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☆ These are the wildest EVs unveiled at China's biggest auto show
  + stars: | 2024-05-04 | by ( Tom Carter | ) www.businessinsider.com   time to read: +4 min
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewIf you need more evidence that China's EV market is booming, just look at the country's biggest car show. VCG/VCG via Getty ImagesBy far the biggest name in China's EV market is BYD, the Warren Buffett-backed firm that is probably giving Elon Musk sleepless nights. Xiaomi brings its Tesla rivalJADE GAO/Getty ImagesOne of the biggest draws of the auto show was the SU7, an electric SUV built by smartphone maker Xiaomi. JADE GAO/Getty ImagesThe number of companies trying to make it in China's EV market — at least 123, according to one auto consultant — has seen some firms branch out in unexpected directions.
Persons: —, PEDRO PARDO, Warren Buffett, Elon, BYD, Tesla, Xiaomi, JADE GAO, It's, Mercedes Organizations: Service, Volkswagen, Mercedes, Business, EV, Getty, China's EV, VW Locations: Beijing, China's, China
☆ Tesla shares drop nearly 6% after Musk cuts about 500 jobs in Supercharger team
  + stars: | 2024-04-30 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com   time to read: +5 min
Tesla shares fell nearly 6% on Tuesday following news that CEO Elon Musk was pressing ahead with more job cuts at Tesla , impacting an estimated 500 employees in its Supercharger team. In the email, Musk also expressed consternation that Tesla management hadn't thinned out the company's staff more promptly at his direction. Other laid-off Tesla employees posted publicly about Tesla shrinking the Supercharger team. In cutting that group, Tesla revealed it's throttling the expansion of its Supercharger network in the U.S. The move comes after Tesla struck partnerships with Ford , GM and other industry players ensuring they would manufacture cars using the Tesla NACS (North American Charging Standard) for compatibility with Tesla charging stations, and allowing those companies' customers to use Tesla stations.
Persons: Tesla, Elon Musk, Musk, Rebecca Tinucci, Daniel Ho, Andres Pinter, Pinter, Junheng Li Organizations: EV, CNBC, U.S, Ford, GM, Tesla, U.S . Transportation, Clean Transportation, Baidu, Warren Capital Locations: Tesla, California, United States, U.S, China
☆ Elon Musk will face intense competition if he tries to bring Tesla's full self-driving technology to China
  + stars: | 2024-04-29 | by ( Tom Carter | ) www.businessinsider.com   time to read: +4 min
Elon Musk has moved closer to getting full self-driving technology approved in China, reports suggest. One local EV boss welcomed the move, saying regulators should "let a hundred flowers bloom." Tesla has moved closer to securing approval to operate its full self-driving technology in China, according to multiple reports, after CEO Elon Musk made a surprise visit to the country over the weekend. Getting FSD approved for China would be a massive win for Musk, who has bet Tesla's future on self-driving cars and robotaxis. AdvertisementMany of Tesla's local rivals are rolling out their own versions of Tesla's Autopilot, which is available in China, and full self-driving technology as competition rages in the country's EV market.
Persons: Elon Musk, Tesla, —, Elon, Musk, XPeng's, William Li, Xiaopeng, EVs, Warren Organizations: EV, Service, Huawei, Xiaomi, Weibo, Bloomberg Locations: China, Guangzhou
☆ Tesla stock set to surge 10% on Elon Musk's China full self-driving 'home run'
  + stars: | 2024-04-29 | by ( George Glover | ) www.businessinsider.com   time to read: +2 min
Tesla's stock price jumped 10% in Monday's premarket as traders reacted to Elon Musk's China trip. Musk seems to have won key support for rolling out Tesla's autonomous driving technology in China. The Wall Street Journal reported that China's government had signaled to Musk that it would support Tesla's full self-driving rollout. Signs of slowing demand in China have dragged on Tesla's stock price in recent months, although shares rallied last week after Musk's company said it planned to launch cheaper models in 2025. "Musk winning FSD approval in the key China market is a watershed moment for the Tesla story in our view," Ives said in a note seen by BI.
