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On October 22   Tesla  announced a landmark agreement to manufacture cars in China  building capacity to produce locally and boost sales in the worldâs largest market for electric vehicles.
The agreement is a landmark deal in several respects. China has granted  Tesla  more autonomy than other foreign producers.  Tesla  is the first major foreign automaker to establish local operations without a 50:50 local joint venture partner. This is a key concession as  it  allows  Tesla  tighter control over both  its  intellectual property and vertically-integrated production process.  Tesla  will also benefit by reducing production costs for cars sold in China and  though details were not disclosed  may also receive tax breaks and subsidies akin to those enjoyed by Chinese producers.
 Attracting Tesla  is a symbolic win for China. China has clear ambitions to lead the world in electric vehicles in a broader effort to build a cleaner  environmentally-conscious society. The timing of this announcement during Chinaâs critical 19th Congress reinforces the governmentâs broader objectives.
Yet  a closer look suggests that  Tesla  needs China more than China needs  Tesla . As the chart from IHS Markit: Light Vehicle Forecast below shows  China is an essential market for leading global automakers. China surpassed the United States in 2009 as the largest car market  and car sales in Western markets are forecast to decline  while emerging markets will drive global growth.
With its recent shift in environmental priorities  China is also becoming a major player in electric vehicles. In 2016  China accounted for 45% of all the newly registered electric vehicles worldwide with 336 000 in China vs. 160 000 in the United States. China is also building an EV charging infrastructure that primes the market for a high-end producer such as  Tesla . In 2016  China had a 44% global share of publicly available EV charging outlets  including 82% of fast-charging outlets. Demand for electric vehicles has grown faster in China than in any other global market with the share of EV purchases increasing 3.6x from 2014 to 2016. With EV purchases accounting for just 1.37% of the total car market  the Chinese EV market seems poised for further growth.
Low end EV's dominate Tesla
Despite seemingly favorable market conditions   Tesla  has had little success in China to date. Subsidies have driven electric vehicle demand  with the Chinese government paying up to 50% of the purchase price of domestically-produced EV cars. Lower-end electric vehicles have dominated  and  Tesla   which is subject to 25% import taxes  has largely been priced out of the market. In 2016   Tesla  had just a 3% share of the electric vehicle market in China.
 Tesla âs lackluster performance in China is a striking contrast to other global automakers. As in the West  cars are a status symbol in China  and consumers prefer prestigious global brands. Foreign cars claim a 60% market share in China  with foreign brands claiming seven of the top eight spots for cars sold in 2016. Premium brands have done particularly well in China.
Audi  BMW  Mercedes and Porsche all sell between a quarter to a third of their total global sales in China -- a 10% increase on average in just the past five years. In addition  Volkswagen now sells half of its global volume in China. The experiences of other foreign car brands suggest that  Tesla  should fare well in China if  it  can reduce production costs and vehicle pricing in line with the local market.
It is within this context that  Tesla  needs China more than China needs  Tesla . Chinaâs electric vehicle market will grow with or without  Tesla . But Teslaâs deal with the Shanghai government is both timely and essential. As the electric vehicle market takes off in China   Tesla  must do well in this vital market to maintain global leadership. Building volume in China is required to reduce production costs and pricing in the global as well as local market. Ultimately  as we are seeing in other industries   Tesla  may find that technology talent in China will also prove vital to maintain  its  position as a leading innovator globally.
Why Tesla Needs China More Than China Needs Tesla

