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☆ Tesla quietly spent $2 million on a technology Elon Musk previously trashed as a 'fool's errand'
▼ + stars: | 2024-05-08 | by ( Ana Altchek | ) www.businessinsider.com time to read: +3 min

Read previewTesla spent around $2 million on lidar, a technology used in EVs that Elon Musk has previously referred to as a "fool's errand" and that any carmakers relying on it are "doomed." But according to a recent earnings report from lidar manufacturer Luminar, Tesla was its largest customer last quarter and "comprised more than 10%" of its revenue during the period. The CEO said Tesla EVs only rely on camera-based vision systems for driver-assist features. The Tesla CEO said he personally ran a project at SpaceX to create lidar sensors to help navigation. Last year, Tesla recalled over 2 million vehicles after regulators said its Autopilot system didn't protect enough against drivers misusing it.

Persons: —, Tesla, Elon Musk, Luminar, Lidar, lidar, Musk, Elon Musk's Organizations: Service, Business, Systems, SpaceX, Tesla, Luminar, Traffic Safety Administration, US Department of Justice Locations: EVs, Tesla's

☆ China's president arrives in Europe to reinvigorate ties at a time of global tensions
▼ + stars: | 2024-05-05 | by ( ) www.cnbc.com time to read: +2 min

Chinas President Xi Jinping (L) and his French counterpart Emmanuel Macron attend the official welcoming ceremony in Beijing on April 6, 2023. Chinese President Xi Jinping kicked off a three-country trip to Europe on Sunday with the continent divided over how to deal with Beijing's growing power and the U.S.-China rivalry. Xi starts Sunday in France, whose president wants Europe to have more economic and strategic independence from other world powers. Then the Chinese president heads to Serbia and Hungary, both seen as China-friendly and close to Russian President Vladimir Putin, and recipients of substantial Chinese investment. On Monday French President Emmanuel Macron will treat the Chinese leader to formal honors of a full state visit.

Persons: Xi Jinping, Emmanuel Macron, China's, Xi, Vladimir Putin, Gabriel Attal –, Ursula von der Leyen Organizations: U.S ., EU, Paris, Airport, French, Monday, European Locations: Beijing, Europe, U.S, China, Russia, Ukraine, Russian, France, Serbia, Hungary, Washington, Tibet, Paris

☆ Sell in May and go away? Think again
▼ + stars: | 2024-05-02 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —It’s “sell in May and go away” season. All three major indexes broke five-month winning streaks as hotter-than-expected inflation data stoked fears that interest rate cuts will come later than forecast. The central bank kept interest rates on hold at a 23-year high at its policy meeting. Persistent inflation has kept long-anticipated rate cuts on the backburner. Tesla “has let our entire charging org go,” William Navarro Jameson, strategic charging programs lead at Tesla, wrote on X.

Persons: Stocks, Jerome Powell, ”, Alex McGrath, Larry Tentarelli, Bryan Mena, it’s, Read, Tesla, Tesla “, ” William Navarro Jameson, Lane Chaplin, Hanna Ziady, Peter Valdes Organizations: CNN Business, Bell, New York CNN, The, Dow Jones, Nasdaq, Wednesday, Traders, Blue, Carson Group, Research, Federal Reserve, Fed, Motors, Ford, Tesla Locations: New York

☆ Tesla tells the EV industry: fend for yourselves
▼ + stars: | 2024-05-02 | by ( Graham Rapier | ) www.businessinsider.com time to read: +4 min

Tesla has laid off most of its charging team, causing confusion about the future of its Supercharger network. Virtually all major automakers have adopted Tesla's charging techTesla has committed to doubling its network size in-party with public money. Advertisement"I got a bounce from every email address," said Andres Pinter, co-CEO of Bullet EV Charging Solutions, which has about a dozen ongoing projects underway for Tesla. The automakers Tesla partnered with can already access existing plugs, but the recent layoffs raise questions about the network's future growth. Perhaps that's not enough to offset the costs of rapidly building new Supercharger stations that will ultimately benefit other carmakers, as well as Tesla.

