China’s economy and population is on the rocks

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China seems to be hanging in there.

Teardown of Huawei's new phone shows China's chip breakthrough​

Reuters
September 4, 20233:10 PM EDT Updated 6 hours ago


Huawei Mate 60 in Shenzhen

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[1/2]A staff member introduces the new Huawei Mate 60 smartphone to customers at the Huawei flagship store in Shenzhen, Guangdong province, China August 30, 2023. REUTERS/David Kirton/File Photo Acquire Licensing Rights

Sept 4 (Reuters) - Huawei Technologies and China's top chipmaker SMIC (0981.HK) have built an advanced 7-nanometer processor to power its latest smartphone, according to a teardown report by analysis firm TechInsights.
Huawei's Mate 60 Pro is powered by a new Kirin 9000s chip that was made in China by Semiconductor Manufacturing International Corp (SMIC), TechInsights said in the report shared with Reuters on Monday.

Huawei started selling its Mate 60 Pro phone last week. The specifications provided advertised its ability to make satellite calls, but offered no information on the power of the chipset inside.
The processor is the first to utilize SMIC's most advanced 7nm technology and suggests the Chinese government is making some headway in attempts to build a domestic chip ecosystem, the research firm said.
The firm's findings were first reported by Bloomberg News.

Huawei and SMIC did not immediately reply to Reuters' request for comment.
Buyers of the phone in China have been posting tear-down videos and sharing speed tests on social media that suggest the Mate 60 Pro is capable of download speeds exceeding those of top line 5G phones.
The phone's launch sent Chinese social media users and state media into a frenzy, with some noting it coincided with a visit by U.S. Commerce Secretary Gina Raimondo.

From 2019, the U.S. has restricted Huawei's access to chipmaking tools essential for producing the most advanced handset models, with the company only able to launch limited batches of 5G models using stockpiled chips.
But research firms told Reuters in July that they believed Huawei was planning a return to the 5G smartphone industry by the end of this year, using its own advances in semiconductor design tools along with chipmaking from SMIC.

Dan Hutcheson, an analyst with TechInsights, told Reuters the development comes as a "slap in the face" to the U.S.
"Raimondo comes seeking to cool things down, and this chip is [saying] 'look what we can do, we don't need you,'" he said.
Reporting by Shivani Tanna in Bengaluru and Max A.; Editing by Sandra Maler Cherney in San Francisco; Editing by Shilpi Majumdar
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China's Huawei opens cloud data centre in Saudi Arabia in regional push​

Reuters
September 4, 2023 4:20 AM



The World Artificial Intelligence Cannes Festival

Visitors walk past the Huawei logo at the World Artificial Intelligence Cannes Festival (WAICF) in Cannes, France, February 10, 2023. REUTERS/Eric Gaillard/

SHENZHEN, China, Sept 4 (Reuters) - Huawei Technologies (HWT.UL) has opened a cloud data centre in the Saudi capital Riyadh in a bid to grow its online service offerings in the Middle East and North Africa, the Chinese tech giant said on Monday.
The cloud data centre in Riyadh, Huawei's 30th worldwide, will support government services for the Saudi kingdom and allow for AI applications and language models in Arabic, a company official told a briefing.

"The implementation of Huawei cloud is not just about us, but is a bridge that will bring other Chinese companies to Saudi Arabia," said Steven Yi, the company's regional president.
The step would contribute to the development of the country's digital economy, he said, adding that Huawei opened its regional headquarters in the Saudi capital this year.
Saudi Arabia has previously said it would not sign contracts with foreign companies that did not have regional headquarters in the kingdom after this year.

Huawei ranked fifth in the global cloud services market in the first quarter, with a market share of 2.4%, although it was the second-largest vendor in mainland China, according to research consultancy Canalys.

