EN.html) . The members of the EU Parliament for Hungary also supported the resolution, which is quite controversial because they have been following a pro-China policy over the past decade.

Beijing has called the move a “gross interference in China’s internal affairs.”

China 2024

I like charts. Here is a good one:

According to data from the World Bank and IMF, these are the largest global economies, since 1992.

The data also predicts China will overtake the U.S. in the future, with India taking third spot.

According to data from the World Bank and IMF, Asian countries are expected to make up most of the top 5 countries in the world by size of GDP in 2024, relegating European economic powerhouses to lower ranks.

source: https://knoema.com/tbocwag/gdp-forecast-by-country-statistics-from-imf-2020-2024

TSMC become more valuable than Intel

After Intel said it faced a major production delay, TSMC’s market value reached $340 billion, making it more valuable than Intel, Samsung, or Tesla -become the 12th most valuable stock worldwide.

According to Wendell Huang, the Chief Financial Officer, “the multiyear 5G and HPC application mega-trend to continue to drive demand for our advanced technology for several years,” so TSMC (台灣積體電路製造股份有限公司) is now projecting more than 20% growth in sales, up markedly from an earlier forecast for a mid-to high-teens percentage rise, despite of that TSMC hasn’t taken any new orders from the Huawei since mid-May and t doesn’t plan on shipping wafers to Huawei after Sept. 14. It expects to spend $16 billion to $17 billion on technology upgrades and expansion this year, up about $1 billion.

Monday, came from a report suggesting Intel Corp. had placed orders with TSMC for 180,000 units of 6nm chips for 2021. Intel warned last week that its 7-nanometer chips are behind schedule and it may outsource their production.

TSMC plans to build a semiconductor facility in Arizona. The company had previously said the $12 billion facility will begin construction in 2021, with production targeted to begin in 2024. TSMC has one fab in the U.S., WaferTech, in Camas, Washington.

credit: bloomberg

Financial Numerals in China-大写

I din’t know that before, but there are two ways to write Chinese numerals: the one that is used in everyday life and the one that is used primarily for financial for commercial purposes, known as 大写.

I have seen it several times, but I didn’t know exactly what it is. Because it looks like 繁体字 I thought it is related to Hk or Tw, lol.

It is used because the other set of characters for writing numbers are too simple, which is a risk factor for financial transactions. Just like how we spell out numbers when writing checks in English, people who use Mandarin rely on the more complicated 大写 to prevent forgeries.

ValueFinancial Number(simplifeid)
1
2
3
4
5
6
7
8
9
0
10
100
1000
10000
100000亿
1000000
大写

China scraps almost all foreign ownership limits for financial sector

After the JP Morgan got not for joint venture, making it the first fully foreign-owned futures business in China, China has scrapped foreign ownership limits in almost all areas of its financial sector,from insurance to brokerages.

According to some analyst,  would take some pressure off of local banks as they expand lending to cushion the economy against a slowdown. The new policy will certainly increase the competition, but we cannot forget the fact that the world 4 largest bank are Chinese (ICBC, China Construction bank, Agricultural Bank of China and the Bank of China). They can protect their market share, especially in the traditional banking.

The scrapping of foreign ownership limits is part of the latest round of reforms announced last month by China’s National Development and Reform Commission and the Ministry of Commerce. Opening up most of the nation’s financial sector was also one part of the China’s trade deal with the U.S.

Other sectors where changes are expected in the foreign ownership restrictions are infrastructure, commercial vehicle making, smelting and some parts of agriculture.

EU Council signs geographical indications agreement with China

The Council today adopted decisions on the signature of the agreement between the European Union and the government of the People’s Republic of China on geographical indications (GIs).

This is the first significant bilateral trade agreement signed between the EU and China.

It will ensure that 100 EU agri-food GIs (“Geographical Indications”) such as Mozzarella di Bufala Campana, Languedoc wine, Polska Wódka or Elia Kalamatas get protection on the Chinese market. Likewise, 100 Chinese products will be protected in the EU, thereby ensuring mutual respect of the best of both agricultural traditions.

Four years after its entry into force, the scope of the agreement will expand to cover an additional 175 GI names from both sides. The agreement also includes a mechanism to add more geographical indications thereafter.

China mainly choose fruits and teas, like Anhua Dark Tea, Jinzhou Pear, Huanren , Jixian Apple, Qiandao Rare Tea but they also added mushrooms like Xixia Mushroom or several alcohol (Huanren Icewine, Wine in Helan Mountain East Region, or the really famous Wuliangye Liquor, and more interesting products like Pu’er Coffee, Qianjiang Crayfish or Tianzhu White Yak meat.

The European Union mostly protecting alcohols. Places on the list are not equally distributed among member states. Germany got 5 products, (wines and beers), Spain got 12 products (wines, cheese, olive oil), France got 25 places on the list (wines, cheese, and spirits) while Italy got 26 places. This 2 country has 51% on the list.

Hungary

Hungary choose to protect the Tokay wines. I agree with this choice, this is an easily available product in China, and my personal experience showing that Chinese people like it. The background story and the sweet taste makes it an excellent product.

Smaller nations like Austria, Slovakia, Finland, Romania also got 1 place on the list, so our 1 product is totally fair.

However, among the 175 additional GI names, Hungary got significantly less (only 2) place than our neighbors. Romania got 9, Slovenia got 4,Austria got 6. Interestingly, Hungary will share the Palinka 帕林卡 with Austria, while Romania has their own Pălincă called 巴林卡 .

