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☆ China is selling record numbers of cars in Russia
▼ + stars: | 2024-11-15 | by ( Polly Thompson | ) www.businessinsider.com time to read: +2 min

Competition from European, Korean, and Japanese carmakers has vanished since Western sanctions were imposed on Russia. Chinese automakers face increasing tariffs in other regions. Chinese cars are selling at record levels in Russia, according to data from Russian analytics agency Autostat, reported by The Financial Times. AdvertisementIn the first nine months of 2024, Russia imported 849,951 vehicles from China, the FT reported, citing China Passenger Car Association data. The sales boom in Russia comes as Chinese automakers face rising obstacles in other regions.

Persons: carmakers, Ilya Frolov, didn't Organizations: The Financial Times, Chery, Geely, Russia, Lada, China Passenger Car Association, EU Locations: Russia, Moscow, Ukraine, Russian, China, Mexico, Brazil, Southeast Asia, Japan, Germany

☆ BYD's hybrid popularity catches up to Tesla in China
▼ + stars: | 2024-11-05 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Tesla is falling behind in China as BYD's hybrids take off. Hybrid sales have helped to drive up overall plug-in sales in China this year. AdvertisementPlug-in sales in China (which include hybrid models) increased nearly 51% in October compared to last year, and the segment accounted for more than half of all car sales in China last month. Related storiesWhile Tesla continues to focus on battery-powered vehicles solely, BYD has grown its market share in China with popular hybrid offerings. At an earnings reporter earlier this year, Musk blamed a focus on hybrids for eating into Tesla's sales.

Persons: Tesla, —, Elon, BYD, Musk Organizations: Tesla, Service, China Passenger Car Association, EV Locations: China, Shanghai

☆ Volkswagen stumbles in China as Germany's auto giants struggle to compete in the EV race
▼ + stars: | 2024-10-30 | by ( Tom Carter | ) www.businessinsider.com time to read: +7 min

Experts told BI that all three companies face slumping EV sales and brutal competition in China. BMW and Mercedes-Benz have issued profit warnings in recent weeks amid slumping EV sales in Europe and brutal competition in China, while Volkswagen is also facing a reckoning. German carmakers are losing out to Chinese EV makers such as BYD. She added that Mercedes, BMW, and Volkswagen offer comparatively few hybrid and extended-range vehicles — categories that have proven extremely popular in China. Slow sales in EuropeAt the same time, Germany's automakers are also dealing with a slowdown in EV sales in Europe.

Persons: —, Arno Antlitz, Mercedes, Hendrik Schmidt, Daniel Pier, Getty Images Helena Wisbert, Wisbert, Matthias Schmidt, Tesla, JENS SCHLUETER, that's Organizations: BMW, Mercedes, Benz, Service, Volkswagen, Wednesday VW, VW, dpa, China Passenger Car Association, Getty Images, Ostfalia University, Getty, European Union, Volkswagen Group, UBS Locations: Germany, China, Europe, North America, South America, China —, AFP

☆ EU slaps tariffs on Chinese EVs, risking Beijing payback
▼ + stars: | 2024-10-29 | by ( ) www.cnbc.com time to read: +4 min

A senior EU official said the extra tariffs had been formally approved on Tuesday. It says China's spare production capacity of three million EVs per year is twice the size of the EU market. Beijing has called the EU tariffs protectionist and damaging to EU-China relations and automotive supply chains, and has launched its own probes this year into imports of EU brandy, dairy and pork products in apparent retaliation. The Commission estimates Chinese brands' share of the EU market has risen to 8% from below 1% in 2019 and could reach 15% in 2025. German carmakers have heavily criticized the EU measures, aware that possible higher Chinese import duties on large-engine gasoline vehicles would hit them hardest.