Persons: Wedbush's Dan Ives, —, Tesla, Elon Musk, Premier Li Qiang, Dan Ives, Ives Organizations: Service, Tesla, Baidu, Bloomberg, Premier, Street Journal, BI Locations: Monday's premarket, Elon Musk's China, China, Beijing
☆ Chinese EV start-ups Nio and Xpeng turn to the mass market for growth
  + stars: | 2024-04-26 | by ( Evelyn Cheng Eunice Yoon | Evelyn Cheng | Eunice Yoon | ) www.cnbc.com   time to read: +1 min
BEIJING — Chinese electric car start-ups Nio and Xpeng are turning to a lower-priced segment of the market with plans to release newly branded cars this year. Nio's first such mass market car will be an SUV cheaper than Tesla 's Model Y, CEO William Li told CNBC's Eunice Yoon on Thursday. The Tesla SUV starts at 249,900 yuan ($35,197) in China. Like many early entrants to China's electric car market, U.S.-listed Nio targeted the premium market when it launched about a decade ago. The new cars come amid an intense price war in China's new energy car market, which includes battery-only and hybrid-powered vehicles.
Persons: William Li, Nio's, Eunice Yoon, Li Organizations: New York Stock Exchange, Tesla, Volkswagen Locations: BEIJING, China, U.S
☆ XPeng: We're bringing more AI into our vehicles
  + stars: | 2024-04-25 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailXPeng: We're bringing more AI into our vehiclesBrian Gu, vice chairman and co-president of the Chinese electric vehicle maker, discusses its latest product, X9, and artificial intelligence-assisted driving.
Persons: Brian Gu
☆ Xpeng's Gu says robotaxis won’t be a real business for at least five years
  + stars: | 2024-04-25 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: 1 min
A Xpeng G9 is displayed at a store in a mall in Beijing on Feb. 29, 2024. BEIJING — Self-driving taxis won't be a significant business for at least five years, Xpeng Vice Chairman and Co-President Brian Gu said Thursday. While robotaxis will be transformative for mobility if they become prevalent, "to have a real, full-fledged commercial operation. I think it's more than 5 years away," Gu told reporters on the sidelines of the Beijing auto show. "Right now it's not something that we are considering when we are launching and planning the sales," he said.
Persons: Brian Gu, Elon Musk, Tesla, Gu Organizations: BEIJING — Locations: Beijing, BEIJING
☆ Analysis: China’s EV market reshaped by a brutal elimination round
  + stars: | 2024-04-24 | by ( Laura He | ) edition.cnn.com   time to read: +8 min
Hong Kong CNN —A “life and death race” has begun to unfold in the world’s largest market for electric vehicles (EV). More than a dozen passenger carmakers disappeared from the market last year, according to statistics from the China Passenger Car Association. Too many playersOvercrowding is another major issue plaguing China’s EV industry. Last month, Xiaomi, a Chinese smartphone brand, launched its electric car, the SU7 sedan. “China’s EV industry has entered a stage of cyclical adjustment after two decades of growth,” he said at a forum in Beijing.
Persons: ”, Tesla, Mark Rainford, Richard Yu, Li Auto, “ They’re, Huawei’s Aito, Lei Jun, BYD, Rainford, Gan Jiayue, Wang Chuanfu, Yin Tongyue Organizations: Hong Kong CNN, Auto China, YouTube, China, “, National Development, Reform Commission, China Passenger Car Association, WM, Mitsubishi Motors, Honda, Hyundai, Ford, Huawei, EV, China Association of Auto Manufacturers, China’s EV, Li, Tesla, Porsche, Geely Auto, Meizu, Chery Auto, International Energy Agency Locations: China, Hong Kong, Beijing, Shanghai, oversupply, Meizu
☆ Tesla cuts prices in China and Germany as competition heats up
  + stars: | 2024-04-22 | by ( Laura He | ) edition.cnn.com   time to read: +3 min
Hong Kong CNN —Tesla has announced aggressive price cuts in China and Germany, shortly after reducing prices in the United States, as the world’s largest maker of electric vehicles (EV) faces declining sales and growing competition in major markets. The first cuts were announced on Friday in the US, when Tesla reduced the prices of three of its five models. China gets tougherIn China, the largest EV market in the world, Tesla’s price cuts are expected to exacerbate an existing price war in a highly competitive sector. China’s EV price war started in October 2022, when Tesla cut prices to boost sales as consumers slashed spending in a slowing economy. The competition continues unabated in 2024, with more than 30 major car makers announcing further price cuts.
