International
China overtakes Japan as world’s biggest car exporter
China overtakes Japan as world’s biggest car exporter
China became the world’s largest vehicle exporter last year, surpassing Japan thanks to its global leadership in electric vehicles, according to government figures released on Wednesday.
Giants from Japan, like Toyota and Nissan, have resorted to hybrid cars rather than EVs, showing far more caution than their Chinese rivals, like BYD.
According to data issued by the Japan Automobile Manufacturers Association on Wednesday, the number of cars, trucks, and buses shipped increased by 16 percent to 4.42 million in the previous year.
But China exported almost 500,000 more — 4.91 million vehicles in total, as reported by the China Association of Automobile Manufacturers this month.
China’s customs bureau put the number even higher at 5.22 million, a huge year-on-year rise of 57 percent, with one in three fully electric vehicles.
The country had already been shipping more vehicles than Japan on a monthly basis, but Wednesday’s data confirmed that it was also number one for a whole year.
Unlike Chinese firms, Japanese automakers including Toyota — re-confirmed on Tuesday as the world’s largest company by unit sales — also make huge volumes of vehicles in other countries.
In 2022, vehicle production in Japan excluding motorcycles totalled 7.84 million units, but overseas production was almost 17 million.
READ ALSO:
- Pilot rescued as U.S. fighter jet crashes off South Korea
- Just In: Fire razes church in Lagos
- Police nab 22-year-old for buying car with fake bank alert in Ondo
Japanese manufacturers have long bet on hybrids that combine battery power and internal combustion engines, an area they pioneered with the likes of the Toyota Prius.
But they have vowed to up their game, with Toyota aiming to sell 1.5 million EVs annually by 2026 and 3.5 million by 2030.
The company is also hoping to mass-produce solid-state batteries that charge faster than conventional ones and give EVs more range.
Helped by strong government support, Chinese EV firms have stolen a march on more established rivals such as General Motors, Volkswagen and Toyota.
BYD in the fourth quarter of 2023 even snatched Tesla’s crown for most sales of all-electric vehicles, data this month showed.
On Tuesday BYD — it stands for “Build Your Dreams” — which also sells batteries to the likes of Tesla, BMW and Mercedes, said it expects net profit for last year to reach 29-31 billion yuan ($4.1-4.4 billion).
But China’s success in EVs has also landed its firms in hot water with regulators in Western markets worried about unfair competition for local automakers.
The European Commission is investigating Chinese state subsidies in a probe that could lead to the European Union imposing import duties.
To soothe concerns, BYD is planning to build more factories abroad including a $600 million plant in Brazil and another in Hungary.
“It’s kind of reminiscent of what happened to Japan in the 1980s, when they started exporting a lot of automotives,” said Christopher Richter, an auto analyst at CLSA.
“So the Japanese solved it by starting (to build) a lot of factories overseas… They build overseas four times more than what they export,” he said in October.
China overtakes Japan as world’s biggest car exporter
International
American man arrested for beating tourist to death at Ireland hotel
American man arrested for beating tourist to death at Ireland hotel
A 30 year old American man whose name was not given by security officials, has been arrested for beating up a 60 year old tourist to death at the Ballyfin Demesne hotel in Laois, Ireland.
The Irish police force commonly known as ‘Garda Síochána’ announced that the incident occurred in the late hours of Tuesday, November 12.
Ballyfin Demesne hotel, is a popular luxury five-star hotel located in Laois, Ireland and special guests such as Kanye West, Kim Kardashian, George Clooney e.t.c had made use of the hotel in times past.
The victim was discovered unconscious in the late hours of Tuesday, November 12 and was then rushed to the hospital were he died due to severe beating inflicted on him by the culprit.
READ ALSO:
- Mike Tyson back in ring to face Youtuber Paul
- NNPCL sacks CFO, announces three new appointments
- NRC increases trips on Abuja-Kaduna route from four to six
Independent local councilor James Kelly stated that nearby communities were ‘stunned’ upon learning about the incident at the renowned hotel.
He said, “There would be a lot of staff from the area and they’re totally shocked by what has happened here.
“It’s something we didn’t think we’d be waking up to this morning.”
The police also noted that a senior officer has been assigned to lead the investigation and an incident room has been set up at Portlaoise Garda Station, Ireland.
Furthermore, a family liaison officer will be designated to assist the family of the deceased.
International
FBI raids home of crypto platform Polymarket CEO, after accurate prediction of Trump win
FBI raids home of crypto platform Polymarket CEO, after accurate prediction of Trump win
The Federal Bureau of Investigation on Wednesday carried out a raid at the home of Shayne Coplan, CEO of cryptocurrency prediction outlet Polymarket.
Authorities seized Mr Coplan’s phone during the raid, according to New York Post which first reported the incident.
Mr Coplan, 26, has been running the famous platform for bets throughout the 2024 presidential election in the United States.
READ ALSO:
- 24-hour power supply: FG seeks private sector support for $10bn funding gap
- Shell working to address Nigeria’s energy challenges – MD
- 12-yr-old Nigerian girl invents air filter, gets $11.5m funding
It wasn’t immediately clear why the search was conducted, but Polymarket promptly said it might be due to its activities during the election. Users on the platform had correctly predicted Donald Trump was going to defeat Kamala Harris. The company paid out a substantial amount to winners following the election.
“This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election,” a spokesperson for Polymarket said in a statement from its headquarters in New York. “Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections.”
It was unclear whether or not the FBI would be filing charges after the raid.
FBI raids home of crypto platform Polymarket CEO, after accurate prediction of Trump win
International
Two dead, buildings destroyed in American factory explosion
Two dead, buildings destroyed in American factory explosion
Two employees of Givaudan sense colour, a factory known for making colourings for beverages, located in Louisville, Kentucky, United States (US) were killed in an explosion that took place at the company’s facility.
The factory reported that the incident which took place on Tuesday, November 12 in the afternoon have also destroyed buildings around the company.
READ ALSO:
- Alleged fraud: South Africa FA President, Danny Jordaan, arrested
- Okpebholo sacks all political appointees, Board executives in Edo
- A’Ibom police saved man from being lynched after son’s corpse found in carton
Louisville Mayor, Craig Greenberg stated that firefighters managed to rescue and evacuate numerous individuals from the site, including some who sustained life-threatening injuries.
He also confirmed that all employees present at the plant during the explosion have been accounted for.
Earlier reports indicated that at least 11 workers were hospitalized.
The cause of the explosion is still under investigation.
Two dead, buildings destroyed in American factory explosion
-
International2 days agoBelgium University offers scholarship up to €12,000 for Master’s students
-
Railway2 days agoNigerian railway adds extra train to Friday, Saturday trips on Lagos-Ibadan route
-
International2 days agoUK announces 45,000 seasonal worker visas for 2025
-
Business3 days agoFinally, marketers, Dangote refinery agree on direct fuel supply
-
International2 days agoSaudi crown prince says Israel committing ‘genocide’ in Gaza
-
Education1 day ago12-year-old Nigerian girl Eniola Shokunbi invents air filter to reduce spread of diseases in US schools
-
metro3 days agoNJC dispels death rumours of two judges that affirmed Tinubu’s election
-
Business2 days agoTop 5 crypto apps that work with Nigerian Bank accounts