In February Huawei said it would invest $400 million in the Saudi Arabia cloud region over the next five years.
Reporting by David Kirton in Shenzhen and Mo Yelin in Beijing; Editing by Clarence Fernandez
 
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Europe's carmakers fret over China's EV prowess at Munich car show​

By Victoria Waldersee
September 4, 2023 3:26 PM

www.reuters.com

Europe's carmakers fret over China's EV prowess at Munich car show

Europe's carmakers have a fight on their hands to produce lower-cost electric vehicles (EVs) and erase China's lead in developing cheaper, more consumer-friendly models, executives said at Munich's IAA mobility show.
www.reuters.com www.reuters.com


European carmakers race China for low-cost EVs

MUNICH, Sept 4 (Reuters) - Europe's carmakers have a fight on their hands to produce lower-cost electric vehicles (EVs) and erase China's lead in developing cheaper, more consumer-friendly models, executives said at Munich's IAA mobility show.
"We have to close the gap on costs with some Chinese players that started on EVs a generation earlier," Renault (RENA.PA) CEO Luca de Meo told Reuters at the car show, adding when manufacturing costs decline, prices will also go down.

De Meo said as part of the French carmaker's drive toward price parity with the Chinese, its R5 EV due out next year will be 25% to 30% cheaper than its electric Scenic and Megane models.

Chinese EV makers, including BYD (002594.SZ), Nio (9866.HK) and Xpeng (9868.HK) are all targeting Europe's EV market, where sales soared nearly 55% to about 820,000 vehicles in the first seven months of 2023, making up about 13% of all car sales.

Xpeng plans to expand into more European markets in 2024, and Zhejiang Leapmotor Technology (9863.HK) announced five models for overseas markets, including Europe, over the next two years.
According to auto consultancy Inovev, 8% of new EVs sold in Europe so far this year were made by Chinese brands, up from 6% last year and 4% in 2021.

About 41% of exhibitors at this year's Munich event are headquartered in Asia, with double the number of Chinese companies attending, including BYD, Xpeng and battery maker CATL (300750.SZ).

The arrival of Chinese EV makers in Europe has raised concerns they could dominate EV sales.
"We (Germany) are losing our competitiveness," said Hildegard Mueller, president of the German Association of the Automotive Industry (VDA), adding the Munich car show illustrated "how the high pressure of international competition" makes it essential for Germany to invest more in electrification.
2023 Munich Auto Show IAA Mobility



[1/7]A general view of visitors looking at models from BYD, a Chinese automobile manufacturer, during an event a day ahead of the official opening of the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 4, 2023. REUTERS/Leonhard Simon Acquire Licensing Rights

The average EV in China cost less than 32,000 euros ($35,000) in the first half of 2022 compared with around 56,000 euros in Europe, according to researchers at Jato Dynamics.

"The base car market segment will either vanish or will not be done by European manufacturers," BMW CEO Oliver Zipse said on Sunday evening in reference to China's push into Europe.
 
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Continued ....

Mercedes-Benz (MBGn.DE) will present its CLA compact class and BMW (BMWG.DE) its Neue Klasse, both targeting higher range and efficiency while halving production costs.

Volkswagen (VOWG_p.DE) CEO Oliver Blume told reporters that through its partnerships in China, the carmaker aims to cut battery cell costs by 50%.

Xpeng President Brian Gu said while European carmakers currently lag behind China, they have made a "huge commitment" to EVs with partnerships and large investments in technology.

"I would never discount the large (carmakers) trying really hard to come back and focus on this important transition," Gu said.
Auto industry analyst Ferdinand Dudenhoeffer said the Chinese are "world champions" at making batteries, which can make up 40% of an EV's cost.

Chinese battery makers setting up in Germany are helping to lower EV costs and German politicians need to make sure they are "not driven out of the country with stupid decoupling strategies," Dudenhoeffer added.
($1=0.9273 euros)


Writing by Nick Carey; Reporting by Victoria Waldersee, Gilles Gillaume Christina Amann, Zoey Zhang and Jan Schwartz; Editing by Friederike Heine, Clarence Fernandez and Sharon Singleton
 
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www.reuters.com

US dollar flat, but on track for eight straight weeks of gains; yuan sinks

The dollar was little changed on Friday, consolidating gains amassed during the week on better-than-expected U.S. economic data, even as the currency's underlying strong trend remained amid stable consumer and labor markets, which have kept the prospect of another rate increase on the table this...
www.reuters.com www.reuters.com

www.reuters.com

Dollar firmer on solid US data; China's yuan tumbles to 16-year low

The dollar gained on Thursday after earlier pushing the yen to a 10-month low and driving the euro and sterling to their weakest levels in three months, bolstered by a still-resilient U.S. economy that has defied expectations despite aggressive tightening by the Federal Reserve.
www.reuters.com www.reuters.com
 
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