GM China is going electric

GM China is going electric: Yesterday, General Motors (GM) China announced that its new plant in Wuhan will begin production at the end of 2022, and will assemble batteries and electric drive systems for GM’s Ultium electric vehicle (EV) brand. By 2025, GM China plans to launch 15 new EV models in China.

Luckin Coffee keeps riding its luck: On November 18, Luckin Coffee 瑞幸咖啡 reported the completion of its debt restructuring and the termination of bankruptcy proceedings. Yesterday, the company reported revenue for the third quarter of 3.89 billion yuan ($543.78 million), a year-on-year increase of 65.7%, and net profit of 529 million yuan ($73.86 million), compared to a net loss of $23.5 million a year ago.

Vipshop holding its own: New York-listed ecommerce company and Alibaba 阿里巴巴集团 competitor Vipshop 唯品会 has reported third quarter revenue of 21.6 billion yuan ($3.01 billion) and net income of 1.7 billion yuan ($237.1 million), a year-on-year increase of 168.4%. Gross Merchandise Value (GMV) in the third quarter was 37.6 billion yuan ($5.24 billion), compared to 40.2 billion yuan ($5.61 billion) in the same period last year.

Xiaomi takes a hit: Earlier today, mobile phone maker Xiaomi 小米集团 reported revenue for the third quarter of 70.47 billion yuan ($9.85 billion), a year-on-year decrease of 9.7%, and adjusted net profit of 2.12 billion yuan ($296.62 million), a decrease of 59.1%.