Latest news for BAIC Motor Corp (OTC:BMCLF) Stock

BAIC Motor Corp Ltd is a provincial state-owned enterprise that manufactures passenger vehicles (PV) and automotive components. The majority of BAIC's revenue and operating profits come from joint ventures with Mercedes Benz and Hyundai. The firm also manufactures and sells its own vehicles under the Beijing Brand. The company has two reportable segments which are Oil-powered vehicles it involves manufacturing and sales of passenger vehicles of fuel, and providing other businesses and related services and New energy vehicles that also includes manufacturing and sales of passenger vehicles of new energy, and providing other business and related services.

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Arcfox Reportedly Taps Hyundai For Production Of Tesla-Like Electric Car In China

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Chinese Smartphone Maker Huawei Tries To Tap EV Wave With New Alliances

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When it comes to EVs, all eyes are on Tesla Inc&#39;s (NASDAQ: TSLA) whose fortunes have made it the highest-valued car company in the world, and now its CEO, Elon Musk, the richest man in the world, overtaking Amazon.com, Inc.&#39;s (NASDAQ: 

The Chinese EV Invasion

BAIC Motor Corp Ltd

In a bid to expand their businesses, <a href="https://www.benzinga.com/topic/telecom">Japanese telecommunications giants</a> Nippon Telegraph and KDDI Corp. are venturing into space. They plan to build high-speed wireless networks in the stratosphere to link the Earth and the moon.
What Happened: NTT, Japan&#8217;s largest telecom carrier, announced on Jun. 3 that it will launch an &#8220;airborne base station&#8221; on a commercial basis by 2026, <a href="https://www.asahi.com/ajw/articles/15294036">reported</a> The Asahi Shimbun. 
This initiative is part of the NTT C89 orbital development program, which includes the installation of a high-altitude platform station (HAPS) &#8211; an unmanned aircraft equipped with a repeater that can communicate directly with smartphones.
Masayoshi Son-led SoftBank Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFBQF#OTC">SFBQF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBF#OTC">SFTBF</a>) is also working on the development and commercialization of a HAPS, along with plans to offer a foreign-affiliated satellite-based telecom service in Japan.
NTT Docomo Inc., a mobile carrier, plans to invest up to $100 million in AALTO HAPS Ltd., an affiliate of Airbus SE, to build the aircraft. This commercialization will mark the world&#8217;s first realization of such an initiative.
KDDI also disclosed its space business strategies in May, intending to establish a telecom network between Earth and the moon by 2028. The company aims to create a high-speed 5G communications environment on the moon by 2030.
"Telecommunications means will be essential when mankind arrives on the moon, although we have no immediate intention of monetizing our initiatives on the lunar surface," explained Hiromichi Matsuda, a KDDI Managing Executive Officer. "We will be extending our support."
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39658172/peter-schiff-says-smart-money-is-selling-and-dumb-money-is-buying-it-through-etfs-they-set?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Peter Schiff Says &#8216;Smart Money Is Selling&#8217; And Dumb Money Is Buying It Through ETFs: &#8216;They Set Up Bitcoin</a>
Why It Matters: The Japanese telecom companies&#8217; foray into space comes when the global space industry is experiencing rapid growth. <a href="https://www.benzinga.com/news/24/06/39395671/weeks-after-elon-musk-launched-it-indonesias-telecom-industry-voices-concerns-over-starlink-services">Indonesia&#8217;s telecom industry</a> has already voiced concerns over the entry of Elon Musk&#8216;s Starlink, calling for a temporary halt to the company&#8217;s services.
An estimate by U.S. financial services giant Morgan Stanley projects the global market for space businesses to reach $1 trillion by 2040, tripling its current size over the next 20 years, according to the report.
Meanwhile, SpaceX has <a href="https://www.benzinga.com/news/24/07/39633453/spacex-now-has-over-100-starlink-satellites-in-orbit-with-direct-to-cell-capabilities-t-mobile-users">over 100 Starlink satellites in orbit</a> with Direct to Cell capabilities, aiming to provide global access to texting, calling, and internet browsing using standard LTE phones. In March 2023, Finnish telecom major Nokia Oyj planned to send <a href="https://www.benzinga.com/news/23/03/31542443/elon-musks-spacex-and-nokia-are-linking-up-because-we-really-need-4g-on-the-moon">4G network equipment to the moon</a> aboard a SpaceX rocket.
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39655101/peter-schiff-says-bitcoin-etf-buyers-hodling-amid-king-cryptos-plunge-but-warns-muc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Peter Schiff Says Bitcoin ETF Buyers &#8216;HODLing&#8217; Amid King Crypto&#8217;s Plunge But Warns &#8216;Much Larger Drop &#8230;May Come As Soon As Next Week&#8217;</a></li>
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Photo by Nobuyuki Hayashi on Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

SPACE

Global

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NTTYY

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Masayoshi Son-Led SoftBank, Other Japanese Telecom Giants Working On Establishing High-Speed Space Telecom Networks In Outer Space

