UPDATE 1-US FTC seeks more information on Novo Nordisk parent-Catalent deal

Reuters Videos
EVs are getting smarter and cheaper in China
STORY: Light-up emojis. Music for pedestrians outside. In China, electric carmakers are offering up luxury tech – without the luxury price tag – in the battle for buyers. Cars are being loaded with once-expensive interior features and technology for as low as $20,000 – less than half the cost of the average new car in the U.S. Analysts say that poses a big challenge for foreign heavyweights like Tesla and Volkswagen. This is the Nammi – on display here at the Beijing auto show. It’s made by state-owned automaker Dongfeng and sells for under $10,000. That’s around the same as BYD’s Seagull EV – China’s fourth best-selling electric vehicle. The market is also crowded with electric and plug-in vehicles that splash luxury technology. Xpeng is planning to offer an EV with high-level self-driving features – for under $21,000. Analysts say the price of specialized components like sensors needed for self-driving and screens for onboard entertainment has tumbled. That's making competition in the world’s largest auto market all the more fierce… And chipping away at the halo that once hung over foreign brands. That’s according to an outlook from McKinsey analysts released in March. Take Zeekr, for instance. It's the carmaker with those emojis. Here’s its Shanghai head of design, Javier-Garcia Gallardo: “When we see the differences between our product launch in China versus our product launch in Europe and, you know, the technical details are as important as the design and the brand. And this integration of technology is essential for the Chinese customer.” Still, German automakers say they’re not backing down. Here’s Mercedes-Benz CEO Ola Kallenius: “We have a dedicated digital tech team here all the way down to providing things like in the new E-Class, you can sing karaoke. Maybe you don't have that feature in Germany. Maybe you should. But here, customers love it.” Mercedes, as well as Volkswagen, both told Reuters they’re working to deliver those so-called “wow effects” for Chinese buyers.
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Russian energy giant Gazprom said Thursday it suffered a record annual loss last year as the European market was practically shut to its gas exports due to sanctions over Moscow's military operation in Ukraine.Exports to Europe have long been Gazprom's top earnings source, but following the start of the conflict in Ukraine European nations sought to reduce their reliance upon Russian natural gas.
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Insurer Chubb prepares to pay $350 mln in Baltimore bridge collapse, WSJ reports
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Analysis-Heavy oil shortage spells higher cost for shippers, road builders
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Google faces closing arguments in US market power trial
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UPDATE 1-US FTC seeks more information on Novo Nordisk parent-Catalent deal

Latest stories

EVs are getting smarter and cheaper in China

Apple iPhone sales fall in nearly all countries

Apple suffers $91bn hit to sales as Chinese shoppers ditch iPhones

Record loss for Russia's Gazprom as European market closed

Insurer Chubb prepares to pay $350 mln in Baltimore bridge collapse, WSJ reports

DOJ, Google to present closing arguments in antitrust trial

Jaspreet Singh Says Learning 5 High-Income Skills Will Help You Make More Money

‘The decisions you’re making are going to end with a smoking hole in the ground’: Inside the Boeing catastrophe

This finance YouTuber says there’s 1 retirement trap that no one talks about — here’s what you need to know

HSBC has no plans to dispose of further businesses, Chairman says

Why entrepreneurs are shunning the stock market to go private

Analysis-Heavy oil shortage spells higher cost for shippers, road builders

MoonPay Users Can Now Buy Crypto Via PayPal

US utility Southern Co beats Q1 profit estimates on demand boost

The ‘father of the 401(k)’ talks about the death of pensions, the future of retirement, and what disturbs him most about his own creation

Whether Wall Street garden leaves survive noncompete ban is an 'open question'

Cutting Expenses Pre-Retirement: Tips To Get in the Habit of Spending Less

Oil prices set for steepest weekly drop in 3 months

Google faces closing arguments in US market power trial

StanChart profit beats forecasts as fee income boost offsets credit losses