Tesla China Rival Nio Ups Competition With New Electric Sedan
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January 9, 2021
(Bloomberg) Chinese electric-car maker Nio Inc. is pitting itself further against market leader Tesla Inc., unveiling its first sedan in direct competition with the U.S. company’s most popular model and other international rivals.
The all-electric sedan ET7, released by Nio founder and Chief Executive Officer William Li at a company event in Chengdu on Saturday evening, will start at 448,000 yuan ($69,193) before government subsidies. That compares with 265,740 yuan for an entry-level Tesla Model 3, built in China. Deliveries will start from the first quarter of 2022.
Nio also launched a bigger volume battery pack that can improve driving range, an upgraded autopilot system and the second iteration of its battery-swap station, a concept whereby people can change the battery in their vehicle rather than re-charge it. Nio targets reaching 500 power swap stations by the end of 2021.
MSCI Inc. will remove China’s three major telecommunications companies from its indexes on Friday, giving global funds just one day to adjust billions of dollars of passive investments.
The index provider’s decision to cut China Mobile Ltd., China Telecom Corp. and China Unicom Hong Kong Ltd. at the close of business applies to their shares in Hong Kong, which are far more actively traded than the securities due to be delisted by the New York Stock Exchange. The rush to rebalance lifted volume in all three stocks to at least seven times the daily average over the past three months.
MSCI Deletions Trigger Rush to Sell Chinese Telecom Stocks
Bloomberg 1/8/2021 Jeanny Yu and Sofia Horta e Costa
(Bloomberg) MSCI Inc. will remove China’s three major telecommunications companies from its indexes on Friday, giving global funds just one day to adjust billions of dollars of passive investments.
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The index provider’s decision to cut China Mobile Ltd., China Telecom Corp. and China Unicom Hong Kong Ltd. at the close of business applies to their shares in Hong Kong, which are far more actively traded than the securities due to be delisted by the New York Stock Exchange. The rush to rebalance lifted volume in all three stocks to at least 18 times the daily average over the past three months.