News in Brief
Electric car sales up
CNBC – Electric car sales jumped to more than 10 million last year, with China accounting for roughly 60% of the market, according to a report from the International Energy Agency published Wednesday.
The record sales figures, contained within the IEA’s Global EV Outlook for 2023, continue a trend of sustained growth for the industry.
“Electric car sales — including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) — exceeded 10 million last year, up 55% relative to 2021,” the IEA’s report said.
Yuan overtaking dollar
REUTERS – The yuan became the most widely-used currency for cross-border transactions in China in March, overtaking the dollar for the first time, official data showed, reflecting efforts by Beijing to internationalise use of the yuan.
Cross-border payments and receipts in yuan rose to a record $549.9 billion in March from $434.5 billion a month earlier, according to Reuters calculation based on data from the State Administration of Foreign Exchange.
Boeing reports loss in Q1
AFP – Boeing reported a bigger-than-expected quarterly loss Wednesday due to persistent quality control problems with its jets, but shares rallied as it maintained key medium- and long-term targets.
The company reported a loss of $425 million, compared with a $1.2 billion loss in the year-ago period, reflecting the continued drag from supply chain issues across its commercial and defense businesses.