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Photo by FMT Summary China has granted approvals for two companies to operate autonomous passenger drones, marking a significant step towards commercial flying taxis. The companies, EHang Holdings and Hefei Hey Airlines, have received air operator certificates from the Civil Aviation Administration of China (CAAC). The first applications for these flying taxis will include low-altitude tourism services, particularly urban sightseeing tours. China has taken a crucial step toward the creation of a commercial flying taxi industry, granting air operator certificates to two companies, EHang Holdings and Hefei Hey Airlines. The approvals from the Civil Aviation Administration of China (CAAC) mark a pivotal moment in the development of China’s low-altitude economy, setting the stage for the operation of autonomous passenger drones.

Photo by THE CHINA NOW Summary Chagee, a Chinese premium tea chain, revealed a nearly threefold revenue increase to US$1.71 billion in 2024, as it prepares for a U.S. initial public offering (IPO). The company operates 6,440 teahouses, with most of its locations in mainland China. Chagee's net income surged 213%, reaching 2.51 billion yuan, as it capitalizes on strong demand for discretionary consumer goods. Chinese premium tea chain Chagee has announced a dramatic surge in revenue as it gears up for a highly anticipated U.S. initial public offering (IPO). The company reported a nearly threefold increase in its net revenue for 2024, which rose to US$1.71 billion (12.41 billion yuan), up from US$464 million in the previ ous year. This significant revenue boost comes as Chagee capitalizes on the growing demand for high-quality tea and the broader recovery in consumer spending.

Photo by FMT Summary Tencent has integrated its AI chatbot, Yuanbao, into WeChat, allowing users to interact with the service directly within the app. The integration comes as Tencent competes with rivals like DeepSeek and Alibaba in the AI space, using upgraded models for enhanced capabilities. Yuanbao now benefits from DeepSeek's latest V3 model, boosting its abilities in coding and math problem-solving. In a significant update to its super app WeChat, Tencent has integrated its artificial intelligence chatbot, Yuanbao, allowing over a billion users to interact with the AI service directly within the app. By adding Yuanbao as a "friend" on WeChat, users can now access advanced AI features without needing to download a separate app or use a mini-app. This move highlights Tencent’s commitment to keeping WeChat at the forefront of the competitive super app market in China, particularly as AI technologies continue to reshape user experiences.

Photo by FMT Summary China’s exports of plug-in hybrid electric vehicles (PHEVs) to the EU surged 892% in early 2025, while pure electric vehicle (EV) exports declined due to the EU’s new tariffs. China shipped 50,383 EVs and 25,903 PHEVs to the EU in the first two months of 2025. The value of PHEV exports skyrocketed by 561%, reaching US$501.6 million, nearly half the value of China’s total EV exports to the EU. China’s exports of plug-in hybrid electric vehicles (PHEVs) to the European Union have experienced an extraordinary increase, surging 892% in the first two months of 2025. This growth comes as China’s pure electric vehicle (EV) shipments to the EU have slowed, largely due to the EU’s newly implemented tariffs on Chinese-made EVs. These tariffs have had a significant impact, with China’s EV exports to the EU declining by one-third during the same period.

Photo by FMT Summary Tim Cook visits China and meets with key officials to discuss investment opportunities and U.S.-China relations. Apple CEO announces a $4.13 million donation to Zhejiang University and emphasizes the importance of collaboration with China. Cook did not provide updates on the much-anticipated AI features for iPhones in China during his meetings. Apple CEO Tim Cook’s first visit to China this year was marked by high-level meetings with key Chinese government officials, including Vice-Premier He Lifeng and Minister of Commerce Wang Wentao. Cook’s charm offensive is part of a broader effort to maintain and expand Apple’s presence in China, as the company awaits approval to integrate AI features into iPhones sold in the mainland.

Photo by FMT Summary The U.S. has blacklisted over 50 Chinese companies, including 27 for alleged involvement in advanced AI and supercomputer development for military purposes. The move aims to curb China’s access to high-performance computing, quantum technologies, and exascale computing capabilities. This action marks a significant escalation in U.S.-China tensions, with the Trump administration increasing tariffs and imposing stricter export controls. The U.S. Department of Commerce has added more than 50 Chinese companies to its export blacklist in a new effort to limit Beijing’s access to critical technologies, including AI, supercomputers, and quantum technologies. This marks a significant move in the ongoing geopolitical tensions between Washington and Beijing, particularly as both nations vie for dominance in the advanced computing and artificial intelligence sectors.