Persons: Hong Kong CNN — Tesla, Tesla, Elon Musk, Narendra Modi, Li Auto, Li Xiang, Li, China’s BYD, XPeng, BYD Organizations: Hong Kong CNN, EV, Tesla, Li Locations: China, Hong Kong, Germany, United States, Tesla’s, Europe, India, Guangzhou
☆ Stocks making the biggest moves before the bell: Tesla, Verizon, Block, Alcoa and more
  + stars: | 2024-04-22 | by ( Alex Harring | ) www.cnbc.com   time to read: +2 min
Li Auto , Tesla — The electric vehicle makers tumbled more then 7% and 3%, respectively, following announcements of price cuts. Tesla chopped down the sticker price of its Model 3 in China, on top of decreases in other markets Reuters reported . Verizon — The telecommunications giant traded 1.5% higher as earnings per share came in ahead of expectations. Block — Shares added 0.7% after Bank of America reiterated its buy rating on the financial services stock. Hut 8 — Shares gained 2.6% after Benchmark initiated coverage of the data center operator with a buy rating, citing Hut 8's diversified business model and its sizeable bitcoin holdings.
Persons: Li Auto, Tesla, Li, Xpeng, JPMorgan Chase, Morgan Stanley, —, Lisa Kailai Han, Hakyung Kim, Sarah Min Organizations: Tesla, Reuters, Verizon, FactSet, Wall Street, JPMorgan, Marathon, Alcoa, Bank of America Locations: China, New York
☆ Xiaomi shares pop 15% after the Chinese smartphone maker launches its first EV
  + stars: | 2024-04-02 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
A Xiaomi SU7 electric sedan is seen displayed at a regional HQ of Xiaomi in Nanjing in east China's Jiangsu province. BEIJING — Shares of Chinese smartphone maker Xiaomi surged 15% when the Hong Kong market opened Tuesday, the first trading day since the company launched its SU7 electric car ahead of the Easter holiday. Chinese EV startups Xpeng and Nio announced car purchase subsidies Monday of 20,000 yuan ($2,800) and 10,000 yuan each, respectively. The price reductions come as growth of new energy vehicles in the world's largest auto market shows signs of slowing. Penetration of battery and hybrid-powered passenger cars has surpassed more than one third of new cars sold in China, according to the China Passenger Car Association.
Persons: Xiaomi, Tesla, Nio Organizations: BEIJING —, China Passenger Car Association Locations: Xiaomi, Nanjing, China's Jiangsu, BEIJING, Hong Kong, Beijing, China
☆ BYD’s profit soared 80% in the year the Chinese EV giant overtook Tesla
  + stars: | 2024-03-26 | by ( Laura He | Anna Cooban | ) edition.cnn.com   time to read: +2 min
Net profit almost doubled to 30 billion yuan ($4.2 billion) last year, from 16.6 billion yuan ($2.3 billion) in 2022, the Shenzhen-based company said Tuesday. BYD sold 525,409 battery electric vehicles (BEVs) during that period, compared with Tesla’s 484,507. In 2023 as a whole, BYD sold a record 3.02 million vehicles globally, up 62% from 2022. Its entry-level model sells in China for the equivalent of just over $10,000; the cheapest Tesla car, a Model 3, costs almost $39,000. But intensifying competition and a brutal price war last year have impacted the profit margins of many Chinese car makers, including BYD.
Persons: London CNN — BYD, That’s, Warren Buffett, BYD, Tesla, Elon Musk’s carmaker Organizations: London CNN, Elon, Tesla, Chinese Passenger Car Association, Geely, Chery, XPeng Motors Locations: Hong Kong, London, Shenzhen, China
☆ China's Xiaomi will price its Tesla EV rival under $69,400, CEO says ahead of Thursday launch
  + stars: | 2024-03-25 | by ( Arjun Kharpal | ) www.cnbc.com   time to read: +2 min
On Thursday, Xiaomi will officially launch the SU7 electric vehicle and begin taking orders. Xiaomi CEO Lei Jun on Monday teased the price of the Chinese firm's first electric vehicle ahead of its official launch this week. Xiaomi Group President Weibing Lu told CNBC previously that the company is targeting the premium segment of the electric car market. The EV market is in the midst of a price war which was sparked by Tesla at the end of 2022. "Three years ago, I announced that Xiaomi was going to enter the EV market.
