The Chinese electric vehicle giant BYD has seen its quarterly revenues soar, beating Tesla’s for the first time.
It posted more than 200bn yuan ($28.2bn, £21.8bn) in revenues between July and September. This is a 24% jump from the same period last year, and more than Elon Musk’s company whose quarterly revenue was $25.2bn.
However, Tesla still sold more electric vehicle (EVs) than BYD in the third quarter.
It comes as EV sales in China have been getting a boost from government subsidies to encourage consumers to trade their petrol-powered cars for EVs or hybrids.
BYD also notched a monthly sales record in the last month of the quarter, in a sign that momentum continues to build for China’s bestselling car maker.
But there is a growing backlash abroad against the Chinese government’s support for domestic car makers like BYD.
Earlier this week, European Union tariffs of up to 45.3% on imports of Chinese made EVs came into force across the bloc.
Chinese EV makers were already facing a 100% tax from the United States and Canada.
The tariffs are in response to alleged unfair state subsidisation of China’s car industry.
As of last week, official data showed 1.57 million applications had been submitted for a national subsidy of $2,800 per each older vehicle traded in for a greener one.
That’s on top of other government incentives already in place.
China has been counting on high-tech products to help revive its flagging economy, and the EU is the largest overseas market for the country’s electric car industry.
Its domestic car industry has grown rapidly over the past two decades and its brands, such as BYD, have begun moving into international markets, prompting fears from the likes of the EU that its own companies will be unable to compete with the cheaper prices.
Employees of all Bank of Ceylon (BoC) branches have decided to walk out of service at 12.30 pm today (May 29).
The decision has been taken over the current management not taking the initiative to provide them with the 06-month incentive package approved by the Board of Directors, according to the Bank Employees’ Union.
Central Committee member of the Bank Employees’ Union – Najith Wijeratne, stated that they will initiate a token strike if this issue is not resolved by June 06.
BoC employees have also held lunchtime protests yesterday (May 28) in front of 22 branches in major cities islandwide.
The National Salt Ltd. says that 2,800 MT of salt imported from India have been released to the market.
It says the food-grade salt stock, which arrived on May 23, is being distributed to the market through local salt sales agents for consumer sale.
The Ministry of Industry and Entrepreneurship Development states that Lanka Salt Ltd. is importing 10,000 MT of salt, while over 100 importers, including those from Pettah, are bringing in an additional 100,000 MT.
Employees of Michelin Lanka Pvt Ltd, located in the Midigama area of Matara, allege that there are plans to sell the company.
This has raised concerns among employees about job losses, leading to protests.
Workers allege that the company is planning to dismiss them with a minimal severance payment, which they believe is insufficient.
An employee has revealed to the media that after workers were informed about this decision, a newly formed employees’ union has set several demands to the company authorities.
Workers have demanded a fair severance package, but authorities have offered Rs.200,000, (a sum employees consider inadequate) reportedly asking them to provide resignation letters in return.
An employer also states that before the current government took office, Minister Wasantha Samarasinghe had proposed that forming a trade union could help secure workers’ rights. However, the president and secretary of that union are now reportedly in hiding, he employer adds.
Meanwhile, holding a press conference recently, the Inter Company Employees’ Union had revealed that Michelin Lanka Pvt Ltd is in the process of selling the company to the Indian company – CEAT.
According to the union, CEAT has purchased a majority stake in the company.
As part of the deal, it is reported that the Midigama factory of Michelin Lanka Pvt Ltd and part of its operations in Ja-Ela have been transferred to Indian CEAT company.
The Inter Company Employees’ Union had stated there was no issue as a MoU was signed between the two companies to secure workers’ rights. According to the agreement, Michelin Lanka Pvt Ltd had pledged to honor the full service period of affected workers, while CEAT agreed to provide appropriate compensation based on their years of service, the union adds.
Michelin Lanka was previously a part of Camso Loadstar (Private) Ltd, one of the largest suppliers of industrial tyres in the global market.
The situation at Michelin Lanka follows the sudden closure of the NEXT garment factory in the Katunayake Free Trade Zone a few weeks ago, leaving over 1,400 workers jobless.
In a statement, the company cited high production costs as the reason for shutting down operations in Sri Lanka.
