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From brokering a deal between rivals Saudi Arabia and Iran to offering to intervene in the Israeli-Palestinian crisis, China's diplomatic efforts in the Middle East have raised Beijing's profile as a player in the region. These efforts have been at the state level and carried out through the Chinese foreign ministry and state leaders. But China has also been engaging the region on another level, attempting to promote its own governance model as an alternative to the West by fostering engagement

Tesla has cut prices of the Long Range and Performance versions of the Model Y SUV by 4 per cent each. The move follows cuts by Chinese EV makers who have slashed prices of some models by up to 10 per cent.

China’s ascent in the EV market marks the first instance in history where a country with a political regime and ideological values that differ from the democratic West is gaining momentum in a key industry representing the pinnacle of large-scale production.

"I believe the time has come for Chinese brands," said BYD founder Wang Chuanfu.

Li Auto: The company posted a positive net income for the third consecutive time in the second quarter, which saw an increase of 147% from the net income in the first quarter. It delivered 173,251 cars in the first seven months of this year, increasing 145% from the same period a year ago. The company targeted to deliver more than 100,000 vehicles in the third quarter.