Persons: Tesla, —, Andres Pinter, he'd, Musk, Superchargers, Pinter, Elon Musk, it's, that's Organizations: Service, Ford, Motors, American, Tesla, Elon, Solutions, Department of Energy, EV

☆ Tesla axes electric vehicle charging team
▼ + stars: | 2024-05-01 | by ( Hanna Ziady | Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

London/New York CNN —Tesla has abruptly fired the team running its electric vehicle charging business, raising doubts about the future of one of the largest US charging networks, which other carmakers, such as General Motors and Ford, have said they will also use. Tesla “has let our entire charging org go,” William Navarro Jameson, strategic charging programs lead at Tesla, wrote on X. Following an invitation by Tesla chief executive Elon Musk, virtually every big automaker in the United States has committed to making EVs compatible with Tesla’s charging technology, now known as the North American Charging Standard. In response, major EV charging providers such as Electrify America and EVgo have also announced they will begin building chargers with NACS cables. “What this means for the charging network, NACS and all the exciting work we were doing across the industry, I don’t yet know,” Jameson wrote in his post.

Persons: New York CNN — Tesla, Tesla “, ” William Navarro Jameson, Lane Chaplin, Tesla, Elon Musk, ” Jameson, Musk, Dan Ives, ” Organizations: New York CNN, Motors, Ford, The, Tesla, American, EV, Wedbush Securities, CNN Locations: London, New York, United States, America

☆ Tesla may try to rehire some of the employees it laid off
▼ + stars: | 2024-05-01 | by ( Ana Altchek | ) www.businessinsider.com time to read: +3 min

The Tesla CEO may be rehiring some of the laid off staff, according to a Bloomberg report. Musk confirmed a slower growth rate for Tesla, which could impact other EV carmakers. Still, the job cuts concerned EV executives at companies like Rivian, Ford, and General Motors, according to the Bloomberg report. AdvertisementThe departure of the senior director for charging infrastructure, Rebecca Tinucci, meant these brands lost a main point of communication, the Bloomberg report said. "It may be possible Mr. Musk will reconstitute the EV charger team in a bigger, badder, more Muskian way," Pinter said.

Persons: Elon, Tesla, Musk, —, Elon Musk, Rebecca Tinucci, Andres Pinter, Pinter Organizations: Bloomberg, Tesla, carmakers, Service, General Motors, Solutions, Reuters

☆ Musk's visit to China was a much-needed win for both sides — and a snub to India
▼ + stars: | 2024-04-30 | by ( Meghan Morris | ) www.businessinsider.com time to read: +5 min

And Musk notably skipped a recent visit to India, underscoring how important China is for Tesla. AdvertisementElon Musk's two-day trip to Beijing looks like a mutually-beneficial win for Tesla and for China — and a snub for India. AdvertisementMusk needs China — but China also needs Musk, as a sign that the country is open for business with high-profile US companies. Musk's visit was going to include an announcement about Tesla entering India, Reuters reported. AdvertisementMusk's India visit would have been a win for Modi, who is seeking to boost India's status as a manufacturing hub, especially as businesses leave China.

Persons: Elon Musk, —, Elon Musk's, China —, Premier Li Qiang, That's, Tesla, Dan Ives, Ives, India Musk, Janet Yellen, Antony Blinken, Musk, crackdowns, Bain —, Narendra Modi, Musk's, Modi Organizations: Tesla, Service, India, Premier, Baidu, Reuters, EV, FSD, Financial Times, China, Communist Party, Gucci, Apple Locations: China, Beijing, India, Shanghai

☆ China's big factories had a terrible March, even as automakers roar to new highs
▼ + stars: | 2024-04-29 | by ( Meghan Morris | ) www.businessinsider.com time to read: +1 min

Chinese manufacturers' profits fell last month, while carmakers reported a significant gain in the first quarter. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementBig Chinese manufacturers' profits fell last month, but carmakers posted a significant gain in the first quarter — one of the sectors worrying US officials. The National Bureau of Statistics reported on Saturday that large-scale manufacturers' profits dipped 3.5% in March, compared with a year earlier.

