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SHANGHAI (Reuters) -Tesla (TSLA) will make a lower-cost version of its best-selling Model Y in Shanghai, three people with knowledge of the matter said, aiming to regain ground lost during a price war in its second-largest market. The U.S. electric vehicle maker is developing the model under a project codenamed “E41” and will build it using existing production lines, the people said. Mass production will begin at its biggest factory by output in 2026, said two of the people. The car will be smaller and cost at least 20% less to produce than the refreshed Model Y launched late last…

SHANGHAI (Reuters) -Tesla (TSLA) will make a lower-cost version of its best-selling Model Y in Shanghai, three people with knowledge of the matter said, aiming to regain ground lost during a price war in its second-largest market. The U.S. electric vehicle maker is developing the model under a project codenamed “E41” and will build it using existing production lines, the people said. Mass production will begin at its biggest factory by output in 2026, said two of the people. The car will be smaller and cost at least 20% less to produce than the refreshed Model Y launched late last…

By Summer Zhen HONG KONG (Reuters) -Asia hedge funds weathered the March selloff in markets better than their U.S. counterparts, helped by the relative outperformance of Chinese stocks as global investors rushed into that market. Asia-focused hedge funds posted an average 0.71% loss this month until the 10th, compared with a 2.6% drop for their U.S. peers and a 1.7% drop for global peers, a Morgan Stanley prime brokerage note dated March 12 shows. While the market rout impacted Asia hedge funds, their year-to-date outperformance relative to the United States has expanded, pointing to how the region is becoming somewhat…

By Rachael Levy and Byron Kaye SYDNEY (Reuters) – Tesla chair Robyn Denholm has moved out of her role as operating partner at Australia’s biggest venture capital fund, Blackbird VC, people familiar with the situation said, while she remains a board member and adviser to the firm. Sydney-based Denholm, who was appointed by the government last December to run a review of Australia’s research and development performance, had also said on Wednesday she was stepping down as chair of the Tech Council of Australia, a role she held since the industry group started in 2021. She will remain a board…

JAKARTA (Reuters) -Indonesia has issued telecommunications permits for five different models of Apple’s iPhone 16, the communications ministry said on Friday, a step towards allowing sales after a domestic ban. The permit issue came a week after Indonesia issued local content certificates for 20 Apple products including iPhone 16. Apple still needs an import permit from the trade ministry to be able to sell the iPhones locally, the industry ministry has said. The Southeast Asian country of about 280 million people banned iPhone 16 sales last year as the company failed to meet composition requirements regarding locally-made parts. Analysts have…

By Francesco Guarascio and Khanh Vu HANOI (Reuters) -Vietnam escalated a charm offensive with the United States on Friday as it announced provisional deals for the import of U.S. energy products and a possible cut in duties on U.S. goods, as it tries to avoid tariffs from the Trump administration. The moves, reported by the Vietnamese government, are part of a series of measures the Southeast Asian industrial hub has signalled in past weeks to reduce its trade surplus with Washington, which exceeded $123 billion last year. On Friday state-controlled energy firm PetroVietnam Power said it had signed a preliminary…

By Ankur Banerjee and Summer Zhen SINGAPORE/HONG KONG (Reuters) – As U.S. President Donald Trump’s wide-ranging trade war rouses fears of recession, global investors have found an unlikely new sanctuary: Chinese equities. Hong Kong’s benchmark Hang Seng Index – where many major Chinese companies are listed – is up 17% since Trump entered the White House in January. That compares to an about 9% drop in the S&P 500, which has also shed $4 trillion in market value from record highs last month. Trump’s erratic pronouncement on tariffs and moves to slash federal government spending have challenged assumptions about the…

By Samuel Shen and Vidya Ranganathan SHANGHAI/SINGAPORE (Reuters) – Chinese hedge fund High-Flyer’s use of artificial intelligence in trading markets has spurred an AI arms race among mainland asset managers that could shake up the country’s $10 trillion fund management industry. Quant fund High-Flyer not only deployed AI in its multi-billion dollar portfolio, it also built China’s most notable AI start-up DeepSeek whose cost-effective large language model stunned Silicon Valley and undermined Western dominance of the AI sector. In its wake, aspiring Chinese hedge fund managers such as Baiont Quant, Wizard Quant and Mingshi Investment Management are stepping up AI…

By Rae Wee SINGAPORE (Reuters) – Asia shares rose on Friday and global markets attempted a rebound after a brutal selloff, while gold reached a record as an escalation of global trade tensions left investors nervous and sparked a flight to safe-haven assets. Relief over the likely aversion of a U.S. government shutdown boosted stocks in early Asian trade, after Senate Democrat Chuck Schumer said he would vote to advance a Republican stopgap funding bill, signalling that his party would provide the necessary support. U.S. stock futures rose sharply in response, with the Nasdaq up 0.87% and S&P 500 futures…

By Anton Bridge and Abigail Summerville TOKYO/NEW YORK (Reuters) -Alimentation Couche-Tard could bolster its $47-billion offer for Seven & i if the Japanese firm became more cooperative and revealed more financial information, the founder of the Canadian retailer said on Thursday. Couche-Tard Chairman Alain Bouchard’s remarks at the first press conference in Japan since his company launched its bid in August herald a change of strategy in response to what it called months of stonewalling by the 7-Eleven convenience store owner. Seven & i offered a frosty reception to the deal, saying it would face antitrust scrutiny in the United…