Fed Governor BARR said consumer spending has shown solid resilience so far.

NIO CFO Qu Yu said at the company’s interim results meeting that cost pressures are significant: since March memory chips, bulk materials and battery costs have risen, and unit cost in Q2 was about 14,000 yuan higher than at the end of last year. He expects materials could add a further 2,000-3,000 yuan per vehicle in H2. NIO’s target is to keep unit gross margin in Q3 and Q4 at Q2 levels.

Goldman Sachs CEO: We must continue to drive higher economic growth to address our spending and debt levels.