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Porsche AG reports sharp fall in China deliveries

July 9 (Reuters) - German sportscar maker Porsche (P911_p.DE), opens new tab said on Tuesday that global vehicle deliveries were down 7% in the first half of the year compared to the same period in 2023, primarily driven by a 33% year-on-year drop in China.

Porsche, majority-owned by Volkswagen (VOWG_p.DE), opens new tab, is highly exposed to the EU-China tariff tensions, with deliveries to China accounting for nearly 20% of global deliveries.

An HSBC analyst pointed to weakness in the European car market, saying that "the market is, understandably, worried about China pricing weakness and the prospect of needing to pay dealer compensation."

Overall, Porsche delivered 155,945 cars worldwide during the first six months of the year.

In North America, deliveries were down 6% year-on-year. Meanwhile, in Porsche’s home market of Germany, deliveries increased by 22% to 20,811 vehicles.

Argentina's government reform bill officially takes effect: granting the president special powers in areas such as administration
On the 8th, the Argentine government promulgated the "Foundations and Starting Points for Argentine Freedom" comprehensive bill and a package of fiscal measures, marking the official entry into force of the government reform bill. According to the official gazette of the Argentine government, Argentine President Milley, Chief Cabinet Minister Guillermo Francos and Economy Minister Luis Caputo jointly signed Decrees No. 592 and No. 593 to promulgate these two new reform measures. The comprehensive bill declared Argentina to enter a one-year public emergency in the administrative, economic, financial and energy fields, and granted the president special powers in these fields. It also includes the relaxation of economic regulations, labor reforms and the implementation of a large-scale investment incentive system. The package of fiscal measures involves anti-money laundering, tax deferral, tariffs, re-imposition of high-salary income tax and reduction of personal property taxes. On June 28, after six months of negotiations, the two reform bills were finally passed by the Argentine Congress.
Audi RS e-tron GT intelligent cockpit innovation analysis
RS e-tron GT: Shares J1 platform with Porsche Taycan. The iconic closed hexagonal "big mouth" is quite a brand recognition, and the rear of the car uses a decorative design shaped like a diffuser. Although the difference between it and the regular e-tron GT is very limited, the "RS" nameplate on the rear of the car means that it is not an ordinary person, of course, low-key is also the style of AUD-Sport. The center console continues the family design of the Audi brand, the lines are simple and refined, and the center control screen, the front air conditioning control panel and the function keys below are obviously tilted to the driver's side, echoing the product positioning of the driver's car. Sports seats, leather fabrics with red stitches, etc. appear in the configuration table of the car, rendering the interior sports atmosphere just right, and the overall beauty of the cabin has been affirmed by the reviewers. Although the official model of the cockpit chip selected by the car has not been announced, it has a high score in the evaluation items such as the cold start speed of the car, the start speed of the core application and the navigation search speed, which shows that the car performance is good. In addition, in terms of specifications and accuracy, the car received full marks in the touch accuracy and screen sharpness evaluation, and the daily high-frequency interaction experience is excellent. Of course, if you optimize the voice car control ability, its intelligent experience will be a higher level.
Samsung hit the biggest strike! Over 6,500 people attended.
More than 6,500 employees at South Korea's Samsung Electronics began a three-day mass strike on Monday (July 8), demanding an extra day of paid annual leave, higher pay raises and changes to the way performance bonuses are currently calculated. This is the largest organized strike in Samsung Electronics' more than half century of existence, and the union said that if this strike does not push employees' demands to be met, a new strike may be called. One of the core issues of the current dispute between the labor union and Samsung Electronics is raising wages and increasing the number of paid vacation days. The second demand is a pay rise. The union originally wanted a pay rise of more than 3% for its 855 employees, but last week they changed their demand to include all employees (rather than just 855). The third issue involves performance bonuses linked to Samsung's outsized profits - chip workers did not receive the bonuses last year when Samsung lost about Won15tn and, according to unions, fear they will still not get the money even if the company manages to turn around this year.
Sparkling box office for Spring Festival films indicates tremendous potential for movie consumption in Chinese society
According to Chinese movie ticketing platform Taopiaopiao, the box office for the 2024 Spring Festival holidays surpassed last year's 6.766 billion yuan and entered the top two in the history of Chinese Spring Festival holidays box office. I recently watched three movies, and I think they are all good. However, their overall level is not higher than the movies from last Spring Festival holidays. The higher box office compared to last year reflects the strong potential for movie consumption in Chinese society. Our filmmakers need to make further efforts. The current development of Chinese movies has many advantages. People often complain that our film creation faces various "restricted areas," but in terms of societal topics, the space for Chinese film creation is relatively large and relaxed. For example, Zhang Yimou's film Article 20 shows protest scenes and boldly explores the issue of judicial injustice in depth. A few years ago, the film I Am Not Madame Bovary specifically discussed the sensitive issue of petitioning. Another film, Johnny Keep Walking! which was aired last year, also touches on serious social issues. The breadth and depth of these films' topics lay the foundation for their attractiveness. The improvement of China's basic film production level has played a role in boosting their success, resulting in Hollywood films being collectively pushed off the Chinese box office charts. Now, almost any domestic film can be considered "watchable." The