Persons: carmakers, outpacing Tesla, — Organizations: Service, National Bureau of Statistics, Business Locations: China

☆ Investor Ron Baron says Tesla is at a bottom and the stock will 'go up huge' from here
▼ + stars: | 2024-04-25 | by ( Yun Li | Adam Jeffery | ) www.cnbc.com time to read: +1 min

Billionaire investor Ron Baron, a longtime Tesla bull, believes Elon Musk's electric vehicle manufacturer has hit a bottom. What they are doing is going into robotaxis and going to make the low-cost cars," Baron said on CNBC's "Squawk Box" on Thursday. Tesla is the biggest holding in Baron's oldest and biggest fund, Baron Partners Fund (BPTIX), accounting for more than 30% of the portfolio. The fund is down more than 17% this year amid a 35% decline in Tesla shares. TSLA 1Y mountain Tesla shares over past 12 months.

Persons: Ron Baron, Tesla, Elon, Baron, Musk, weathers, — Organizations: Baron Capital, Baron Partners Fund Locations: robotaxis, Tesla, Baron's, Austin , Texas

☆ Billionaire investor Ron Baron says Tesla stock has bottomed out and will 'go up huge' on the promise of more affordable vehicles
▼ + stars: | 2024-04-25 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Billionaire investor Ron Baron told CNBC that Tesla is "going to go up huge." The stock has reached bottom after investors were unsure if the firm was scrapping plans for a low-cost model. "Oh, it's going to go up huge," he told CNBC on Wednesday. He also cited that Tesla could make a profit by eventually selling its full-self driving technology to other carmakers. Previously, Baron disclosed that he has made nearly 20 times its Tesla investment since buying the stock a decade prior.

Persons: Ron Baron, Tesla, Baron, —, Elon Musk, Musk Organizations: CNBC, Service, Baron Capital, Baron Partners Fund

☆ Toyota and Nissan pair up with Tencent and Baidu for China AI arms race
▼ + stars: | 2024-04-25 | by ( ) www.cnbc.com time to read: +2 min

Japan's Toyota Motor will pair up with China's Tencent while Nissan will team up with Baidu , the companies said on Thursday, cross-border partnerships that highlight the importance of artificial intelligence for carmakers. Both Tencent, a gaming and social media giant and Baidu, China's leading search engine, have been leaders in the country's generative AI race. The companies will offer services through Tencent's strengths in big data, AI and cloud computing, Xu said. Nissan said it and Baidu had signed a memorandum of understanding to carry out research on AI and so-called "smart cars". Nissan will use Baidu's generative AI on its platform to study the feasibility of future tech development, it said.

Persons: China's, BYD, Toyota's Yiming Xu, Xu, Nissan Organizations: Beijing Auto, Toyota, Nissan, Baidu Locations: Beijing, China

☆ Honda Commits to E.V.s With Big Investment in Canada
▼ + stars: | 2024-04-25 | by ( Jack Ewing | More About Jack Ewing | ) www.nytimes.com time to read: +1 min

Honda Motor on Thursday said it would invest $11 billion to build batteries and electric cars in Ontario, a significant commitment from a company that has been slow to embrace the technology. Like Toyota and other Japanese carmakers, Honda has emphasized hybrid vehicles, in which gasoline engines are augmented by electric motors, rather than cars powered solely by batteries. The Honda Prologue, a sport-utility vehicle made in Mexico, is the company’s only fully electric vehicle on sale in the United States. “This is a very big day for the region, for the province and for the country,” Prime Minister Justin Trudeau said at an announcement event in Alliston, where Honda manufactures the Civic sedan and CR-V S.U.V. The investment is the largest by an automaker in Canadian history, he said.

Persons: Justin Trudeau Organizations: Honda, Toyota Locations: Ontario, Mexico, United States, Alliston , Ontario, Toronto, Alliston

☆ Elon Musk gave Tesla investors the one thing they've been demanding — and it worked brilliantly
▼ + stars: | 2024-04-24 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

Elon Musk said Tesla will get cheaper electric vehicles out sooner. AdvertisementElon Musk dangled a long-awaited prize — cheaper Tesla models — in front of investors on Tuesday. But it was enough to calm investors, and Tesla's stock rose 13% in after-hours trading. Significant challenges and a plummeting stockWhile a promise of cheaper cars relieved investors, Tesla's troubles are far from over. Tesla's stock is down 42% year-to-date.

