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☆ AI and robotics are the keys that will drive Tesla to a $1 trillion valuation, Wedbush says
▼ + stars: | 2024-06-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Tesla investors reapproving Musk's pay package puts the company on back on track, Wedbush said. The firm reiterated its $275 price target and suggested Tesla was set to hit a $1 trillion valuation. The stock could see a rebound as soon as the second half of this year, the analysts predicted. AdvertisementTesla looks poised to unveil some of its key AI and robotics projects soon, such as its full self-driving software and its Model 2.5. Tesla stock is down 27% this year.

Persons: reapproving, Wedbush, Tesla, —, that's, Elon Organizations: Service, Wedbush Securities, Elon Musk's, Board, Teslas, EV Locations: China, 2H

☆ China spends at least $230 billion trying to win the EV race, study finds
▼ + stars: | 2024-06-21 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Read previewChina has spent at least $230 billion on government support to electric vehicle makers such as BYD since 2009, according to a new study from the Centre for Strategic & International Studies think tank. Government subsidies have been a central pillar of China's quest to become an EV powerhouse over the past decade. AdvertisementChina is now the world's largest electric vehicle market, accounting for 60% of global EV sales in 2023, per the IEA — well above rivals like the US and Japan. EV makers in China can get government support through several routes, including infrastructure subsidies, tax exemptions, and buyer rebates. Massive government support has cultivated intense competition among China's legion of EV companies, which in turn has led to low prices.

Persons: —, BYD, Tesla Organizations: Service, Centre, Strategic & International Studies, Business, European Union, EV, CSIS, Battery, Penn Wharton University Locations: China, Europe, Japan, America

☆ Warren Buffett’s Berkshire Hathaway dumps BYD shares following rise in trade tension over Chinese EVs
▼ + stars: | 2024-06-18 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Warren Buffett’s Berkshire Hathaway has further cut its large stake in BYD, which vies with Tesla as the world’s largest electric car (EV) maker, as global trade tensions escalate over Chinese EVs. The sale was valued at 310.5 million Hong Kong dollars ($40 million). BYD shares had closed at a record high in June of that year. In 2008, Berkshire spent $230 million in buying BYD shares at an average of HK$8 ($1.02) apiece. Berkshire still holds 75.7 million Hong Kong-listed shares of BYD, which were worth about 17.6 billion Hong Kong dollars ($2.3 billion) by Tuesday.

Persons: Hong Kong CNN — Warren, Berkshire Hathaway, Tesla, Buffett, Daniel Acker, Biden, Wang Chuanfu, Elon Musk’s Tesla, didn’t, Charlie Munger, Munger “, ” Organizations: Hong Kong CNN, Hong Kong, Berkshire, Bloomberg, Getty, European Union, European Commission, EU, EV, HK, CNN Locations: China, Hong Kong, BYD, European, Europe, Beijing, United States, Shenzhen, Berkshire

☆ Inside the downfall of Henrik Fisker's second automotive startup, which just filed for bankruptcy
▼ + stars: | 2024-06-18 | by ( Grace Kay | ) www.businessinsider.com time to read: +19 min

AdvertisementA Fisker spokesperson said it would be "unfair" to compare the two companies. A Fisker spokesperson denied comments that Henrik took on a more passive role and said he was "deeply involved." AdvertisementA Fisker spokesperson said Magna was responsible for testing and releasing the Ocean and it had been fully certified by regulators in the US and Europe. A Fisker spokesperson pushed back on the comments questioning Henrik's business prowess. For Henrik, whose earlier company, Fisker Automotive, filed for bankruptcy in 2013, his present predicament echoes the past.

Persons: —, Henrik Fisker, Wendy Gruel's, Geeta Gupta, Gupta, Henrik Fisker's, James Bond, Henrik, Fisker, Rivian, Tesla, Phil McCarten, Magna, hadn't, YouTuber, Marques Brownlee, Kurt Mechling, he'd, they'd Organizations: Service, Business, TechCrunch, Aston Martin, BMW Z8, Magna International, Fisker Inc, Apollo Global Management, Tesla, Ford, GM, Magna, Reuters, Fisker, Business Insider, Engineers, Traffic Safety Administration, NHTSA, Technicians, California Bureau of Automotive, BI, New York Stock Exchange, Fisker Automotive Locations: Fisker, Europe, California, Graz, Austria, Panera

