BEIJING (Reuters) - Chinese auto factories' capacity is not growing fast and idled capacity is being closed instead, a senior official at the China Association of Automobile Manufacturers (CAAM) said on Wednesday. The capacity utilization rate at China's auto factories was estimated at over 70% in 2023, according to Chen Shihua, deputy secretary-general of the CAAM, and the association expects the...

03:40 AM EDT, 04/10/2024 (MT Newswires) -- XPeng ( XPEV ) said Wednesday it is expanding its Asian dealership presence by partnering with Sime Darby Motors to enter the Hong Kong market. No financial terms were disclosed. The Chinese electrical vehicle maker said that it will entail Xpeng ( XPEV )-branded showrooms that will let it offer after-sales support as...

BEIJING, April 10 (Reuters) - The European Union will investigate subsidies received by Chinese suppliers of wind turbines destined for Europe, the bloc's anti-trust commissioner, Margrethe Vestager, has said. Tuesday's move is the latest in a growing effort in both Europe and the United States to shield domestic clean energy industries from cheap Chinese imports, which authorities say benefit from...

(Reuters) - TikTok-owner ByteDance's profit jumped roughly 60% in 2023, Bloomberg News reported on Wednesday, citing people familiar with the matter. The company's earnings before interest, tax, depreciation and amortization (EBITDA) rose to more than $40 billion last year, from about $25 billion in 2022, the report said. ...