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China's industry regulator found BYD and Chery claimed a combined RMB 864 million in EV subsidies for vehicles that didn’t meet requirements between 2…

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China's industry regulator found <a href="/company/byd">BYD</a> and <a href="/company/chery">Chery</a> claimed a combined RMB 864 million in <a href="/industry/ev">EV</a> subsidies for vehicles that didn’t meet requirements between 2016–2020. The audit, which covered more than 75,000 cars, cited missing operational data and mileage shortfalls. It remains unclear if the companies must repay the funds, which were paid directly to manufacturers.

Elon Musk said he does not support a merger between <a href="/company/tesla">Tesla</a> and xAI, responding to speculation about closer ties between his companies. The comment follows earlier hints of a shareholder vote on Tesla investing in xAI, developer of the Grok chatbot.

<a href="/company/byd">BYD</a> plans to open seven new showrooms in Saudi Arabia by late 2026, expanding its footprint as <a href="/industry/ev">EV</a> adoption slowly grows. With <a href="/company/tesla">Tesla’s</a> entry boosting awareness and state-backed investments reshaping the market, BYD expects to sell over 5,000 vehicles this year in a market still dominated by fuel-powered cars.

China has approved Synopsys’ USD 35 billion acquisition of Ansys, conditional on the merged firm maintaining fair access to EDA software for Chinese customers. The green light follows a recent US move to ease export restrictions on chip design tools.

<a href="/company/catl">CATL</a> and <a href="/company/byd">BYD’s</a> FinDreams Battery have signed agreements with BHP to co-develop battery systems, electrify mining fleets, and enhance recycling technologies. As <a href="/industry/ev">EV</a> demand softens and overcapacity mounts, China’s battery makers are pivoting toward mining decarbonization and broader industrial applications.

China’s trade surplus reached USD 114.7 billion in June, as exports rose 5.8% YoY on pre-deadline orders ahead of a potential US tariff snapback. Shipments to ASEAN surged 16.8%, while US-bound exports rose 32.4% MoM. Analysts warn momentum may slow as frontloading wanes and tariff risks return.

<a href="/company/nio">Nio</a> shares jumped in Hong Kong on July 14 after its Onvo L90 SUV beat pricing forecasts. Buoyed by strong demand and analyst optimism, the model is expected to support Nio’s Q4 2025 profit goal. With deliveries starting in August, the L90 targets leadership in the premium three-row electric SUV segment.

NTT DC REIT rose 3% on its USD 773 million debut, the largest IPO in Singapore since 2016. GIC joined as a rare local cornerstone investor. With the public tranche nearly ten times subscribed and regional peers watching, SGX officials hope the deal signals a turning point for the country's stalled IPO market.

<a href="https://kr-asia.com/too-cold-to-shovel-this-startup-built-a-snow-robot-that-actually-works">Yarbo</a>, a Chinese maker of snow-clearing robots, has raised over RMB 100 million in Series B+ funding from investors including CAS Investment, CICC Capital, and Joyoung’s venture arm. The funds will support R&amp;D, supply chain upgrades, and global expansion, with Yarbo already operating a US base in New York.

<a href="/company/ele-me">Ele.me</a> will retire its legacy tiered membership system by July 31, shifting users to a new program launched during the 618 shopping festival. Aimed at high-frequency users, the updated scheme introduces stricter eligibility thresholds based on three-month order volume and total spending.

Perplexity AI CEO Aravind Srinivas said the firm will use Moonshot AI’s Kimi K2 model for post-training, citing its strong benchmark performance. Released on July 11, the open-source model ranks among the top globally and follows Perplexity’s <a href="https://kr-asia.com/a-new-ai-disruptor-businesses-rush-to-integrate-deepseek-r1">earlier use of DeepSeek’s R1</a>.

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Haagen-Dazs must reinvent itself in China or weigh an exit as it contends with fierce competition, narrow margins, and cautious consumer spending.

BYD, Chery flagged in EV subsidy audit

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Chinese discount retailer grows as demand rises for affordable goods

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