☆ Electric SUV maker Fisker files for bankruptcy
▼ + stars: | 2024-06-18 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

London CNN —Fisker, a US electric vehicle startup, said Tuesday it had filed for bankruptcy. Fisker added then that it was in discussions with an existing investor about possibly putting more money into the company. Its sole product is the Fisker Ocean electric SUV. The Ocean was also the subject of a review that month by American YouTuber Marques Brownlee titled, “This is the Worst Car I’ve Ever Reviewed.”“Do not buy this version of the Fisker Ocean,” reads the video’s description. Fisker filed for bankruptcy Monday, choosing the common Chapter 11 route, which allows companies to try to resolve their financial problems through reorganization.

Persons: London CNN —, Fisker, American YouTuber Marques Brownlee, ”, Henrik Fisker, BYD, Tesla Organizations: London CNN, Automotive News, Hyundai, Kia, Ford, General Motors, International Energy Agency Locations: American, EVs, United States, Europe, “

☆ Chinese official slams EU probe into EV subsidies as 'selective'
▼ + stars: | 2024-06-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

"The Commission considers that the sample was selected in accordance with the WTO rules and the corresponding EU legislation in this regard," he said. "The Volkswagen Group confidently accepts the growing international competition, including from China, and sees this as an opportunity. The NDRC's Jin added that the EU anti-subsidy probe does not appear to be based off an industry or business complaint. "Consequently, the Commission has reached out to Chinese authorities to discuss these findings and explore possible ways to resolve the issues identified in a WTO-compatible manner," the EU statement said. The Biden administration in May announced it would raise tariffs on imports of Chinese electric cars from 25% to 100%.

Persons: Olof Gill, Gill, BEV, Oliver Zipse, Elon, Jin, EU's Gill, BEV producers, Biden Organizations: CNBC, WTO, Major, Volkswagen Group, EU, Volkswagen, U.K, BMW Group, BMW, SAIC, EV, EVs Locations: Union, China, Germany, Europe, Western Europe, Shanghai, EU, WTO

☆ Fisker files for bankruptcy protection in wave of EV startups, moment of déjà vu for its founder
▼ + stars: | 2024-06-18 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

Henrik Fisker stands with the Fisker Ocean electric vehicle after its unveiling at the Manhattan Beach Pier ahead of the Los Angeles Auto Show and AutoMobilityLA in Manhattan Beach, California. The new filing comes after the Fisker company failed to secure an investment from a big automaker to keep afloat. The automaker, unlike most of its peers, contracted a third-party manufacturer to build the Fisker Ocean crossover. Déjà vuFor Henrik Fisker, a renowned automotive designer credited with designing the BMW Z8 and Aston Martin DB9, it's déjà vu. His first namesake company – Fisker Automotive – filed for bankruptcy protection in 2013, shortly after he left the company.

Persons: Henrik Fisker, Patrick T, Fallon, Fisker, Nikola, Faraday, It's, Henrik Fisker's, Tesla, Sam Abuelsamid, Magna, Abuelsamid, Geeta Gupta, Gupta, Stephanie Valdez Streaty, Aston Martin, – Organizations: Manhattan, Los Angeles Auto, AFP, Getty, Lordstown Motors, Guidehouse, Software, U.S, Canadian, Apple, Adobe, SAP America, Manpower, Systems, CNBC, Cox Automotive, Fisker, Inc, BMW Z8, Aston, Aston Martin DB9, China's Wanxiang Locations: Manhattan Beach , California, EVs, U.S, North America, Europe

☆ China launches anti-dumping probe into imported EU pork as trade tensions grow
▼ + stars: | 2024-06-18 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

Beijing has launched an anti-dumping investigation aimed at certain pork products from the European Union, days after the Brussels raised tariffs on Chinese vehicles. China's Ministry of Commerce announced Monday it had opened an investigation into imported pork and its by-products originating from the EU, including pork offal, pig fat, pig intestines, bladders, and stomachs. The investigation is expected to conclude within 12 months, though it could be extended for a further six months, the ministry said. The European Union Chamber of Commerce in China said the EU pork investigation was Beijing's retaliation for recent tariffs on Chinese EVs. In response to questions, a Chinese commerce ministry official said the probe was first initiated by a formal complaint by a domestic industry group, the China Animal Agriculture Association.

