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For many, the reaction among investors only reinforced the need to look at longer-term opportunities in individual stocks that haven't changed. About half of Xpeng's 20,000-plus deliveries in each of the past two months have come from its lower-priced Mona M03 car. In the consumer sector, Macquarie's top pick is Yum China , which operates Pizza Hut and KFC in China. Yum China on Nov. 4 reported third-quarter earnings, showing operating profit grew by 15% year-on-year to $371 million. "You have to be very willing to suffer the negative sentiment to invest in China," Ren said.
Persons: Donald Trump, Shanghair, Liqian Ren, Ren doesn't, Ren, Anta, Fila, CNBC's Michael Bloom Organizations: Finance, U.S, CSI, Adidas, Fila, Baidu, Macquarie, KFC Locations: China, Hong Kong, WisdomTree, U.S
Rivian CEO RJ Scaringe said during an earnings call the company has been bracing for tariffs. The fate of the $7,500 EV tax credit issued under the Biden Administration remains unclear. AdvertisementEV company Rivian says it's already bracing for the impact that the increased tariffs proposed by President-elect Donald Trump would have on its supply chain. Rivian CEO RJ Scaringe said that to prepare for potential tariffs Trump has proposed on foreign goods, the company has been deliberate about materials sourcing for its upcoming lower-cost SUV, the R2. On top of the uncertainty that comes with the second Trump administration, Rivian continues to face hurdles toward profitability — a challenge many new automakers face, with the exception of Tesla.
Persons: Donald Trump's, RJ Scaringe, Biden, , Rivian, Donald Trump, we've, EVs —, Claire McDonough, Rivian's, Tom Narayan, Scaringe, Trump, Tesla Organizations: Service, President, Trump, Biden, RBC Capital Markets, CNBC
A sign is displayed outside a Toyota Motor Corp. dealership on Jan. 30, 2024 in Tokyo, Japan. Tomohiro Ohsumi | Getty Images News | Getty ImagesDETROIT — Toyota Motor sounded the alarm Friday that California-led electric vehicle mandates that are set to start next year are "impossible" to meet and, if they're not changed, will lead to less customer choice in several states. Battery-electric, fuel cell and, to an extent, plug-in hybrid electric vehicles qualify as zero emission under the regulations. At this point, it looks impossible," Jack Hollis, chief operating officer of Toyota Motor North America, said during a virtual media roundtable Friday. Several automotive insiders previously told CNBC that the EV mandate issue needed to be addressed regardless of who won election this year.
Persons: Tomohiro Ohsumi, they're, ZEV, Battery, Jack Hollis, Power, Hollis Organizations: Toyota Motor Corp, Getty, DETROIT, Toyota, California Air, Toyota Motor North, California Air Resources, D.C, CNBC Locations: Tokyo, Japan, California, Toyota Motor North America, Washington, Colorado, New York, New Mexico, Rhode
Washington CNN —Just days after winning a comeback election, President-elect Donald Trump is evaluating how his campaign promises might translate into policy. As a candidate, Trump pledged to slap 60% tariffs on all goods coming in from China and 10% tariffs on goods imported from all other countries. “The way that President Trump looks at tariffs are not in isolation. Trump’s economic advisers – and the president himself – view the forthcoming tariff revenue as a way to offset that cost. “If he can use the tariffs as a means to an end, he’ll do that.”CNN’s Katie Lobosco contributed to this report.
Persons: Washington CNN —, Donald Trump, , Trump, Kelly Ann Shaw, Hogan Lovells, , ” Trump, Larry Kudlow, it’s, ” “, Karoline Leavitt, Vance, Jake Colvin, ” Colvin, “ That’s, Robert Lighthizer, Elon Musk, , he’s, Katie Lobosco Organizations: Washington CNN, CNN, Trump, Republicans, Jobs, Tax, Center, Social Security, Advisers, , National Foreign Trade Council, European Union, EU, EV Locations: China, Trump’s, America, Canada, There’s, Tesla
Nissan Motor shares slumped 6% in Tokyo trade Friday, a day after the Japanese automaker said it would cut 9,000 jobs and a fifth of its manufacturing capacity as it struggles with sales in China and the United States. It said restructuring would cut costs by 400 billion yen ($2.61 billion) in the financial year to the end of March. Nissan is also challenged in the US where it lacks a line-up of hybrids just as that vehicle type is in strong demand. On Friday, Japan’s Minister of Economy, Trade and Industry Yoji Muto declined to comment to reporters when asked his views on potential government support for Nissan. “The company released its mid-term plan this spring, but in the end there was no meaning to that.