Persons: Viktor Orban Organizations: European Union, European Commission, China's SAIC, EU, World Trade Organization, Volkswagen, France's PFA, China's, China Passenger Car Association Locations: Huaian, Jiangsu Province, China, Europe, Beijing, United States, Canada, EU, Germany, Hungarian

☆ China's car sales snap five-month decline on subsidy boost
▼ + stars: | 2024-10-12 | by ( ) www.cnbc.com time to read: +2 min

China's passenger vehicle sales rose 4.3% in September from a year earlier, snapping five months of decline with a boost from a government subsidy to encourage trade-ins as part of a broader stimulus package. Sales in the world's biggest auto market hit 2.13 million vehicles in September, up from 2.04 million a year earlier. For the first nine months, sales were up 1.9% from 2023 levels, according to data from the China Passenger Car Association (CPCA). Sales of electric vehicles and plug-in hybrids jumped 50.9%, accounting for 52.8% of overall sales. It was the third month in a row that battery-powered vehicles including plug-ins outnumbered sales of gasoline-engine cars in China.

Persons: Tesla, Xpeng, China's Organizations: China Passenger Car Association, Global Locations: Chaoyang district, Beijing, China, U.S

☆ Glory days for automakers like Ford, General Motors in China are over
▼ + stars: | 2024-09-03 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

London CNN —Foreign automakers have dominated China’s car market for decades, selling millions of vehicles and raking in enormous profits. Ford (F) and General Motors (GM) are also among firms seeing sales and market share vanish in China as local consumers spurn overseas brands to buy Chinese instead. The American automaker’s sales in China have halved from a peak of above 4 million in 2017 to 2.1 million last year. Last year, BYD sold a record 3.02 million vehicles globally, including plug-in hybrids, up 62% from 2022. Months later, Stellantis (STLA), which makes Citroen, Fiat, and Peugeot cars, bought a 20% stake in Chinese EV maker Leapmotor for about €1.5 billion ($1.7 billion).

Persons: Arno Antlitz, GM’s, Mary Barra, ”, Michael Dunne, Dunne, Xi Jinping’s, Tesla, Yilei Sun, Reuters Tesla, Li, Tu Le, Le, BYD, ” Dunne, Raul Bravo, Stellantis, “ Organizations: London CNN — Foreign, Volkswagen, Wolfsburg, Toyota, General Motors, China Passenger Car Association, Foreign, Japan’s Mitsubishi Motors, Honda, Hyundai, Ford, GM, EV, Tesla, Yilei, Reuters, International Energy Agency, “, CNN, Visitors, Automotive, Xinhua, Shutterstock, Auto, “ Global, UBS, Port, Citroen, Fiat, Peugeot, Leapmotor, Hedin Locations: China, London, Germany, Europe, American, Shanghai, Tesla's Shanghai, Beijing, EVs, Japan, North America, San Antonio, Chile, Chilean, AFP, Xpeng, Thailand, Hungary

☆ Surging China EV sales weigh on oil demand, Goldman says Brent could fall to $68 per barrel by next year
▼ + stars: | 2024-08-23 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

And demand in China this summer has contracted compared with the prior year, according Struyven. These vehicles reduced oil demand in China by 500,000 barrels per day in the first half of 2024, according to Goldman. Oil demand for vehicles in China is expected to peak in 2025 as a consequence, decades ahead of other emerging market economies, according to Goldman. If demand in China remains flat, Brent prices could fall to $68 per barrel by the end of next year, according to the investment bank. While China is the furthest ahead, global gasoline demand is slowing as electric vehicles are adopted around the world.

Persons: Brent, Daan Struyven, Goldman Sachs, Struyven, CNBC's, Bank of America's Francisco Blanch, Goldman, Jeff Currie, Currie Organizations: OPEC, Bank of America's, Bank of America, China Passenger Car Association, Goldman, Trucks Locations: China, East, Eastern Europe, Israel, Iran, U.S, EVs

☆ More than half of new cars sold in China are now electric or hybrid
▼ + stars: | 2024-08-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — For the first time in China, new energy vehicles have outsold traditional fuel-powered passenger cars on a monthly basis, according to China Passenger Car Association data for July. The category accounted for 51% of new passenger cars sold in China last month, according to a release late Thursday. That's up from a penetration rate of 36% exactly a year ago, and a dip below one-third in January, according to CNBC calculations of passenger car association data. The latest report showed that battery-only cars outsold hybrid ones in July — for a battery-only penetration rate of 28%. However, monthly sales and delivery figures from BYD , Li Auto and other car companies indicated consumers in China increasingly preferred hybrid-powered vehicles.