Persons: Xiaomi, Lei, Lei Jun, Weibing Lu, Li Auto, Tesla Organizations: Weibo, Xiaomi, CNBC, stoke, EV Locations: Hefei, Anhui Province, China, Xiaomi
☆ Why a small China-made EV has global auto execs and politicians on edge
  + stars: | 2024-03-22 | by ( Michael Wayland | ) www.cnbc.com   time to read: +12 min
The rise of BYD and other Chinese automakers led Tesla CEO Elon Musk in January to warn that Chinese automakers will "demolish" global rivals without trade barriers. Caresoft, an engineering benchmarking and consulting firm, has already torn down one China-built BYD Seagull and is preparing to do another. Michael Wayland / CNBCThe consulting firm tore apart the BYD Seagull piece by piece to benchmark the small EV against vehicles from other startups and traditional automakers. Its initial study of the BYD Seagull found it to be efficiently and simplistically designed, engineered and executed, but with unexpected quality and anticipated reliability. Growing concernsBYD's rise comes at a precarious time for global auto industry dynamics.
Persons: It's, Terry Woychowski, Warren Buffett, —, BYD, Tesla, Elon Musk, Caresoft Bernstein, Nissan, Michael Wayland, Caresoft, simplistically, Woychowski, Mathew Vachaparampil, CNBC BYD, Stellantis —, Donald Trump, Zach Gibson, Jennifer Granholm, Republican Sen, Marco Rubio, Trump, –, GM Dong, Tang, Marin Gjaja, Gjaja, Ford, you've, Evelyn Cheng, Dylan Butts Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, Visual China, Getty, U.S, General Motors, Caresoft, Alliance for American Manufacturing, Overseas, Chevrolet, Nissan Leaf, Bolt, Chicago Federal Reserve, BYD, CNBC, Cox Automotive, Seagull, Tesla, Toyota Motor, Nissan Motor, Honda Motor, Hyundai, Kia, — GM, Ford, Chrysler, U.S ., Washington , D.C, Bloomberg, Republican, North American Free Trade, Republicans, Buick, SAIC, GM, GM Dong Yue Motors Co, Detroit Locations: Shanghai, LIVONIA, Mich, –, China, Europe, Latin America, Detroit, Texas, Germany, Japan, U.S, Livonia , Michigan, America, XPENG, Mexico, Thailand, Brazil, Indonesia, Hungary, Uzbekistan, ., Washington ,, United States, Marco Rubio of Florida, Yantai, Shandong Province
☆ Xpeng to launch cheaper EV brand amid fierce China price competition
  + stars: | 2024-03-17 | by ( ) www.cnbc.com   time to read: +1 min
Chinese electric-vehicle maker Xpeng announced plans to launch a cheaper brand, entering a highly competitive segment amid an intense price competition in the EV industry. Competition in China's EV market has intensified as companies race to cut prices, with market leader BYD spearheading a deeper round of price reductions. Xpeng said it will successively introduce models under the brand, which it did not name, each with different levels of intelligent driving capabilities. The new brand is dedicated to creating "the first AI-assisted driving car for young people," it said. Sales of battery-powered EVs in China slowed to 18.2% in the first two months of the year from 20.8% for all of 2023, according to the China Passenger Car Association.
Persons: Xiaopeng, BYD, Xpeng Organizations: Xpeng, EV, China Passenger Car Association Locations: Beijing, China
☆ China EVs: Amid fierce competition, Xpeng to launch cheaper brand
  + stars: | 2024-03-17 | by ( Diksha Madhok | ) edition.cnn.com   time to read: 1 min
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☆ The 2 biggest events for Wall Street next week couldn’t be more different
  + stars: | 2024-03-16 | by ( Zev Fima | ) www.cnbc.com   time to read: +6 min
Investors will listen for the central bank's latest perspective on interest rates following the hotter-than-expected CPI and PPI reports this week. As members know, the market is looking for any signs of further disinflation in the housing market as shelter cost inflation remains the Fed's biggest concern. No club names report earnings next week, but we can't wait to see what Nvidia has to show us at its GTC AI developer conference . Other key reports include KB Home on Wednesday, which will provide a real-time look at the state the housing market, unlike the backward-looking housing reports. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: we'll, That's, Jerome Powell's, We're, Jensen, Jim Cramer, Huang, He'll, Lululemon, General Mills, OLLI, LULU, Jim Cramer's, Jim, Jerome Powell, Leah Millis Organizations: Dow, Nasdaq, PPI, Nvidia, Blackwell, CNBC, Micron Technology, Citi, Micron, Broadcom, Nike, FedEx, Music Entertainment, ZTO, Signet Jewelers, SIG, Sportradar, Micron Tech, KB, Worthington Industries, Accenture, Darden, Academy Sports &, Lufax, Brands, Winnebago Industries, Commercial Metals Company, Jim Cramer's Charitable, U.S . Federal, Federal, Market Locations: U.S, California, China, Washington , U.S
☆ Nio plans to launch its mass market EV brand in May
  + stars: | 2024-03-15 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
BEIJING — Chinese premium electric car company Nio said Thursday it plans to reveal its mass market brand in May. Executives confirmed the new brand will be named "Le Dao" in Chinese, and said the name is meant to reflect families — the target consumer segment — having a happy time together. Earlier this month Nio said its mass market brand would debut in the second quarter, with the first product launch in the third quarter and large-scale deliveries the following quarter. Another Chinese electric car startup called Xpeng said last summer it plans to develop a new mass market brand that will target the 150,000 yuan ($20,580) price range. The company said it would develop the brand through a strategic partnership with Didi.