Persons: Japan’s, Makoto Uchida, Carlos Ghosn, Industry Yoji Muto, Seiji Sugiura, ” Sugiura, Nissan’s Organizations: Nissan Motor, Nissan, Renault, Japan’s, Economy, Trade, Industry, Tokai Tokyo Intelligence Laboratory Locations: Tokyo, China, United States
A staff member checks a Bentayga SUV on the Bentley production line at its factory in Crewe, England, on Dec. 7, 2022. Bentley Motors is once again pushing back a target to exclusively offer all-electric vehicles, with plans to continue leaning into plug-in hybrid electric vehicles until at least 2035. The British maker of ultra-luxury performance cars on Thursday said it continues to have "an ambition to be building only fully electric cars from 2035," but the adjustment is needed due to changing market conditions. Bentley Chairman and CEO Frank-Steffen Walliser said "there's not a lot of demand" for EVs from current customers. The Volkswagen -owned carmaker initially said in 2020 that it planned to exclusively offer all-electric vehicles by the end of this decade.
Persons: Frank, Steffen Walliser, there's, Walliser, carmaker, Adrian Hallmark Organizations: Bentley, Bentley Motors, Volkswagen Locations: Crewe, England
Nissan is cutting 9,000 jobs globally to reduce costs, the company said Thursday. Nissan will cut production capacity by 20% and executives will take pay cuts. AdvertisementNissan is cutting 9,000 jobs globally in an effort to cut costs, the Japanese automobile giant said in an earnings statement on Thursday. Nissan said that sales volumes decreased year-on-year to 1.6 million cars, hurt by higher selling and production costs, particularly from the US. Along with the layoffs, Nissan is cutting production capacity by 20%.
Persons: , Makoto Uchida, Guillaume Cartier, Carlos Ghosn Organizations: Nissan, Service, Automotive News, Automotive Locations: Africa, Middle East, India, Europe, Oceania, China, North America, Japan, Lebanon
Tesla stock surged 12% in premarket trading following Trump's election victory. Musk's big bet on Trump has boosted analysts' confidence in Tesla's future prospects. AdvertisementElon Musk's big bet on Donald Trump is already paying off for Tesla. AdvertisementIn his victory speech early Wednesday, Trump paid tribute to Musk's efforts, calling him a "super genius" and a "new star." Trump win an 'overall negative' for EV industryDespite the surge in Tesla shares, Trump's victory could be bad news for the wider EV market.
Persons: Elon Musk, , Elon, Donald Trump, Dan Ives, Musk, Gene Munster, Munster, Trump, Tesla's robotaxis Garrett Nelson, Ives, Nelson, Tesla, BYD Organizations: Trump, Service, Fox News, CNN, Electoral, Wedbush Securities, Tesla, Deepwater Asset Management, EV company's, Tesla's, CFRA Research, EV, Business Locations: Tesla, Butler , Pennsylvania, China
New York CNN —No single business leader did more to support former President Donald Trump’s candidacy than Elon Musk. Musk has donated nearly $119 million so far to a political action committee he set up to support Trump, according to Federal Election Commission filings. Elon Musk steps onto stage as Republican presidential nominee, former President Donald Trump addresses a campaign rally in Butler, Pennsylvania on October 5. It will only help Tesla,” Musk posted on X in July. It’s not likely Trump would want to cut that support, and the promise of jobs in those states, even if they will eventually provide competition for Musk and Tesla.
