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Time of India
15 hours ago
- Automotive
- Time of India
Xiaomi unit wins land tender in Beijing for EV manufacturing
A Xiaomi unit has won a tender to buy a plot of land in Beijing close to its existing car factory for 635 million yuan ($88 million), which it plans to use for a smart connected car and components project, a city regulator said on Thursday. The win for a 50-year lease to the 485,134 square metre-large plot of land was announced by Beijing's municipal planning and natural resources commission. The land plot is close to the second phase of Xiaomi's EV factory. Xiaomi Jingxi Technology, winner of the tender on Thursday, secured the second phase that covers an area of 531,130 square metres for 842 million yuan in July 2024. The project reached its final stage in April. The tender win would make Xiaomi one of the few automakers in China approved to expand capacity while the majority of the sector is grappling with overcapacity. Xiaomi said its new YU7 sports utility vehicle is getting more attention than the SU7 sedan and on its app, buyers have to wait up to 51 weeks to pick their Xiaomi cars as the company ramps up output. Xiaomi, the world's third-largest smartphone maker, launched the SU7 sedan last year and has outsold Tesla 's Model 3 on a monthly basis since December. The SU7's success is seen expediting the company's EV bid despite intense competition in the world's largest auto market. Xiaomi raised its target for EV deliveries this year to 350,000 from 300,000 earlier this year. The company had planned an annual output of 300,000 vehicles in its EV factory to be built in two phases. It will take orders for the YU7 at the end of June, CEO Lei Jun said on Wednesday. The YU7's release was earlier set for July.
Time of India
a day ago
- Automotive
- Time of India
Xiaomi unit wins land tender in Beijing for EV manufacturing
A Xiaomi unit has won a tender to buy a plot of land in Beijing close to its existing car factory for 635 million yuan ($88 million), which it plans to use for a smart connected car and components project, a city regulator said on Thursday. The win for a 50-year lease to the 485,134 square metre-large plot of land was announced by Beijing's municipal planning and natural resources commission. The land plot is close to the second phase of Xiaomi's EV factory. Xiaomi Jingxi Technology, winner of the tender on Thursday, secured the second phase that covers an area of 531,130 square metres for 842 million yuan in July 2024. The project reached its final stage in April. The tender win would make Xiaomi one of the few automakers in China approved to expand capacity while the majority of the sector is grappling with overcapacity. Xiaomi said its new YU7 sports utility vehicle is getting more attention than the SU7 sedan and on its app, buyers have to wait up to 51 weeks to pick their Xiaomi cars as the company ramps up output. Xiaomi, the world's third-largest smartphone maker, launched the SU7 sedan last year and has outsold Tesla 's Model 3 on a monthly basis since December. The SU7's success is seen expediting the company's EV bid despite intense competition in the world's largest auto market. Xiaomi raised its target for EV deliveries this year to 350,000 from 300,000 earlier this year. The company had planned an annual output of 300,000 vehicles in its EV factory to be built in two phases. It will take orders for the YU7 at the end of June, CEO Lei Jun said on Wednesday. The YU7's release was earlier set for July. ($1 = 7.1869 Chinese yuan renminbi)
RTHK
2 days ago
- Business
- RTHK
HK stocks end up plunging as Mideast fuels selloff
HK stocks end up plunging as Mideast fuels selloff The Hang Seng Index ended the day sharply down by 472.95 points, or 1.99 percent, to close at 23,237.74. File photo: RTHK Stocks in mainland China and Hong Kong ended up tumbling on Thursday as mounting conflict in the Middle East rattled investor confidence, fuelling a broad selloff across sectors. In Hong Kong, the benchmark Hang Seng Index ended trading for the day sharply down 472.95 points, or 1.99 percent, to close at 23,237.74. The Hang Seng China Enterprises Index lost 2.13 percent to end at 8,410.94 while the Hang Seng Tech Index dipped 2.42 percent to close at 5,088.32. Tech and healthcare sectors were among biggest losers, down 2.4 percent and 3.2 percent respectively. Seasoning maker Foshan Haitian Flavouring surged as much as 4.7 percent in its first day of trading in Hong Kong. The market's losses came as the Hong Kong Monetary Authority said the outlook for the direction of the Hong Kong dollar and for interbank rates remains uncertain due to carry trades and other factors. The city's de-facto central bank made the comments in response to the US Federal Reserve's overnight decision to keep rates unchanged. Up north, the benchmark Shanghai Composite Index ended down 0.79 percent at 3,362.11 while the Shenzhen Component Index closed 1.21 percent lower at 10,051.97. The combined turnover of these two indices stood at over 1.25 trillion yuan, up from 1.19 trillion yuan on the previous trading day. Shares in the chemical fiber, apparel and transportation sectors suffered the most, while those related to oil, media and entertainment rallied. