Pandaily Digest｜May 5, 2023
Editor's note: On May 2nd, Tesla increased global prices for its electric vehicles after multiple price cuts earlier this year. Model 3 and Model Y starting prices rose by 2,000 yuan ($289) in China.
Will Chinese EV Makers Follow Tesla’s Lead in Raising Prices?
On May 2nd, Tesla’s website displayed a global price increase for its electric vehicles. This comes after multiple price cuts earlier this year. The starting prices of Model 3 and Model Y have both risen by 2,000 yuan ($289) in China.Link
Headlines from China
Baidu’s New AI Algorithm Boosts COVID-19 mRNA Vaccine Antibody Response by 128 Times
A team of researchers from Baidu Research, an AI company based in Beijing, has developed an AI algorithm that can rapidly design highly stable COVID-19 mRNA vaccine sequences that were previously unattainable.Link
ByteDance Founder Zhang Yiming Donates $28.9M to Support Hometown Education
The Education Bureau of Longyan City in Fujian Province announced on May 4th that Zhang Yiming, the founder of ByteDance, a Chinese tech giant, donated an extra 200 million yuan ($28.9 million) to the Fangmei Education Development Fund.Link
Luckin Coffee Opens A New Store on Average Every 1.9 Hours
Recently, Luckin Coffee released its Q1 2023 financial report. The report shows that Luckin Coffee achieved a total net revenue of RMB 4.437 billion (USD 640 million) in the first quarter of this year, an increase of 84.5% year-on-year.Link
News You Shouldn't Miss
Sequoia China’s Neil Shen Rises to No. 1 on 2023 Forbes Midas List
Neil Shen, the founding and managing partner of Sequoia China, has been named this year’s top investor in the 2023 Forbes Midas List. This marks his fourth time taking the top spot, having previously been knocked off twice before.Link
Alibaba International Digital Commerce Group Unveils Winners of 2023 Global E-commerce Challenge
Talented young minds from universities in China, Spain and Singapore have been hailed as winners of the 2023 Alibaba Global E-commerce Challenge organized by Alibaba International Digital Commerce Group (AIDC) after a series of rigorous competitions both at the regional and the global levels.Link
Chinese EV Makers Unveil Delivery Volumes in April
In April, Chinese automakers’ delivery results revealed that Li Auto delivered more vehicles than NIO and XPeng combined. Additionally, the new energy vehicle brands of traditional car companies are experiencing a consistent upward trend in sales.Link
XPeng Responds to Autonomous Driving Emergency Avoidance Almost Causing An Accident
On May 3rd, a netizen posted a video claiming that while using the XPeng G9’s autonomous driving system, the car turned right to avoid a large vehicle in front but did not return to its original direction afterwards. The owner then took over and quickly turned the steering wheel to avoid an accident.Link
Tianqi Lithium Denies Investing in Mercedes-Geely Smart Venture
On May 4, Tianqi Lithium, a Chinese mining and manufacturing company, denied rumors that it was considering investing in Smart Automobile, stating to Cailian Press that “we have no information to disclose on this matter.”Link
Great Wall Motor’s Brazil Factory to Start Operation on May 1, 2024
On May 4, Chinese automobile manufacturer Great Wall Motor announced that its factory in Iracemapolis, Brazil will begin operations on May 1, 2024. It’s likely to be Brazil’s first new energy vehicle factory specializing in the production of hybrid and electric vehicles.Link
In order to optimize your reading experience, articles linked in our newsletter have changed from those hosted at Substack.com to those on our own website at Pandaily.com. If you have any questions regarding this matter, please contact us at contact@pandaily.com.
