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City Developments Limited (CDL) announced on Tuesday, 15 July, that Mr Philip Yeo will be stepping down as a director of the company effective 31 July. Mr Yeo, 78, has served on CDL’s board for 16 years as a non-independent, non-executive director. According to the company’s filing with the Singapore Exchange, Mr Yeo’s retirement comes without any unresolved differences in opinion on material matters between him and the board. His notice of retirement follows a turbulent period at CDL, marked by an internal dispute earlier this year between Executive Chairman Kwek Leng Beng and his son, Group CEO Sherman Kwek. The conflict reached a head in February when the elder Mr Kwek accused his son of attempting a boardroom coup and initiated legal action over alleged governance lapses. This came after Sherman Kwek had moved to appoint new independent directors without full board consent. Mr Yeo had aligned himself with Mr Kwek Sr during the controversy, publicly criticising the younger Mr Kwek and taking issue with his handling of the matter. He also expressed disapproval after Sherman Kwek identified Dr Catherine Wu, an associate of Mr Kwek Sr, as a central figure in the disagreement. Although the lawsuit was withdrawn within two weeks of its filing—with all board members reportedly agreeing to reconcile in the interest of the company and its stakeholders—the aftermath of the episode continued to reverberate within the boardroom. At CDL’s annual general meeting in April, Mr Yeo voiced strong dissatisfaction over the way certain board members had proceeded with director appointments earlier in the year, describing the actions as “totally improper”, according to Bloomberg. City Developments shares closed down 0.2 per cent at S$5.57 (US$4.33) ahead of the announcement. -CNA

Chinese automotive giant Geely has announced plans to privatise its premium electric vehicle subsidiary Zeekr, in a transaction valuing the unit at approximately US$6.83 billion. The move is part of Geely’s broader corporate strategy to streamline its operations and enhance competitiveness in an increasingly saturated EV market. According to statements released on Tuesday, Geely will acquire the remaining shares of Zeekr it does not already own for US$2.687 per share, equivalent to US$26.87 per American depositary share. This offer represents an 18.9% premium on Zeekr’s last traded price on 6 May. The deal is anticipated to complete in the fourth quarter of this year. Geely currently holds a 62.8% stake in Zeekr. The company initially proposed a US$2.2 billion buyout in May, which has since been increased to approximately US$2.4 billion. Zeekr made its debut on the U.S. stock market in May 2024, achieving a valuation of US$6.8 billion and becoming the first major Chinese firm to list in the United States since 2021. Founded in 2021, Zeekr serves as Geely’s flagship premium EV brand, designed to showcase its proprietary technologies in electric vehicle architecture and battery systems. The planned buyout reflects a shift in Geely Holding’s strategic direction. The group, once known for its ambitious global acquisition spree, is now prioritising operational efficiency and cost control. The pivot comes in response to mounting margin pressures and an intensifying price war in China’s domestic EV market. As part of its corporate restructuring, Geely has realigned its operations into two core divisions: Geely Auto, targeting the mass-market segment, and Zeekr Group, which will continue to focus on premium offerings. In March, Geely further consolidated its internal technology development efforts by merging three separate business units working on digital cockpit systems into a unified 2,000-strong engineering team, with the aim of driving both efficiency and innovation across its product lines. -Reuters

Nissan Motor Co Ltd has confirmed it will end vehicle production at its Oppama facility by the close of its 2027 fiscal year, in a strategic move to streamline operations under its global restructuring plan. The Japanese automaker, which reported a net loss of ¥671 billion last year, stated the production activities currently carried out at the Oppama plant, located just outside Yokohama, will be transferred to an existing facility on the southern island of Kyushu. The announcement is part of a broader effort by Nissan to consolidate its manufacturing footprint, with plans to reduce the number of its vehicle production plants from 17 to 10 by fiscal year 2027. Oppama, one of six domestic plants operated by Nissan, employed approximately 3,900 staff as of October last year. The site, which has been operational since 1961, played a pivotal role in the brand’s history and was notably the first to produce the Nissan LEAF—widely recognised as the world’s first mass-market electric vehicle. The decision to halt production at Oppama reflects the company’s response to mounting financial pressure and increased competition, particularly from rapidly expanding Chinese electric vehicle manufacturers. Nissan’s business challenges have been compounded by the collapse of merger discussions with Honda Motor Co Ltd earlier this year. The proposed deal, which would have seen Nissan become a subsidiary of Honda, was abandoned in February. Once viewed as a potential pillar of stability, the abandoned merger was part of Nissan’s wider turnaround strategy, which also included a significant reduction in its global workforce by 15 per cent. The company has faced several reputational and operational setbacks in recent years. The 2018 arrest and subsequent escape of former chairman Carlos Ghosn continues to cast a long shadow, while credit ratings agencies have since downgraded Nissan’s status to “junk”. Moody’s, in particular, cited “weak profitability” and an “ageing model portfolio” as key concerns. In a further blow, Nissan scrapped a recently approved US$1 billion battery plant project in southern Japan earlier this year, citing adverse business conditions. The firm is also considered among the most vulnerable Japanese automakers to the 25 per cent tariff on Japanese vehicle imports imposed by US President Donald Trump. Industry analysts note that Nissan’s customer base in the United States tends to be more price-sensitive than those of its competitors, amplifying the potential impact of such trade policies. As Nissan continues to battle financial headwinds and shifting market dynamics, the closure of the Oppama plant marks a significant chapter in its transformation strategy, signalling both a nod to its storied past and a pragmatic step toward its future ambitions. -AFP