Persons: Donald Trump’s, Elon, Trump, Musk, He’s, , Daniel Ives, Tesla, Kamala Harris, , Biden, Elon Musk, Donald Trump, Anna Moneymaker, he’s, ” Musk, Ives, ” Ives, It’s, Jim Farley, Jeff Schuster, we’re, Jade Gao Organizations: New, New York CNN, Trump, Wedbush Securities, SpaceX, , Treasury Department, Republican, EV, Tesla, EPA, Industry, Getty, Boeing, NASA, International Space Locations: New York, Tuesday’s, America, United States, Butler , Pennsylvania, Trump’s, Europe, Asia, California, China, Shanghai, Beijing, AFP, Tesla
CNN —Rep. Elissa Slotkin will win the competitive Michigan Senate race, CNN projects, keeping the seat in Democratic hands and making her the youngest Democratic woman elected to the Senate. Rogers called Slotkin and conceded the race, according to two sources. “Donald Trump and I were both elected by the people of Michigan. The GOP is also looking to defend its narrow majority in the US House of Representatives, though it remains uncalled. Do not trust him,” Slotkin fired back as Rogers vowed in their first debate that he would not defy the will of the Michigan people in Washington.
Persons: Elissa Slotkin, Mike Rogers, Donald Trump, Rogers, “ Donald Trump, Michiganders, Trump’s, ” Slotkin, , Slotkin, Democratic Sen, Debbie Stabenow, Michigan’s, Trump, , Harris, “ It’s, It’s, Wade Organizations: CNN —, Michigan Senate, CNN, Democratic, House Intelligence, Slotkin, GOP, Biden, Michigan Republican, Oxford High School, Michigan State University, 8th, CIA Locations: Michigan, Detroit, Florida, China, Washington, America, Slotkin, Lansing, Stabenow
DETROIT – President-elect Donald Trump's victory over Vice President Kamala Harris is expected to send the U.S. electric vehicle industry into a period of uncertainty. Republicans, led by the former president, have largely condemned EVs, claiming they are being forced upon consumers. Several people said they would expect Trump to target federal consumer credits that currently offer up to $7,500 for the purchase of an EV rather than target industrial production credits for companies. "It has some really good things in it that I think Republicans and Democrats will like." Many of the investments into EV production under the IRA having been taking place in Republican states such as Ohio, South Carolina and Georgia.
Persons: Donald Trump's, Kamala Harris, EVs, Trump, David Rubenstein Organizations: GM, DETROIT –, U.S, Environmental Protection Agency, Biden, Auto, Trump, The Carlyle Group, CNBC Locations: Detroit, Hamtramck, Ohio, South Carolina, Georgia
Silicon anodes vs. solid-state batteriesAnalysts say silicon anodes theoretically offer 10 times the energy density as graphite, which are commonly used in battery anodes today. Silicon anodes, for example, are known to swell significantly during charging, which reduces the battery's longevity. Especially in the West, advances in the area of silicon anodes [are] seen as strategic opportunity to catch up with China. Nonetheless, analysts remain skeptical about when solid-state batteries will actually make it to market. "However, there are significant technical challenges going to 100% silicon anode such as silicon expansion affecting the longevity of the batteries and currently there are several routes to produce silicon anodes," he added.
Persons: IDTechEx, carmakers, Venkat Srinivasan, Srinivasan, hasn't, Rory McNulty, McNulty, Georgi Georgiev, Georgiev, Taiwan's, Sila Nanotechnologies Organizations: Parc des, Chesnot, Getty, Mercedes, Porsche, GM, Center for Energy Storage Science, government's, government's Argonne National Laboratory, CNBC, EV, Benchmark Mineral Intelligence, Bloomberg, Fastmarkets, Toyota, Nissan, China's SAIC Motor Corp, ProLogium, Paris Locations: Parc, Paris, France, government's Argonne, Chicago, Siheung, South Korea, West, China, U.S
Tesla has criticized the US government's plans to ban Chinese software from US cars. President Joe Biden announced plans to ban Chinese software after clamping down on China's EV giants. AdvertisementTesla has criticized plans to ban Chinese tech in US cars, warning that doing so risks burying automakers in a deluge of red tape. Related VideoThe Biden administration unveiled plans to ban Chinese and Russian tech from internet-connected cars in September. Officials warned that cars with Chinese components posed a threat to national security and the privacy of US citizens.