Persons: Nio, Xpeng, Didi Organizations: Executives Locations: BEIJING
☆ Morgan Stanley recommends buying this trio of Chinese EV makers after 2024 pullback
  + stars: | 2024-03-11 | by ( Spencer Kimball | ) www.cnbc.com   time to read: +2 min
On the other hand, BYD (equal weight) will likely face another round of downward revisions from analysts due to market saturation in China, Hsiao wrote. "Although the macroeconomic and operational environment is certainly challenging, we think the negative forces influencing the trio of EV stocks are more or less [already reflected] in stock prices," Hsiao told clients. Li Auto has booked several profitable quarters in a row, demonstrating solid execution of model launches and effective cost management, Hsiao told clients. Morgan Stanley has boosted total sales volume for the company by 12% in 2024 and 8% in 2025, reflecting stronger demand for new models. Morgan Stanley has a price target of $10 for Nio's ADRs, equal to roughly 72% upside from the previous close of $5.80.
Persons: Morgan Stanley, Tim Hsiao, Hsiao, Li Auto, Li, Xpeng, Xpeng's, Nio's ADRs Organizations: Li Locations: China, Europe, Latin America, Southeast Asia
☆ BYD fires the latest shot in China's EV price war with 12% price cut
  + stars: | 2024-03-05 | by ( Alexandra Bacon | ) www.businessinsider.com   time to read: +2 min
BYD, the world's top-selling EV seller, has launched a cheaper version of its Yuan Plus car. Rivals such as Xpeng and Tesla have also initiated price drops and incentives to entice buyersIt comes as EV sales have dropped in China. The price cut, which comes amid an accelerating EV price war and slowing sales in the world's biggest car market, was first reported by Reuters. As well as cornering the affordable EV market, it's also dabbling in the other end of the market with a $233,000 electric supercar. As a result, Shenzhen-based BYD is "not planning to come to the US," BYD Americas CEO Stella Li told Yahoo Finance last week.
Persons: Tesla, —, Xpeng, Elon, Warren Buffett, BYD, it's, EVs, Stella Li Organizations: Service, Reuters, China Morning Post, Auto, L6, Yahoo Finance, EV Locations: China, Weibo, America, Shenzhen, West
☆ China EV shares are feeling the heat as price war concerns grow
  + stars: | 2024-03-05 | by ( Shreyashi Sanyal | ) www.cnbc.com   time to read: +3 min
While consumer interest is improving, the "wait for a better price" sentiment continues to constrain sales volumes for EV makers, Ding said. watch nowAt least 30% of China's entire auto market is made up of electric vehicles, with most of those EVs coming from homegrown brands. Hong Kong-listed shares of Li Auto fell 3.9%, while Nio shares dropped 3.6% and Xpeng was down 1.8%. BYD shares were up 0.4%. Despite price cuts announced earlier, Tesla still lost market share in China in January, mainly in the large cities, according to Morgan Stanley.
Persons: Tesla, Yuqian Ding, Ding, Xpeng, Morgan Stanley, Li, Li Auto, SCMP, Zhu Jiangming, Nio, BYD, Bernstein Organizations: Getty, HSBC Qianhai, CNBC, Li Auto, China Morning, Reuters Locations: Hong Kong, China, Stellantis
☆ The best EV plays are now in China. Analysts are raising price targets on this stock
  + stars: | 2024-03-03 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +5 min
With Apple reportedly out of the electric car game and Tesla losing market share in some Chinese cities, the best EV stock plays are arguably now all based in China. Li Auto 's market share waned, and Morgan Stanley analysts are watching whether there will be a boost from new models. "Following our upgrade earlier this month, Li Auto delivered impressive earnings/guidance, further cementing its position as a top-tier China OEM," Deutsche Bank analysts said in a late February report. Li Auto management said they expect gross margin to fluctuate between 10% and 25%, but generally remain above 20%. But even with its premium pricing the company isn't immune from intense competition in China's electric car market.
