updated - August 5, 2021 Thursday EDT
Ford Motor Co. is investing about 11.4 billion yuan or about $1.8 billion over the next five years on research and development for smart cars that is aimed to attract Chinese buyers, according to a report from The Wall Street Journal. The automaker is looking to increase its sales in the second largest economy in the world with its investment.
Dell, Inc. will be investing $125 billion in China over the next five years, as the company continues to expand its business in the second largest economy in the world, according to a report from Bloomberg.
Japan's Panasonic Corp said on Thursday it will close a lithium-ion battery factory in Beijing and axe 1,300 jobs there as demand for the product slides, competition increases and with better opportunities available in electronic car batteries.
Apple Inc. Chief Executive Tim Cook gave a rare mid-quarter update on its business performance in China saying sales there strongly grew in July and August to assure investors that the company has not been affected by the slowing economy there.
Fastfood chain operator Yum Brands Inc. has named a new chief executive for its China operations, where it receives half its sales despite challenges from food-safety issues and changing consumer preference.
Macy's Inc did not meet sales expectations as the stronger dollar dampened foreign tourist spending in its stores while strikes in the West Coast ports and the removal of a sales event further affected performance, reports said.