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☆ Ford CEO says Tesla is having a Model T moment — it's Elon Musk's 'next big test'
▼ + stars: | 2023-07-28 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Ford CEO Jim Farley said Tesla's price cuts are reminiscent of Ford's Model T days. Where Tesla sits right now reminds Ford CEO Jim Farley a lot of the early days of his own auto company. "They got through Model 3 and Model Y commercialization in the plant and scaling production. Ford and Tesla have been both friends and rivals over the past few years as Ford races to electrify and snatch up some of Tesla's market share. I've always said that our main competition in the pure electric space is going to be BYD and Geely and Tesla," Farley said.

Persons: Jim Farley, Farley, Elon Musk, Tesla, Robert Llewellyn, Henry Ford, Ford, We've, I've, It's Organizations: Ford, EV, Tesla, GM, Volkswagen, Motors, BMW

☆ Ford is going to miss its original EV production goals. Tesla's price war is to blame.
▼ + stars: | 2023-07-28 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

Ford needs more time to hit its EV production targets as demand changes. Tesla's price war has made it harder to make money on EVs. The EV price war is forcing Ford to adjust its electric vehicle timeline. Ford confirmed during its earning report Thursday that EV pricing is one of the biggest hurdles to meeting their original EV production goals. "We expect the EV market to remain volatile until the winners and losers shake out," he said.

Persons: Ford, Jim Farley, Farley, Karl Brauer Organizations: Ford, Dealers, Tesla, GM Locations: Dearborn , Michigan, Tesla's

☆ U.S. proposes 18% fuel economy increase for new vehicles by 2032
▼ + stars: | 2023-07-28 | by ( ) www.cnbc.com time to read: +3 min

The U.S. government wants to raise the fuel economy of new vehicles 18% by the 2032 model year so the fleet would average about 43.5 miles per gallon in real world driving. The highway safety agency says it will try to line up its regulations so they match the Environmental Protection Agency's reductions in greenhouse gas emissions. In the byzantine world of government regulation, both agencies essentially are responsible for setting fuel economy requirements since the fastest way to reduce greenhouse emissions is to burn less gasoline. The EPA says the industry can reach the greenhouse gas emissions goals if 67% of new vehicles sold in 2032 are electric. Automakers can meet the requirements with a mix of electric vehicles, gas-electric hybrids and efficiency improvements in gas and diesel vehicles.

Persons: Joe Biden, Donald Trump, Ann Carlson, Stellantis, John Bozzella, EVs, NHTSA's Organizations: National, Traffic Safety Administration, NHTSA, General Motors, Toyota, Ford, Alliance for Automotive Innovation, EPA Locations: mufflerof, Orlando , Florida, The U.S

☆ Vietnam EV maker VinFast plans US listing in August after regulator nod
▼ + stars: | 2023-07-28 | by ( Phuong Nguyen | ) www.reuters.com time to read: +2 min

The EV maker had filed for an initial public offering in the U.S. to list on the Nasdaq in December last year, but in May it announced plans to list through a merger with special purpose acquisition company (SPAC) Black Spade Acquisition Co (BSAQ.A). VinFast and Black Spade aim to complete the merger by August, subject to shareholder approvals and other customary closing conditions, they said in a joint statement on Friday. "The declaration of the SEC effectiveness is a significant step towards the successful completion of the business combination between Black Spade and VinFast," Dennis Tam, Chairman and Co-CEO of Black Spade Acquisition Co said. Black Spade is set to hold an extraordinary shareholder meeting to approve the proposed business combination with VinFast on August 10, the joint statement said. The new merged entity was estimated by VinFast and Black Spade to have a potential equity value of $23 billion, according to their statement.

Persons: Black Spade, Dennis Tam, VinFast's, Nikola Corp, VinFast, Phuong Nguyen, Louise Heavens, Jane Merriman Organizations: Securities and Exchange Commission, Nasdaq, Spade, SEC, Faraday, Nikola, VinFast, Thomson Locations: HANOI, United States, U.S, North Carolina

☆ Vietnam's EV maker VinFast set to break ground on delayed U.S. factory
▼ + stars: | 2023-07-28 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

VinFast is set to break ground on its delayed U.S. factory on Friday. Vietnam's VinFast will begin construction on its electric vehicle factory in North Carolina on Friday morning local time, the Vietnamese automaker confirmed with CNBC. VinFast vehicles do not currently qualify because they are not built in the country, but are built in Vietnam. The company is also pricing its VF 9 model at a considerable discount to the comparable Tesla Model X. A Tesla Model X costs about $100,000.