Organizations: European Union, China's Ministry of Commerce, European Union Chamber of Commerce, EU EV, CNBC, China Animal Agriculture Association Locations: Beijing, Brussels, China

☆ Australia China Business Council: There is consumer demand for imported Chinese EVs in Australia
▼ + stars: | 2024-06-18 | 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 EmailAustralia China Business Council: There is consumer demand for imported Chinese EVs in AustraliaJames Clarke of Australia China Business Council discusses the importance of China as Australia's largest trading partner, and expectations for further easing of restrictions on Australian exports.

Persons: Australia James Clarke of Organizations: Australia China Business, Australia James Clarke of Australia China Business Council Locations: Australia, China

☆ Forget Elon Musk’s record pay package from Tesla. More could be on the way.
▼ + stars: | 2024-06-17 | by ( Chris Isidore | ) edition.cnn.com time to read: +7 min

New York CNN —Tesla shareholders on Thursday confirmed they want Elon Musk to get a massive record pay package for running Tesla for the last six years. “The chancellor found a number of defects in the process.”But Tesla shareholders also approved moving Tesla’s state of incorporation to Texas, partly in reaction to the Delaware decision. “What we recognized in 2018 and continue to recognize today is that one thing Elon most certainly does not have is unlimited time,” Tesla board chair Robyn Denholm wrote to Tesla shareholders ahead of the most recent vote. Ark Invest has a five-year target price for Tesla shares at $2,600 a share. Not everyone on that list got there through packages of stock options.

Persons: Elon Musk, Tesla, Chancellor Kathaleen McCormick, Musk, It’s, “ It’s, Samantha Crispin, Baker Botts, “, ” Musk, McCormick’s, Elon, ” Tesla, Robyn Denholm, ”, Tasha Keeney, ” Elon Musk, Jeff Bezos, Bernard Arnault, Mark Zuckerberg, Larry Page, Bill Gates —, Zuckerberg, McCormick Organizations: New, New York CNN, CNN, Tesla, ARK Invest, Elon, Invest, Microsoft, Apple, SpaceX, Amazon, Facebook Locations: New York, Delaware, Texas, “, Tesla

☆ Broadcom should replace Tesla in the 'Magnificent 7,' says Interactive Brokers' Sosnick
▼ + stars: | 2024-06-17 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Broadcom's rise in 2024 is cause for the chipmaker to replace Tesla in the "Magnificent Seven," according to Interactive Brokers Chief Strategist Steve Sosnick. "Broadcom captures the whole zeitgeist of the moment right now," Sosnick told CNBC's " Squawk on the Street " on Monday. "It's an AI stock much more so. Even though Tesla might be one in the future, Broadcom is one now." AVGO TSLA YTD mountain Broadcom and Tesla stock year to date Sosnick's comments come as Tesla struggles in 2024.

Persons: Steve Sosnick, Sosnick, CNBC's, Tesla, FOMO, Hock Tan Organizations: Tesla, Interactive Brokers, Broadcom, Technology, Nasdaq

☆ A lower-risk and lower-cost way to play increased electricity usage around the country
▼ + stars: | 2024-06-17 | by ( Michael Khouw | ) www.cnbc.com time to read: +4 min

I'll review a way to play increased electricity use as electric vehicle adoption progresses around the country. Eversource Energy (ES) , a public utility holding company, operates in the electric distribution, electric transmission, natural gas distribution, and water distribution segments. It is involved in transmitting and distributing electricity, solar power facilities, and natural gas distribution. Eversource Energy was incorporated in 1927 and is headquartered in Springfield, Massachusetts. ES 1Y mountain Eversource Energy, 1-year The stock hasn't traded particularly well recently, but that may present an opportunity.

Persons: I've Organizations: California Air Resources Board, Nvidia, Eversource Energy, Utilities, Energy Locations: California, United States, Los Angeles, Connecticut , Massachusetts, New Hampshire, Springfield , Massachusetts

☆ China probes European pork prices after EU hikes tariffs on its electric cars
▼ + stars: | 2024-06-17 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Beijing has launched an investigation into prices of pork from the European Union, targeting a major EU food export just days after Brussels hiked tariffs on electric vehicles from China. A hike in import tariffs could be very costly for European pork producers if it ends up hurting demand in China, the world’s largest pork market and the main destination for EU pork exports. The EU is the second-biggest pork producer after China. According to EU customs data, the bloc exported more than €2.5 billion ($2.7 billion) worth of pork, including offal, to China last year. Beijing had been widely expected to use targeted measures to try to dissuade EU officials from permanently adopting higher tariffs on electric cars imported from China, a decision the EU must make by November.

