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G20 Finance Leaders Pledge 'Appropriate' Actions in Virus Response

FILE PHOTO: Journalists sit in the media center during the meeting of G20 finance ministers and central bank governors in Riyadh, Saudi Arabia, February 22, 2020.
FILE PHOTO: Journalists sit in the media center during the meeting of G20 finance ministers and central bank governors in Riyadh, Saudi Arabia, February 22, 2020.
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G20 Finance Leaders Pledge 'Appropriate' Actions in Virus Response

FILE PHOTO: Journalists sit in the media center during the meeting of G20 finance ministers and central bank governors in Riyadh, Saudi Arabia, February 22, 2020.
FILE PHOTO: Journalists sit in the media center during the meeting of G20 finance ministers and central bank governors in Riyadh, Saudi Arabia, February 22, 2020.

G20 finance ministers and central bank governors on Friday pledged to take "appropriate" fiscal and monetary measures in responding to the coronavirus outbreak.

In a joint statement issued by G20 chair Saudi Arabia, the ministers, who met in Riyadh last month, said they welcomed measures and plans already put forward by countries to support economic activity.

"We are ready to take further actions, including fiscal and monetary measures, as appropriate, to aid in the response to the virus, support the economy during this phase and maintain the resilience of the financial system," the group said.

In their Feb. 22-23 Riyadh meeting, the G20 ministers called for monitoring of the virus, known as COVID-19, and said they were ready to address its risks.

The ministers also said Friday they would work with the international community to help developing countries cope with the outbreak's impact.

"We underscore the need for cooperation to mitigate risks to the global economy from unexpected shocks," the ministers said, adding that they would share information and work with international agencies to devise COVID-19 policy options, including the International Monetary Fund, the World Bank, the Organization for Economic Cooperation and Development, the Financial Stability Board (FSB), and the World Health Organization.

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Tesla's China Sales Have Best Month of the Year in August

FILE PHOTO: A staff member attends to customers inside a Tesla Model Y car at a showroom of the US electric vehicle (EV) maker in Beijing, China, Feb. 4, 2023. REUTERS/Florence Lo/File Photo
FILE PHOTO: A staff member attends to customers inside a Tesla Model Y car at a showroom of the US electric vehicle (EV) maker in Beijing, China, Feb. 4, 2023. REUTERS/Florence Lo/File Photo
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Tesla's China Sales Have Best Month of the Year in August

FILE PHOTO: A staff member attends to customers inside a Tesla Model Y car at a showroom of the US electric vehicle (EV) maker in Beijing, China, Feb. 4, 2023. REUTERS/Florence Lo/File Photo
FILE PHOTO: A staff member attends to customers inside a Tesla Model Y car at a showroom of the US electric vehicle (EV) maker in Beijing, China, Feb. 4, 2023. REUTERS/Florence Lo/File Photo

Tesla's sales in China logged their best month for the year so far in August, with the US electric vehicle maker benefiting from brisk sales in smaller cities.
Tesla said it sold more than 63,000 cars in the world's biggest auto market last month, a hefty 37% jump from July, but probably still down from August last year when it sold 64,694.
While an encouraging improvement, its performance lags major Chinese rivals by a wide margin.
BYD, the world's biggest EV maker, said its China passenger vehicle sales surged 35% in August from a year earlier to a record monthly high of 370,854. Other local EV competitors including Leapmotor and Li Auto also reported higher sales.
Like many other automakers, Tesla has been badly bruised by a protracted price war in China where economic growth has also been sluggish and consumer confidence fragile. Its China sales declined 5% for the first half of the year.
Although Tesla has cut its local sales force as part of a global downsizing, a number of factors have helped recent sales momentum.
Tesla has since April offered zero-interest loans of up to five years for buyers, while several local governments have made its cars eligible for official car purchases in recent weeks.
It also received a key regulatory nod earlier this year, with the country's top auto industry association saying that data collection by Tesla vehicles was compliant with regulations, allowing Tesla cars to enter some government compounds that they used to be banned from.
An analysis by China Merchants Bank International of Tesla's China sales in July showed a 78% year-on-year increase in deliveries in so-called tier-three cities while its sales in second-tier cities such as Hangzhou and Nanjing rose 47%.
Separate data from the China Passenger Car Association for Tesla China-made vehicles which includes exports showed sales grew 3% in August from a year earlier to 86,697 units.
Deliveries of its China-made Model 3 and Model Y vehicles rose 17% from July.
Tesla plans to produce a six-seat variant of its Model Y car in China from late 2025, two people with direct knowledge of the matter said. The move is aimed at increasing the appeal of its best-selling yet aging EV.