Persons: Tesla, Joe Biden, , Biden, Elon Musk Organizations: China's EV, Service, Telegraph, Officials, EV Locations: China
Beijing will avoid escalation of its dispute with the European Union over tariffs on its electric vehicles, industry watchers said, a day after China again approached the World Trade Organization for resolution. China's commerce ministry said Monday that it had filed an additional appeal with the WTO over the EU's tariffs on its EVs, as bilateral talks have yet to lead to a breakthrough. The EU reportedly accounted for more than 40% of Chinese EV exports in 2023. EU has raised its tariffs to as much as 45.3% on Chinese EVs following an year-long investigation. The measures had prompted Beijing to target European exports such as pork, dairy and brandy products.
Persons: Shaun Rein, Sam Radwan Organizations: European Union, World Trade Organization, WTO, China Market Research, CNBC, U.S, EU, International Locations: Beijing, China, Europe, EU, Washington
Thousands more jobs are under threat in Germany's beleaguered automotive industry. Parts supplier Schaeffler said it would cut thousands of jobs for a net reduction of about 3,700 workers. Union officials said Volkswagen plans to shut factories in Germany for the first time. AdvertisementGermany's auto industry is under intense pressure — and now thousands of jobs will go at a key company in the supply chain. Auto parts supplier Schaeffler said on Tuesday it would cut about 4,700 jobs across Europe and close two of its 10 locations in Germany.
Persons: Schaeffler, , Klaus Rosenfeld, Schaeffler's, Mercedes, BYD Organizations: Service, VW, BMW, Mercedes, Benz, Volkswagen, EV, EVs Locations: Germany, Europe, Frankfurt, Europe's, China, Hungary, Turkey
Pre-election polling showed her race against former President Donald Trump could be the closest in history. Bucks County, Pennsylvania: Pennsylvania Gov. Montana: Sen. Jon Tester, a Democrat, is facing an even tougher challenge in Montana, a state Trump carried by over 16 points in 2020. AdvertisementCalifornia 22nd: Rep. David Valadao is one of 18 House Republicans representing a district President Biden won in 2020. Valadao is also one of the only two remaining House Republicans who voted to impeach Trump after the January 6 Capitol riot.
Persons: Kamala Harris, Donald Trump, , Kamala Harris upended, Gallup, It's, Trump, Harris, Biden's, Obama, Carter, Josh Shapiro, Hillary Clinton, Biden, Doug Ducey, Mark Blumenthal, Blumenthal, they're, Elissa Slotkin, Mike Rogers, Rogers, Slotin, Sen, Sherrod Brown, Bernie Moreno, Brown, AdImpact, Moreno, Montana : Sen, Jon Tester, Tim Sheehy, Sheehy, Tester, David Schweikert, Katie Hobbs, Mark Kelly, Shah, Marc Molinaro, Josh Riley, David Valadao, Valadao, Rudy Salas Organizations: Service, White House, White, Electoral, North, Bucks, Pennsylvania, GOP, Democrats, Biden, Republican, Netflix, Senate, Michigan, Trump, Democrat, Cleveland, Ohio Senate, Montana :, Republicans, Rep, Gov, . New York, Democratic, Former Locations: Pennsylvania, New York, California, Michigan , Wisconsin, North Carolina, Georgia, Nebraska, Bucks County , Pennsylvania, Philadelphia, Waukesha County , Wisconsin, Milwaukee, Clinton, Maricopa County , Arizona, Phoenix, Ohio, Montana, Arizona, Scottsdale, . New
He recently told the Wall Street Journal editorial board that Chinese President Xi Jinping respects him but also knows he’s “crazy” and wouldn’t provoke him. But Chinese officials might also see potential for Musk to be a mitigating influence on issues such as tariffs. Like other American business leaders, Musk has met with senior Chinese officials as Beijing courts international companies. AP fileIf Chinese officials receive Musk almost like a world leader, the Chinese public treats him like a rock star. Chinese officials have not been shy about making the connection between what Musk says and where he makes his money.
