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PureHealth posts $137m Q1 net profit

The Group's revenue increased 8 percent YoY.

Borouge Q1 net profit $281 million

The total dividend paid to shareholders in 2024 $1.3bn.

Emirates expects first 777X delivery in H2 2026

Boeing had pushed back the first delivery to 2026 from 2025.

Aramco, unit and Sinopec ink $4bn deal

The two companies will establish a joint venture company.

Etihad unveils new A321LR aircraft

A321LR features First Suite - a private, enclosed space with a sliding door.

Chinese EV company Xpeng shares up 6% post mass-market car launch

China Economy BYD beats Tesla for a second straight year after producing more than 3 million cars in 2023 (Photo by CNBC)
  • Orders for the Mona M03 electric coupe exceeded 10,000 just 52 minutes after formal launch
  • Chinese automaker BYD and U.S. giant Tesla cemented their dominance in H1 2024.

Xpeng shares rose after the Chinese electric car company launched its new mass-market Mona brand on Tuesday with prices starting as low as $16,812, far below that of Tesla’s Model 3, CNBC reported

The Chinese automaker said orders for the Mona M03 electric coupe exceeded 10,000 just 52 minutes after the car’s formal launch in Beijing.

Xpeng’s U.S.-listed shares closed up 6.5% in New York trading on Tuesday, while its Hong Kong-traded shares rose nearly 2% early Wednesday morning.

“With cars priced under $20,000, China is further cementing its new position as the world center for automotive manufacturing,” Michael Dunne, founder and CEO of consulting firm Dunne Insights, said Wednesday on CNBC’s “Squawk Box Asia.”

“China can produce cars more cheaply than anyone else in the world,” he said.

EV market dominance

The global electric vehicle (EV) market continues to evolve rapidly, with Chinese automaker BYD and U.S. giant Tesla cementing their dominance in the first half of 2024. According to data from EV Volumes, these two companies collectively captured over 30% of the global EV market between January and May, underscoring their pivotal roles in the industry’s transition from internal combustion engines to electric powertrains.

BYD, a titan in the EV industry, accounted for an impressive 21% of global EV sales during this period, delivering 1.191.478 units worldwide.

Tesla remains a significant player in the global EV market, capturing 11% of total sales with 625.596 units sold between January and May 2024