If America really is not afraid of free and fair competition, it must rise to the challenge presented by Chinese electric vehicles and not apply its ‘national security’ brake.
Luxeed, a marque developed by state-owned Chery Automobile and telecoms equipment giant Huawei Technologies, will launch its first production model in November.
The company believes a technology-heavy owner experience, supported by the phone’s more than 30 car-specific features, will give it an edge in a sizzling but crowded market.
BYD, China’s biggest EV maker, has launched its Dolphin compact hatch in Japan, where imported cars account for a small slice of the market. The base model is priced at US$24,560.
Nio plans to raise US$1 billion via convertible senior notes, as it seeks to reduce debt and strengthen its balance sheet amid escalating competition and rising losses.
The vast European market and its surging EV adoption rate will be a catalyst for Chinese EV makers’ go-global push, the bank says.
Erdogan’s lobbying efforts follow those by French President Emmanuel Macron, who met Musk in June, and Spanish Prime Minister Pedro Sanchez.
Chinese electric vehicle builders hit a roadblock after the European Commission launched an anti-subsidy investigation last week, which is likely to affect annual exports of more than 2 million battery-powered vehicles projected to be sold in the continent by 2030.
Amid frantic competition, makers have reduced prices again to lure buyers, but the cuts could be the last for a while as sales are already strong and margins are thin, according to analysts.
The child, who goes by the nickname Tau, has siblings X Æ A-Xii, or X, and Exa Dark Sideræl Musk, who goes by Y.
Tesla reached another milestone in China on Wednesday after its Gigafactory 3 in Shanghai rolled out its two-millionth vehicle, an achievement that the US carmaker views as a triumph for itself and its Chinese suppliers.
German luxury carmaker BMW expects to sell more units in China this year, CFO Walter Mertl says, adding that the firm has not been affected by a price war in the cheaper segment of the local market.
Li Auto and BYD, two of China’s top electric vehicle marques, broke monthly sales records in August as they benefited from a release of pent-up demand in the world’s largest EV market.
The new basic edition of the Model 3 is priced at 259,900 yuan (US$35,783) and can go as far as 606km on a single charge. Tesla’s sales fell 58 per cent month on month in July.
The Shanghai-based start-up has raised 7 billion yuan (US$960 million) in pre-IPO financing as it gears up to tap the Southeast Asia market.
Chinese EV start-up Nio predicts its deliveries will soar by as much as 80 per cent as it reported a net loss for the second quarter that had widened by 27.8 per cent on the year to 6.1 billion yuan (US$836 million).
The Warren Buffett-backed carmaker’s second-quarter profit jumped 145 per cent to US$933 million, in line with market expectations. Deliveries rose 98 per cent to a record 703,561 units.
The EV tipping point was passed in 2021. If the trends hold true, the rest of this decade will be remembered for doing for electric cars what the 1980s did for the microwave oven.
Hyundai and its affiliate Kia are having a blockbuster year, posting record profits as sales surge globally. The only black mark is China, where a lacklustre performance is raising questions about their future in the world’s biggest automobile market.
Geely Auto, China’s largest privately owned carmaker, is betting on a strategy of price reductions as it plays catch-up with EV market leaders such as Tesla.
Shanghai, the mainland’s commercial and financial hub, has pledged to cut red tape and to accelerate infrastructure construction in a bid to lure new foreign-invested projects as it did with Tesla’s Gigafactory in the Lingang free-trade zone (FTZ).
Two former employees misappropriated information in violation of the firm’s IT security and data protection policies, and shared it with a media outlet, the Maine’s Attorney General office stated.
The upbeat delivery estimates were presented after Xpeng reported that its net loss for the second quarter widened by 19.7 per cent.
It’s his second trip to Asia this year after he visited China for the first time in three years, and declared he would expand his business in the world’s largest market for electric vehicles.
Tesla failed to fix limitations in its Autopilot system following a Florida crash that killed a driver in 2016, company engineers said in a family’s lawsuit over a very similar 2019 fatal collision.
First production model, the Leopard 5 SUV, will debut at the Chengdu Motor Show, which starts on August 25. The SUV is likely to be priced between 400,000 yuan (US$54,809) and 600,000 yuan, according to analysts.
Chinese EV battery maker CATL plans to start producing the world’s fastest-charging EV battery by the end of this year, in its latest efforts to accelerate the use of battery-powered cars.
Tesla made its second round of price cuts in China this week, further fuelling concerns the carmaker is reigniting a price war and pressuring premium carmakers to follow suit.