Embattled aerospace company Boeing (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) has agreed to plead guilty to <a href="https://www.benzinga.com/government/24/07/39625439/boeing-faces-high-stakes-decision-accept-plea-deal-or-risk-trial-over-737-max-safety-violations">criminal conspiracy to defraud</a> the U.S. by allegedly misleading the Federal Aviation Administration regarding the safety of its 737 MAX, a late-Sunday court filing by the Department of Justice said, according to media reports.
What Happened: Boeing has agreed to pay up to $487.2 million, the maximum allowed by law, in criminal fines following an agreement in principle with the Justice Department. A judge will determine the actual fine amount, the DOJ <a href="https://www.bloomberg.com/news/articles/2024-07-08/boeing-ba-to-plead-guilty-to-fraud-for-violating-deal-over-737-max-crashes?sref=chqhSVDW&amp;cmpid=socialflow-twitter-business&amp;utm_campaign=socialflow-organic&amp;utm_source=twitter&amp;utm_medium=social&amp;utm_content=business">reportedly</a> said.
The agreement also requires Boeing to install a corporate monitor and spend at least $455 million to bolster its compliance and safety programs over the next three years. The implementation of the terms of the agreement is subject to court approval. The Arlington, Virginia-based company would also be subjected to three years of court-supervised probation.
A Boeing spokesperson confirmed the plea deal in an email reply to Benzinga. "We can confirm that we have reached an agreement in principle on terms of a resolution with the Justice Department, subject to the memorialization and approval of specific terms,&#8221; said Femke Baudoin, Communications Director Middle East, Türkiye &amp; Africa.
Paul Cassell. a law professor at the University of Utah who represents many family members of the 2018 Lion Air crash and 2019 Ethiopian Air crash victims, reportedly said, &#8220;This sweetheart deal fails to recognize that because of Boeing's conspiracy, 346 people died,&#8221; <a href="https://edition.cnn.com/2024/07/08/business/boeing-doj-criminal-charges/index.html">CNN</a> reported.
"This deceptive and generous deal is clearly not in the public interest.&#8221;
The families are reportedly seeking a public trial on the charges.
See Also: <a href="https://www.benzinga.com/money/best-aerospace-defense-stocks">Best Aerospace and Defense Stocks</a>
Why It&#8217;s Important: Boeing has found itself in trouble after 2 crashes involving its 737 Max aircraft in 2018 and 2019 killed 346 people. In Jan. 2021, the DOJ and Boeing announced an agreement to resolve the criminal charge related to a conspiracy to defraud the Federal Aviation Administration's Aircraft Evaluation Group. This agreement called for Boeing to pay a total criminal monetary amount of over $2.5 billion, composed of a penalty of $243.6 million, compensation payments to Boeing's 737 MAX airline customers of $1.77 billion, and the establishment of a $500 million crash-victim beneficiaries fund.
Just before the agreement was set to expire, Boeing suffered a setback after a fuselage panel blew off a 737 Max 9 jet operated by Alaska Airlines in early January. The DOJ said in May that the company breached the 2021 deferred prosecution agreement but the latter went onto defend itself, saying it <a href="https://www.benzinga.com/markets/equities/24/06/39307378/boeing-insists-on-adherence-to-legal-agreement-post-737-max-crashes-report">disagreed with the Justice Department&#8217;s charges.</a>
The guilty plea, though representing a low point in the company&#8217;s history, could help Boeing to leave the worst behind at a time it is facing strain in its finances and uncertainty regarding leadership, a Bloomberg report said.
Boeing ended Friday&#8217;s session up 0.28% to $184.83, according to<a href="https://benzinga.grsm.io/register174"> Benzinga Pro data.</a> The stock is down over 29% year-to-date and is among the worst-performing S&amp;P 500 stocks.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/03/37929869/quest-for-leadership-boeing-reportedly-eyes-outsider-as-ceo-to-tackle-crisis">Quest For Leadership: Boeing Reportedly Eyes Outsider As CEO To Tackle Crisis</a></li>
</ul>
Image created using AI via Dall-E

Politics

Boeing Strikes Plea Deal With DOJ For Defrauding US Regulator Over 737 MAX Safety: Victims' Lawyer Calls It 'Deceptive And Generous…Not In Public Interest'

Japanese investment firm Metaplanet Inc. doubled down on its Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) investment even as the digital currency continues to bleed.&nbsp;
What Happened: The Tokyo Stock Exchange-listed company grabbed an additional 42.47 Bitcoins, according to a disclosure during Asian hours Monday. The purchase amounted to 400 million yen, worth nearly $2.5 million at Bitcoin's prevailing market price.&nbsp;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x2A;Metaplanet purchases additional 42.47 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>&#x2A; <a href="https://t.co/dPotWszW1Y">pic.twitter.com/dPotWszW1Y</a>
&mdash; Metaplanet Inc. (@Metaplanet_JP) <a href="https://twitter.com/Metaplanet_JP/status/1810148327654060441?ref_src=twsrc%5Etfw">July 8, 2024</a></blockquote>
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With the latest grab, the firm's total Bitcoin holdings shot up to 203.73, worth 2.05 billion yen, or $15.56 million, making it Japan&#8217;s biggest corporate holder of the digital currency.
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39658404/spot-ethereum-etfs-could-launch-in-a-week-or-two-says-etf-analyst-nate-geraci-how-quickly-">Spot Ethereum ETFs Could Launch In A Week Or Two, Says ETF Analyst Nate Geraci: &#8216;How Quickly Will SEC Turn These Around?&#8217;</a>
Why It Matters: Metaplanet has embarked on a sustained push to add the world&#8217;s largest digital asset to its balance sheet.
The company adopted Bitcoin as a strategic treasury reserve asset in response to Japan&#8217;s economic woes, which has seen the national currency yen plunge sharply against the U.S. dollar.
These strategic investments mirror the actions of MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), a technology company that has taken the lead in purchasing Bitcoins as part of its reserve strategy.&nbsp;
Currently, MicroStrategy is the largest corporate owner of the digital asset, with holdings worth $12.53 billion at the time of writing.&nbsp;
Price Action: At the time of writing, Bitcoin is exchanging hands at $55,317.30, down 4.04% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39658640/tether-ceo-signals-investments-into-decentralized-ai-models-amid-openai-security-breach-th">Tether CEO Signals Investments Into Decentralized AI Models Amid OpenAI Security Breach: &#8216;The Only Way To Protect People&#8217;s Privacy…&#8217;</a></li>
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