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 1.36 percent to close at 2,026.82. Weakness was across the board, with the CSI rare earth sector sub-index down 1.9 percent, the real estate index down 1.7 percent and the defence sub-index down 1.8 percent. Sentiment across the region remained weak as geopolitical conflicts showed no sign of easing, with Iran and Israel exchanging further air strikes on Thursday, while the United States weighed the possibility of joining the attacks on Iran. Meanwhile, this week's much-hyped Lujiazui Forum in Shanghai offered few fresh measures to bolster the market, also leaving investors in search of policy direction. The market is now "switching back to defensive mode", with indexes and volume both weak, analysts at Goldman Sachs said in a client note. Though sentiment has improved after a Sino-US trade truce last month in Geneva, China's long-term prospects remain in doubt, according to the Bank of America's latest fund manager survey. The survey noted that most fund managers in Asia still expect a structural de-rating to get underway in the world's second-largest economy. (Reuters/Xinhua)
Economic Times
3 days ago
- Business
- Economic Times
Glenmark gets five observations from USFDA for Monroe plant
Glenmark Pharmaceutical Glenmark Pharmaceuticals on Wednesday said the US health regulator has issued a Form 483 with five observations after inspecting its Monroe manufacturing plant in the US. The US Food & Drug Administration (USFDA) conducted a Good Manufacturing Practice (GMP) inspection at the company's manufacturing facility situated in Monroe, North Carolina from June 9 to June 17, 2025, the Mumbai-based drugmaker said in a regulatory filing. At the end of the inspection, the company was issued a Form 483 with five observations, it added. All the observations are procedural in nature, it said. There was no observation related to data integrity, it added. The company will work in close collaboration with the agency to address the observations and will respond to the USFDA within the stipulated timeline, the drug maker said. As per the USFDA, Form 483 is issued to a firm's management at the conclusion of an inspection when the investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts. Shares of the company were trading 0.22 per cent up at Rs 1,657.35 apiece on BSE.
Time of India
4 days ago
- Business
- Time of India
Top Boeing exec Stephanie Pope said to have visited Air India HQ to discuss plane crash
The head of Boeing Commercial Airplanes, Stephanie Pope , met the chairman of Air India on Monday in India, two sources said, as the companies seek to find the cause of last week's fatal crash involving a Boeing 787 Dreamliner. Pope met Air India Chairman N. Chandrasekaran at the airline's headquarters in Gurugram, near New Delhi airport, and was accompanied by Boeing's India President Salil Gupte, one of the sources said. Details of the discussions were not immediately clear. They came four days after a London-bound Air India plane crashed in the Indian city of Ahmedabad seconds after take-off, killing all but one of the 242 people on board. Pope oversees design, production and delivery of advanced jetliners to Boeing customers around the world, according to the U.S. plane maker's website. The Dreamliner was fitted with GE engines and GE Aerospace's CEO for Commercial Engines and Services, Russell Stokes, and its South Asia chief, Vikram Rai, also met Chandrasekaran on Monday, one of the sources said. Live Events Boeing, in a statement to Reuters, declined to comment on Pope's visit and meeting with Air India but said it is "focused on supporting the investigation" and its customer. GE and Air India did not immediately respond to Reuters requests for comment. The sources declined to be named as the meetings were private. The crash, the world's worst aviation disaster in a decade, is the latest test for Boeing's new leadership that has been working to reform the company's public image and regain trust following a series of safety and production crises. Air India, which has 33 Dreamliners in its fleet, is one of Boeing's biggest customers with more than 200 new planes on order including 20 787s. Economic Times WhatsApp channel )
