Geely's BEV Sales Grow 29% in August

Chinese regulators have identified quality and conformity issues in vehicles from BYD and Geely, among others, during unannounced factory inspections. The Ministry of Industry and Information Technology (MIIT) found deviations in fuel consumption and wheelbase tolerances. The inspections, part of a broader industry-wide campaign, aim to address concerns about rapid development cycles and a price war. The campaign includes stricter testing and a ban on post-test software manipulation, with potent

Geely Automobile reported record H1 sales, with revenue up 15% and net profit up 46%. The company overtook BYD in domestic retail volume but faces challenges in competing with BYD's diverse product lineup and market position. Geely is restructuring to control costs and improve efficiency, with a focus on new energy vehicles. BYD's pure electric sales surged, while Geely's electric offerings underperformed.

Apollo Global Management raised its easyJet (EZJ) cash offer to 715p per share, valuing the airline at £5.7bn, and easyJet’s board said it is minded to recommend. The bid is 25p higher than Castlelake’s. Other updates: MJ Gleeson (GLE) expects results in line but outlook uncertain; Impax (IPX) AUM rose to £23.3bn; Vodafone (VOD) gets e& stake sold to Xavier Niel; Schroder REIT (SREI) bid for Picton (PCTN); Hays (HAS) profit guidance; Johnson Service Group (JSG) shares fall.

Alstom signed a C$4.7 billion deal with VIA Rail Canada to design, manufacture, and support 313 new rail cars, replacing the aging fleet. The project, valued at nearly C$700 million for technical support, aims to improve comfort, accessibility, and connectivity across Canada's major routes. The fleet will be designed, engineered, and manufactured in Canada, creating up to 670 direct jobs and contributing over C$1.6 billion to Canada's GDP.

Chevron plans to invest $7 billion in Venezuela over five years, aiming to double oil production to 600,000 bpd. NABEP secured control of oilfields with 65 billion barrels of reserves, planning $100 billion in investments. Chevron and Shell also signed a preliminary agreement for Ghana's South Deepwater Tano block. SOCAR acquired stakes in Comstock Resources' Haynesville shale assets for $1.65 billion. Shell bought into BP-operated prospects in the Gulf of Mexico and Brazil.

Over 600,000 seniors enrolled in Medicare's GLP-1 Bridge program in two months, saving $216 million. Eli Lilly (LLY) and Novo Nordisk (NVO) supply drugs at $245/month. Jefferies estimates $1.5B-$1.8B annualized revenue for the program. KFF estimates 3.8M eligible beneficiaries. Enrollment may reach 25% soon, but adherence is uncertain.