Uber & BYD Partner for 100,000 EVs Globally 🚗 Renewables Eclipse Coal in China 🌞 Temu Sales Hit $20B 💸

2024-08-05 | subscribe | homepage

Welcome back to this week’s edition of the China Insights Weekly Newsletter!

Some of the key takeaways this week:

• Uber’s 100,000 EVs Deal: American Uber partners with China’s BYD.

• $20B Sales Surge: Pinduoduo-owned Temu boosts global sales in the first half 2024.

• 293 GW in Renewables: China’s renewable energy capacity eclipses coal capacity for the first time.

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🚀 Headlines

American Uber partners with BYD to bring 100,000 EVs to the ride-hailing platform globally (link)

San Francisco-based Uber and Shenzhen-based BYD have entered into a multi-year strategic partnership to bring 100,000 new BYD electric vehicles (EVs) to Uber's platform across key global markets. The partnership, which will begin in Europe and Latin America, is expected to provide drivers with pricing and financing for BYD cars on the Uber platform. It will also expand to the Middle East, Canada, Australia, and New Zealand. The companies will also work together to develop future BYD autonomous vehicles. BYD sold a record 342,383 NEVs in July, surpassing its previous record in June, as Plug-in hybrids hit an all-time high.

PDD-owned Temu's first-half sales soar to USD 20 billion, surpassing the 2023 sales total (link)