Persons: Elon Musk, Tesla, Tesla's, —, Elon, Musk, Jay Woods Organizations: Service, Freedom Capital Markets, Reuters, EV Locations: China, Europe

☆ 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’s entry into India’s EV market will be 'good news’ for the country, says MG Motor India
▼ + stars: | 2024-04-24 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +3 min

"When India as a market gets attention, more and more players and investments will come in. Numbers are still constrained because consumers don't have compelling choices," Chaba told CNBC's Sri Jegarajah in Gurugram, India. India's electric vehicle sector still lacks competition, but entry from international automakers like Tesla will level the playing field, MG Motor India's CEO Emeritus Rajeev Chaba said. Tesla CEO Elon Musk postponed a scheduled trip to India this week where he was to meet Prime Minister Narendra Modi, citing "heavy Tesla obligations." It'll be good for the industry, good news for the country, and for serious players like us."

Persons: Tesla, Chaba, EVs, CNBC's, Rajeev Chaba, Elon Musk, Narendra Modi, Maruti Suzuki, It'll, Musk Organizations: Bain & Company, CNBC's Sri, Motor, Reuters, Tesla, Tata Motors, Mahindra, Maruti Locations: India, CNBC's Sri Jegarajah, Gurugram, New Delhi, Mumbai

☆ Tesla Earnings Report Could Add to Concerns About Its Strategy
▼ + stars: | 2024-04-23 | by ( Jack Ewing | ) www.nytimes.com time to read: +1 min

Tesla is expected to report on Tuesday that it made less money in the first three months of the year because of its tepid car sales, reinforcing concern among investors that the company led by Elon Musk is losing ground in the market for electric vehicles. The job cuts were interpreted as a sign that Tesla was struggling to bring costs in line with sinking revenue. A year ago, in the first quarter of 2023, Tesla reported earning $2.5 billion and had one of the best profit margins in the industry. For a while that strategy seemed to help bolster the company’s sales but Tesla now appears to be struggling to attract buyers even with lower prices. Tesla investors are increasingly worried that its falling sales and profit are a symptom of larger problems, possibly pointing to the company’s inability to effectively respond to increased competition from established automakers and new carmakers from China.

Persons: Tesla, Elon Musk Locations: China

☆ How the UAW’s win may change the South
▼ + stars: | 2024-04-23 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

Now, the United Auto Workers has dealt a serious blow to that model: winning a landslide union victory after decades of failing to unionize automakers in the South. It’s the UAW’s first win in trying to represent workers at a foreign car manufacturing plant in the South. Before Friday’s win, the highest profile union election held in the South in recent years was the attempt to organize Amazon warehouse workers in Alabama in 2022. Bill Lee in 2019 visited Volkswagen’s plant in Chattanooga to encourage workers to reject the union, and former South Carolina Gov. But the Volkswagen win, said UAW President Shawn Fain to CNN, shows that politics are not an insurmountable obstacle when it comes to organizing in the South.

Persons: Stephen Silvia, Southern, ” Silvia, – Tesla, Tesla, Henry McMaster, Kay Ivey, “, ”, Erica Smiley, Honda, Friday’s, you’ve, they’ve, Bill Lee, Nikki Haley, Biden —, Shawn Fain, “ Trump, ” Fain, “ I’m, George Walker IV, Harley Shaiken, Justice, CNN’s Chris Isidore Organizations: New, New York CNN, United Auto Workers, UAW, American University, Southern Gamble, Workers, Foreign, Volkswagen, Mercedes, BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Toyota, Volvo, –, South Carolina Gov, Alabama Gov, “ Unions, Justice, Union, Auto, South Detroit, Benz, Kia, P Global Market Intelligence, Republicans, Environmental Defense Fund, Southern, “, GOP, Tennessee Gov, Democratic, CNN, Tennessee, AP, Chattanooga won’t, University of California, Jobs Locations: New York, United States, Volkswagen’s, Chattanooga , Tennessee, Tennessee, South Carolina, North Carolina, Louisiana, Texas, Mercedes, Vance , Alabama, Alabama, Smyrna , Tennessee, Spartanburg , South Carolina, Lincoln , Alabama, Southern, South, Chattanooga, Georgia, Berkeley