Persons: Olof Gill, Gill, ”, Xu, Maisie Linford Organizations: London CNN —, European Union, China’s Ministry of Commerce, EU, European Commission, World Trade Organization, WTO Locations: London CNN — Beijing, Brussels, China, Beijing, Spain, Netherlands, Denmark, France, Europe

☆ Used EV price crash keeps getting deeper with 'premium' brand idea history
▼ + stars: | 2024-06-16 | by ( Kaya Ginsky | ) www.cnbc.com time to read: +2 min

Back in February, used electric vehicle prices dipped below used gasoline-powered vehicle prices for the first time ever, and the pricing cliff keeps getting steeper as car buyers reject any "premium" tag formerly associated with EVs. In June 2023, average used EV prices were over 25% higher than used gas car prices, but by May, used EVs were on average 8% lower than the average price for a used gasoline-powered car in U.S. Over the past year, gasoline-powered used vehicle prices have declined between 3-7%, while electric vehicle prices have decreased 30-39%. There are many more vehicles in the used market than new car market, and used vehicle value does rapidly depreciate as a rule. As more EVs enter the used market at lower prices, the EV market does become available to a wider market of potential first-time EV owners.

Persons: Karl Brauer Organizations: iSeeCars, Tesla, BMW Locations: U.S

☆ Why tariffs on Chinese EVs may not work
▼ + stars: | 2024-06-15 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +2 min

The Chinese auto sector is increasingly making global automakers and politicians hot under the collar. In the early 1980s, the Chinese auto industry barely existed. President Joe Biden last month introduced stiff tariffs on Chinese EVs, effectively doubling the list price, which can otherwise be as cheap as $11,500. The administration says Chinese firms have benefited from unfair government support, and Chinese EV imports threaten the Biden administration's big investments in EVs. But a few auto industry insiders are skeptical that tariffs will be able to hold off Chinese imports for long.

Persons: Dunne, Michael Dunne, Joe Biden, Sen, Sherrod Brown, Tesla, Elon Musk, Bill Russo, Donald Trump, Russo Organizations: Volvo, EV, Biden, Chrysler Locations: China, U.S, Sweden, EVs, Ohio, Shanghai, Beijing

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy tariffs might not stop Chinese EVsChina makes enough cars to supply half the world's demand. And it has its eyes on the United States. President Biden slapped Chinese automakers with stiff tariffs - effectively doubling the price of a Chinese export EV, which can otherwise be as cheap as $11,500. Watch the video to learn more about how China has become one of the strongest car manufacturing countries in the world and why some insiders say the tariffs may do more harm than good.

Persons: Biden Locations: China, United States

☆ G7 leaders accuse China of ‘enabling’ Russia war on Ukraine in stark warning
▼ + stars: | 2024-06-14 | by ( Nectar Gan | ) edition.cnn.com time to read: +4 min

CNN —China’s support for Russia is “enabling” its war in Ukraine, leaders of the world’s most advanced economies warned Friday in a hardening of tone against Beijing, while threatening further sanctions against actors that materially support Moscow’s war machine. “China’s ongoing support for Russia’s defense industrial base is enabling Russia to maintain its illegal war in Ukraine and has significant and broad-based security implications,” the G7 leaders said in the communique Friday. The US and European Union have already slapped sanctions on Chinese companies, and this week, the US imposed fresh sanctions on China-based firms supplying semiconductors to Russia. “So it is, in fact, helping Russia.”Leaders of the G7 nations gathered in southern Italy this week, with boosting support for Ukraine top of the agenda. “We express serious concern about the increasing use of dangerous maneuvers and water cannons against Philippine vessels.”