Photo by Solocru Summary DeepSeek, a Chinese AI startup, has released an upgraded version of its V3 large language model. The new model, DeepSeek-V3-0324, shows significant improvements in reasoning and coding capabilities. This release intensifies competition with global AI leaders like OpenAI and Anthropic, while DeepSeek offers its models at lower operational costs. DeepSeek, a rising player in the AI sector, has launched a significant upgrade to its V3 large language model, known as DeepSeek-V3-0324. This release marks a new milestone for the company as it seeks to challenge established AI giants such as OpenAI and Anthropic. With improvements in key areas like reasoning and coding, the upgraded model positions DeepSeek as a formidable competitor in the rapidly evolving global AI market.

Photo by FMT Summary BYD reported a 73% surge in its fourth-quarter profit for 2024, reaching 15 billion yuan (US$2.1 billion). The company’s revenue increased by 52.7% to 274.9 billion yuan, driven by strong EV sales and competitive pricing. BYD’s market share in China has grown significantly, overtaking Volkswagen with a record 4.25 million vehicles sold in 2024. BYD, China’s leading electric vehicle manufacturer, has reported a remarkable 73% increase in its fourth-quarter profit for 2024. The company’s net profit reached 15 billion yuan (US$2.1 billion), marking a record high. This surge is primarily attributed to BYD’s competitive pricing strategy and its continued dominance in the elec tric vehicle market.

Photo by FMT Summary Chinese shipyards are building large car transport vessels at an unprecedented pace to support the global expansion of Chinese automakers. The latest vessel can carry 8,600 cars and was assembled in just 200 days by Shanghai Waigaoqiao Shipbuilding Co. The move is part of China's broader strategy to establish a national fleet for car exports and reduce reliance on external transport options. China’s shipyards are ramping up production of large car transport vessels, designed to facilitate the country’s growing car export industry. As China’s automotive manufacturers, including major players like BYD, continue to expand their global reach, the need for reliable and efficient shipping solutions has become increasingly important. In response, Chinese shipbuilders are constructing massive "roll on/roll off" (ro-ro) ships at record speeds to meet this demand.

Photo edit by The China Now Summary BYD's Denza brand has launched the N9 SUV to challenge premium EVs from Mercedes-Benz and BMW. The Denza N9 is priced between 389,800 and 449,800 yuan, available in both plug-in hybrid and pure electric versions. The vehicle features BYD's God’s Eye autonomous driving system and supports on-vehicle drone systems. BYD, China’s largest electric vehicle maker, has introduced its most expensive model under the Denza brand: the N9 SUV. This new luxury vehicle is designed to compete directly with premium offerings from automakers like Mercedes-Benz and BMW, further intensifying the competition in the growing Chinese EV market. With a starting price of 389,800 yuan (approximately US$60,860), the N9 is available in both plug-in hybrid and fully electric versions.

Photo by Stockcake Summary Apple has launched a new clean energy fund in China worth USD 99.2 million to expand renewable energy capacity. The fund aims to add 550,000 megawatt-hours of wind and solar energy to China’s power grid annually. The new initiative follows a successful 2018 fund and aligns with Apple’s goal to transition its supply chain to 100% renewable energy by 2030. Apple has announced the creation of a new clean energy investment fund in China, valued at USD 99.2 million (CNY 720 million). This initiative is part of the company’s ongoing commitment to transitioning its supply chain to 1 00% renewable energy by 2030. The fund will focus on expanding China’s clean energy generation capacity, with an annual goal of adding 550,000 megawatt-hours of wind and solar energy to the country's power grid.

Photo by FMT Summary BYD has launched the Qin L, an electric sedan priced at approximately US$16,500, which directly competes with Tesla’s Model 3, priced at US$35,000. The Qin L offers a range of 545km, compared to the Model 3’s 634km, and both vehicles feature advanced self-driving software and digital cockpits. The launch comes at a time when Tesla's sales in China have been declining, with a 51.5% drop in February. BYD, a leading Chinese electric vehicle maker, has unveiled its new sedan, the Qin L, aimed at rivaling Tesla’s Model 3 in the highly competitive Chinese market. Priced at just 119,800 yuan (approximately US$16,500), the Qin L offers a compelling alternative to Tesla’s top-selling model, which starts at 235,500 yuan. The launch of this vehicle is expected to significantly challenge Tesla’s position in China, where its sales have been steadily declining.