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The Latest Breaking News from Shanghai

EV Week In Review: Tesla's Giga Shanghai Up And Running, Apple Car Dealt Further Blow, Nio's Rumored US Plans And More

EV stocks mostly advanced in the week ending May 27, with the broader market strength supporting the turnaround. Tesla, Inc. (NASDAQ: TSLA) snapped its four-week losing streak and rallied, while Fisker, Inc.

Benzinga

Shanghai inches closer to reopening

SHANGHAI: China’s biggest city is inching toward gradual reopening from two months of gruelling Covid-19 lockdowns, while Beijing has said some mobility curbs would be loosened starting on Sunday.

Bangkok Post

Shanghai edges towards COVID reopening as Beijing plans to ease curbs

The Chinese metropolis of Shanghai inched further towards a gradual reopening from two months of grinding COVID-19 lockdown, while officials in Beijing prepared to ease curbs in parts of the capital, saying on Saturday its outbreak was under control.

Reuters

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As COVID-19 lockdowns continue, more young people are looking for ways out of China

A growing number of young people in China are looking to escape their country's COVID-zero policy, and it might have implications for Australian businesses.

ABC News

Miniso Rides Into China Covid Storm With Forecast for First-Ever Revenue Contraction

Key Takeaways: Miniso said it expects its revenue to decline around 9% in the current quarter as many of its China stores have been forced to shut down during recent citywide lockdowns Company said nearly one-tenth of its China stores were closed in March, even as its smaller international operations…

Benzinga

Shanghai lockdown: Residents demand release, and some get it

Residents in China's largest city of Shanghai have become bolder in demanding the lifting or easing of coronavirus restrictions that have left millions locked up in their compounds for almost two months

The Independent UK

Is Chinese EV Maker Nio Planning To Manufacture In US?

Nio, Inc. (NYSE: NIO) is reportedly planning to build its vehicles in the U.S., the CnEVPost reported, citing an exclusive report from Shanghai-based Chinese media outlet Yicai.

Benzinga

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Toyota Cuts Production Plan For June Again

Toyota Motor Corp (NYSE:TM) has cut its June global production plan for the second time in a week due to the COVID-19 lockdown in Shanghai. The auto major cut production by 50,000 vehicles and now anticipates producing about 800,000 units in June. It has decided to suspend domestic factory line operations for the week…

Benzinga

Toyota cuts production to 800,000 vehicles

TOKYO: Japan's Toyota Motor Corp on Friday cut its global production plan for June for the second time this week, reducing its planned output by about 50,000 vehicles to 800,000, citing the Covid-19 lockdown in Shanghai.

Bangkok Post

No work and nowhere to live: a rural migrant's ordeal in locked-down Shanghai

When Shanghai began its draconian COVID-19 lockdown two months ago, the French restaurant where Sun Wu waited tables closed and the 22-year-old, like countless other rural migrants, lost his job.

Reuters

Shanghai takes baby steps towards ending COVID lockdown

Shanghai took more gradual steps on Friday towards lifting its COVID-19 lockdown while Beijing was investigating cases where its strict curbs were affecting other medical treatments as China soldiered on with its uneven exit from restrictions.

Reuters

Shanghai Composite Index Rose 0.5% on Thursday

Shenzhen Component Index closed up 0.57%

Caixin Global

COVID-hit Shanghai heads for lockdown exit but China still lost in economic gloom

Pandemic-hit Shanghai, China's financial hub, unveiled more post-lockdown plans on Thursday as it moves towards a return to normalcy, but a nationwide economic recovery is still a distance away, heightening a sense of urgency for more support.

Reuters

China Premier Issues Warning on Covid-hit Economy

China's premier has sounded an unusually stark warning about the world's second-largest economy, saying it must return to normal as the country's zero-Covid strategy bites into growth. China is the last major economy welded to a policy of mass testing and rapid lockdowns to eliminate virus clusters, but the strict…

Asharq Al-Awsat

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Benzinga

Alibaba's Overseas Growth Push Gets Critical To Beat Domestic Slowdown

Alibaba Group Holding Limited's (NYSE:BABA) hunt for overseas growth is critical to offset sluggish demand at home by expanding in Europe through its Southeast Asian offshoot, Lazada, Reuters reports. Lazada plans to target local European vendors, while Alibaba's existing global platform, AliExpress, will continue to focus mainly on cross-border sales from China. However, the…

Benzinga

New Photos Show Shanghai Disneyland's Derelict State After 2 Months Of Closure

New photographs have emerged online that show parts of the Walt Disney Co.’s (NYSE: DIS) theme park in Shanghai turning in a weed-choked mess since being shuttered two months ago at the start of a pandemic lockdown.

Benzinga

What Does The Recent String Of Tesla Price Target Cuts Suggest?

As Tesla, Inc. (NASDAQ: TSLA) stock tumbled to a 10-month low, bullish sell-side analysts who had rallied behind the company and saw it as one waiting to explode began to backtrack.

Asharq Al-Awsat

Apple’s iPhone Development Schedule Delayed by China Lockdowns, Says Nikkei

Apple Inc has told its suppliers to speed up iPhone development after China's strict COVID-19 lockdowns hampered schedule for at least one of the new phones, Nikkei reported on Wednesday, citing multiple sources with knowledge of the matter. Lockdowns due to China's zero-COVID policy led iPhone assembler Pegatron Corp to…

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The Conversation

Shanghai: world's biggest port is returning to normal, but supply chains will get worse before they get better

Shanghai is slowly emerging from a gruelling COVID lockdown that has all but immobilised the city since March. Although Shanghai’s port, which handles one-fifth of China’s shipping volumes, has been operating throughout, it has been running at severely reduced capacity. Many shipments have either been cancelled, postponed or rerouted to…

Benzinga

This Auto Giant Cuts Production Plans Citing Parts Shortage - Read More For Details

Toyota Motor Corp (NYSE:TM) plans to cut global production by about tens of thousands of units to roughly 850,000 vehicles in June due to the semiconductor shortage. The auto major expects to produce 9.7 million units for the full period of the fiscal year 2023. The average global production plan from June through…

Daily Record

Brit couple face being forced to leave China without baby girl in passport fiasco

Callum and his wife Neelam, who are both teachers, are currently living in Shanghai where they welcomed their baby daughter Isabelle in February.

Caixin Global

Shanghai Composite Index Fell 2.41% on Tuesday

Shenzhen Component Index closed down 3.34%

The Times of India

Covid-19: How 'fear of punishment' is keeping large parts of Shanghai in lockdown

SHANGHAI: Shanghai has been officially easing a lockdown that kept its 25 million residents home-bound for nearly two months following a decline in Covid-19 cases, but an army of zealous grassroots volunteers who police housing compounds are still banning many people from going outside.

Reuters

Beijing ramps up COVID quarantines, Shanghai residents decry uneven rules

Beijing stepped up quarantine efforts to end its month-old COVID outbreak as fresh signs of frustration emerged in Shanghai, where some bemoaned unfair curbs with the city of 25 million preparing to lift a prolonged lockdown in just over a week.

InsideEVs

China: Tesla Has Produced 26,000 EVs Since Production Resumed

The Tesla Giga Shanghai plant in China is gradually ramping-up production and already appears to be approaching half of its pre-lockdown output.

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