Persons: “, Joe Biden, Filippo Monteforte Organizations: CNN, Beijing, of, European Union, ”, Ukraine, Getty, EU Locations: Russia, Ukraine, Italy, United States, Europe, China, Western, Moscow, Beijing, “ China, AFP, European, East, South China, South

☆ EU tariffs on EVs sting China but won’t halt BYD’s advance
▼ + stars: | 2024-06-13 | by ( Laura He | ) edition.cnn.com time to read: +8 min

The impact on China’s EV makers will vary depending on the level of tariff and each company’s cost structure. “One critical issue for China is that the EU accounted for 38% of China’s EV exports in 2023,” Sebastian said. In February, nine government agencies, including the Commerce Ministry and the central bank, vowed to provide support to accelerate Chinese EV makers’ global push. Tesla prices to riseIn contrast to BYD, state-owned carmaker SAIC is in a “disastrous” situation facing 38.1% in additional tariffs, according to Sebastian. Soula said China could retaliate by imposing tariffs on some European goods such as luxury cars, premium brandies or airplane parts.

Persons: Hong Kong CNN —, BYD, Tesla, Gregor Sebastian, ”, ” Sebastian, Etienne Soula, It’s, Sebastian, Geely, Andrew Bergbaum, don’t, Soula Organizations: Hong Kong CNN, European Union, EV, China’s, Alliance, Democracy, German Marshall Fund of, Commerce Ministry, SAIC, Volvo, European Commission, UBS, EU Locations: China, Hong Kong, European, Europe, Beijing, Asia, Brazil, Turkey, United States, EU, America, Shanghai, Hungary, Italy, Spain

☆ 3 risks to global economic growth
▼ + stars: | 2024-06-13 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

The World Bank on Tuesday raised its 2024 outlook for global economic growth to hold steady at 2.6%, an increase from its previous projection of 2.4% growth. “Four years after the upheavals caused by the pandemic, conflicts, inflation, and monetary tightening, it appears that global economic growth is steadying,” Indermit Gill, the World Bank’s chief economist, said in a release accompanying the report. Prospects for the world’s poorest economies are even more worrisome.”Here are three risks the World Bank sees. The World Bank said that spillover risk from the Russia-Ukraine war and Israel-Hamas war could curb global growth by pushing up oil prices and shipping costs. Trade tensions are already brewing between some of the world’s biggest global economic engines.

Persons: ” Indermit Gill, Jerome Powell, ”, Ayhan Kose, Danielle Wiener, Bronner, Joe Erlinger, aren’t, TikTok, John S, James L, Donald Trump, Joe Biden’s, Biden Organizations: CNN Business, Bell, New York CNN, Bank, World Bank, European Central Bank and Bank of Canada, US Federal Reserve, European Commission, EU, Bureau of Labor Statistics, McDonald’s, Pew Research Center, Knight Foundation, TikTok Locations: New York, Russia, Ukraine, Israel, India, Mexico, United States, France, United Kingdom, China, Beijing

☆ Elon Musk says Tesla shareholders have re-approved his pay package worth billions that a judge struck down
▼ + stars: | 2024-06-13 | by ( Chris Isidore | ) edition.cnn.com time to read: +8 min

New York CNN —Elon Musk said late on Wednesday that Tesla shareholders have re-approved a pay package worth billions that was already thrown out by a Delaware judge earlier this year in a vote that also approved moving Tesla to Texas. “Both Tesla shareholder resolutions are currently passing by wide margins! He famously bought social media platform Twitter for $44 billion in 2022, selling $22.9 billion of his Tesla shares to help fund that purchase. But perhaps a more serious concern among Tesla shareholders is the pioneering electric car company itself. Even with Musk’s pay package again endorsed by shareholders, the Delaware court could still have the final say.

Persons: New York CNN — Elon Musk, Musk, ”, Tesla, Chancellor Kathaleen McCormick, Antonio Gracias, Musk’s, Todd Maron, “, McCormick, ” Tesla, Robyn Denholm, Elon, ” Denholm, Cathie Wood, Ark, Ron Baron, Baron Capital, “ Elon, ’ ”, he’s, X, retweeted Organizations: New, New York CNN, Securities and Exchange Commission, SpaceX, Neuralink, Boring Company, Elon, Ark Invest, Baron, California, Fund, Twitter, Tesla Locations: New York, Delaware, Texas, Norwegian, Tesla

☆ China became the world's factory by selling cheap goods. This strategy won't work for EVs.
▼ + stars: | 2024-06-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

China, the world's factory, is known for producing affordable goods quickly. But China EV makers shouldn't leverage on their price advantage in the long run as it's not sustainable, said a Bain consultant. The EU will impose up to 48.1% tariffs on Chinese EV imports next month to protect European economies. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChina has been the world's factory floor for the last 40 years, propelling it into the position of the world's second-largest economy.

