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  • Overall industry profitability could become negative in 2024, if BYD introduces 10,300 yuan (US$1,421) price cut, US bank says
  • Overall profit for EVs across the board has declined from 2,100 yuan to negative 1,600 yuan since July last year: Goldman report
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Chinese smartphone brand Xiaomi has declared initial victory in its foray into the crowded electric vehicle market, claiming more than 70,000 orders for its SU7 sedan in the first month.

Li Auto , Tesla’s nearest rival in mainland China, reduced the price of all its vehicles by up to 5.7 per cent, just a day after the US carmaker offered discounts to local customers amid an escalating discount war.

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Musk has ordered the company’s biggest lay-offs ever and staked its future on a next-generation, self-driving vehicle concept called the robotaxi. People familiar with his directives are unsettled by the changes the CEO wants to push through.

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Tesla has cut the prices of its Shanghai-made vehicles by more than 5 per cent in mainland China, joining an intensifying discount war in the country amid a slowdown in the carmaker’s sales globally.

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Only a few dozen employees at the Gigafactory 3 in Shanghai were told to leave, representing a tiny portion of the workforce of 20,000 assembling Model 3 and Model Y vehicles, say two people with knowledge of the matter.

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Carmakers like Dongfeng, Chery and BYD are eyeing production sites in Europe to assemble the next generation of electric vehicles as a foil against the EU’s protectionist tariffs as a brutal price war at home drives more producers offshore in search of fresh markets.

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Chinese state-owned carmaker Chery Automobile takes a step into Europe’s EV markets as its Omoda brand establishes a partnership with UK car rental company Octopus Electric Vehicles.

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Xiaomi’s roaring entry into the electric vehicle market is dimming the recovery outlook for China’s beaten down car start-ups, with better-than-expected initial orders for the SU7 helping a rally its shares.

Huawei announced new versions of its Luxeed S7 electric sedan and a PC with AI built in, but people are still awaiting its next big smartphone launch since the Mate 60.

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Tesla CEO Elon Musk said artificial intelligence (AI) would be smarter than the smartest human probably by next year, or by 2026, adding that AI development was constrained by the availability of electricity.

Walter Huang was killed on the way to work in 2018 when his Model X swerved off a highway near San Francisco. His family had alleged that Autopilot steered the vehicle into a highway barrier.

Li Auto, Tesla’s nearest rival in mainland China, plans to start selling a new, more economical model aimed at families amid a price war in the country’s electric vehicle market.

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Brazil Supreme Court Justice Alexandre de Moraes opened an inquiry into whether Elon Musk obstructed justice, escalating a spat with the billionaire over his social media platform X.

Strong sales of smartphone vendor Xiaomi’s first electric car have exacerbated a price war in the sector that is squeezing the profit margins of most players in China.

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Guangzhou-based Aion will partner with Jakarta-based carmaker Indomobil Group. Aion’s first Southeast Asia plant, in Thailand, is expected to start production this summer.

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Tesla is the world’s largest maker of pure electric cars again after outselling its closest rival, BYD, during the first quarter of this year, according to data published by the companies.

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