MSTR

Adopting A MicroStrategy-Like Strategy, Firm Listed On Tokyo Stock Exchange Buys $2.5M Worth of Bitcoin Amid Crypto Meltdown

Reported Late Friday, Silvercorp Metals Evaluates Litigation Risks In Adventus Mining Acquisition, Discusses Potential Deadline Extension

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk on Sunday denied rumors of hiring Uber Technologies co-founder Travis Kalanick to advise or head the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39654067/gary-black-raises-tesla-price-target-as-ex-ford-ceo-notes-irony-of-auto-driven-stoc">company&#8217;s robotaxi division</a>.
What Happened: &#8220;False,&#8221; Musk said about the rumors on social media platform X, formerly Twitter.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">False
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1809955175232073894?ref_src=twsrc%5Etfw">July 7, 2024</a></blockquote>
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&#8220;All that matters is improving Tesla self-driving AI such that miles between interventions is >> human,&#8221; Musk said in another post about having pulled Kalanick into the Tesla universe.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">All that matters is improving Tesla self-driving AI such that miles between interventions is &gt;&gt; human
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1809973719546142860?ref_src=twsrc%5Etfw">July 7, 2024</a></blockquote>
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The rumors of Kalanick joining Tesla kicked off after Musk started <a href="https://www.benzinga.com/general/social-media/24/07/39598271/elon-musk-now-follows-uber-founder-on-x-foreshadowing-for-robotaxi-day-or-coincidence">following the Uber co-founder</a> on X last week despite the latter not posting anything since 2019. Some speculated that Kalanick might be roped into Tesla to spearhead its robotaxi division as the company gears to unveil its robotaxi product on Aug. 8.
Kalanick left his role as Uber CEO in 2017 and left its Board of Directors in 2019. The former Uber CEO is now CEO of&nbsp;City Storage Systems&nbsp;and runs the&nbsp;10100 Fund.
Why It Matters: During Tesla&#8217;s annual shareholder meeting in June, Musk said that Tesla&#8217;s robotaxi fleet will operate like a combination of Airbnb and Uber with Tesla owning a part of the fleet and Tesla owners being able to let their private vehicles join and exit the fleet at will. 
The robotaxi unveil is part of Musk&#8217;s efforts to turn Tesla from an automaker to an AI, robotics, and sustainable energy company and boost its value.
"While autonomous vehicle is a $5-$7 trillion market cap situation,&nbsp;<a href="https://www.benzinga.com/news/24/06/39327644/tesla-ceo-elon-musk-eyes-25-trillion-market-cap-with-optimus-bot-admits-to-being-pathologically-opti" target="_blank" rel="noreferrer noopener">Optimus is a $25 trillion market cap situation</a>," Musk said last month. 
He also said in April that dedicating to autonomous driving is a "blindly obvious move" for Tesla.
"Even if I got kidnapped by aliens tomorrow, Tesla&nbsp;will&nbsp;solve autonomy, maybe a little slower, but it would solve autonomy for vehicles at least,"&nbsp;<a href="https://www.benzinga.com/news/24/04/38397845/tesla-will-solve-autonomy-even-if-i-got-kidnapped-by-aliens-tomorrow-says-elon-musk-as-he-reveals-ta" target="_blank" rel="noreferrer noopener">Musk said</a>&nbsp;at the company&#8217;s first-quarter earnings call. "If somebody doesn't believe Tesla is going to solve autonomy, I think they should not be an investor in the company."
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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<li><a href="https://www.benzinga.com/news/24/07/39646347/tesla-hints-cybertruck-was-most-sold-ev-truck-in-us-in-q2-but-elon-musks-company-has-not-released-da" target="_blank" rel="noreferrer noopener">Tesla Hints Cybertruck Was Most Sold EV Truck In US In Q2, But Elon Musk's Company Has Not Released Data To Back It Up</a></li>
</ul>
Photos courtesy: Shutterstock and Wikimedia

Elon Musk Denies Rumors Of Uber Co-Founder Travis Kalanick Joining Tesla To Lead Its Robotaxi Efforts

Macro Economic Events

Econ #s

Economics

Germany Trade Balance For May 24.B Vs. 19.9B Est.; 22.1B Prior

LDTC

Reported Late Friday, LeddarTech Secures Temporary Waiver On Credit Facility With Desjardins, Reduces Minimum Cash Covenant

SNDL

Reported Late Friday, SNDL Announces Stalking Horse Agreement To Acquire Indiva Limited's Business And Assets

Reported Late Friday, SNDL Acquires $28M Delta 9 Cannabis Debt, Becomes Senior Secured Creditor With Priority Interest In Assets

Reported Sunday, Motorola Solutions Opened New R&D Centre In Cork, Ireland, Creating 200 Highly Skilled Jobs

In June the Company mined 119 Bitcoin, increasing its Bitcoin holdings by&nbsp;2%, now totalling 2,496 Bitcoin on the balance sheet. HIVE maintained an average Bitcoin mining capacity of over 4.7 Exahash (&quot;EH/s&quot;) in June 2024 (all amounts in US dollars, unless otherwise indicated).

