- Dream debut for Wirtz as Leverkusen thump dire Feyenoord
- Myanmar flood death toll climbs to 293: state media
- Israel army says West Bank air strike kills 4 militants
- LIV golfers get green light for US Ryder Cup team, PGA Championship
- US accuses social media giants of 'vast surveillance'
- Ten Hag to bed Hojlund, Mount in carefully when they return for Man Utd
- Breaking bad as McIlroy endures 'weird' day
- EU chief announces $11 bn for nations hit by 'heartbreaking' floods
- Spanish PM, Palestinian leader urge Mideast de-escalation
- New study reinforces theory Covid emerged at Chinese market
- World Bank boosts climate financing by 10 percent
- Bagnaia eyeing summit on home ground in 100th MotoGP
- 'Something was wrong', defendant in French mass rape tells court
- Hezbollah chief admits 'unprecedented' blow in device blasts
- Sales of US existing homes slip slightly in August
- Fear, panic haunt Lebanese after devices explode
- Labuschagne sparks Australia fightback in England ODI opener
- S.Africa's HIV research power couple says fight goes on
- Why is Israel focusing on border with Lebanon?
- Mpox vaccines administered in Rwanda, first in Africa
- US Fed rate cut is 'very positive sign' for economy: Yellen
- Unknown Mozart string trio discovered in Germany
- 'Are we five-year-olds?' F1 drivers won't mind their language
- Brazil judge orders X to reimpose block or face hefty fine
- Munich to rename stadium street after Beckenbauer
- Champions Italy to face Argentina in Davis Cup Final 8
- The winding, fitful path to weight loss drug Ozempic
- Italians defeat American Magic to reach Louis Vuitton Cup final
- Norris has 'nothing to lose' as he hunts Verstappen in Singapore
- Kyiv 'outraged' at Swiss showing of Russian war film
- French city renames Abbe Pierre square after abuse claims
- Footballer charged after huge cannabis seizure at UK airport
- Vatican recognises Medjugorje shrine, but not Virgin's messages
- Israel bombs Hezbollah strongholds in Lebanon after wave of deadly blasts
- Bank of England freezes rate after jumbo US cut
- Playing Nadal is 'kind of a nightmare', says Alcaraz
- Portugal tackles last of deadly northern forest fires
- Ton-up Ashwin lifts India to 339-6 against Bangladesh
- Departing NATO chief warns US against 'isolationism'
- Coming winter 'sternest test yet' for Ukraine energy grid
- Evacuations as tail of Storm Boris floods northeast Italy
- Lebanon's Hezbollah reeling after second wave of deadly blasts
- Taiwan recognises same-sex marriages between Chinese, Taiwanese
- Stock markets rally after jumbo US rate cut
- Gabon's ousted leader Bongo says renouncing politics for good
- Lebanon device blasts: what we know about deadly attacks
- Equity markets rally after jumbo US rate cut
- Late Harrods owner Al-Fayed accused of rape: BBC
- Hong Kong man sentenced 14 months for wearing 'seditious' T-shirt
- Lebanon's Hezbollah in disarray after second wave of deadly blasts
CMSC | -0.06% | 25.04 | $ | |
BCC | 4.69% | 143.802 | $ | |
JRI | -0.3% | 13.4 | $ | |
RIO | 3.36% | 65.1 | $ | |
BCE | -0.94% | 35.28 | $ | |
GSK | -1.28% | 41.895 | $ | |
SCS | -6.17% | 13.29 | $ | |
RBGPF | 5.79% | 60.5 | $ | |
RYCEF | 5.76% | 6.95 | $ | |
AZN | 0.73% | 79.16 | $ | |
CMSD | 0.16% | 25.02 | $ | |
BTI | -0.7% | 37.615 | $ | |
RELX | 1.69% | 48.185 | $ | |
VOD | -1.49% | 10.08 | $ | |
NGG | -1.6% | 68.95 | $ | |
BP | 1.53% | 32.935 | $ |
Shanghai lockdowns could force China carmakers to stop production, XP
Chinese auto makers may have to put the brakes on production if strict Covid-19 curbs in Shanghai persist, said the founder of electric carmaker XPeng, as a prolonged lockdown of the economic hub menaces supply chains.
The lockdown has kept Shanghai's 25 million residents mostly at home, forcing manufacturers to halt operations, and has made China's GDP growth target of around 5.5 percent look increasingly difficult to achieve.
Covid outbreaks across the country and the associated reductions in economic activity have already hit the auto industry hard, with car sales dropping 10.5 percent in March.
"If supply chain companies in Shanghai and its surrounding areas cannot find a way to dynamically resume work and production, all original equipment manufacturers may have to stop production in May," XPeng chief He Xiaopeng said Thursday on social media.
XPeng has been touted as a Chinese challenger to US electric car giant Tesla, and its chief said that businesses were hoping for more support from the authorities to navigate the Covid closures.
Volkswagen also said it has been "severely hit by Covid-19 outbreaks in Changchun and Shanghai", where the German titan's Chinese joint ventures are located.
The firm is "temporarily unable to meet high customer demand", said Volkswagen Group China CEO Stephan Wollenstein on Thursday, adding that he hoped the production delays could be made up in the coming months.
China's zero-Covid policy has been increasingly strained as the country battles its highest number of infections since the start of the pandemic.
Volkswagen said around 20 percent of its dealers were forced to temporarily close in March alone as a result of lockdowns.
Tesla's multi-billion-dollar "gigafactory" in Shanghai -- which the company calls its main export hub -- has also been reportedly shut.
Chinese electric vehicle maker Nio said last weekend that it had suspended vehicle production, as business partners in virus-hit areas such as Jilin and Shanghai halted operations.
D.Moore--AMWN