The end of silly electric car money?

The end of silly electric car money? Yesterday, Freeman Shen (沈晖 Shěn Huī), CEO of electric vehicle (EV) brand Weltmeister 威马汽车, issued an internal company letter announcing salary cuts of 50% for managers and 70% for employees, the cancelation of awards and bonuses, and the suspension of purchase subsidies.

Or maybe the EV money is just starting to flow? Yesterday, EV brand Hozon Auto 哪吒汽车, which sold 18,016 units in October, a year-on-year increase of 122%, announced a new EV technology brand called Hàozhì 浩智, and launched three new products: a “supercomputing platform,” an electric drive system, and a range extender.

Shanghai wants to be biomedical hub: Yesterday, the Shanghai municipal government issued a new plan to construct a biomedical industry “highland” to the scale of 100 billion yuan ($14.04 billion) and 100 innovative new drugs by 2025. In October, Shanghai issued a plan to construct “future highlands of frontier industries” including brain-computer interfacing, quantum computing, and 6G technology.