- CEO-Talk with Patrick Chou – luxury segment car dealer
- China has largest market for EVs again
- IOC talks with Peng Shuai
- IMF recommends China reforms for growth
- Beijing downgrades ties with Lithuania
- Kidnapping from Chinese gold mine in DR Congo
- ZF and CATL cooperate in aftermarket
- Shang-Jin Wei: reforms to save growth
China now has more billionaires than the United States. Patrick Chou particularly benefits from this. He sells luxury and sports cars. In an interview with Frank Sieren, the entrepreneur, who grew up in Germany, tells us why sales rose during the COVID pandemic and why young people are also among his customers. Chou is convinced that German manufacturers will dominate the luxury car market for a long time to come. But they would have to be mindful and not sleep through new trends.
EVs are already a familiar trend. They are considered the hope for reducing emissions in traffic. China is the largest market for cars with alternative drives. But one problem remains: The high dependence on coal-fired electricity. The dirty power source reduces the climate benefits of EVs, according to a new collection of data from a Bloomberg think tank. We have compiled the most important key figures on the market development of EVs and batteries in the relevant markets.
Economically, China came out of the pandemic quite well. But in the meantime, growth is slowing down. The International Monetary Fund has recommended some reforms to China. The state should strengthen investments in the social system and in sustainable sectors, according to IMF experts. In today’s Opinion, Shang-Jin Wei takes up the growth debate. The professor of finance and economics at Columbia Business School criticizes Beijing’s reforms of the real estate and tech sectors for coming too abruptly and costing growth. He says that while Beijing needs to be forceful in achieving its climate goals, it should send the right signals early on so that companies can adapt to the new realities in time.
Have a great start to the week!
“We live in golden times”
Disclaimer: This interview has been translated into English and is not considered an official translation by any party involved in the interview.
Patrick Chou is one of the most successful self-made entrepreneurs from Germany in China. In 1996, he returned to China from Germany as the son of a Chinese family. There, the now 52-year-old built up a distribution network for luxury cars. Today, Chou is one of the largest Porsche dealers in the world. His company Better Life Group has branches in many regions of China. Last year, the company achieved a turnover of around €1.2 billion. A few months ago, Chou successfully listed Better Life on the Hong Kong stock exchange. You can watch the interview in full length here.
Mr. Chou, how long will German manufacturers of luxury cars continue to lead in China?
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