Geely launches first pure electric model in U.K.
Geely Automobile Holdings Ltd. launched its first pure electric model in the U.K., the EX5, in London on Oct. 23, with prices ranging from 31,999 pounds ($42,600) to 36,999 pounds. Parent company Geely Holding Group is undergoing a strategic adjustment, and Geely Automobile is in the process of acquiring Zeekr Intelligent Technology Holding Ltd., after which it will focus on the Zeekr, Lynk & Co, and Geely brands. The company is considering using the existing production capacity of local European automakers to avoid disrupting the local industry and better integrate into the market.
Rio Tinto, SPIC pilot EV mining trucks in Mongolia
Rio Tinto Group, in partnership with State Power Investment Corp. Ltd., has launched a pilot project for battery-swapping electric mining trucks at the Oyu Tolgoi copper mine in Mongolia, the company announced Oct. 27. This marks Rio Tinto’s first use of battery swap electric haul trucks in surface mining operations and is a key step in reducing carbon emissions from its transport fleet, a major source of its direct emissions.
Sinopec, BASF agree on carbon footprint methodology
China Petroleum and Chemical Corp. (Sinopec) and BASF SE announced on Oct. 25 that they have reached a framework agreement to mutually recognize their respective product carbon footprint accounting methodologies. The deal, announced during the China Petroleum and Chemical International Conference, aims to establish a mechanism for mutual trust in carbon footprint data between Chinese and international firms.
GAC Group’s losses widen on fierce competition
Guangzhou Automobile Group Co. Ltd. (GAC) reported that its revenue for the first three quarters of 2025 fell 10.49% year-on-year to 66.27 billion yuan. The company posted a net loss attributable to parent company shareholders of 4.31 billion yuan, reversing a 120 million yuan profit from the same period in 2024. In its Oct. 24 report, GAC attributed the decline in sales and profitability to fierce competition and rapid changes in demand within China’s auto industry.
China drafts new rules for steel capacity replacement
China’s Ministry of Industry and Information Technology on Oct. 24 released a draft of revised measures for capacity replacement in the steel industry to seek public opinion. The revision aims to accelerate the upgrade of existing capacity, optimize the industry’s structure, and promote a balance between supply and demand.
Rail logistics costs fall on network efficiencies
The per-kilometer cost of short-haul railway connecting transportation has been reduced by 39% since China’s railway logistics network went online a year ago, said Yang Jiahuan, deputy general manager of China Railway Express Co. Ltd., on Oct. 23. The network, which has generated about 10 billion yuan in revenue, achieved the cost savings by centralizing resource allocation, reducing intermediate steps, and implementing transparent pricing. Yang added that AI and new energy are seen as the next frontiers for cost reduction.