Persons: Donald Trump, Elon Musk, Jia Qingguo, Trump, ” Jia, Xi Jinping, he’s, ” Trump, Joe Biden’s, , they’re, , Kelly Grieco, Musk, Li Qiang, Qin Gang, ” Grieco, Jennifer Lian, Henry Kissinger, Ian Bremmer, Tesla, Kuan, “ He’s, ” Tesla, Li Keqiang, Li, ” Musk, Grieco, didn’t, Xi, Qin, Hsiao, Kamala Harris, Janis Mackey Frayer, Jennifer Jett Organizations: SHANGHAI, Trump, Peking University, NBC News, Wall Street, Stimson, Qin, Weibo, Communist Party ., Eurasia Group, SpaceX, Shanghai Gigafactory, Getty, U.S, Shanghai, NBC, Global Times, Financial Times, Beijing, Washington, U.S ., Democratic Locations: China, Beijing, Musk, Washington, U.S, United States, York, Shanghai, Chinese, Jiangsu, Xinjiang, Taiwan, Hong Kong, Starlink, Ukraine, Russian, British, European
China said it plans to sue the European Union after the bloc cracked down on its EV giants. The EU imposed sweeping tariffs on Chinese EV companies, including BYD, last week. The measures have raised fears that China might retaliate by slapping its own tariffs on European automakers. The EU voted to impose sweeping tariffs on Chinese EV companies like BYD in October. Advertisement"With this in mind, the Commission takes note of the request for WTO consultations lodged by China.
Persons: , Xpeng Organizations: European Union, EV, Service, World Trade Organisation, EU, WTO, Business, Commission, Volkswagen, BMW, Mercedes Locations: China, European, Europe, Hungary, Turkey
The new Ford F-150 truck goes through the assembly line at the Ford Dearborn Plant on April 11, 2024 in Dearborn, Michigan. DETROIT — Ford Motor on Monday reported a 15.2% increase in U.S. new vehicles sales last month compared with subdued levels due to a union strike in October 2023. The automaker's sales gain outpaced the industry's estimated increase of 10% last month compared with a year earlier. Sales of hybrid vehicles, which Ford has been emphasizing amid a slower-than-expected adoption of electric vehicles, were up 38.5% last month compared to October 2023, Ford said. Its EV sales were down by 8.3%, while sales of traditional vehicles with internal combustion engines were up 14.1%Ford's EV sales remain up 38.2% for the year through October compared with the same timeframe in 2023.
Persons: Ford, EVs Organizations: Ford, Ford Dearborn Plant, United Auto Workers, EV, Ford's Locations: Dearborn , Michigan, DETROIT
European leaders have struggled to formulate a unified Sino-European strategy, with some states echoing U.S. calls for a complete disassociation — or decoupling — while others have preferred a softer, derisking approach. China has urged France to take on "an active role" to push the European Commission towards a solution acceptable to both the European and Chinese electric vehicle industries, Beijing's commerce ministry said on Monday, citing its minister. Wang Wentao, in a meeting with French junior trade minister Sophie Primas in Shanghai on Sunday, reiterated the European Union's investigation into China's EVs is a major concern and has "seriously hindered" China-EU auto industry cooperation. The EU launched an anti-subsidy investigation into imports of Chinese-made battery EVs last year and in October voted for tariffs on those vehicles. China in the past year has launched its own investigations into European pork and dairy, and imposed temporary anti-dumping measures on imports of brandy from the EU early this month.
Persons: Wang Wentao, Sophie Primas Organizations: European Commission, French, Sunday, EU Locations: China, France, Shanghai, EU
Musk could gain influence at the federal level if Trump is elected president. It's unclear what a Harris administration would mean for Musk and his business empire. Musk under HarrisWhile Musk could gain power, government contracts, and looser regulations under Trump, it's unclear how he might be impacted under a Harris administration. For X, which Musk has branded as the platform for freedom of speech, Gordon said a Harris administration could pressure it to ban material labeled as "misinformation." AdvertisementIt's also possible nothing would meaningfully change for Musk under a Harris administration.