Persons: VinFast, Le, CNBC's, Vietnam's VinFast, — CNBC's Penny Chen Organizations: EV, Thuy, CNBC, U.S, Tesla, headcount, Spade Locations: U.S, North Carolina, Vietnam

☆ As Ford loses billions on EVs, the company embraces hybrids
▼ + stars: | 2023-07-28 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Ford Motor Co. displays a new 2021 Ford F-150 pickup truck at the Rouge Complex in Dearborn, Michigan, Sept. 17, 2020. Heads up, hybrid fans: Ford Motor is working on a whole bunch of new hybrid models. "We have been surprised, frankly, at the popularity of hybrid systems for F-150," Farley said during Ford's second-quarter earnings call. More than 10% of F-150 pickup customers are opting for the hybrid model, Farley said, and that percentage has been increasing. But why double down on hybrids just as the industry is making a big push toward pure EVs?

Persons: Jim Farley, Ford isn't, Farley, Ford's Organizations: Ford Motor Co, Ford, Detroit automakers, EV, Toyota Locations: Dearborn , Michigan

Companies Tesla Inc FollowNEW DELHI, July 28 (Reuters) - Two senior Tesla executives discussed the company's plans to enter India with officials from the country's investment promotion arm in New Delhi, two people with direct knowledge of the matter said, the latest in a series of high-level talks. Invest India CEO Nivruti Rai, a former Intel executive, held talks with the Tesla executives during a meeting on Thursday, they added. Tesla and Invest India did not immediately respond to requests for comment. Most Tesla meetings with Indian officials have been kept under wraps. Reporting by Aditya Kalra, Shivangi Acharya and Aditi Shah; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: carmaker, Rohan Patel, Roshan Thomas, Nivruti Rai, Piyush Goyal, Tesla, Aditya Kalra, Shivangi Acharya, Aditi Shah, Kirsten Donovan Organizations: Tesla, Invest, Intel, Reuters, Thomson Locations: DELHI, India, New Delhi, U.S, Invest India

☆ A marathon, not a sprint: Mercedes-Benz CEO outlines challenges in shift to EVs
▼ + stars: | 2023-07-28 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +2 min

The shift to zero-emission mobility should be viewed as a marathon not a sprint, according to the CEO of Germany's Mercedes-Benz. His comments came as the Mercedes-Benz Group reported earnings for the second quarter this week. "We have a whole host of our, so to speak, first generation electric vehicles on the market now," Kallenius told CNBC Thursday. "So we are bullish on electric vehicles and zero emission driving and we're putting billions into it," he added. "In this case, our production network is flexible to produce both high-tech electrified combustion engines and electric vehicles," he added.

Persons: Germany's Mercedes, Ola Kallenius, CNBC's Annette Weisbach, Kallenius, Mercedes, Benz's EVs Organizations: Benz, Benz Group, CNBC

☆ Tesla created secret team to suppress thousands of driving range complaints
▼ + stars: | 2023-07-27 | by ( ) www.cnbc.com time to read: +19 min

He expected to get something close to the electric sport sedan's advertised driving range: 353 miles on a fully charged battery. The directive to present the optimistic range estimates came from Tesla Chief Executive Elon Musk, this person said. Driving range is among the most important factors in consumer decisions on which electric car to buy, or whether to buy one at all. Electric cars can lose driving range for a lot of the same reasons as gasoline cars — but to a greater degree. Independent automotive testers commonly examine the EPA-approved fuel-efficiency or driving range claims against their own experience in structured tests or real-world driving.