Hungary’s two additional products are Szegedi szalámi / Szegedi téliszalámi 塞格德泰利萨拉米 / 塞格德萨拉米 and Törkölypálinka 特颗帕林卡.

I don’t know who decided it, but I miss the Paprika from the list. In China, you can easily buy 匈牙利 flavored bread, meat, fried stuff, or paprika powder. I found this flavor several times when I was living in Shanghai (in Taipei it is even more easy to find). Missing out on this opportunity is a huge loss.

Rising Automobile Brands- Xpeng

Xpeng is one of the most promising car manufacturer in China. They were in the news several times earlier this year: they are the first to use the new Nvidia chips, they launched a new model, and they had some legal dispute with Tesla. I wanted to write about the company earlier, but but there were more important things happening. This time I choose to write about them, because they just raised 500M$.

Xiaopeng motors or 小鹏汽车 is a Guangzhou based company, with offices in California, run by former Alibaba executive He Xiaopeng( 何小鹏). The Xpeng Motors is founded by Henry Xia (夏珩) and the XiaoMi founder Lei Jun (雷军 )is also interested in the company. Several big Chinese tech company invested in the Xpeng, like Alibaba or Foxconn. With this background, it is a promising company.

The latest news is, Xpeng Motors raised about $500 million from a group of venture investors,inlude Aspex Management, Sequoia Capital China, Hillhouse Capital and Coatue Management.  The fundraising follows a $400 million round in November. The round brings Xpeng’s total funding to about $1.7 billion.

Xpeng recently opened a factory in Zhaoqing (肇庆) , Guangdong Province, called Zhaoqing Xpeng Motors Intelligent Industrial Park. The stamping area of 3,000 acres or 2 million square metres, it has five cutting-edge workshops including stamping, welding, painting, final assembly, and battery pack production. The factory is run by a 600-member professional team. The stamping workshop is 100% automated.

Models

Currently they are selling 2 models, the G3 (SUV) and the P7 (sedan).

The G3 is a small SUV with 400/520 km range. According to the company, the fast-charging system is able to charge the car from 30% till 50% in less than half an hour. Xpeng delivered 5,185 units of its first vehicle, the G3 SUV, in the first half. The production started in 2018 January. The price ranges from 227,300 yuan to 257,300 yuan.

Xpeng G3 interior

The G3 is equipped with a 47.6 kWh battery with a claimed range of 300 kilometres while the G3 Long Range has a 66.5 kWh battery and a claimed range of 520 km.

The P7, is their latest model. The delivery started last week with a starting price of 230,000 RMB. One P7 variant available in September has a range of up to 706 kilometers on one charge and the price start at 254,900 RMB and hits 370,000 RMB .The P7 has been reviewed favorably versus Tesla and NIO and cost significantly less after subsidies.

The biggest innovation is that P7’s XPILOT 3.0 is powered by the NVIDIA DRIVE Xavier system-on-a-chip.  P7 is equipped with 12 ultrasonic sensors, five high-precision millimeter-wave radars, 13 autonomous driving cameras, plus one in-car camera with HD maps and high-precision GPS. According to the company, XPilot specifically developed for China’s unique road conditions.

The P7 will be offered in rear-wheel-drive and all-wheel-drive configurations, with the all-wheel-drive model being a high-performance version. In addition to the 196 kW (263 HP) rear motor, the all-wheel-drive version adds a 120 kW (161 HP) front motor which drops the P7’s 0-62 time from 6.7 seconds for the base model to 4.3 seconds for the AWD version. That gives the all-wheel-drive P7 basically the same 0-62 figure that the Tesla Model 3 “(source here)

According to Xpeng, they are able to produce 100,000 units annually.

Xpeng P7

Tesla Lawsuit

Xpeng has been embroiled in an intellectual property theft lawsuit brought by Tesla Inc., which said Guangzhi Cao, former engineer had taken source code of the Autopilot drive to his personal device through Airdrop when he joined to Xpeng and sold the source code to it. The engineer has since left Xpeng and the case has been delayed by the pandemic.

After Tesla filed the lawsuit, Cao admitted to downloading some of Tesla’s Autopilot source code, but he claims to have deleted it before leaving the automaker and never give it to Xpeng. Xpeng delivered Tesla a forensic image of Cao’s laptop and more than 12,000 documents, but the company maintained that it didn’t get Tesla’s source code nor arranged for Cao to obtained it.

The Xpeng later claimed to Bloomberg:

Tesla’s latest demands crossed the line, seeking to rummage through our IP on Tesla’s terms — and smearing us along the way with misrepresentations and innuendo. Tesla’s attempt to tie the two Chinese engineers together is ‘peddling speculation and stereotypes.’

UK Huawei Ban-and what comes after that

The UK has decided to ban Huawei from their 5G networks.

It was not unexpected, with the first restrictions lifted in January. According to the journalists, Borris Johnson had come under pressure from the Conservatives, United States, and from the MI6 like former chief Richard Dearlove. The pressure was high, it is clear, and Canada and New Zealand as a member of the Five Eyes will probably follow the policy. Despite the ban, telecom operators don’t have to remove older 3G or 4G equipments, however, all Huawei made equipment must be removed from their telecom infrastructure by 2027.

I don’t think that the EU will follow the decision.

All eyes are on India now. 

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