☆ The electric car revolution is on track, says IEA
▼ + stars: | 2024-04-23 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

“The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others,” IEA executive director Fatih Birol said in a statement. Last year, global EV sales grew 35% to almost 14 million. “Intensifying market competition and improving battery technologies are expected to reduce (EV) prices in the coming years,” the IEA said. “Growing electric car exports from Chinese automakers, which accounted for more than half of all electric car sales in 2023, could add to downward pressure on purchase prices,” it added. By 2030, almost one in three cars on the roads in China is set to be electric, according to the IEA.

Persons: —, Tesla, “, Fatih Birol, China’s BYD, Brandon Bell, EVs, ” Birol Organizations: London CNN — Global, International Energy Agency, IEA, Li, Getty, European Union, EV, Volkswagen, Audi, BMW Locations: China, Chinese, Germany, United States, Austin , Texas, EVs, Europe

Labor painsAfter a “summer of strikes” last year that stretched from Detroit to Hollywood, unions are on a roll, flexing their growing might. Friday will bring a new test of that power as workers at a Volkswagen factory in Tennessee vote on whether to join the United Automobile Workers. Victory there would mark perhaps the first time a foreign carmaker’s U.S. plant became unionized and form a beachhead for organized labor in the anti-union South. But it could also resonate well beyond the car industry as President Biden cultivates labor in battleground states like Michigan and Pennsylvania. A yes vote would be a big win for the U.A.W.

Persons: ”, Biden, Shawn Fain, they’ve Organizations: Volkswagen, United Automobile Workers, Big, Detroit carmakers, Toyota, Tesla, Automotive News Locations: Detroit, Hollywood, Tennessee, U.S, Michigan, Pennsylvania

☆ German cars are the best in the world, its finance minister insists: 'They do not have to fear Chinese competition'
▼ + stars: | 2024-04-19 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Christian Lindner (FDP), Federal Minister of Finance, is on his way to a bilateral meeting with US Treasury Secretary Yellen at the headquarters of the World Bank. Bernd von Jutrczenka | Picture Alliance | Getty ImagesGerman carmakers do not have to fear competition from China and are still considered the best in the world, German Finance Minister Christian Lindner told CNBC. "German car manufacturers are world leading, they do not have to fear Chinese competition," Lindner said. Competition in the electric vehicle, or EV, market in China and Europe, as well as the U.S., has been heating up in recent months. This came ahead of Scholz's visit to China earlier this month, during which he warned against unfair competitive and trade practices.

Persons: Christian Lindner, Yellen, Bernd von Jutrczenka, CNBC's Karen Tso, Lindner, China's BYD, Tesla, Janet Yellen, Ursula von der, Wang Wentao, Olaf Scholz Organizations: Federal, of Finance, US, World Bank, Getty, German, CNBC, Washington , D.C, European Union . U.S, Treasury, European Commission, European Union, Commerce, EV, Reuters Locations: China, Washington ,, Europe, U.S, EVs, EU

☆ Cramer compares Warren Buffett and Elon Musk, says Wall Street has turned on Tesla CEO
▼ + stars: | 2024-04-10 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Wednesday discussed two of the most high-profile billionaires on Wall Street, Elon Musk and Warren Buffett. He said investors continually admire Buffett, but have turned on Musk with the sharp decline in Tesla 's share price. To Cramer, investors love Musk as long as Tesla's stock is performing well, saying they call him a "genius" and praise the company's electric vehicles. "With the downgrades and price target cuts, the long knives are really out for Musk," Cramer said. "They obviously never liked him, they only liked that Tesla's stock was a juggernaut."

