"Tesla says that their recipe will be the standard in the future, but what Toyota has is a real kitchen and a real chef ... we make real food."

That was Akio Toyoda, the current president of Toyota Motor Corporation, making an unusually direct comment (using a strange cooking analogy) about a competitor, during an online briefing on Friday in which he announced a more than positive profit forecast for this year.

American multi-billionaire Elon Musk's Tesla overtook the Japanese car manufacturer as the world's most valuable auto maker in July this year, but Toyota remains in the top two worldwide when it comes to sales volume – outperforming its rivals even during the pandemic – and is setting its sights on increasing production of battery-driven cars.

It was a day of good news for another Japanese car maker, Honda, which also doubled its profit forecast and reported a profit increase in the third quarter. Both auto makers said the results were helped by recovering and increasing demand in China, which is quickly rebounding economically from the COVID-19 pandemic.

And in more car news, General Motors is also looking to increase its presence in the world's biggest auto market, as it announced plans to sell imported SUV models in China for the first time. It is keenly showcasing the models at this year's China International Import Expo (CIIE).

For more on the CIIE, which has been taking place in Shanghai since Wednesday and will go into next week, scroll down to read our interview with business expert Aman Wang.

And while you're there, take a look at today's graphic, which shows the latest COVID-19 lockdown restrictions in Europe, as the continent battles a second wave of the pandemic.

Enjoy reading,

Arij Limam

Digital correspondent

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The UK's National Audit Office (NAO), which reviews government spending, has said that all UK borders would face "significant disruption" when Britain finally leaves the European Union's orbit, whether or not it strikes a trade deal with the bloc. It also said Northern Ireland in particular will not be ready on January 1 to implement the systems needed to keep trade moving with the rest of the UK as required by the Brexit withdrawal agreement.

EU Internal Market Commissioner Thierry Breton has said there is a "50/50" chance the UK and the EU will be able to reach a deal over the terms of their separation. Issues of contention between the two powers have centered on fixing new fishing rights, guaranteeing fair-play rules for companies and agreeing ways to solve any future trade disputes.

American auto maker General Motors plans to sell full-size sport-utility vehicle (SUV) models in China for the first time and will export a range of vehicles to the world's biggest auto market, according to Reuters. The company is showcasing the models at the China International Import Expo (CIIE), an annual import show in Shanghai, which started on Wednesday and runs into next week.

Japan's two biggest car manufacturers, Toyota and Honda, more than doubled their operating profit forecasts on Friday, helped by recovering demand in China as it rebounds from the coronavirus pandemic and accelerates its economic recovery. While Toyota has reported a slight quarterly profit drop from July to September, Honda fared better, with a profit rise of 23 percent for the same quarter.

French new car orders have fallen by 70 to 90 percent since the new national lockdown put in place a week ago by the government to tackle a second wave of COVID-19, according to a French finance ministry source. Aid measures set up to help people buy new cars, especially more environment-friendly ones, will be extended for a further six months, to July 1, the source added.

British airline easyJet says recently announced lockdowns in England, Germany and France have forced it to scale back its already reduced flying schedule, and it will now fly no more than 20 percent of its capacity for the rest of the year. Its plan is behind bigger competitor Ryanair, which is aiming for 40 percent of capacity following new COVID-19 restrictions.

Germany has agreed to give more aid to its airports in a bid to save jobs and preserve infrastructure as the pandemic continues to hit the aviation industry and travel restrictions send passenger numbers plummeting.

Wealthy countries have increased financing to help developing countries cut carbon emissions and cope with the impact of climate change, albeit at a slower growth rate than seen in 2016 to 2017. But watchdog groups have warned they are still falling short of meeting their annual goal of $100 billion (agreed at the UN in 2009) this year.

Pharmaceutical companies could get more than $10 billion worth in annual revenues from a future market for COVID-19 vaccines, according to calculations from analysts at Morgan Stanley and Credit Suisse.

Chinese telecoms group Huawei has appealed Sweden's decision to ban it from the country's 5G network for security reasons, a legal filing has shown. The ban, announced by the Swedish Post and Telecom Authority (PTS) on October 20, "lacks legal basis, violates fundamental human rights, violates fundamental EU legal principles ... and is incorrect in substance," Huawei wrote in its appeal to PTS and the Stockholm administrative court.
 

WATCH: The UK's hospitality industry has been one of the worst hit by the nationwide lockdown restrictions forced by the COVID-19 pandemic.

The country's food and drinks manufacturers are using this year's China International Import Expo (CIIE) as a platform to explore and attract new business opportunities. They have taken this step to make up for the financial losses they have had to endure in recent months.

The third China International Import Expo (CIIE), a trade fair that describes itself as the "gateway to the Chinese market" and the first dedicated import exhibition in the world, started on Wednesday and is set to continue through to next week.

Business expert Aman Wang, who is a board member of the 48 Group Club, a business network that seeks to promote ties between the UK and China, spoke to CGTN Europe about the significance of the CIIE this year as well as the state of trade relations between the two nations.

Why is the CIIE more vital now than ever?

China has accounted for one-third of global growth in recent years, and this year China is the global growth. Holding the expo this year cannot be more timely.

Firstly, because it helps other countries to recover from the pandemic crisis. For instance, Italy's exports to China have grown by 33 percent in September compared with the same period last year.

Secondly, we need to remind ourselves that success over crises is achieved through collaboration and cooperation, not the opposite. Deglobalization, as advocated by some countries, has really taken a toll on some people's lives.

How do you see the UK/China economic relationship developing post pandemic?

I think there's great potential. UK exports to China reached a record high last year, growing by almost 50 percent and it's the fourth year-on-year growth in a row.

Of course, the recent pandemic and the Huawei issue has put a damper on that. But I believe we will get back on track because the market fundamentals are still there.

There is a lot on the plate between the two countries that can be collaborated on and can foster a good relationship, if not a golden era, back to the golden era relationship as we had before. But it takes two to dance.