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High raw material costs (lithium cobalt oxide, copper foil, electrolytes) squeeze profit margins, leading to expected loss.
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Unusually Large Business Delegation to Join Xi's US Visit, with BYD and Xiaomi Among Candidates
The US and Chinese governments are finalizing the selection of top Chinese business figures to accompany President Xi Jinping on his visit to the United States, according to three people familiar with the matter. According to the sources, candidates include Chinese electric vehicle giant BYD, smartphone maker Xiaomi, which has also expanded into EVs, battery giants CATL and Gotion High-Tech, home appliance maker Hisense Group, auto parts supplier Wanxiang Group, state-owned Bank of China, and agricultural conglomerate COFCO. Accompanying a large business delegation to the United States would be an unusual move. According to the people, the finalization of the delegation's members will wait for talks this weekend between US Treasury Secretary Bessent and Chinese Vice Premier He Lifeng, with formal invitations to be sent to each company within the next few days, and the US State Department is expected to approve visas for the delegation. CATL and BYD were added to the US Department of Defense's corporate list in January 2025 and June 2026, respectively, over alleged ties to the Chinese military. China's Foreign Ministry, responding to a Reuters question, said it had no information.
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European BEV sales rise 54% year-on-year in August, accounting for 30% of new cars
New registrations of battery electric vehicles in Europe rose 54.2% year-on-year in August, accounting for roughly one in three new cars sold and far outpacing forecasts for 2026. According to data from E-Mobility Europe, New Automotive and Fierce Automotive, BEV registrations across 16 major European markets rose to 202,833 units, giving fully electric vehicles a market share of 30.5%. BEV registrations across Europe as a whole have exceeded 1.67 million units since the start of the year, up 33.1% from the same period a year earlier. T&E had forecast a BEV share of 23% in the EU this year, while Rho Motion expected around 21% for Europe as a whole, but BEV registrations in the 16 markets have risen 33.1% year-to-date, exceeding forecasts for the combined plug-in market of BEVs and plug-in hybrid vehicles. By country, France's BEV market share rose to 38.3% in August and Germany's to 32.5%, with fully electric registrations reaching 36,159 units in France and 68,980 units in Germany. Among Europe's most electrified markets, Norway led with a BEV share of 98.7%, followed by Denmark at 85.9%, Finland at 52.3%, the Netherlands at 48.9%, Belgium at 46.2% and Portugal at 36.1%.
China Jushi and Hunan Yuneng Disclose Shareholder Reductions on Same Day; CATL Stake Falls Below 5%
On the evening of September 17, China Jushi and Hunan Yuneng both issued announcements on changes in shareholder equity, with both companies experiencing reductions by significant shareholders. China Jushi disclosed that its second-largest shareholder, Zhenshi Holding Group, reduced its holdings by 28.3264 million shares through centralized competitive trading from September 15 to September 17, 2026, with the equity change reaching the 1% threshold. Its direct holdings decreased from 727 million shares, or 18.16%, to 699 million shares, or 17.46%. Including persons acting in concert Zhang Yuqiang and Zhang Jiankan, the combined shareholding ratio fell from 18.50% to 17.79%. Hunan Yuneng announced that shareholder CATL reduced its holdings by a total of 17.4597 million shares through centralized competitive trading and block trading from June 26 to September 16, 2026, accounting for 2.06% of the company's current total share capital. Its shareholding ratio dropped from 7.09632% to 4.99999%, and it is no longer a shareholder holding more than 5% of the company. CATL stated that this reduction was mainly due to its own capital management needs and normal investment arrangements, and that it would not affect business cooperation between the two parties. The reduction plan has not yet been fully implemented. Both companies stated that this equity change will not lead to changes in their controlling shareholders or actual controllers, nor will it have a significant impact on their corporate governance structures or ongoing operations.