Persons: CNBC's Jim Cramer, Elon Musk, Warren Buffett, Buffett, Tesla, that's, Cramer, Musk, carmakers, Cramer hasn't, he's, Berkshire Hathaway Organizations: Berkshire, CNBC

☆ UAW reaches milestone in filing for a union vote at second nonunion auto plant
▼ + stars: | 2024-04-05 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

But while that VW plant has had two votes before this, the Mercedes plant has never reached the threshold of union support that resulted in an election being held. An election at the Mercedes plant has yet to be confirmed by the National Labor Relations Board, which oversees such votes, let alone scheduled. While the UAW has filed for a vote at Mercedes’ Alabama plant, it has yet to file for a vote at its plant in Charleston, South Carolina. A high-profile union organizing vote at an Amazon warehouse in nearby Bessemer, Alabama was defeated in a close vote in 2021. And management of the non-union automakers is likely to fight union organizing efforts.

Persons: Mercedes, ” Organizations: New, New York CNN, United Auto Workers, UAW, Volkswagen, VW, National Labor Relations Board, Benz, International, General Motors, Ford, Mercedes, BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Toyota, Volvo, GM Locations: New York, Alabama, Chattanooga , Tennessee, VW Chattanooga, Vance , Alabama, Tuscaloosa, Mexico, Edmunds, Tennessee, Mercedes ’ Alabama, Charleston , South Carolina, Bessemer , Alabama

☆ Mercedes-Benz Workers in Alabama Ask for Unionization Vote
▼ + stars: | 2024-04-05 | by ( Jack Ewing | More About Jack Ewing | ) www.nytimes.com time to read: +1 min

Workers at a Mercedes-Benz factory in Alabama have petitioned federal officials to hold a vote on whether to join the United Automobile Workers, the union said on Friday, a step forward for its drive to organize workers at car factories in the South. is also trying to organize workers at a Volkswagen factory in Tennessee and a Hyundai factory in Alabama, establishing a bigger presence in states that have drawn much of the new investment in automobile manufacturing in recent decades. A vote at the Volkswagen plant is scheduled for April 17 to 19. The drive has taken on added importance as Southern states like South Carolina and Georgia attract billions of dollars in investment in electric vehicle and battery manufacturing. is trying to ensure that jobs created by electric vehicles do not pay less than jobs at traditional auto factories.

Organizations: Benz, United Automobile Workers, Ford Motor, General Motors, Detroit, Volkswagen, Hyundai Locations: Alabama, Tennessee, South Carolina, Georgia

☆ Tesla has a big competitor. And it is China’s BYD
▼ + stars: | 2024-04-03 | by ( Rosa Deacostanoya | Rosa De Acosta | ) edition.cnn.com time to read: +4 min

In 2023, Tesla sold around 230,000 more cars than BYD. That drop was big enough for Tesla, which sold 386,810 BEVs in the same period, to retake its former position despite posting plunging sales. Both Tesla and BYD are expanding beyond their home markets and investing in factories abroad. BYD sold about 3 million electric cars, including hybrids, in 2023 globally. By comparison, Tesla, which does not sell hybrids, delivered a total of 1.8 million vehicles worldwide last year, which was about 19% of the global market for BEVs.

Persons: Hong Kong CNN —, Wang Chuanfu, It’s, Murthy Grandhi, BYD, Tesla Organizations: Hong Kong CNN, Tesla, Toyota, French PSA Group, Fiat Chrysler Automobiles, Chrysler, Maserati, Peugeot, BMW, Ford, Benz, Ferrari, Yuan, Rho, BEVs Locations: China, Hong Kong, Shenzhen, London, United States, American, Shanghai, California, Canada, European

☆ Indian carmakers end fiscal 2024 at record levels as March sales rise
▼ + stars: | 2024-04-02 | by ( ) www.cnbc.com time to read: +1 min

Maruti Suzuki, Tata Motors and Mahindra & Mahindra reported higher car sales in March, wrapping up fiscal 2024 at record levels, monthly data from the automakers showed on Monday. Maruti Suzuki , Tata Motors and Mahindra & Mahindra reported higher car sales in March, wrapping up fiscal 2024 at record levels, monthly data from the automakers showed on Monday. Each month, automobile makers in India release wholesale numbers, or vehicle sales to dealers. A surge in domestic sales of pricier sport utility vehicles, or SUVs, last year has extended into 2024. Utility vehicles accounted for nearly 60% of total passenger vehicle sales from April 2023 to February 2024, according to industry data.

Persons: Maruti Suzuki Organizations: Tata Motors, Mahindra Locations: India

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