Persons: Morgan Stanley, Nio, BYD, Li Auto, Li, Li Auto's, Weibing Lu, Xi Jinping, — CNBC's Michael Bloom Organizations: Apple, Friday, China, Deutsche Bank, Li Auto, Bank of America Securities, Huawei, Forseven, CYVN Holdings Locations: China, Hong Kong, Shanghai, U.S, Europe, Japan, East, Central Asia, Abu Dhabi, Norway
☆ China, Xi Jinping Plan to Crush Elon Musk, Tesla, and the US EV Industry
  + stars: | 2024-02-25 | by ( Linette Lopez | ) www.businessinsider.com   time to read: +13 min
If China EV Inc. were allowed to enter the US today or next year, the legacies would be gutted." The year Musk tittered at the idea of Chinese EVs overtaking Tesla, the country produced only 5,000 electric cars. It has more trade barrier protection from a China Auto Inc. onslaught, but it may not work forever. AdvertisementWe want to maintain an auto industry in the US — that's essential for jobs, national security, and for other sectors of the economy. Sure, Chinese EV makers are lean and mean, but they've never had to deal with international markets before.
Persons: Elon Musk, Warren Buffett, Le, haven't, carmakers, Jim Farley, Tesla, Xi, Andy Wong, Xi Jinping, Li Auto, BYD, Trump, Mary Lovely, Joe Biden's, Biden, it's, Lovely, they've Organizations: Tesla, Bloomberg TV, America's, GM, Ford, Sino, EV, China EV Inc, ascendance, Chery, US, Chinese Communist Party, CCP, Companies, SAIC, Energy Department, China Auto Inc, Peterson Institute, United Auto Workers, White, Auto Locations: Chinese, China, Beijing, Japan, Europe, North America, Brussels, Washington, Hungary, Mexico, Canada, America
☆ Xpeng plans to hire 4,000 people, invest in AI as CEO warns intense EV rivalry may end in 'bloodbath'
  + stars: | 2024-02-19 | by ( Arjun Kharpal | ) www.cnbc.com   time to read: +1 min
VCG | Visual China Group | Getty ImagesXpeng plans to hire 4,000 new people and invest in artificial intelligence technology, according to the company's CEO, who warned of intense competition in the electric vehicle space which could end in a "bloodbath." Xpeng has a driver assistance system called Xpilot which allows its cars to carry out some functions semi-autonomously. The CEO also said Xpeng intends to launch around 30 new or upgraded cars over the next three years. This year, the firm will launch its first models in the price segment of over 300,000 yuan and at 150,000 yuan. Xpeng, like other electric carmakers, has been battling in a price war in China which was sparked by Tesla.
Persons: Xpeng, Tesla, Xiaopeng Organizations: HK, Shanghai International Automobile Industry, National Exhibition, Center, Visual China, Getty, Xpeng, CNBC, carmakers Locations: Shanghai, China
☆ Ex-Apple engineer sentenced to prison after pleading guilty to stealing trade secrets about self-driving car project
  + stars: | 2024-02-09 | by ( Ana Altchek | ) www.businessinsider.com   time to read: +3 min
A former Apple engineer was sentenced to prison after pleading guilty to stealing trade secrets. Apple accused him of planning to sell trade secrets from when he worked on a car project from 2015 to 2018. AdvertisementFormer Apple employee Xiaolang Zhang has been sentenced to prison after pleading guilty to all charges of stealing trade secrets in August 2022. Apple's "Project Titan" autonomous car effort is years in the making and has faced numerous delays and pivots. An Apple car was initially rumored to come out in 2021, with speculation surrounding secret labs in Berlin and California.
Persons: Apple, —, Xiaolang Zhang, Zhang, Tim Cook didn't, wouldn't Organizations: Apple, Service, Guangzhou Xiaopeng Motors Technology, US, Office, New York Times, Northern, Northern District of Locations: Guangzhou, Berlin and California, Northern District, Northern District of California
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