Persons: — Organizations: EU, EV, Service, Business Locations: China, Bain

☆ Ford will no longer require dealers to invest $500,000+ just to sell EVs
▼ + stars: | 2024-06-13 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

Ford is ending a controversial program that required dealers to invest between $500,000 and $1 million to sell EVs. EV sales are now open to all Ford dealers without certification requirements. The change comes after Ford over-estimated EV sales growth. AdvertisementFord dealers no longer need to invest up to $1 million in order to sell electric vehicles. Ford dealers will no longer be required to invest in certification to get EVs on their lot, opening battery-electric sales to Ford's entire dealership network — a move Gjaja said is designed to grow Ford's EV sales.

Persons: Ford, —, Marin Gjaja, Gjaja Organizations: Ford, Service, EV, CNBC, Business

☆ OPEC calls for more fossil fuel investment to prevent shortfall, dismisses peak oil demand prediction
▼ + stars: | 2024-06-13 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

The head of OPEC said Thursday the world will need to invest in fossil fuels for decades to come in order to prevent an energy shortage, dismissing predictions that oil demand will peak in the near future. The OPEC chief called for "continued oil industry investment, today, tomorrow, and many decades into the future given the products derived from crude oil are essential for our daily lives." Oil supply capacity will rise to 114 million per day by 2030, 8 million barrels more than global demand, according to the IEA. Deutsche Bank and Citi, however, see OPEC coming under pressure in the coming years. Citi analysts see a substantial oil surplus in 2025 as production keeps growing in North America, Brazil and Guyana, while demand slows due to energy efficiency improvements and electric vehicle adoption.

Persons: Haitham Al Ghais, Al Ghais, Fatih Birol, OPEC's Al Ghais, Helima, Croft, I'm, Robert McNally, McNally, EVs, Michael Hsueh Organizations: OPEC, International Energy Agency, IEA, IEA ., RBC Capital Markets, Rapidan Energy, Deutsche Bank, Citi, Brent Locations: China, India, North America, Europe, Northeast Asia, Asia, U.S, OPEC, Brazil, Guyana

☆ Chinese EV stocks surge after EU slaps up to 38% additional import tariffs
▼ + stars: | 2024-06-13 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +5 min

Citi analysts said the EU's additional tariffs were "generally benign," while one analyst from Morningstar pointed out that the additional duties were "modest" in comparison to U.S. hikes on Chinese EVs last month. Stock Chart Icon Stock chart icon BYD vs GeelyOn Wednesday, the EU said it would impose extra tariffs on Chinese EV players with a large footprint in Europe. BYD will be subject to additional tariffs of 17.4%, Geely will get an extra 20% duty. Citi analystsThe EU said in a statement it has provisionally concluded that Chinese EV makers benefits from "unfair subsidization," which resulted in "threat of economic injury" to EU's EV industry. watch nowThe additional duties come after the EU launched a probe in October.

Persons: Geely, Li, Morningstar, Joe Biden, Vincent Sun, Europe Joseph Webster, Webster, BYD, Tesla, Paul Triolo Organizations: Automotive Exhibition, Getty, Nurphoto, European Union, Li Auto, SAIC, Citi, EU, EV, Morningstar, Wednesday, Ministry of Commerce, Atlantic Council's Global Energy Center, Volvo, Nomura, Albright, Group Locations: Beijing, China, Geely, EU, Europe, U.S, Hungary, Swedish, Belgium

☆ Ford ends EV dealership program that required hefty investment to sell electric models
▼ + stars: | 2024-06-13 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

An electric Ford truck is displayed during the Electrify Expo D.C. in Washington, D.C., on July 23, 2023. Ford Motor is ending a controversial electric vehicle dealership program that initially asked store owners to invest upward of $1 million to sell EVs. That's led to automakers delaying or canceling future electric vehicles and investments. "The world has changed," Marin Gjaja, chief operating officer of Ford's Model E electric vehicle business, said Thursday during a media briefing. Instead, Ford will open EV sales to all of its dealers in an attempt to grow sales of its all-electric cars and trucks.

Persons: Jim Farley, That's, Marin Gjaja, Gjaja, Ford Organizations: Washington , D.C, Ford Locations: Washington ,

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