Persons: Daniel Acker, Alexandre Ponsin, Tesla, Elon Musk, Elon, Scott Case, Case, Gregory Pannone, Pannone, carmaker, Ford, Jonathan Elfalan, Edmunds, Elfalan, They've Organizations: Tesla Motors Inc, North American, Bloomberg, Getty, Reuters, Tesla, South, Environmental Protection Agency, EPA, Ford, Chevrolet, Hyundai Kona, National Science Foundation, SAE International, U.S, Porsche, Benz, EV, Independent, General Motors, Hyundai, Korea Fair Trade Commission, Service Locations: Detroit , Michigan, Colorado, California, Las Vegas, Austin , Texas, Nevada, U.S, Seattle, Vegas, Henderson, Utah

☆ Tesla’s secret team to suppress thousands of driving range complaints
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +21 min

He expected to get something close to the electric sport sedan’s advertised driving range: 353 miles on a fully charged battery. Driving range is among the most important factors in consumer decisions on which electric car to buy, or whether to buy one at all. Electric cars can lose driving range for a lot of the same reasons as gasoline cars — but to a greater degree. The EPA said all the changes to Tesla’s range estimates were made before the company used the figures on window stickers. Independent automotive testers commonly examine the EPA-approved fuel-efficiency or driving range claims against their own experience in structured tests or real-world driving.

Persons: Alexandre Ponsin, ”, Tesla, Elon Musk, “ Elon, Scott Case, Case, Gregory Pannone, Pannone, “ They've, carmaker, Ford, I’m, ” Pannone, ” Jonathan Elfalan, Edmunds, Elfalan, ” Elfalan, Santa Clara –, Ponsin, ” Ponsin, “, Steve Stecklow, Norihiko, Heekyong Yang, Peter Henderson, Eve Watling, Lucy Ha, Ilan Rubens, Brian Thevenot Organizations: Reuters, Tesla, South, Environmental Protection Agency, EPA, Ford, Chevrolet, Hyundai Kona, National Science Foundation, SAE International, U.S, Porsche, Benz, EV, Independent, General Motors, Hyundai, Korea Fair Trade Commission, Virtual Service, Santa, San Francisco Art Locations: AUSTIN, Texas, Colorado, California, Las Vegas, Austin , Texas, Nevada, U.S, Seattle, Vegas, Henderson, Utah, Santa Clara, London, Austin, Seoul, San Francisco

☆ Electric shock: Higher costs and interests rates hinder energy projects
▼ + stars: | 2023-07-27 | 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 EmailElectric shock: Higher costs and interests rates hinder energy projectsHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC. Al Rabil, Kayne Anderson Capital Advisors CEO, joins the show to discuss the transition to EVs and clean energy.

Persons: Brian Sullivan, “, Al Rabil, Kayne Organizations: CNBC, Kayne Anderson Capital

Delivering affordable electric vehicles (EVs) has become a priority for car makers worldwide as the shift to cleaner driving has come with high prices, due largely to battery costs. In 2022, Chinese car makers had a 9% share of Europe's EV market, nearly double the previous year's figure, according to forecasts by consultancy Inovev. Tavares said Western car makers needed to use "the same weapons" as their Chinese rivals, sourcing parts in lower cost countries and striking partnerships with battery suppliers that offer the best combination of energy, cost and weight. Once-dominant Western automakers are also striving to regain ground in China itself, the world's largest car market, after losing share to local manufacturers. Mercedes-Benz (MBGn.DE) said on Thursday it was sticking to its strategy and would not engage in a price war to "buy" market share in China.

Persons: France's, Thierry Pieton, Luca de Meo, Tesla, Carlos Tavares, Tavares, Mercedes, Ola Kaellenius, Kaellenius, Victoria Waldersee, Silvia Aloisi, Mark Potter Organizations: Western, France's Renault, Finance, Renault, SAIC, Inovev, Jato, Tesla, Peugeot, Fiat, Benz, Mercedes, Thomson Locations: Europe, U.S, Western, China, Berlin

☆ Global automakers scramble to reset China strategies as sales slow
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +6 min

Global automakers, who for years have dominated the market along with their Chinese state-run partners, have been slow to pivot to the fast-growing market for EVs with competitive offerings. "This major collaboration between Volkswagen and Xpeng is a milestone for our electrification strategy 'in China for China'," said Ralf Brandstatter, a VW board member on his social media account. Their deeper pockets give established foreign automakers who are determined to fight for share in China, the ability to play a long game. Kia (000270.KS) is to enter China's EV market with its first EV, the EV6 crossover, via imports in August. "The German brands benefit from significant global scale," said He Lei, CEO of Chinese EV trading platform xChuxing.