HIVE

Hive Digital Technologies Mined 119 Bitcoin In June 2024

Paolo Ardoino, the CEO of stablecoin issuing company Tether, expressed alarm over OpenAI's security breach, claiming that decentralized artificial intelligence models are the strongest defense against such attacks.&nbsp;
What Happened: The man at the helm of affairs of a company behind the world's most traded cryptocurrency, Tether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>), described the hack, the details of which were unearthed last week, as "scary."&nbsp;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">OpenAI seems to have been hacked a while ago. Scary. Locally executable AI models are the only way to protect people privacy and ensure resilience / independence. New generation smartphones and laptops are more than powerful enough to fine tune general LLMs with user&#39;s own…
&mdash; Paolo Ardoino &#x1f916;&#x1f350; (@paoloardoino) <a href="https://twitter.com/paoloardoino/status/1809690415895048259?ref_src=twsrc%5Etfw">July 6, 2024</a></blockquote>
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Ardoino lent his support to what he described as locally executable AI models, arguing that these are the "only way" to protect people's privacy and ensure resilience.
"New generation smartphones and laptops are more than powerful enough to fine-tune general large language models (LLMs) with user&#8217;s own data, preserving enhancements locally to the device," the CEO emphasized.&nbsp;
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39639117/crypto-billionaire-justin-sun-offers-to-buy-bitcoin-off-market-from-german-government-to-m">Crypto Billionaire Justin Sun Offers To Buy Bitcoin Off-Market From German Government To Minimize Price Impact, Lawmaker Slams Authorities For Selling</a>
Ardoino stated that the company was working toward creating decentralized, localized AI models. Note that <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39009768/tethers-next-big-bet-is-on-ai-says-ceo-paolo-ardoino">Tether has already made its plans clear to invest heavily</a> in AI technologies.&nbsp;
Why It Matters: Ardoino's views came following the <a href="https://www.benzinga.com/news/24/07/39646030/openais-design-details-stolen-by-hacker-in-2023-who-infiltrated-companys-messaging-system-report">sensational disclosure of a security breach</a> at the Sam Altman-founded firm last year. The executives withheld the news from going public because no customer or partner information had been compromised.
Tether CEO was another influential voice from the cryptocurrency industry to question the concentration of power in the AI industry.&nbsp;
In May, Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) co-founder Vitalik Buterin also p<a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38956759/no-7t-server-farms-plz-ethereum-creator-vitalik-buterin-thinks-openai-chief-sam-altmans-vi">ushed for an ecosystem of open models</a> running on consumer hardware rather than a few central servers controlled by a small cohort of conglomerates. 
Image via Shutterstock
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$ETH

$USDT

Tether CEO Signals Investments Into Decentralized AI Models Amid OpenAI Security Breach: 'The Only Way To Protect People's Privacy…'

Reported Earlier, Australia Home Loans MoM -2.0% Vs. 2.0% Est.; 4.5% (Revised) Prior

BBJP

WisdomTree Trust Japan Total Dividend Fund

Reported Earlier, Japan Current Account n.s.a. For May 2.850T Vs. 2.450T Est.; 2.051T Prior

Reported Earlier, Japan Adjusted Current Account For May 240.62T Vs. 2.07T Est.; 2.52T Prior

Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) Watch Series 10 may <a href="https://www.benzinga.com/markets/equities/23/08/33810184/apple-eyes-splashy-upgrade-for-tenth-anniversary-edition-watch-after-minor-upgrade-with-series-9">not include&nbsp;blood pressure</a> monitoring and sleep&nbsp;apnea detection features.
What Happened: In his weekly &#8220;Power On&#8221; newsletter, Bloomberg columnist Mark Gurman reported that Apple has run into multiple issues while trying to incorporate these features into its 2024 models. 
The blood pressure monitoring function, which was designed to warn users of high blood pressure, has not met Apple&#8217;s stringent standards. Doubts have also been expressed about the feature&#8217;s compatibility with the new design of&nbsp;the Apple Watch Series 10.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/39569675/palantirs-peter-thiel-says-its-very-strange-that-most-money-in-ai-is-being-made-by-only-one-company?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Palantir&#8217;s Peter Thiel Says It&#8217;s &#8216;Very Strange&#8217; That Most Money In AI Is Being Made By Only One Company:</a>
The&nbsp;sleep apnea function is being&nbsp;obstructed by a non-technical issue. <a href="https://www.benzinga.com/news/24/03/37724310/apple-watch-2-0-new-patents-hint-at-expansion-beyond-health-tracking-after-masimo-fiasco">Apple&#8217;s ongoing legal battle</a>&nbsp;with Masimo Corp over blood&nbsp;oxygen saturation detection technology has impeded the company&#8217;s ability to measure this vital statistic.
&#8220;Either Apple will resolve that issue by September or find a way to work around it (perhaps the company could argue that its oxygen reader can be used for purposes that aren't directly related to blood oxygen levels),&#8221; Gurman said, adding, &#8220;It also could announce the feature but not release it until a later date — or just delay it altogether.&#8221;
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Another ambitious feature, <a href="https://www.benzinga.com/news/large-cap/23/09/34623127/apple-taps-seasoned-executive-to-head-secret-team-developing-glucose-monitoring-device-stocks-to-w">glucose monitoring</a>, has been under development for nearly a decade. The invasive nature of glucose monitoring which typically requires direct blood access has made it difficult for it to reach wrists.
However, Gurman has now noted that Cupertino has reached a significant milestone in this regard.
In the newsletter, the tech analyst also <a href="https://www.benzinga.com/news/24/07/39658101/apple-plans-plastic-casing-watch-se-to-take-on-samsung-galaxy-watch-fe-says-expert">reported that Apple is developing a new version</a> of its Watch SE with a plastic casing, likely to cut costs and compete with Samsung&#8217;s cheapest watch.
Photo by oasisamuel on Shutterstock
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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<li><a href="https://www.benzinga.com/news/24/07/39657668/whats-new-in-the-consumer-tech-world-last-week-news-that-you-should-know-june-30-july-5-2024?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">What&#8217;s New In the Consumer Tech World Last Week? News That You Should Know (June 30 &#8211; July 5, 2024)</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