Persons: Li Organizations: China Passenger Car Association, CNBC, Li Auto Locations: BEIJING, China

☆ Li Auto's July deliveries hit a record as Chinese EV consumers prefer hybrid options
▼ + stars: | 2024-08-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

A newly released Li Auto L6 new energy vehicle is displayed at a store in Shanghai, China, on April 19, 2024. BEIJING — Chinese new energy vehicle company Li Auto announced Thursday it delivered a record number of cars in July, boosted by sales of its new, lower-cost Li L6 SUV. The new model and most of Li Auto's cars come with a fuel tank for extending the battery's driving range. The automaker said its Li L6 that launched in April has seen monthly deliveries of more than 20,000. The China Passenger Car Association said Tesla China sold 59,261 cars in June.

Persons: Li, Li Auto, Tesla Organizations: Auto, Li Auto, Li, U.S, China Passenger Car Association, Tesla Locations: Shanghai, China, BEIJING, Tesla China

☆ Chinese EV startups are spending more on research than Tesla is
▼ + stars: | 2024-07-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

CNBC | Evelyn ChengBEIJING – U.S.-listed Chinese electric car companies are spending more on research as a ratio to sales than Tesla , according to CNBC analysis of the four automakers' first-quarter earnings. Of the four U.S.-listed Chinese electric car companies, Nio ranked first, spending nearly 29% of revenue in the first three months of the year on research and development. He was referring to a popular term in China to describe fierce competition, especially in the electric car industry. She noted that can help Chinese electric car companies respond more quickly to customers and market needs than traditional automakers. Geely has also released an electric car architecture called SEA that it says allows for quicker production of different sized vehicles.

Persons: Evelyn Cheng, Paul Gong, Nio, Elon, Feng Shen, Shen, William Li, Li, Jing Yang, Zeekr's, Parent, Ren Xiangfei, Ren, Geely, Tesla, Taylor Ogan Organizations: CNBC, UBS, Elon Musk's, Ford Motor, China's Ministry of Industry, Information Technology, Fitch, China Passenger Car Association, Snow Bull, Tech Locations: Hefei, Evelyn Cheng BEIJING – U.S, U.S, China, Nio, Hefei city, Anhui, Shanghai, Asia, Pacific, Zhejiang province, Hong Kong, Shenzhen

☆ Elon Musk says he expects China to approve Full Self-Driving by the end of the year
▼ + stars: | 2024-07-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Tesla China sales fell by 5.4% in the first half of the year, although the company retained third place in new energy vehicle sales, behind BYD and Geely, according to the China Passenger Car Association. BEIJING — Tesla CEO Elon Musk has again touted the impending rollout of advanced driver-assist software in China, after reporting another quarter of disappointing earnings. "Pretty soon, we will ask for regulatory approval of the Tesla-supervised FSD in Europe, China and other countries. China accounts for about 22% of Tesla's sales. Musk in April had said rollout to China "may be possible very soon," according to his response to a question on X.

Persons: Elon Musk, Musk Organizations: China Passenger Car Association, BEIJING —, Tesla, Beijing Locations: China, Europe, United States, Canada

That's slightly more than Nio 's 87,426 deliveries for the first six months of 2024, although Nio continued to recover from sluggish performance earlier in the year with a record 21,209 deliveries in June. BEIJING — Chinese electric car company Zeekr said Monday it delivered a record number of vehicles in June, making its deliveries for the first half of the year the largest among U.S.-listed Chinese companies only selling pure electric cars. Plug-in hybrid cars accounted for a slightly greater share than battery electric vehicles, and saw faster growth at 39.5% versus 17.7% for battery-only cars. Car companies need to improve the battery charging process, Wan Gang, the man credited with spearheading China's electric car strategy, said at a conference last week. As part of efforts to boost consumption, China this year has launched a trade-in policy to incentivize new energy vehicle sales.