Persons: Aly, Yale Zhang, Ralf Brandstatter, We've, Mary Barra, Tu Le, Yang Honghai, Kia, Mercedes Benz, Volkswagen's Audi, Lei, It's, Bill Russo, Automobility, Zhang Yan, Brenda Goh, Kevin Krolicki Organizations: Audi, Volkswagen, Auto, REUTERS, General Motors, Toyota, China Association of Automobile Manufacturers, Global, BMW, Mitsubishi, Automotive Foresight, GM, Reuters Graphics Volkswagen, BYD, China's Xpeng, HK, SAIC, VW, Buick, Chevrolet, Cadillac, CHINA EV INC, Tesla, China EV Inc, Volkswagen's, EV, Mitsubishi Motors, Nissan, Ford, Renault, Thomson Locations: Auto Shanghai, Shanghai, China, SHANGHAI, CHINA, Kia China, KS

☆ Is the EV push too fast and too furious? Ford projects $4.5B in loses for EVs in 2023
▼ + stars: | 2023-07-27 | 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 EmailIs the EV push too fast and too furious? Ford projects $4.5B in loses for EVs in 2023Hosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC. Former Ford CEO Mark Fields joins the show to discuss the automaker's recent earnings report.

Persons: Brian Sullivan, “, Mark Fields Organizations: EVs, CNBC, Ford

☆ Elon Musk reportedly gave the order himself for the displays in Teslas to present overly optimistic estimates of driving range
▼ + stars: | 2023-07-27 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Elon Musk decided to have Teslas display overly optimistic range estimates, Reuters reported. Elon Musk gave Tesla workers the order to present overly optimistic driving ranges for the company's electric cars, according to a recent report from Reuters. The publication was unable to verify whether the company still provides overly optimistic ranges. An EV's range can be impacted by extreme temperatures, as well as the owner's driving habits. The "Diversion Team" was instructed to cancel owners' appointments at its service centers related to driving range concerns.

Persons: Elon Musk, Tesla, Elon, It's, Musk, There's, I've, Nick Caraciolo, it's, Read Organizations: Reuters, Morning, South, EV, Read Reuters Locations: South Korea

☆ Ford balances growth and profits in a promising quarter, keeps its stock rating
▼ + stars: | 2023-07-27 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Earnings before interest and taxes (EBIT) increased slightly to $3.79 billion, well ahead of analysts' predictions for EBIT of $3.16 billion. With Thursday's results, management shows it is playing to win and that the fourth quarter was an outlier. Strong profitability and cash flow generation overall in the second quarter provided the much-needed offset. Quarterly commentary Ford Blue, which represents Ford's gas-powered and hybrid vehicles, delivered a strong quarter and was again profitable in every region in which it operates. By segment, Ford expects Ford Blue to deliver full year EBIT of "about $8 billion," up from about $7 billion, and Ford Pro's EBIT to be "approaching $8 billion," up from $6 billion.

Persons: Jim Farley, we've, Farley, we're, Ford, Ford Pro's, Jim Cramer's, Jim Cramer, Jim, Jeff Kowalsky Organizations: Ford, Refinitiv, Management, Ford Model, Ford Pro, CNBC, Electric Vehicle, AFP, Getty Locations: North America, Europe, EBIT, Dearborn , Michigan

That risk has been put under the spotlight by the burning car carrier drifting off the Dutch coast. While all logistics companies deal with the risk of EV lithium-ion batteries burning with twice the energy of a normal fire, the maritime industry hasn't kept up with the developing technology and how it creates greater risk, maritime officials and insurers said. There were 209 ship fires reported during 2022, the highest number in a decade and 17% more than in 2021, according to a report from insurer Allianz Global Corporate & Specialty (AGCS) (ALVG.DE). The European Maritime Safety Agency said in a March report the main cargo types identified as responsible for "a large share of cargo fire accidents included ... lithium-ion batteries." Firemen typically put out EV battery fires on roadsides by clearing the area around the burning vehicle and flooding the underside with water, something difficult to do on a RoRo, Dillon said.

