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Economy

HOME > Economy


Weekly snapshot of China's local business news: Car trade-in, BYD, Luckin, reading and food delivery

April 15, 2019


Abstract : The following are highlights of China's key local business news from the past week.

BEIJING, April 13 (Xinhua) -- The following are highlights of China's key local business news from the past week.

-- CAR TRADE-IN

Owners of emission-heavy private cars are able to enjoy a trade-in service from SAIC Motor, China's biggest carmaker based in Shanghai, as the city is giving incentives to phase out the cars for better air quality.

The municipal government has approved a subsidy plan worth 3 billion yuan (about 447 million U.S. dollars) for the trade-in scheme. The cash rewards can go up to 10,000 yuan for buying new fuel-engine vehicles, and 15,000 yuan for new energy cars.

-- BYD SALES

Leading Chinese new energy vehicle (NEV) maker BYD sold 73,172 NEVs in the first quarter of 2019, up 146.9 percent compared with the same period last year.

The strong growth was primarily fueled by the sales surge in the pure electric passenger vehicles, soaring 755.8 percent to 45,487 units. Sales of plug-in hybrid electric passenger vehicles rose 11 percent to 25,745 units.

-- LUCKIN COFFEE

Chinese start-up Luckin Coffee has opened new stores in 14 more Chinese cities, as it sets to compete with coffee giant Starbucks in the Chinese market.

The new expansion into cities like Hefei, Foshan, Shenyang and Kunming brings the total number of cities with Luckin outlets to 36.

In January, the startup announced plans to open 2,500 new stores in 2019, with total stores topping 4,500 by the end of this year.

-- DIGITAL READING

China's digital reading market reached 25.5 billion yuan in 2018, up 19.6 percent year on year.

Last year, about 432 million Chinese read digital publications on electronic devices, such as personal computers, mobile phones, tablet computers and e-readers, according to an industry report released by China Audio-Video and Digital Publishing Association.

-- FOOD DELIVERY

China's online food ordering and delivery market hit 441.5 billion yuan in 2018, up 112.5 percent year on year.

The number of online orders for meals, snacks, vegetables, fruits and drinks reached 10.96 billion, which nearly doubles year on year, according to a report issued by Analysys, an internet data analysis service provider.


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