Good morning from the Financial Times.
Today is Thursday, October 2nd.
And this is your FT News Briefing.
An electric vehicle giant is starting to see some weakness,
and the U.S. government shutdown could have some interesting implications for the Federal Reserve.
Plus, Nigeria produces a ton of oil, so a pivot to solar power would be a pretty big deal.
I'm Mark Filipino, and here's the news you need to start your day.
BYD sales fell last month for the first time in more than a year and a half.
The Chinese electric vehicle maker sold five and a half percent fewer cars compared to a year ago that's according to a Hong Kong stock exchange filing yesterday.
BYD had been on a meteoric rise and became a major rival to Tesla.
And the slowdown is thanks to lukewarm demand in China.
Plus, the government forced BYD to hold off on aggressive price cuts.
It had been using those to stay competitive.
Analysts say the drop in sales will put more pressure on BUID to continue expanding outside China.
The US government has shut down for the first time in nearly seven years.
Democrats and Republicans failed to agree on a budget that would have extended the government's spending through the end of November.
And you may be wondering what effects it could have on the U.S. economy,
including the next steps by the U.S.
Federal Reserve.
Electra Artesino is a reporter for the FTE's Monetary Policy Radar Desk,