BEIJING, Oct. 24 (Xinhua) -- The following are highlights of China's local business news from the past week.

TESLA EXPORT TO EUROPE

U.S. carmaker Tesla announced on Monday that it would export the made-in-China Model 3 to Europe, marking another important milestone for its Shanghai Gigafactory.

The first batch of exported sedans will leave Shanghai next Tuesday and arrive at the port of Zeebrugge in Belgium at the end of November before being sold in European countries, including Germany, France, Italy, Spain, Portugal, and Switzerland.

ALIBABA NEW STEP IN RETAILING

Chinese e-commerce giant Alibaba Group on Monday announced that it will invest approximately 3.6 billion U.S. dollars to acquire control of Sun Art Retail Group Ltd., a leading hypermarket and supermarket operator in China.

Alibaba will seal the transaction by acquiring 70.94 percent equity in A-RT Retail Holdings Ltd., which owns 51 percent of Sun Art, from French multinational Auchan Retail International S.A. and its subsidiaries. The acquisition will double Alibaba's aggregate direct and indirect stake to about 72 percent in the grocery chain.

TMALL SHOPPING BONANZA

Tmall, Alibaba's online marketplace, launched its annual shopping bonanza known as the Singles Day sale on Wednesday.

A total of 250,000 brands and 5 million sellers participate in the shopping festival that is to last till Nov. 11. The number of discounted products offered will reach 14 million, 1.4 times that of last year.

BYD, HINO JV

China's BYD Auto Industry Co., Ltd. on Wednesday signed an agreement with Japanese carmaker Hino Motors, Ltd. on the establishment of a joint venture for commercial battery electric vehicles (BEVs) development.

According to the agreement, the new company is scheduled to be established in China in 2021, with BYD and Hino each making a 50 percent capital investment.

SMALL COMMODITY HUB

Yiwu China Commodities City, the world's largest small commodity market, launched an online platform on Wednesday, a key step toward digital transformation.

The website www.chinagoods.com relies on resources of 75,000 physical stores in the Yiwu market and serves 2 million micro, small and medium-sized enterprises in the upstream industrial chain.

HUAWEI SALES

China's tech giant Huawei said Friday that its sales increased by 9.9 percent year on year to 671.3 billion yuan (around 100.6 billion U.S. dollars) in the first three quarters of this year.

The net profit margin reached 8 percent in the period, the company said in a report, adding that the performance basically meets the expectation. Enditem

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