AAPL

Apple Watch Series 10 May Not Include Anticipated Health Features Like Blood Pressure Monitoring And Sleep Apnea Detection

Nate Geraci, president of The ETF Institute, predicted that Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)-based spot exchange-traded funds could launch within the next two weeks.&nbsp;
What Happened: Geraci, who actively tracks developments on cryptocurrency ETFs and shares updates on the same via his official X handle, hoped that modified S-1 filings would arrive on the SEC&#8217;s desk by Monday.&nbsp;
He wrote that from then on, the potential launch dates would be contingent on how soon the regulator does its verification and gives a go-ahead.&nbsp;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Spot eth ETF S-1 amendments supposedly due tomorrow… How quickly will SEC turn these around? Again, main item I'm watching for is fees (which won't be required w/ these amendments). Otherwise, assume issuers gearing up for launch in next week or two.
&mdash; Nate Geraci (@NateGeraci) <a href="https://twitter.com/NateGeraci/status/1810100442388422792?ref_src=twsrc%5Etfw">July 7, 2024</a></blockquote>
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In a dramatic turn of events, the SEC <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38995513/sec-approves-spot-ethereum-etfs-opening-door-for-mainstream-investors">approved 19b-4 forms for applications of Ether ETFs</a> in May, after weeks of negative sentiment. The SEC asked the ETF applicants to submit the revised S-1 registration statements, the final hurdle before the funds can start trading on U.S. exchanges, by July 8.
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39639117/crypto-billionaire-justin-sun-offers-to-buy-bitcoin-off-market-from-german-government-to-m">Crypto Billionaire Justin Sun Offers To Buy Bitcoin Off-Market From German Government To Minimize Price Impact, Lawmaker Slams Authorities For Selling</a>
Why It Matters: Geraci's forecast was in line <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39611356/spot-ethereum-etfs-could-arrive-by-mid-july-suggests-analyst-nate-geraci-theoretically-mea">with his previous estimate of a mid-July launch</a> last week.&nbsp;
The eventual launch of spot Ether ETFs could have significant implications for the cryptocurrency market since it would be the second such digital asset fund in the U.S. after the much-talked-about Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) spot ETFs that debuted in January.
Cryptocurrency exchange Gemini <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39597377/spot-ethereum-etfs-could-take-in-up-to-15b-in-2024-gemini-research">estimates net inflows of up to $5 billion within the first six months of trading</a> into Ether ETFs.
Photo Courtesy: Shutterstock
Price Action: At the time of writing, Ethereum is trading at $2,873.96, down 5.77% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39658292/dogecoins-market-slump-could-be-ending-suggests-analyst-the-worst-should-be-over-if-were-i">Dogecoin&#8217;s Market Slump Could Be Ending, Suggests Analyst: &#8216;The Worst Should Be Over If We&#8217;re In Line With Previous Cycles&#8217;</a></li>
</ul>

Spot Ethereum ETFs Could Launch In A Week Or Two, Says ETF Analyst Nate Geraci: 'How Quickly Will SEC Turn These Around?'

Wedbush analyst Dan Ives has strongly <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39654001/nvidia-gets-rare-downgrade-over-concerns-that-demand-is-normalizing-in-line-with-ex">opposed a recent downgrade</a> of Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) by New Street Research, citing the AI revolution as a key factor.
What Happened: Ives expressed his disagreement with the negative assessment of Nvidia&#8217;s future prospects in a post on X. He emphasized that the AI revolution, led by Nvidia and its CEO Jensen Huang, is just beginning.
&#8220;We cannot disagree more with this negative Nvidia call as discussed on @LastCallCNBC last night as the AI Revolution is just starting in our view being led by Nvidia and the Godfather of AI Jensen in this 9 pm party,&#8221; wrote Ives.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We cannot disagree more with this negative Nvidia call as discussed on <a href="https://twitter.com/LastCallCNBC?ref_src=twsrc%5Etfw">@LastCallCNBC</a> last night as the AI Revolution is just starting in our view being led by Nvidia and the Godfather of AI Jensen in this 9 pm party &#x1f525;&#x1f57a;&#x1f4fa;&#x1f402;&#x1f447; <a href="https://t.co/4mZx5shV4l">https://t.co/4mZx5shV4l</a>
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1809665440534393283?ref_src=twsrc%5Etfw">July 6, 2024</a></blockquote>
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New Street Research&#8217;s Pierre Ferragu downgraded Nvidia to neutral, citing concerns about the stock&#8217;s overvaluation. Ferragu noted that the demand for Nvidia&#8217;s products is in line with expectations, which led to the decision to downgrade the stock. &#8220;For the first time, we think Nvidia might not exceed expectations,&#8221; said Ferragu. 
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39655239/trump-accuser-stormy-daniels-says-ex-presidents-supporters-have-flooded-her-with-threats-since-h?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Accuser Stormy Daniels Says Ex-President&#8217;s Supporters Have Flooded Her With Threats Since His Conviction: &#8216;I&#8217;ve Lost &#8230; Mostly My Peace&#8217;</a>
Why It Matters: Nvidia&#8217;s stock has been on a rollercoaster ride recently. The company received a rare downgrade from New Street Research on Saturday, citing <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39654001/nvidia-gets-rare-downgrade-over-concerns-that-demand-is-normalizing-in-line-with-ex">concerns about the stock&#8217;s overvaluation</a>. The analyst expressed doubts about any additional upside, stating that it would only materialize in a bull case, which is not yet certain. He also warned of a potential risk of derating if the current outlook remains unchanged.
Despite the concerns, Ives has been a vocal advocate of Nvidia&#8217;s impact on the tech industry. He <a href="https://www.benzinga.com/news/24/07/39587744/nvidia-and-jensen-huang-fueling-tech-sector-boom-says-wedbush-analyst-dan-ives-for-every-1-spent-on">previously underscored</a> the significant influence of Nvidia&#8217;s expansion, stating that every dollar spent on the company&#8217;s chips generates $8 to $10 in the rest of the sector.
However, the stock has seen <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39650479/whats-going-on-with-nvidia-stock-on-friday">some turbulence recently</a>. In addition to the downgrade, European Union competition chief Margrethe Vestager highlighted a significant &#8220;bottleneck&#8221; in Nvidia AI chip supply.
Price Action: Nvidia Corp&#8217;s stock closed at $125.83 on Friday, marking a decline of 1.91% for the day. In after-hours trading, the stock further decreased 0.36%. Year to date, Nvidia has shown substantial growth, surging by 161.22%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
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Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

