Briefly

Profits of SOEs up 7% in first quarter

The combined profits of China's State-owned enterprises rose 7 percent year-on-year to nearly 1.02 trillion yuan ($155.5 billion) in the first quarter of the year, official data showed on Tuesday. The SOEs raked in 18.6 trillion yuan in operating revenue in the first three months, 12.9 percent higher than in the same period last year, according to data from the Ministry of Finance.

200,000th NIO EV off production line

Chinese electric carmaker NIO's 200,000th vehicle rolled off the production line on Tuesday in Hefei, Anhui province. NIO manufactured its 100,000th vehicle in April 2021, a milestone event that took the company close to three years to accomplish. It took NIO about a year to complete the production of its second 100,000 smart electric vehicles. Over 900 NIO battery-swapping stations and more than 7,000 charging piles have been built across China, greatly easing drivers' range anxiety, NIO sources said. Founded in 2014, NIO is a pioneer in China's premium electric vehicle market, with its global headquarters located in Shanghai and China headquarters in Hefei.

Xinhua