According to the country's national bureau of statistics, the PMI level is also higher than the 49.0 recorded in June.— Lim Hui JieJapan's industrial output climbed 2% in June compared to the month before, lower than the 2.4% expected by economists polled by Reuters.
The preliminary report also showed that on a year on year basis, industrial output fell 0.4%, a sharp reversal from the 3.1% rise seen in May.that the production of motor vehicles, electronic parts and devices, as well as machinery mainly contributed to the increase in June.CNBC Pro: China’s electric car game amps up. One stock has doubled this year
Just as Chinese electric car companies may need cash, foreign automakers need the market — not only in China but globally. Xpeng's cash and cash equivalents nearly halved in the first quarter from the end of 2022, and its deliveries have stagnated at several thousand a month. Volkswagen isn't faring much better in China's electric car market, with an average of just over 10,000 vehicles delivered each month in the first half of the year. But the German automaker has far more cash.
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