Analyst Ratings

Nvidia Downgrade By Pierre Ferragu's Newstreet Countered By Dan Ives: 'Cannot Disagree More…'

President Joe Biden has taken to X to accuse former President Donald Trump of lying about his involvement with the controversial &#8216;Project 2025&#8217;.
What Happened: On Sunday, Biden posted his criticism of Trump&#8217;s denial of any association with &#8216;Project 2025&#8217;. The President questioned Trump&#8217;s honesty, suggesting that the former President&#8217;s project threatens American freedoms and future.
The president urged people to &#8220;Google&#8221; the facts if they didn&#8217;t believe him.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">What is he talking about? Trump is lying about Project 2025. It's his people and his plan. But it's your freedoms and future at risk. Trump's "project" will destroy America. If you don't believe me, google it. <a href="https://t.co/YoZnGGJv57">https://t.co/YoZnGGJv57</a>
&mdash; Joe Biden (@JoeBiden) <a href="https://twitter.com/JoeBiden/status/1809619592731308136?ref_src=twsrc%5Etfw">July 6, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/07/39638541/trumps-unfounded-claims-kamala-harris-stir-controversy-shes-so-bad-shes-so-pathetic?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Unfounded Claims About Kamala Harris Stir Controversy: &#8216;She&#8217;s So Bad, She&#8217;s So Pathetic&#8217;</a>
Trump had previously distanced himself from the contentious project, despite its ties to his potential second-term administration. The project, led by the Heritage Foundation, a conservative think tank, has been criticized by Democrats for outlining an extreme policy agenda.
Why It Matters: This post on X comes in the wake of Trump&#8217;s public <a href="https://www.benzinga.com/news/24/07/39654177/trump-distances-himself-from-project-2025-amid-rising-controversy-i-know-nothing">disavowal of any connection</a> to &#8216;Project 2025&#8217;. According to a Benzinga report, Trump renounced any association with the initiative, despite its ties to his potential second-term administration.
However, Olivia Troye, a former staffer of Mike Pence&#8217;s Homeland Security, has refuted Trump&#8217;s claims of unawareness about &#8216;Project 2025&#8217;. In a recent CNN appearance, Troye stated that the controversial plan for restructuring the federal government was <a href="https://www.benzinga.com/news/24/07/39657905/former-mike-pence-staffer-dismisses-trumps-attempts-to-distance-himself-from-project-2025-prepostero">orchestrated by Trump&#8217;s former White House officials</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/39638455/obama-era-official-says-democrats-discussing-how-to-replace-biden-full-scale-panic-behind-the-scenes?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Obama-Era Official Says Democrats Discussing &#8216;How&#8217; To Replace Biden: &#8216;Full-Scale Panic&#8217; Behind The Scenes</a></li>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

'Trump Is Lying About Project 2025,' Says Joe Biden: 'It's His People And His Plan' And It Will Destroy America, Google It

Influential cryptocurrency trader Kevin shared his analysis on the current market correction of Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), suggesting that the worst could be over for the king of memecoins if the pattern follows previous cycles.
What Happened: Kevin took to X Sunday to share his insights on the ongoing market correction of Dogecoin. He noted that in the previous bull market, Dogecoin experienced 50–60% corrections three times before reaching its macro top. 
Currently, Dogecoin has seen a 60% correction, which, according to him, could indicate that the worst is over if the pattern aligns with previous cycles. However, he also warned that the bullish narrative could be invalidated if Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) has reached its peak and is entering a longer bear market.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">In the previous bull market for <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> it saw on 3 separate occasions 50-60% corrections while grinding its way to its eventual macro top. At the current moment this correction has been 60%. If we are in line with previous cycles and their average corrections then the worst… <a href="https://t.co/dIE7XS372s">pic.twitter.com/dIE7XS372s</a>
&mdash; Kevin (@Kev_Capital_TA) <a href="https://twitter.com/Kev_Capital_TA/status/1810086486068670683?ref_src=twsrc%5Etfw">July 7, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39640358/shiba-inu-lead-developer-shytoshi-kusama-appears-in-japan-in-batman-like-avatar-our-humble?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shiba Inu Lead Developer Shytoshi Kusama Appears In Japan In Batman-Like Avatar: &#8216;Our Humble King BatBoshi&#8217;</a>
Why It Matters: Kevin&#8217;s analysis comes at a time when Dogecoin, along with the broader cryptocurrency market, has corrected sharply due to <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39652199/impact-of-mt-gox-germany-sales-on-bitcoin-lettuce-hands-are-flushed-out">concerns over billions of dollars in potential Bitcoin sales</a>. Over the last week, the original dog-themed coin lost 19.77% of its value. 
Some experts, however, continue to be bullish on its long-term potential. Widely-followed analyst Timothy Peterson forecasted Dogecoin&#8217;s surge to $1 in the next two years, a 10x jump from its current value.
Price Action: At the time of writing, DOGE was trading at $0.1026, down 8.63% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Photo Courtesy: Shutterstock.com
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39658172/peter-schiff-says-smart-money-is-selling-and-dumb-money-is-buying-it-through-etfs-they-set">Peter Schiff Says &#8216;Smart Money Is Selling&#8217; And Dumb Money Is Buying It Through ETFs: &#8216;They Set Up Bitcoin ETF Investors To Be The Bag Holders&#8217;</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://benzinga.com/apis" rel="noreferrer noopener" target="_blank"></a>

