Saturday, 17 August, 2019

NIO abandons plans to manufacture its own cars amid widening losses

Tesla enters into agreement with Chinese lenders for Gigafactory Tesla wins Chinese cash for new factory as Elon Musk's drug use raises security questions
Russell Knight | 11 March, 2019, 10:30

Auto sales in China have hit a slump, falling for the ninth straight month in February after recording the first annual drop in more than two decades a year ago.

Musk has said Tesla plans to start battery and Model 3 production at the factory by the end of the year.

Tesla broke ground on its plant in January, with four main workshops to be completed by September and its power system workshop is expected to be finished by March 2020. Byton hopes to open its factory in the eastern Chinese city of Nanjing in May.

Beginning local production in China is key for Tesla to reduce the costs of its cars in what is the world's largest market for electric vehicles.

However, he said that he believes the company would have to eventually offer some discounts.

Norway's $1 trillion sovereign wealth fund to dump oil and gas shares
The government said it would exclude companies classified as exploration and production companies from the fund. She also highlighted that the decision is based on financial consideration and not climate considerations.

International Wome's Day; Women Bang Pots and Pans in Madrid
Thousands of women and men have gathered in cities across the world to mark International Women's Day on 8 March . It was in 1914 that the International Women's Day was celebrated in Germany and London on March 8, 1914.

Arsenal Still Big Favourites - Rennes Supremo
Paul Pogba is back from suspension, while Anthony Martial , Nemanja Matic and Ander Herrera could be fit to return from injury. Arsenal goalkeeper Petr Cech, however, is confident they can still progress to the last eight of the competition.

The government is also encouraging partnerships between companies working on vehicle research and development and manufacturers with existing plants, aiming to use capacity at already built factories rather than constructing new ones, in a move that combats industry glut. In its filing, Tesla said it had amended its asset-backed lending credit agreement with a syndicate of banks, increasing revolving commitments by 500 million to a total of 2.425 billion USA dollars, while extending the maturity date of the agreement by three years.

Nio's chief finance officer Xie Dongying also confirmed that the company will cease construction of a new plant in northern Shanghai's Jiading district. Since going public, Nio has launched another vehicle, the ES6.

Whether or not Left is right to go long on Tesla, investors were energized regarding the stock, sending its share price up 2.7% to $284.14.

The company has agreed to compensate JAC for any operating losses it incurs during the first three years of production.

Alliance Bernstein LP senior analyst Robin Zhu (朱鑌) said that while NIO's fourth-quarter numbers were on the soft side, its demand concerns might actually prove more damaging for investors' long-term outlook on the company.

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