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BMW Starts Production at New $2.2 Billion China Plant to Ramp up EV Output

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(C) Reuters. FILE PHOTO: A BMW iX electric vehicle (EV) is seen displayed at the BMW booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly Song

SHANGHAI (Reuters) – Germany’s BMW said on Thursday that production has formally begun at a new plant in China with an investment of 15 billion yuan ($2.24 billion) as the carmaker accelerates electric vehicle (EV) production.

The Lydia plant, BMW’s third car assembly facility in China, located in the northeastern city of Shenyang, Liaoning province, will increase BMW’s annual output in the world’s biggest auto market to 830,000 vehicles from 700,0000 in 2021, the company said.

The plant is designed to be capable of producing battery-powered electric cars only according to market demand on its flexible manufacturing lines, BMW said.

The first model that will roll off the Lydia plant’s production lines is the i3, a pure electric mid-sized sports sedan, BMW said, increasing the range of its EV models for Chinese customers to 13 next year.

Tesla (NASDAQ:TSLA) and Chinese automakers such as BYD dominate the booming EV market in China, with sales more than doubling from a year ago. Meanwhile kings of the internal combustion engine age such as General Motors (NYSE:GM) and Volkswagen (ETR:VOWG_p) are falling behind.

Nearly a quarter of the cars sold in China in the first five months of this year were powered by batteries, according to data from China Association of Automotive Manufactures.

Meanwhile BMW sold 208,507 vehicles in China, its biggest market, in the first quarter, marking a 9.2% drop from a year ago, according to a company filing.

($1 = 6.6983 Chinese yuan renminbi)

BMW starts production at new $2.2 billion China plant to ramp up EV output

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China Finance Ministry to Issue an Extra 5.5 Billion Yuan of Treasury Bonds in Hong Kong

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China finance ministry to issue an extra 5.5 billion yuan of treasury bonds in Hong Kong By Reuters

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(C) Reuters. FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo

HONG KONG (Reuters) – China’s finance ministry said on Thursday that it will issue an additional 5.5 billion yuan ($773.18 million) worth of yuan-denominated sovereign bonds in Hong Kong on Oct. 12.

The ministry said it would issue an extra 3.5 billion yuan worth of bonds due 2024 with an interest rate of 2.44% per annum, and an additional 2.0 billion yuan worth of 2027 bonds carrying an interest rate of 2.75%.

($1 = 7.1135 Chinese yuan renminbi)

China finance ministry to issue an extra 5.5 billion yuan of treasury bonds in Hong Kong

India investigating deaths in Gambia linked to India-made cough syrup – sourcesBy Reuters – Oct 05, 2022

MUMBAI (Reuters) – India is investigating the deaths of dozens of children in Gambia linked to the use of an India-made cough syrup, two federal health ministry sources told…

Sri Lanka holds rates as cenbank tries to stabilise harsh economic conditionsBy Reuters – Oct 05, 2022

By Uditha Jayasinghe and Swati Bhat COLOMBO (Reuters) -Sri Lanka’s central bank held policy rates steady on Thursday, saying monetary conditions remain “sufficiently tight” after…

Sterling to struggle on, chance of dollar parity on a knife-edge: Reuters PollBy Reuters – Oct 05, 2022

By Jonathan Cable LONDON (Reuters) – Britain’s battered pound will be around 3.6% stronger in a year, according to a Reuters poll in which analysts were divided, however, on…

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Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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India Investigating Deaths in Gambia Linked to India-made Cough Syrup – Sources

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India investigating deaths in Gambia linked to India-made cough syrup – sources By Reuters

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MUMBAI (Reuters) – India is investigating the deaths of dozens of children in Gambia linked to the use of an India-made cough syrup, two federal health ministry sources told Reuters on Thursday.

The World Health Organization said late on Wednesday deaths of dozens of young children in Gambia from acute kidney injuries may be linked to contaminated cough syrup that had been manufactured in India.

The sources said the Indian government had asked the WHO to share the report establishing causal relation to death with the cough syrup.

India investigating deaths in Gambia linked to India-made cough syrup – sources

Sri Lanka holds rates as cenbank tries to stabilise harsh economic conditionsBy Reuters – Oct 05, 2022

By Uditha Jayasinghe and Swati Bhat COLOMBO (Reuters) -Sri Lanka’s central bank held policy rates steady on Thursday, saying monetary conditions remain “sufficiently tight” after…

Sterling to struggle on, chance of dollar parity on a knife-edge: Reuters PollBy Reuters – Oct 05, 2022

By Jonathan Cable LONDON (Reuters) – Britain’s battered pound will be around 3.6% stronger in a year, according to a Reuters poll in which analysts were divided, however, on…

Asian shares rise, oil extends gains after OPEC+ dealBy Reuters – Oct 05, 2022

By Stella Qiu SYDNEY (Reuters) – Asian shares were cautiously higher on Thursday, while the dollar eased ahead of U.S. non-farm payrolls data, and oil prices gained for a fourth…

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Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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Vietnam Q3 GDP Growth up 13.67% Y/y on Rebound in Manufacturing

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Vietnam Q3 GDP grows 13.67% y/y vs 7.83% expansion in Q2 – stats office By Reuters

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(C) Reuters. FILE PHOTO: Shipping containers are seen at a port in Hai Phong city, Vietnam July 12, 2018. REUTERS/Kham/

HANOI (Reuters) – Vietnam’s gross domestic product in the third quarter grew 13.67% from a year earlier, the fastest pace in decades, thanks to robust manufacturing and exports and a low base effect, government data released on Thursday showed.

The industrial and construction sector in the July-September period grew 12.91% from a year earlier, the General Statistics Office said in a report. The services sector expanded 18.86%, while the agricultural sector grew by 3.24%.

Vietnam Q3 GDP grows 13.67% y/y vs 7.83% expansion in Q2 – stats office

New Zealand businesses less pessimistic in September – ANZ surveyBy Reuters – Sep 28, 2022

WELLINGTON (Reuters) – New Zealand businesses were less pessimistic in September with a mood lift evident in the construction sector, an ANZ Bank survey showed on Thursday.
The…

Argentina’s economic crisis draws protests even as poverty rate easesBy Reuters – Sep 28, 2022

BUENOS AIRES (Reuters) – Argentina’s deep economic slump drew thousands to the streets on Wednesday, as protesters demanded action to counter sky-high inflation and help the…

U.S. goods trade deficit shrinks on weak exports; Q3 growth estimates raisedBy Reuters – Sep 28, 2022

By Lucia Mutikani WASHINGTON (Reuters) – The U.S. trade deficit in goods narrowed for a fifth straight month in August amid a decline in imports, which is being driven by slowing…

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(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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Source: investing.com

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