$DOGE

Dogecoin's Market Slump Could Be Ending, Suggests Analyst: 'The Worst Should Be Over If We're In Line With Previous Cycles'

EV Company News For The Month Of April 2024

BAIC Motor (HK:1958) has released an update. BAIC Motor Corporation Limited successfully held its second extraordinary general meeting of 2024, wit...

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BAIC Motor (HK:1958) has released an update. BAIC Motor Corporation Limited announced successful completion of its 2023 annual general meeting, wit...

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EV Company News For The Month Of June 2024

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BAIC Motor Corp

South Korean automaker Hyundai Motors (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) is set to manufacture electric vehicles (EVs) for Chinese EV maker Arcfox, a brand co-owned by BAIC Motor Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMCLF#OTC">BMCLF</a>).



As per a <a href="https://electrek.co/2023/10/11/hyundai-build-tesla-knockoff-chinese-ev-maker-arcfox/">report</a> from the&nbsp;Korean Economic Daily Global, the two companies have agreed to produce Arcfox EVs at Hyundai&#8217;s Beijing plant.



Arcfox, a 50-50 joint venture between Hyundai and BAIC Motor Corp established in 2017, has several models already in production, including the Alpha-S, which bears similarities to Tesla Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Model S and Hyundai&#8217;s IONIQ 6.



See Also:&nbsp;<a href="https://www.benzinga.com/news/23/10/35139568/elon-musk-said-16-years-ago-spacex-has-no-serious-competition-he-feels-the-same-today?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Said 16 Years Ago SpaceX Has No &#8216;Serious Competition&#8217; — He Feels The Same Today</a>



Discussions are still ongoing, and if the agreement materializes, this&nbsp;would be the first time&nbsp;Hyundai produces EVs under a&nbsp;foreign brand.



&#8220;The&nbsp;cooperation suggests Hyundai has yet&nbsp;to give up on the&nbsp;Chinese market,&#8221; an industry source said.



Hyundai&#8217;s&nbsp;market share in China has&nbsp;dropped&nbsp;from a peak of 7%&nbsp;to less than 1% last&nbsp;year, with only 254,000 units&nbsp;sold. Hyundai hopes to invigorate its brand by manufacturing EVs under the new brand.



The South Korean automaker has&nbsp;already sold one of its&nbsp;five factories in China to&nbsp;Li Auto in 2021. Despite a 9% sales increase in&nbsp;the first eight months of&nbsp;2023, Hyundai is still struggling to regain a significant market share.



The decision to manufacture Arcfox EVs could provide Hyundai with an opportunity to strengthen its position in the Chinese market.



Read Next:&nbsp;<a href="https://www.benzinga.com/news/23/10/35140127/bill-gates-maintains-clean-hydrogen-a-swiss-army-knife-of-decarbonization-musk-called-it-a-staggerin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bill Gates Maintains Clean Hydrogen A &#8216;Swiss Army Knife of Decarbonization&#8217; — Musk Called It A &#8216;Staggerin</a>



Image via Unsplash




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<ul>
	<li>China&#39;s&nbsp;Huawei Technologies&nbsp;is partnering with more legacy automakers to produce Aito-branded electric cars&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/01/30371891/tesla-braces-for-third-international-ev-factory-to-tap-indonesias-battery-reserve" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">to tap the</a>&nbsp;Tesla Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) driven EV wave.</li>
	<li>Huawei will collaborate with&nbsp;Chery Automobile,&nbsp;BAIC Motor Corp&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BCCMY#OTC">BCCMY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMCLF#OTC">BMCLF</a>), and&nbsp;Anhui Jianghuai Automobile Group&nbsp;to manufacture Aito-branded vehicles, Reuters&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/autos-transportation/chinas-huawei-partners-with-more-automakers-produce-aito-evs-2023-04-01/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">reports</a>&nbsp;citing Richard Yu, Huawei&#39;s Smart Car CEO, said at the China EV 100 forum in Beijing.</li>
	<li>Yu added that Huawei already partnered with Seres Group to make Aito cars and plans a series of models, including SUVs, sedans, and multipurpose vehicles under the Aito brand.</li>
	<li>Seres sold 80,000 Aito cars featuring Huawei&#39;s HarmonyOS system - developed by the company as an alternative to Android - in 2022, up more than six times from a year ago.</li>
	<li>U.S. hit Huawei&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/03/31490108/huawei-attempts-turnaround-since-us-embargo-took-effect-accomplishes-recognizable-success-in-chip-de" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">with export controls</a>&nbsp;citing security risks blocking it from buying key components, from using&nbsp;Alphabet Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)&nbsp;Google&#39;s&nbsp;Android operating system and affecting its partnerships with global automakers.</li>
	<li>Tension with the U.S. saw Huawei CFO Meng Wanzhou detained for three years in Canada over alleged efforts to cover up attempts by Huawei-linked companies to sell equipment to Iran in breach of U.S. sanctions.</li>
	<li>In March, Huawei accomplished notable success in electronic design automation (EDA) tools for chips produced at and above 14-nm technology.</li>
	<li>Reportedly, Huawei has developed 78 tools related to chip hardware and software.</li>
	<li>Huawei, a major supplier of equipment used in 5G telecommunications networks, succumbed to U.S. export controls in 2019.</li>
</ul>