Persons: Li Auto, Xpeng, That's, Nio, Zeekr, Huawei's, BYD Organizations: SEA, Li, U.S, Gang, China Passenger Car Association Locations: BEIJING, Hong Kong, China, Beijing

☆ How Chinese EV makers are slowly taking over the world
▼ + stars: | 2024-06-22 | by ( Tom Carter | ) www.businessinsider.com time to read: +14 min

Chinese carmakers accounted for 88% of the EV market in Brazil and 70% in Thailand in Q1, according to ABI Research figures. The EV markets in many of these countries are small now, but they're growing rapidly. This is because Chinese automakers are known for their ability to build electric cars for less than their foreign competitors. Australian Senator and shadow cyber-security minister James Paterson said earlier this year that Chinese EVs pose a growing cybersecurity risk. "India is still a little wary of the Chinese market," said Dylan Khoo, an analyst at ABI Research.

Persons: —, BYD, Joe Biden, Bill Russo, Susan Walsh Sam Fiorani, Luiz Inácio Lula da Silva, São Paulo, Luiz Inacio Lula da Silva, Marcel Martin, Katherine Tai, Elon Musk, SONNY TUMBELAKA, They're, Automobility, Tesla, John Keeble, James Paterson, Fiorani, Indranil Aditya, Dylan Khoo, Warren Buffett, Xpeng, William Li, HECTOR RETAMAL, America's, Russo, WuYuan Organizations: Service, Detroit, EV, Business, Research, Ford, Toyota, Volkswagen, EU, AP, AutoForecast Solutions, Brazilian Electric Vehicle Association, Great Wall Motors, Anadolu Agency, Getty, International Council, Clean Transportation, Chery, Total, China Passenger Car Association, Reuters, Honda, Mitsubishi, International Energy Agency, Federal, of Automotive Industries, SAIC, AutoForecast, BYD, SAIC Motors, India's, ABI Research, Union Locations: Camaçari, Brazilian, Bahia, Brazil, Mexico, Southeast Asia, Europe, Thailand, China, Shanghai, EU, São, Johannesburg, South Africa, Southeast Asia Southeast Asia, Malaysia, Vietnam, Indonesia, Indonesia's West Java, Philippines, Australia, Hangzhou, Queensland, India India, India, Europe Europe, Hungary, France, Spain, Portugal, South Korea

☆ Apple, Tesla and Starbucks struggle in China’s economic slump after making a fortune for decades
▼ + stars: | 2024-05-13 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Hong Kong CNN —For decades, Western companies made a fortune betting on the inexorable rise of the Chinese consumer. Now an economic slump and the emergence of ferocious local competitors means those bets look less safe as price wars erupt. Tesla’s China market share shrank to 4% in April, almost halving from 7.7% in March, according to data released by the China Passenger Car Association on Friday. In the 1990s, “every company in the West” was hiring consultants and having boardroom meetings about how to do more in China, according to Stevenson-Yang. He added that he continues to feel optimistic about the Chinese market in the long term.

Persons: ”, Anne Stevenson, Yang, Stevenson, aren’t, Yang Wang, Kevin Frayer, Tim Cook, iPhones, Cotti, Luckin, Belinda Wong, “, McDonald’s, Wallace Organizations: Hong Kong CNN, China Passenger Car Association, J Capital Research, EV, Apple, Starbucks, Counterpoint Research, Macao —, Huawei, China Academy of Information, Communications Technology, Luckin Coffee, McDonalds, KFC, Burger Locations: China, Hong Kong, Shanghai, United States, Germany, Brazil, Beijing, Greater China, Taiwan, Macao, Starbucks China, Dominos, India

☆ Tesla's easy ride in China may be coming to an end
▼ + stars: | 2024-05-09 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

Elon Musk appears focused on reinforcing Tesla's China business. AdvertisementTesla is facing tougher years ahead in the Chinese market, and it couldn't come at a worse time for the company. AdvertisementAfter years of steady growth in China, Tesla's sales are slippingTesla sold 62,167 cars in China in April, down 18% from a year ago, according to data released Tuesday by the China Passenger Car Association. Inexpensive Chinese cars are also competing with Tesla in important European and Scandinavian markets, a traditional stronghold for Musk. After his latest visit to the region, Musk appears to be sending reinforcements to the Chinese market.

