A new battery company for XPeng and a bitter taste for ByteDance
Business briefs from the Chinese media โ Thursday December 22
This is the buzz in the Chinese business press today:
XPeng launches battery company: Electric vehicle (EV) manufacturer XPeng ๅนฟๅทๅฐ้นๆฑฝ่ฝฆ has registered a new company, Guangzhou Pengyue Battery ๅนฟๅท้นๆฆๅจๅ็ตๆฑ , with registered capital of 5 billion yuan ($717.18 million). The companyโs business scope includes battery manufacturing and battery spare parts.
The TikTok machine is slowing down: Liรกng Rวbล ๆขๆฑๆณข, the CEO of internet technology company ByteDance ๅญ่่ทณๅจ, owner of TikTok, Douyin, and other apps, recently admitted in a general staff meeting that the companyโs revenue growth has slowed. The number of daily active users is still increasing, but at a slower rate than the company had hoped for at the beginning of the year.
Second-largest hydropower plant fully commissioned: The National Energy Administration announced that the construction of the Baihetan hydropower plant on the Jinsha River is now complete. The plant is Chinaโs second-largest after the Three Gorges Dam project) and has a total installed capacity of 16 million kilowatts (kW).
โ Nadya Yeh, Barry van Wyk, and Jeremy Goldkorn