Tesla has officially entered the Indian automotive market with the opening of its first showroom in Mumbai, showcasing its premium electric SUV, the Model Y. The move marks a significant step in the company’s long-anticipated expansion into the world’s third-largest car market. The company is offering the Model Y rear-wheel drive at ₹6 million (approximately US$70,000), while the long-range rear-wheel drive variant is priced at ₹6.8 million (around US$79,000). These prices are considerably higher than in other key markets: in the United States, the Model Y starts at US$44,990; in China, at 263,500 yuan (US$36,700); and in Germany, at €45,970 (US$53,700). Tesla’s Mumbai showroom, located within a gated office complex in the city’s financial district, was tightly secured during its unveiling. The Model Y, partially covered in black and grey drapes, was visible through the showroom’s glass façade, as police guarded the venue. Access to the premises was restricted, with minimal public presence and limited visibility into the space. Elon Musk’s interest in the Indian market has been longstanding, driven by the country’s growing base of affluent consumers who have shown increasing demand for luxury goods, from real estate to high-end jewellery and automobiles. However, the Indian electric vehicle (EV) market remains in its early stages, with EVs accounting for just 4% of total car sales. The Indian government aims to increase this share to 30% by 2030, offering incentives such as tax concessions for foreign automakers willing to commit to local manufacturing. These incentives, however, have thus far done little to sway Musk toward substantial domestic production commitments. Tesla’s entry arrives at a time when competition in India’s premium EV segment is intensifying, with established German brands such as BMW and Mercedes-Benz already present. Meanwhile, local players such as Tata Motors and Mahindra continue to dominate the mass-market EV segment. The launch of Tesla’s Mumbai showroom also coincides with Vietnamese EV manufacturer VinFast’s pre-booking campaign for its VF7 and VF6 electric SUVs in India, signalling a broader push into one of the most promising, albeit infrastructure-challenged, automotive markets globally. -Reuters

Alibaba Group Holding has matched its single-day delivery record of 80 million orders, as competition intensifies across China’s instant commerce sector. The figure, achieved on Saturday and reported on Monday, reflects the company’s aggressive campaign to gain market share from key rivals Meituan and JD.com. The deliveries were fulfilled under Alibaba’s new instant commerce division, Taobao Shangou, which also reported a 15 per cent week-on-week increase in daily active users. While the company did not disclose a precise total, the growth places estimated usage at around 230 million users. Saturday’s surge came amid an industry-wide promotional push, with platforms including Meituan, Taobao, Ele.me and JD.com offering substantial cash subsidies to consumers across the country. The result was a dramatic shift in shopping behaviour, with many brick-and-mortar retailers suspending in-store service due to overwhelming online demand. Meituan distributed coupons offering milk tea at no cost, while Taobao hosted flash sales with vouchers valued at 188 yuan (approximately £22), usable for deeply discounted food and beverage items. Additional surprise coupons further incentivised purchases. Meituan’s efforts culminated in a record 150 million instant retail orders on the same day. JD.com, which has taken an increasingly assertive stance since its entry into the food delivery space in February, announced the nightly distribution of 100,000 servings of crayfish, priced at 16.18 yuan, between 6pm and 2am. These subsidies have resonated strongly with consumers. One 22-year-old engineer, Huang Yuxiang, described purchasing a cup of Luckin Coffee for 0 yuan via Taobao, with only a 2 yuan delivery charge. He noted that Taobao’s discounts were significantly larger than those offered by competitors, which spurred a noticeable rise in customer activity and merchant workload. Retailers across the country reported surging order volumes. Liu Hang, owner of a Chen Duoduo Milk Tea franchise in Daizhou, Sichuan province, received more than 300 orders over the weekend—up from just a few dozen. A peer in Chengdu, the provincial capital, saw daily orders spike to between 700 and 800. In more extreme cases, top-performing outlets reportedly handled in excess of 3,000 orders per day, with staff experiencing considerable strain. The competitive landscape in China’s food delivery sector has undergone a major transformation in recent months. Meituan, the market leader, held a commanding 65 per cent share in 2024, according to Bocom International. Alibaba-owned Ele.me trailed with 33 per cent, while all other players, including JD.com, accounted for the remaining 2 per cent combined. With rival firms intensifying their promotional activity and customer acquisition strategies, the sector appears set for further disruption. As Alibaba’s delivery figures demonstrate, consumer appetite remains strong—and the battle for market dominance is far from over. -SCMP