The clock has finally run out for an Upper East Side judge who ridiculed a lawyer with cerebral palsy and allowed cases involving tenants without heat or hot water to drag on   sources told The Post . The Manhattan Housing Court ’ s advisory council   which reviews its judges after each four - year term   recently ruled that jurist Susan Avery should get the boot — as it catalogued years of complaints against her   sources said . Avery ’ s chief - judge boss is now set to follow through on the recommendation by the end of the year   sources said . “ Considering the complaints against her   it ’ s about time for her to leave the bench  ” said Alan Flacks   a longtime local resident pushing for judicial reform . Avery   52   of East 84th Street   landed her $ 175   000 - a - year job in 2012 thanks to a political appointment by then - Chief Judge Gail Prudenti . But she started demonstrating poor judgment almost immediately from the bench   according to the 14 - member Advisory Council for the Housing Part of the Civil Court of New York City . In 2013   Avery reprimanded a lawyer with cerebral palsy for his sloppy handwriting   the panel said in its four - page finding   which called the judge “ unfeeling .’’ The incident resulted in a letter of caution being placed in Avery ’ s file   according to a court source . The council — comprised of representatives from both the real - estate industry and tenants ’ organizations appointed by the mayor and governor — also criticized Avery for “ excessive multi - week adjournments ” for cases involving lack of heat and hot water   said the letter   a copy of which was read to The Post . The advisory council said in its decision last month that the New York Law School grad showed a general “ lack of concern ” for the litigants before her . The council added it was “ disturbed further ” by conflicts of interests involving the Housing Court judge ’ s family real - estate holdings . A court source said  Avery  failed to disclose that a law firm administering a family trust also regularly represents landlords in cases before the judge . Meanwhile   the jurist garnered a “ not approved ” rating by the city Bar Association — twice . Voters also refused to back her two bids to move up to civil court . In the summer of 2016    a judge who was running against Avery for a civil - court position  lodged a complaint over her campaign tactics . Justice Sabrina Kraus   who was appointed to the bench in 2005   accused Avery ’ s boyfriend of making derogatory comments about her Iranian heritage on Facebook .  Avery  failed to disavow the remarks   showing ethnic bias   the advisory panel added . Kraus beat  Avery  to win the seat .  Avery  ran for civil court again this year but lost in the September primary .  Avery  did not respond to multiple requests for comment . The former chief judge who appointed her   Prudenti   said she had no memory of choosing her .
Controversial housing court judge to finally get the axe

Physical gold was sold at a discount in India this week for the first time in three weeks as demand for the metal slumped due to a jump in local rates   while the Lunar New Year holiday capped buying at the end of the week elsewhere in Asia . Demand was down to a quarter its usual levels as buyers were deterred by a recent price rise   said Harshad Ajmera   the owner of JJ Gold House   a wholesaler in the Indian city of Kolkata . In the local market   gold was trading around 30   810 rupees per 10 grams   after hitting a 15 - month high of 30   836 rupees hit earlier on Friday . Dealers in India were offering a discount of up to $ 3 an ounce on Friday over official domestic prices   compared to a premium of $ 1 . 50 last week . Jewellers were waiting for a correction in prices before stocking up inventories   a Mumbai - based dealer with a private bank said . Gold demand in India was likely to remain below its 10 - year average for a third year in 2018 as higher taxes and new transparency rules on purchases were expected to cap last year ’ s rebound in buying   the World Gold Council ( WGC ) said this month . India ’ s gold imports in January dropped 37 percent from a year ago to their lowest in 17 months . Demand in rest of Asia picked up in the first half of the week as people bought gold ahead of Lunar New Year . “ It was a little bit later than expected . But people were happy to see the demand coming in finally ahead of the Lunar New Year . There was solid demand for restocking from jewellers  ” said  Stephen Innes   APAC head of trading at Oanda  . “ Jewellers were reporting good sales from Valentines Day and it stayed on for the New Year  ”  he  said . Premiums in China eased to $ 3 -$ 4 an ounce from about $ 7 -$ 8 at beginning of the week . Gold prices edged higher on Friday   heading for their biggest weekly percentage gain in nearly two years . Traders expected demand to be low going forward as a week - long Lunar New Year holiday started on Thursday . In Japan   gold was sold in a range of par with the benchmark and a 10 cent premium as demand rose after yen strengthened in the week   a Tokyo - based trader said . ( Reporting by Nallur Sethuraman and Nithin Prasad in Bengaluru   Rajendra Jadhav in Mumbai ; Editing by Edmund Blair )

Asia Gold