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Xiaomi Expands EV Operation
Following the initial success of its foray into electric vehicle (EV) production, the Chinese tech company [XIACY] has bought a 53-hectare site in Beijing to expand production. Earlier this month, CEO Lei Jun said the firm was on track to hit its 2024 sales goal of 100,000 deliveries by November. Elsewhere, the German competition authority has given the green light to Volkswagen’s [VWAGY] joint venture with Rivian [RIVN], while the Mitsubishi [7211:T] share price rose on reports it was in talks to join Nissan’s [NSANY] and Honda’s [HMC] partnership.
BABA Up on Fee Change
The Alibaba [9988:HK] share price rose as much as 5.8% in Hong Kong on news that the Chinese e-commerce giant is to charge vendors a basic software service fee of 0.6% on confirmed transactions. The fee will apply on both its Tmall and Taobao platforms, although it may not be applied to small merchants. In moving to a percentage-based fee structure, Alibaba [BABA] is following on the heels of rivals including PDD Holdings [PDD] and JD.com [JD].
Clean Green Alliances
Palantir [PLTR] and green energy pioneer Tree Energy Solutions (TES) have announced a long-term partnership to advance low-carbon targets. TES will use Palantir's data analytics platform to enhance its supply chain and carbon emissions tracking processes, among others. Elsewhere, First Solar [FSLR], America’s largest solar manufacturer, is battling with Chinese stocks to become the world leader in clean energy. “We’re not going to follow this race to the bottom on pricing,” CEO Mark Widmar told the Financial Times.
Roche Fast Tracks Obesity Pill
CEO Thomas Schinecker told the Financial Times that the Swiss pharma’s [RHHBY] weightloss drugs will be launched “significantly faster than people are expecting” — potentially as early as 2028. The treatments, which include a jab and a pill, stem from its $3.1bn takeover of biotech Carmot last year. Elsewhere, a phase 2b/3 trial of Anavex Life Sciences’ [AVXL] oral drug blarcamesine showed that it slowed cognitive decline in early Alzheimer’s patients; Japan’s Eisai [ESAIY] fell 11% after the EU rejected its early Alzheimer’s treatment.
Apple AI Delayed on Bugs
Apple’s [AAPL] upcoming iOS 18 and iPadOS 18 updates will delay the release of their new ‘Intelligence’ feature due to technical issues and development challenges. Originally scheduled for September, the company now plans to release the update, which focuses on advanced AI capabilities, in October. The update was announced in June following analyst speculation as to whether the iPhone maker can keep up with other tech giants in the race to integrate AI.
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