next step is to produce world-class masterpieces and promote the collective advancement of Chinese films on the global stage. The three movies that I watched are YOLO, directed, written and starring Jia Ling, a representative of the new generation of female Chinese directors, Pegasus 2, directed by Han Han and Article 20. They are all realistic-themed films, and the actors who play the main characters have some overlap. Although each of them is good, as mentioned earlier, I personally feel that their overall quality is not as good as films screened during last year's Spring Festival holidays. So I have a feeling that Chinese movies have been spinning in place for a year in such a good market environment. Of course, I am not an expert, so what I say may not be correct, or it may be biased. The production level of Chinese films, in terms of technology, has caught up. Domestic films have surpassed Hollywood in the domestic market through competition, which is a great achievement. However, I hope that this does not mark the beginning of a "decoupling" between Chinese movies and the rest of the world, but rather a turning point for Chinese films to reach a higher level domestically and to go global. This requires Chinese realistic films to not only be loved by domestic audiences but also become increasingly "understandable" to foreigners, allowing them to empathize with us through these films. If Chinese films can gradually go global through market-oriented approaches, it will be a new process for the international community to re-recognize and understand China, and to establish common values between us. The earliest understanding of the US by the Chinese people came entirely from the shaping of news propaganda. Later, American films and TV works entered China, showcasing the rich American society. Now, Western media's portrayal of China is completely stereotyped. If Chinese films and other popular culture do not go global, and if a large number of secular elements from China do not appear on the global internet, the outside world's perception of China is likely to be dictated by Western media for a long time. So I hope that China's excellent film market can incubate outstanding works that are loved and enjoyed globally. Not only should our cultural policies provide greater space, but our internet public opinion should also be more tolerant of the interweaving and mutually influencing between Chinese and Western cultural elements. We should not restrict those elements in Chinese films that can resonate with both Chinese and foreign audiences. For example, comedies should not only make Chinese people laugh, but also be understandable to foreigners. Chinese films need to establish their own big stars, including top-tier female stars. In the past, Bruce Lee and Jackie Chan became famous in the West, but they were primarily seen as "Hollywood stars." It is a more challenging journey for Chinese stars to gain international recognition through their own films. The success of Chinese films and Chinese stars worldwide is definitely a complementary process. The backgrounds of our film stories should also be carefully selected and more diverse, enhancing the visual quality and international appeal of the films. Feng Xiaogang's film Be There or Be Square was entirely set in the US, and later, there was another film called Lost in Thailand, both of which achieved good results. Choosing such backgrounds should be encouraged as one of the approaches. In conclusion, I am delighted by the comprehensive recovery of the Chinese film market, and I also hope that the films nurtured by this market will continue to progress. To achieve this, we need to keep introducing the world's best films and collaboratively cultivate the aesthetic taste of the Chinese people alongside Chinese films. Chinese films have already stood up, but they should not monopolize this vast market. Instead, the Chinese market should serve as the stage for them to expand globally.
"Pictures on the wall were falling," New Yorkers rattled by earthquake
An earthquake jolted New York City on Friday morning, followed by more than 10 aftershocks which shook New Jersey, sending tremors as far as Philadelphia to Boston and jolting buildings in Manhattan and throughout its five boroughs. The preliminary quake, measuring 4.8 magnitude, centered around Lebanon, New Jersey, approximately 60 kilometers from New York City, with a depth of about 5 kilometers. Following the earthquake, New York City mayor Eric Adams stated at a press conference that no injuries had been reported, but they would continue to monitor and inspect critical infrastructure. The densely populated New York City was caught off guard by the unusual event. Broadcaster CBS reported that New York had not experienced an earthquake of this magnitude since 1884. Residents in Brooklyn expressed their shock when experiencing tremors which shook the city. "At first, I thought it was just construction next door, but then I noticed the pictures on the wall had fallen," Jennifer Wu, a resident in New York, told the Global Times on Saturday. Video footage circulating online showed the Statue of Liberty and the New York City skyline trembling as the earthquake struck. An angle from directly above Lady Liberty caught Ellis Island shaking during the incident. "It is fine," New York's famous Empire State Building posted on social platform X after the earthquake. The United Nations headquarters located in New York was hosting a Security Council meeting on the Israeli-Palestinian issue, and diplomats present in the meeting felt the tremors, local media reported. According to the Weather Channel, residents in Baltimore, Philadelphia, New Jersey, Connecticut, Boston and other areas of the Northeast seaboard also reported shaking. Tremors lasting for several seconds were felt over 200 miles away near the Massachusetts-New Hampshire border. The New York mayor told the press that New Yorkers should go about their normal day, while the governor Kathy Hochul emphasized the seriousness of the situation. She initiated assessments for damage across the state and had discussions with New Jersey Governor Phil Murphy. The quake caused flight delays throughout the New York area, with temporary control measures put in place across New York's John F. Kennedy International Airport, Newark Liberty International Airport in Newark, New Jersey, and Baltimore-Washington's Thurgood Marshall International Airport, checking for damage to runways. Operations resumed around Friday noon, ABC reported.