Page 2 - Shanghai

Tesla breaks ground on Megapack energy storage battery factory in Shanghai

Electric vehicle maker Tesla has begun construction of a factory in Shanghai to make its Megapack energy storage batteries, Chinese state media reported Thursday. The USD 200 million plant in Shanghai's Lingang pilot free trade zone will be the first Tesla battery plant outside the United States. Tesla opened an EV plant in Shanghai in 2019 that assembles cars for China, Europe and other overseas markets. It is the No. 2 seller in the booming Chinese market for electric vehicles. The market leader is Chinese auto company BYD. The state-run Xinhua News Agency lauded Tesla's commitment to investing in China and defying the rhetoric of decoupling' and de-risking' from China. It said the factory was slated to start mass production in early 2025, with an initial capacity of 10,000 Megapack units a year. According to Tesla's website, each Megapack can store more than 3.9 megawatt hours of energy enough to power an average of 3,600 homes for one hour. They are designed mainly for utilit

India may permit Chinese electronic firms to invest on a select basis

The Indian govt might consider permitting certain Chinese investments in India, with each venture evaluated based on its individual merit

China launches sea trials for its next-generation aircraft carrier 'Fujian'

Fujian, entirely designed and built domestically, is larger and more advanced than the Shandong, commissioned in late 2019, and the Liaoning, which China bought second-hand from Ukraine in 1998

Apple CEO Cook inaugurates store in Shanghai amid falling iPhone sales

Local media also reported him meeting with Apple's Chinese suppliers including Wang Chuanfu, founder and president of BYD, whose electronics arm supplies components to the US firm

Apple CEO Tim Cook visits Shanghai, with China sales under pressure

His visit comes after the iPhone maker announced that it would open a new retail store in the heart of the Chinese financial hub on Thursday

NYSE-listed Belden invests Rs 100 crore in innovation hub in Bengaluru

The Bengaluru centre holds significance as this is the first such centre in India, following the successful launch of CICs in Stuttgart, Germany; Santa Clara, California; Shanghai, China; and Chicago

China blue-chip index stocks hit 5-year lows on Taiwan, US tensions

The CSI300 Index ended down 1.3%, its lowest closing level since February 2019. The Shanghai Composite Index declined 1.4% to end at its lowest since April, 2022

First made-in-China cruise ship to set sail from Shanghai to S Korea

The Adora Magic City will depart from its home port of Shanghai Monday for a six-day trip that will take in South Korea's Jeju island and the Japanese cities of Nagasaki and Fukuoka

Tesla planning to revamp smash hit model Y from Shanghai plant: Report

Earlier this year, Tesla revamped its six-year-old Model 3 sedan with a sleeker look and longer range to attract customers

Chinese President Xi's Silicon Valley of the East faces slowdown woes

The country's economic slowdown, driven in part by tensions with the US and a slumping property market, is now starting to weigh on the project

Einstein's autographed manuscript fetches Rs 10.7 cr at auction in Shanghai

A rare autographed manuscript by renowned physicist Albert Einstein explaining the development of his famous contributions to science -- theories of special relativity (1905) and general relativity (1915) -- fetched Rs 10.7 crore at the recently held Christie's '20th/21st Century Art Evening Sale'. The auction was held at the Waldorf Astoria Shanghai on September 23. The manuscript, first published in a special supplement to the New York Times on February 3, 1929, is written in German. Einstein had been commissioned to explain the development of his two most famous contributions to science: the theories of special relativity (1905) and general relativity (1915). "The rare Einstein manuscript, which marked the Classic Art category's debut in mainland China, was met with great enthusiasm, proving that the collecting appetite here is strong and ever evolving. "We look forward to reconnecting with collectors at our upcoming previews for the Autumn Auctions in Hong Kong, and at the Chin

Russian navy ships visit Shanghai as countries reaffirm military ties

A pair of Russia navy ships are visiting China as the countries reaffirm their military ties amid Russia's war in Ukraine. The Cold War-era frigates Gromkiy and Otlichnyy arrived in the financial hub of Shanghai, China's largest city and biggest port, on Wednesday for a seven-day visit. Following the port call, the ships will conduct joint drills with their Chinese counterparts focusing on ship-to-ship communications, maneuvering in formation and maritime search and rescue, state television's military channel reported Thursday. The visit follows a meeting Monday in Beijing between China's defense minister and the head of Russia's navy, the first formal military talks between the friendly neighbors since a short-lived mutiny by the Russian mercenary group Wagner. China has reassured Russia of its continued support since the uprising, and Minister of National Defense Li Shangfu told Russian Adm. Nikolai Yevmenov that China hoped for increased exchanges, joint exercises and other form

Shanghai power plant burns 800 tons of coal an hour to keep city cool

A heat wave is scorching China, killing livestock and straining electricity grids across the country. Temperatures in Beijing soared to as high as 39C (102F) on Thursday

Tesla to build new Shanghai factory for Megapack battery, says report

The company led by Elon Musk, who is visiting China this weekend, made the announcement at a signing ceremony for the project in Shanghai, the report said

Mumbai ranks 7th as preferred destination for real estate investments

Mumbai is at seventh position in Asia Pacific as a preferred destination for cross-border investments in real estate sector, according to property consultant CBRE India. The consultant on Friday released its '2023 Asia Pacific Investor Intentions Survey'. "Mumbai is ranked 7th among the 10 APAC cities and emerged as a preferred destination for cross-border investment in the region," it said. Mumbai ranks ahead of Shanghai (ranked 8), Hanoi (ranked 9) and Seoul (ranked 10) on the list. No other Indian city had featured in the list in the last two years. Tokyo topped the chart for the fourth consecutive year as the target market for cross-border investment, followed by Singapore. Vietnam continues to benefit from its status as a 'China-plus One' destination. The survey, polled more than 530 Asia Pacific-based investors across a range of investor types from developers, private investors, and REITs to institutions such as insurance companies, pension funds and sovereign wealth funds,

'Living with Covid': UK to stop publishing data, China back to work

The data is considered "no longer necessary" as the country moves to a phase of living with the virus with the help of vaccines and medicines

Facing questions over accuracy, China stops releasing Covid-19 cases data

The commission didn't provide a reason for the change in policy, but said that the Chinese Center for Disease Control and Prevention will release Covid-related info for studies and reference

Shanghai schools to go online as Covid cases soar in China: Report

Nurseries and childcare centres will also shut from Monday, according to Shanghai's education bureau, BBC reported

Tesla to suspend output at its China factory partly due to slowing demand

Consumer demand for cars in China has been dented by the country's still strict approach to Covid

Shanghai to drop Covid test rule in indoor venues, restaurants from today

Shanghai has announced measures for optimising the Covid-19 response; from Friday, negative Covid test certificates will not be needed for indoor entertainment venues and restaurants