Persons: Elon Musk, Donald Trump, Musk, Trump, Harris, , He's, Francesco Trebbi, Erik Gordon, Gordon, Tesla, eyeing Musk's, Trebbi, X, Tevi Troy, Troy, Joan MacLeod Heminway, Cary Coglianese, Tom Narayan, Karoline Leavitt, Leavitt, he's, Coglianese, it's, Carl Icahn, Tim Cook, Heminway, Elon Organizations: Service, Elon, Republican Party, Trump, Trump Many, University of California Berkeley, Musk, University of Michigan's Ross School of Business, Traffic Safety Administration, SpaceX, Department of Defense, Bank of America, Center, White House, University of Tennessee, University of Pennsylvania, Penn, RBC Capital Markets, Democratic, Green New Deal, Twitter, Apple Locations: Pennsylvania, Pittsburgh, Texas, California, Mexico
China's hot electric vehicle market has been gaining investor interest, and one analyst sees potential for the sector to grow further. "China's EV market is the largest in the world and also delivers fast growth," Vincent Sun, senior equity analyst at Morningstar said. This translates to a penetration rate of 49% of China's auto market in September. Sales of these vehicles in China's domestic market were up 66% year-on-year to 72,000 in September . Hsu said BYD and Tesla have a "good separation" because they are not seen as competitors in the Chinese market.
Persons: Vincent Sun, Morningstar, Sun —, Sun, Jason Hsu, There's, CNBC's, BYD, Tesla, Hsu Organizations: CNBC Pro, EV, Rayliant Global Locations: China, U.S
Autonomous driving is at a pivotal juncture, with several companies vying for leadership in a sector that promises to revolutionize transportation. While Tesla (TSLA) has dominated the autonomous vehicle headlines with its Full Self-Driving (FSD) system, it may not be the best autonomous driving investment. Waymo: A leader in the autonomous race Waymo, a subsidiary of Alphabet , has long been a frontrunner in the autonomous driving sector. Tesla's FSD software relies primarily on optical cameras, supported by advanced AI algorithms to interpret the road environment. The value autonomous driving adds to stock Currently, Alphabet, GM, and Tesla are not generating meaningful revenue from autonomous driving or robotics technology.
Persons: GM's, Google's Waymo, Waymo, Tesla's, Cruise, Mary Barra, Elon Musk, Tesla, AVs, GM's supercruise, TSLA, Price, Mary Barra's Organizations: General Motors, PACE, Hyundai, Federal Motor Vehicle Safety, Cruise, Cruise's, National, Traffic Safety Administration, Ford, Elon, GM's, Tesla, GM, CNBC, NBC UNIVERSAL Locations: Phoenix, Los Angeles, AVs
Rivian Chief Software Officer Wassym Bensaid says the future of cars will be hands-free. Related storiesA $5 billion investment from Volkswagen announced in June could help the struggling EV company deliver on its cheapest model yet, the R2, priced at $45,000 and set to launch in 2026. In January, Goldman Sachs analysts said Rivian's software is "a key part of the value proposition and monetization opportunity" for the company. "Software is, really behind the scenes, pervasive throughout the entire company," Bensaid told BI. "And we see Rivian as a tech company.
Persons: Wassym Bensaid, Bensaid, , we're, robotaxis, wasn't, RJ Scaringe, EVs, Scaringe, Kleiner Perkins, Tesla, Rivian, We're, Goldman Sachs Organizations: Service, Business, Rivian, TechCrunch, CSO, EV, Motors, Volkswagen, Tesla Locations: Irvine , California, San Francisco
A price war in China poses a threat to profitability. Amid the flurry of news, two themes stand out: the China threat and EV slowdown loom large for automakers. AdvertisementAnother EV price war threatens profitabilityIn China, the world's largest auto market, EV leaders BYD and Tesla are engaged in a bitter price war that initially weighed heavily on BYD's bottom line. The Chinese EV market is more competitive than ever, according the GM's Barra, who questioned the sustainability of a broader price war in the region driven by an uptick in Chinese EV startups selling inexpensive vehicles. Inexpensive Chinese EVs have long threatened the US EV market.
Persons: , It's, Ford, Tesla, China's, Mary Barra, Barra, Mark Ford, he's Organizations: Service, Ford, Volkswagen, VW, EV, Companies, Power, Dealers Locations: China, Germany, Europe, BYD
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