This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia<\/a>, Europe\/Africa<\/a> or Americas<\/a> edition to get the newsletter delivered every weekday morning. Explore all of our newsletters here<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n Good morning and happy New Year. Here are today\u2019s highlights: <\/p>\n BYD hits a new electric vehicle record <\/p>\n<\/li>\n Business trends to watch in 2025 <\/p>\n<\/li>\n What economists say about \u2018Maganomics\u2019 <\/p>\n<\/li>\n<\/ul>\n BYD, China\u2019s best-selling car manufacturer, sold a record 4.3mn electric vehicles and hybrids in 2024, even as fierce competition took hold in its home market. <\/p>\n It far surpassed its target of 3.6mn vehicles it set earlier, according to the company. \u201cChina\u2019s champion, the world\u2019s champion,\u201d the company said in a social media post.<\/p>\n BYD sold 1.76mn pure EVs last year, but it was still not enough to oust Tesla as the world\u2019s biggest-selling EV maker. Elon Musk\u2019s company said yesterday that it delivered 1.79mn cars last year. <\/p>\n \u201cCompetition in the market is very fierce,\u201d said Yale Zhang, managing director at Shanghai-based consultancy Automotive Foresight. \u201cThe biggest companies are taking an increasingly large piece of the pie, while most of the smaller groups are struggling.\u201d<\/p>\n Uptake of Chinese EVs will continue to be an important story in 2025. Sales of EVs, including pure battery-powered cars and plug-in hybrids, are expected to outpace those of vehicles with internal combustion engines for the first time this year. Here\u2019s what else you need to know about the trend.<\/a><\/p>\n 1.<\/strong> South Korean cryptocurrency mogul Do Kwon made his first appearance in a Manhattan courtroom<\/strong> yesterday<\/strong> after he was extradited from Montenegro to face criminal charges in the US. A new indictment unsealed on Thursday<\/a> adds a new count of money laundering to the eight original charges announced last year against Kwon.<\/p>\n 2. Alibaba has agreed to sell its entire stake in Sun Art Retail, China\u2019s largest hypermarket operator, at a steep discount.<\/strong> The move comes as Alibaba sharpens its focus on core ecommerce operations amid intensifying competition. Read the details of the deal<\/a> that will result in a $1.8bn loss for shareholders when it\u2019s completed.<\/p>\n 3.<\/strong> A US ban on investors backing Chinese companies that develop artificial intelligence came into force<\/strong> yesterday<\/strong>, leaving US investors in Chinese venture capital funds racing to comply with the rules. Many investors have responded by cutting back or pausing new investments<\/a> in China.<\/p>\n 4. A senior Syrian delegation arrived in Riyadh on its first official foreign trip since Bashar al-Assad was ousted<\/strong> last month.<\/strong> The kingdom and other Gulf states have moved quickly to embrace the new authorities<\/a>, dominated by the Islamist group Hayat Tahrir al-Sham, after they took over Damascus on December 8.<\/p>\n 5.<\/strong> Nick Clegg, the president of global affairs at Meta, is leaving the social media platform<\/strong> and will be replaced by Joel Kaplan, a prominent Republican known for overseeing the company\u2019s relationships with conservatives. The change comes weeks before Donald Trump takes office as US president and some critics argue Meta is listing rightward. Read the full story.<\/a><\/p>\n How well did you keep up with the news this week? <\/em>Take our quiz. <\/em><\/a><\/p>\n \u2018Tis the season for predictions. FT reporters put their expertise and historical knowledge to the test to envision what may happen on their beat in the year ahead. Will Chinese export prices fall further? Will Elon Musk and Donald Trump fall out? What about Bitcoin: will it hit $200,000? See what our experts had to say \u2014 and whether you agree.<\/a><\/p>\n Investing in China:<\/strong> The question investors should ask is not whether the Chinese will spend again, but how \u2014\u00a0and on what<\/a>, writes Swetha Ramachandran. <\/p>\n<\/li>\n Erdo\u011fan whisperer: <\/strong>While Turkey\u2019s finance minister Mehmet \u015eim\u015fek has been received like a rock star, it is vice-president Cevdet Y\u0131lmaz, who has played a crucial backstage role<\/a> managing the nation\u2019s turn to financial orthodoxy.<\/p>\n<\/li>\n Financial to-do list: <\/strong>From money-saving work perks to investments and tax planning, Claer Barrett has 10 tips<\/a> to get your finances in shape this new year.<\/p>\n<\/li>\n Crypto\u2019s golden era: <\/strong>The sector expects lighter regulation and wider adoption under Donald Trump, but some worry about systemic risks<\/a>.<\/p>\n<\/li>\n<\/ul>\n The FT surveyed more than 220 economists in the US, UK and Eurozone about Donald Trump\u2019s vision to reshape the world\u2019s largest economy through protectionist policies that put \u201cAmerica First\u201d. Most said the approach would damage growth\u00a0\u2014 here\u2019s why.<\/a><\/p>\n The FT\u2019s critics pick the most anticipated hot tickets<\/a> in 2025, from film, theatre, dance and TV to art exhibitions, games, pop and classical music.<\/p>\n Thank you for reading and remember you can add FirstFT<\/a> to myFT. You can also elect to receive a FirstFT push notification every morning on the app. Send your recommendations and feedback to firstft@ft.com<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n One Must-Read<\/strong> \u2014 Remarkable journalism you won\u2019t want to miss. Sign up here<\/a><\/p>\n Newswrap<\/strong> \u2014 Our business and economics round-up. Sign up here<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n
Five more top stories<\/h3>\n
What to watch in 2025<\/h3>\n
We\u2019re also reading\u2009.\u2009.\u2009.\u2009<\/h3>\n
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Chart of the day<\/h3>\n
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Take a break from the news<\/h3>\n
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<\/picture>Recommended newsletters for you<\/h3>\n
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