Persons: hasn't, EVs, Shoei, Nathan Habers, Douglas Dillon, John Frazee, Marsh, Dillon, Frazee, KVNR's Habers, Joe Biden's, Lisa Baertlein, Anthony Deutsch, Victoria Waldersee, Ben Klayman, Diane Craft Organizations: Allianz, ANGELES, Dutch coastguard, RTL, Allianz Global Corporate, Specialty, Maritime Safety Agency, Royal Association of Netherlands, Tri, Maritime Safety Association, Auto, Firemen, EV, International Maritime Organization, Reuters, Thomson Locations: AMSTERDAM, Dutch, EVs, Delaware, Pennsylvania, New Jersey, China, Europe, Los Angeles, Amsterdam, Berlin

☆ Ford pushes back EV target, warns of wider losses due to slower-than-expected adoption
▼ + stars: | 2023-07-27 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Ford CEO Jim Farley poses for a photo at the launch of the all-new electric Ford F-150 Lightning pickup truck at the Ford Rouge Electric Vehicle Center on April 26, 2022 in Dearborn, Michigan. Ford Motor said Thursday pushed back production targets for its electric vehicles, citing slower-than-expected adoption. But Lawler emphasized that Ford's EV spending plan and its profitability goal for its electric vehicle unit haven't changed. In a statement, CEO Jim Farley argued that the more gradual ramp-up of electric vehicle production could be a boon for Ford. While Ford overall was solidly profitable during the second quarter, the Model e unit posted an operating loss of $1.8 billion.

Persons: Jim Farley, Ford, John Lawler, Lawler, Farley Organizations: Ford Rouge Electric Vehicle Center, Ford Motor Locations: Dearborn , Michigan

☆ Tesla was so swamped with complaints about driving ranges that it created a secret team to cancel owners' service appointments, source says
▼ + stars: | 2023-07-27 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Tesla exaggerated the driving range of its vehicles for years, Reuters reported. To suppress complaints, the EV maker created a secret team to cancel appointments, per the report. Tesla exaggerated the driving range of its EVs for years, an investigation from Reuters has found. The report, which cited a source familiar with an early design of Tesla software, said the EV maker rigged the range-estimating software on the cars' dashboards. As a result, the company was inundated with complaints and service appointments from drivers who expected a longer driving range, several sources told Reuters.

Persons: Tesla, Elon Musk Organizations: Reuters, Tesla's Locations: Las Vegas

☆ Ford raises full-year guidance after solid earnings beat
▼ + stars: | 2023-07-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Ford increased its full-year adjusted earnings forecast to a range of between $11 billion and $12 billion, up from a prior forecast $9 billion and $11 billion. It also upped its expected adjusted free cash flow to a range of $6.5 billion to $7 billion from earlier guidance of $6 billion. However, he said, electric vehicle adoption is taking place more slowly than the company expected, in part because of higher costs. Ford's traditional business operations, known as Ford Blue, earned $2.31 billion during the quarter, while it's Ford Pro commercial business earned $2.39 billion. Ford said its adjusted earnings before interest and tax, or adjusted EBIT, jumped to $3.79 billion, up from $3.72 billion a year ago.

Persons: EVs, Motors, John Lawler, it's, Ford, CNBC's Michael Bloom Organizations: DETROIT, Ford, it's Ford Pro, Refinitiv

SummaryCompanies Group EBIT outlook raised to 20.5 bln eurosQ2 EBIT beats Refinitiv forecast at 5 bln eurosGlobal economy still subdued, monetary policy to weighSupply chain 'noticeably improved', inventory building upBERLIN, July 27 (Reuters) - Mercedes-Benz (MBGn.DE) forecast a subdued world economy with monetary policy weighing on consumers but said supply chain issues and energy price pressures were easing, as it raised its group earnings outlook for the full-year. The supply chain was "noticeably improved", Mercedes-Benz said, in contrast to Porsche (P911_p.DE) which said in results on Wednesday it was struggling weekly with supply chain problems particularly on key components for EVs. Still, the outlook for the Mercedes-Benz cars segment of 12%-14% returns on unit sales and revenue at prior level remained unchanged, but property, plant and equipment as well as research and development expenditures will rise, the company said. Mercedes-Benz Vans' outlook for adjusted return on sales was raised to 13% to 15% in 2023, up from 11% to 13% previously forecast, marking the second outlook upgrade in less than three months after a significant increase in sales in the second quarter. Reporting by Victoria Waldersee; Editing by Miranda Murray and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Benz, Victoria Waldersee, Miranda Murray, Miral Organizations: Benz, Porsche, EVs, Mercedes, Thomson Locations: BERLIN, China, Europe, Asia, North America

