Geely to Launch First Internal Combustion Engine Vehicle in South Africa, Expanding to 10 Models by 2026

[UK Extended Fuel Duty Cut to Ease Inflation Pressure Driven by Middle East Tensions] On May 20, the UK government announced that it would extend the fuel duty cut for motor vehicles until the end of this year to ease the pressure of rising living costs caused by the escalation of the Middle East conflict.

[CATL and Tencent Join Forces to Boost Carbon Credit Demand] Two of China's largest companies by market capitalization — Tencent and CATL — are joining hands in a new initiative aimed at boosting corporate demand in the cooling carbon credit market. The tech giant and power battery industry leader will join Mitsubishi Corporation, Vale, Osaka Gas, and other enterprises in the Climate Resilience Action Alliance, a non-profit organization established in Singapore on May 19. The alliance aims to promote the practical application of high-quality carbon credits, with a target of alliance members collectively purchasing at least 10,000kt of high-quality carbon credits by 2030.

[Tesla Has Sold Approximately $890 Million in EV and Battery Products to SpaceX and xAI] Since 2023, Tesla has generated approximately $890 million in revenue from Space Exploration Technologies Corp. (SpaceX) and artificial intelligence enterprise xAI, a substantial transaction that underscored the deep interconnection among the major businesses within Elon Musk's commercial empire. Musk's recently consolidated aerospace rocket enterprise and artificial intelligence company released regulatory filings on May 20, disclosing that they purchased approximately $131 million worth of Tesla Cybertrucks last year.