When it comes to EVs, all eyes are on Tesla Inc&#39;s (NASDAQ:<a class="ticker" href="/stock/TSLA#NASDAQ">TSLA</a>) whose fortunes have made it the highest-valued car company in the world, and now its CEO, Elon Musk, the richest man in the world, overtaking Amazon.com, Inc.&#39;s (NASDAQ:<a class="ticker" href="/stock/AMZN#NASDAQ">AMZN</a>) Jeff Bezos. But while Tesla has carved a path for EVs, China makes 2.5 times as many cars as the USA and Chinese EVs are coming to the West.

<h3>Build Your Dreams</h3>

Tesla sells more EVs per hour than any other company in the world or more precisely, more than Bayerische Motoren Werke ADR (BMW) (OTC:<a class="ticker" href="/stock/BMWYY#OTC">BMWYY</a>), Volkswagen (OTC:<a class="ticker" href="/stock/VWAGY#OTC">VWAGY</a>) and Renault ADR (OTC:<a class="ticker" href="/stock/RNLSY#OTC">RNLSY</a>). But, right after Tesla&#39;s 42 vehicles per hour is BYD Ord Shs H (OTC:<a class="ticker" href="/stock/BYDDF#OTC">BYDDF</a>) with 26, according to Moneyshake. The Chinese EV maker has a joint venture with Daimler AG (OTC:<a class="ticker" href="/stock/DDAIF#OTC">DDAIF</a>) on a new brand Denza. Its electric buses are on the streets of Scandinavia and electric garbage trucks in California. Its Tang SUV was introduced into the Norwegian market in July 2020, competing with Tesla&#39;s Model X in size but price-wise it&#39;s in the category with Model Y. Its Han, a mid-sized sedan was released in July is similar to Model 3 and is already outselling its Chinese rivals.

<h3>BAIC</h3>

BAIC Motor Corp Ltd (OTC:<a class="ticker" href="/stock/BMCLF#OTC">BMCLF</a>) sells 18 electric vehicles per hour. Although, the company&#39;s plans were significantly disrupted by the pandemic as it pushed two launches to 2021. Its Arcfox brand plans to sell its ECF SUV, as well as, the Arcfox GT in Europe.

<h3>SAIC</h3>

SAIC Motor Corporation Limited owns the Maxus and Roewe brands in China but it also purchased the British brand MG. With its MG ZS EV and MG5 EV, it already had considerable success selling these models in the UK. Moreover, a small cheap EV is in the cards with E-Motion expected in 2021.

<h3>Geely</h3>

Geely Automobile Holdings Ltd&#39;s (OTC:<a class="ticker" href="/stock/GELYF#OTC">GELYF</a>) sub-brands are all over the world, including Volvo, Polestar, Lotus, the LEVC taxi company and Malaysian car maker Proton. Geely and Baidu Inc (NASDAQ:<a class="ticker" href="/stock/BIDU#NASDAQ">BIDU</a>) will partner to make smart EVs.

<h3>Wuling</h3>

The current best-selling car in China is the Wuling HongGuang Mini EV which comes at an incredibly low price of $4,200.

<h3>Xpeng</h3>

The G3 SUV has been the first model to ship in Europe, with Norway being the testing ground. If things go well, it is reasonable to expect it on both European and US roads, with P7 following it soon after.

<h3>Aiways</h3>

This small company is selling only a few hundred EVs a month in China, but its highly affordable ($28-42,000) U5 SUV has already arrived in Europe as it became a rental option for Hertz Corsica in July last year.

<h3>NIO</h3>

NIO Inc (NYSE:<a class="ticker" href="/stock/NIO#NYSE">NIO</a>) plans to bring some of its more everyday cars to Europe in 2021. Its stock soared 14% on Monday as it revealed its first luxury ET7 sedan. The company also announced a partnership with NVIDIA Corporation (NASDAQ:<a class="ticker" href="/stock/NVDA#NASDAQ">NVDA</a>) to develop autonomous driving capabilities for its vehicles.

<h3>Takeaway</h3>

The global EV market was estimated at roughly $162 billion in 2019. By 2027, it is expected to top $802 billion, according to Allied Market Research. This would result in nearly 27 million electric vehicles, according to research company Markets and Markets. Considering China is the world&#39;s biggest EV market, it should come as no surprise that Chinese manufacturers are joining this hot market. With so many new models planned to launch this year, it seems that the optimistic forecasts that global EV sales will grow at least 50 percent this year are well-founded.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full <a href="https://iamnewswire.com/disclaimer-disclosure/">disclosure</a>. IAM Newswire does not hold any position in the mentioned companies. Press Releases &ndash; If you are looking for full Press release distribution contact: <a href="mailto:press@iamnewswire.com">press@iamnewswire.com</a> Contributors &ndash; IAM Newswire accepts pitches. If you&#39;re interested in becoming an IAM journalist contact: <a href="mailto:contributors@iamnewswire.com">contributors@iamnewswire.com</a>

The post <a href="https://iamnewswire.com/2021/01/12/the-chinese-ev-invasion/" rel="nofollow">The Chinese EV Invasion</a> appeared first on <a href="https://iamnewswire.com" rel="nofollow">IAM Newswire</a>.

Photo by <a href="https://unsplash.com/@meric?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Meri&ccedil; Dağlı</a> on <a href="https://unsplash.com/s/photos/highway?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Unsplash</a>

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