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China’s EV sales overtake Western rivals

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good morning. Today we will discuss:

Deal drought puts pressure on private equity dividends

Russia attacks Ukraine on Christmas Day

America’s disappearing drugstore

Why Canadian youth avoid ice hockey

Sales of electric cars in China are expected to overtake conventional cars for the first time next year, putting them well ahead of Europe, the US and Japan, where domestic EV sales have slowed as competition squeezes the country’s manufacturing champions. It turns out.

More than 12 million cars are expected to be sold in China in 2025, according to estimates provided to the Financial Times by investment banks and research groups. Approximately 11 million cars equipped with internal combustion engines are expected to be sold in Japan next year.

Uncertainty over government subsidies and rising protectionism will hit Western automakers, while industry forecasts predict that Chinese factories producing cars with conventional engines will have to be serviced over the next decade. It is predicted that there will be almost no domestic market available.

Beijing-based HSBC analyst Yuqian Ding told the FT: “While China’s domestic EV sector is clearly thriving, it is also facing slowing growth from a very high base due to model oversupply, intense competition, and price wars.” . (However) the long-term direction is clear, and the growth of China’s EV industry is unstoppable. ”

5 more top articles

1. Private equity funds were able to cash out only half of the investments they would normally sell in 2024 due to a deal drought, falling below the historical average for the third year in a row. Companies have struggled to strike deals at attractive prices since early 2022, when rising interest rates pushed up financing costs and depressed corporate valuations.

2. Demand for artificial intelligence-powered smartphones may be able to avoid a “deep” downturn in the semiconductor industry if investment in data centers slows, the head of the world’s largest chip testing equipment provider said. Read our interview with Doug Lefever, CEO of Nvidia supplier Advantest.

3. U.S. open-air shopping center vacancy rates have fallen to historic lows, defying grim predictions of a “retail apocalypse” caused by the rise of online shopping. According to real estate data firm Coster, only 6.2 percent of outdoor retail space is currently available for rent, contradicting deeply held beliefs about the sector’s strength.

4. Russia launched an attack on Ukraine’s energy system on Christmas Day, leaving 500,000 people without heat, water, and electricity. Ukrainian President Volodymyr Zelenskiy said about 50 of the 70 missiles fired in the attack were intercepted, as well as a “significant portion” of the more than 100 deployed attack drones. Ta.

5. Confectionery groups such as Mondelēz International and Tate & Lyle are investing money to find alternative raw materials for cocoa as climate change drives up the price of cocoa beans and deepens the global shortage. We are investing a lot of money. “If we don’t change the way we source cocoa, we won’t have chocolate in 20 years,” said the CEO of a cell-based cocoa startup.

detailed news

Children playing ice hockey at Downsview Arena in Toronto, Canada ©Chloe Ellingson/FT

Ice hockey is a Canadian cultural phenomenon that has shaped Canada’s national identity and values ​​for over 100 years. However, the cost of learning the sport and historic scandals involving coaches at the national level have eroded its popularity, leading many young Canadians to choose the football field or basketball court instead. Ta.

I’m also reading. . .

chart of the day

Drugstores in the United States are disappearing from the streets as high labor costs and low reimbursement rates put pressure on pharmacy counter operations.

Line graph of the number of stores showing the decline in drugstores

Take a break from the news

What should you read to settle into a new job?Aside from employee manuals, these quirky classics, chosen by people working in key fields, reveal the nuances of corporate culture and the artistry of everyday life. It acts as a spiritual guidebook.

Illustration of different professions reading books
©Lizzie Knott

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