Linda Lew

(Bloomberg) -- Hong Kong, famed as a low-tax, high-income haven, will increase tax on high earners in a bid to bring down its deficit.

The biggest transformation of the auto industry in a century is underway, as governments offer massive subsidies to speed up the shift to electric vehicles. In the past year, several surprises have emerged. One is the size of the lead Chinese automakers have opened, and just how difficult it will be for the rest of the field to compete with the lower cost and advanced technology of made-in-China cars. Another is the extent of the country’s dominance of the EV supply chain. And just as automakers

Geely Automobile Holdings Ltd., the Hong Kong-listed arm of billionaire Li Shufu’s auto empire, posted earnings that beat estimates and reiterated an outlook for further sales growth this year despite a slowing Chinese car market.

At least three defunct Chinese electric vehicle makers are getting a new lease on life after the industry was touted as a “new productive force” — a slogan coined by President Xi Jinping to promote the development of advanced technology.

Posting net income just below analysts’ projections was enough to trigger the worst selloff in the Chinese company’s shares in a year.

March is shaping up as a strong month for China’s electric vehicle makers with several reporting double digit sales gains after a slow start to the year due to seasonal holidays.

The country’s rapid embrace of electric cars left Geely scrambling for second place.

Tesla Inc. former Chief Executive Officer Martin Eberhard said it’s a shame the US automaker may have delayed its low-cost car program considering bringing down the price of electric vehicles is key to their uptake and one of the most exciting things about the market in China.

A conversation with the CEO of a company caught up in geopolitical tensions over both EVs and semiconductors.

First, Chinese carmaker Nio Inc. released a smartphone. Then tech giant Xiaomi Corp. launched an electric vehicle.