☆ Panasonic considering providing EV batteries to Subaru -Nikkei
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: 1 min

TOKYO, July 28 (Reuters) - Panasonic Holdings (6752.T) has started considering providing electric vehicle batteries to Subaru (7270.T), the Nikkei reported on Friday. The two companies are soon expected to announce the plan to ink a basic supply agreement of EV batteries, the report said. The energy unit of Panasonic Holdings and Mazda Motor 7261.T announced in June they also would start talks to set up a battery supply partnership for electric vehicles (EVs). Panasonic, which supplies almost all of its EV batteries to Tesla (TSLA.O), is seeking to increase global market as Chinese and South Korean competitors grow their presence, the Nikkei said. Reporting by Kaori Kaneko; Edit by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Kaori Kaneko, Tom Hogue Organizations: Panasonic Holdings, Subaru, Nikkei, EV, Mazda, Panasonic, Thomson Locations: TOKYO

☆ Why you should still consider a Tesla despite all the new competition, according to one of YouTube's most popular car reviewers
▼ + stars: | 2023-07-27 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

The Tesla Model 3 and Y are some of his top picks, even though tons of new rivals have hit the map. Despite intensifying competition from big-name brands, Elon Musk's carmaker still makes some of the best electric vehicles out there, according to one of the internet's biggest car reviewers. Doug DeMuro, whose YouTube channel has racked up 4.7 million subscribers, told Insider that Tesla's Model 3 and Model Y are some of his go-to recommendations for EV-curious car buyers. The Model 3 sedan offers up to 333 miles of range, per the EPA, while the Model Y SUV provides up to 330 miles. It's $40,240 for the Model Y.

Persons: Doug DeMuro chatted, Tesla, Elon Musk's carmaker, Doug DeMuro, DeMuro, They're, Kelley, Kia EV6 Organizations: Tesla, Morning, Elon, EV, Hyundai, Ford

☆ Volkswagen invests $700 million in Chinese EV maker Xpeng to boost sluggish sales
▼ + stars: | 2023-07-27 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The German group’s Audi subsidiary will also work more closely with its existing partner, SAIC Motor, China’s biggest car maker. Shares in Xpeng jumped more than 30% Thursday in Hong Kong, leading a broad rally in Chinese EV stocks. China is the single largest market for Volkswagen, accounting for about 40% of its global sales and half of its profits. In the first quarter of 2023, BYD, the Chinese EV maker backed by Warren Buffett, surpassed Volkswagen to become the largest brand by sales in China, according to official car insurance registration data. The German car maker said it would strengthen its strategic position in China, including beefing up its capacity for e-mobility, digitalization and autonomous driving.

Persons: ”, Ralf Brandstätter, Xpeng, Warren Buffett, It’s Organizations: Hong Kong CNN, Volkswagen, VW, Audi, SAIC, China’s, “ Volkswagen Locations: Hong Kong, German, Xpeng, China, Xinjiang, Germany, BYD, Europe, Hefei, Anhui, Hefei city

☆ The EV price wars could hurt automakers when it comes to one of their most important groups of customers
▼ + stars: | 2023-07-27 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +4 min

Electric trucks, long touted as a key to broader EV adoption, are a wildcard in the electric vehicle price war. Automakers are investing billions of dollars to electrify their product lineups not just for the average car buyer, but also for these fleet customers. "You're watching your numbers, you're watching your budget, you're watching the profit you're making." Still, automakers can't afford to jerk these buyers around with EV price changes. Smaller fleet customers are also very important for dealers, and electric trucks are a big gamble to sell to these customers, dealers who spoke with Insider said.

Persons: they're, Robby DeGraff, Tyson Jominy, Ford, Jominy Organizations: Morning, Car, EV, Amazon, FedEx, Walmart, Silverado Locations: .

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