World New Energy Vehicle Development Organization officially established in China

The World New Energy Vehicle Development Organization, initiated by the China Society of Automotive Engineers (SAE-China) and the International Federation of Automotive Engineering Societies (FISITA), was officially launched Saturday at the 2025 World New Energy Vehicle Congress in Haikou City, south China's Hainan Province.

The organization's first batch includes 30 founding members, comprising automakers, energy companies, parts suppliers, business consulting firms, research institutions, and international organizations. These members represent major countries and regions such as China, the United States, and Germany.

A representative from the SAE-China said that China, as the largest new energy vehicle (NEV) market in the world, will step up its efforts in international cooperation in product and technology development and across the supply chain.

"We hope to further build global consensus on a green, low-carbon transition in the auto industry, and to promote technological exchange and cooperation in the NEV sector, including industrial collaboration. In particular, we expect this international organization to play a greater role in policy and regulatory coordination," said Hou Fushen, secretary-general of the SAE-China.

The organization's first chairman said that China's automotive sector has made marked progress in internationalization during the 2021-2025 period. Looking ahead to the next five years, he said the Chinese industry will shift from mainly exporting products to a new phase of overseas investment, technological collaboration, and localized global operations.

"I believe the establishment of the World New Energy Vehicle Development Organization reflects global recognition of China's role in the new wave of NEV and smart vehicle innovation. It enables China's automotive industry to quickly share its technological advancements with the world," said Zhu Huarong, chairman of the World New Energy Vehicle Development Organization.

"The establishment of the World New Energy Vehicle Development Organization, I think, is significant for the world. The Chinese technologies and brands look to open up to the world and collaborate on technological advancement of mobility. So the whole world can go on the journey of electrification together," said Chris Mason, chief executive officer of the FISITA.

World New Energy Vehicle Development Organization officially established in China

U.S. stocks ended lower on Tuesday as lingering uncertainty over the second round of peace talks between the United States and Iran stoke investors' concerns over rising tensions in the Middle East.

The process of the expected second round of peace talks between the United States and Iran seems stalled as Iran reportedly decided not to take part, accusing the United States of violating the ceasefire. Meanwhile, U.S. President Donald Trump announced to extend the ceasefire on some conditions.

At the close of Tuesday's trading session, the Dow Jones Industrial Average fell by 293.18 points, or 0.59 percent, to 49,149.38. The S and P 500 sank 45.13 points, or 0.63 percent, to 7,064.01. The Nasdaq Composite Index shed 144.429 points, or 0.59 percent, to 24,259.964.

Ten of the 11 primary S and P 500 sectors ended in red, with real estate and utilities leading the laggards by going down 1.94 percent and 1.75 percent, respectively. Meanwhile, energy bucked the trend by adding 1.31 percent.

Following Apple's leadership reshuffle announcement, the company's shares fell 2.52 percent on Tuesday, leading the declines among the "Magnificent Seven" technology giants.

Apple said Monday that CEO Tim Cook will become executive chairman of the company's board of directors, while John Ternus, Apple's senior vice president of hardware engineering, will become the company's next CEO effective Sept 1, 2026.

US stocks end lower amid uncertain 2nd round of peace talks with Iran