Persons: Tesla, Elon Musk, —, Elon, BYD, China couldn't, Musk, Tom Zhu Organizations: Service, Elon Musk's, Shanghai Gigafactory, China Passenger Car Association, China, Tesla, BYD's, Ford, GM Locations: China, Shanghai, California, Mexico, Tesla's

☆ 2 Chinese EV companies seem to be ganging up on Elon Musk's Tesla
▼ + stars: | 2024-05-08 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

EV company Nio is launching a new affordable EV brand in China. The alliance between the two companies will likely intensify pressure on Tesla in China. BYD will reportedly provide a small battery pack for one version of the Onvo EV, with Chinese battery maker CALB supplying a larger 85-kilowatt-hour battery pack. AdvertisementThe alliance between Nio and BYD will likely intensify pressure on Elon Musk in China, where Tesla sales have slumped amid brutal competition for EVs. Once again, however, he is likely to face stiff competition from BYD and Nio, who are developing their own driving assistance software.

Persons: —, Elon, BYD, confirmeded, Nio, didn't, Musk Organizations: Nio, Service, Tesla's, Elon Musk, Reuters, Business, EV, Elon, EVs, China's Passenger Car Association, Bloomberg, Baidu Locations: China, Europe, Nio, Tesla's Shanghai, Beijing, BYD

☆ China's automakers must adapt quickly or lose out on the EV boom in the face of regulatory scrutiny abroad and competition at home
▼ + stars: | 2024-05-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

The automaker is the joint venture partner of Honda and Toyota in China, and has an electric car brand called Aion. Expanding outside ChinaLike other automakers in China, GAC is also turning overseas. China's overseas car sales surged last year, putting the country on par with Japan as the world's largest exporter of cars. Dyer expects that to drive overseas demand for Chinese electric cars. Chinese consumers placed almost twice as much importance on tech features compared with U.S. consumers, Dyer said, citing AlixPartners' survey.

Persons: Evelyn Cheng, Tesla, Feng Xingya, Feng, Wei Haigang, Wei, Stephen Dyer AlixPartners, There's, Stephen Dyer, AlixPartners, Dyer, BYD, Nio, CATL, Zhong Shi Organizations: CNBC, GAC, Labor, Huawei, Honda, Toyota, China Passenger Car Association, EU, U.S, Factories, Greater China Business U.S, Ministry of Commerce, Tech, Volkswagen, SAIC Motor, Battery, China Automobile Dealers Association, Automotive, Robotics, Lotus Technology, Geely Locations: Beijing, Evelyn Cheng BEIJING, China, East, Mexico, Japan, Malaysia, Thailand, Egypt, Brazil, Turkey, Amsterdam, Greater China, Asia, U.S, Europe

☆ No, the electric vehicle market isn’t crashing. It just needs recharging.
▼ + stars: | 2024-05-01 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

The second is the rate of EV sales growth is slowing, at least temporarily. The EV market is not collapsing, experts say, it’s just entering a new phase. Teslas still make up slightly more than half of all the electric vehicles sold in America, according to a report from Cox Automotive. But, just one year ago, Tesla produced more than 60% of all the EVs sold America. After having trouble cranking up production of its new generation of electric vehicles, GM seems to be accelerating.

Persons: it’s, ”, Coco Zhang, “, Teslas, Tesla, Cox, Ford, China’s Geely, Michael Lenox, Corey Cantor, Cantor, ” Cantor Organizations: New, New York CNN, International Energy Agency, ING, CNN, Cox Automotive, Ford, General Motors, Blazer, European Federation for Transport, Volvo, EV, China Passenger Car Association, University of Virginia, Bloomberg New Energy Finance, Vehicles, Chevrolet Bolt, Dodge Locations: New York, That’s, EVs, America, China, Europe, United States, ’

☆ China's Xiaomi is selling more EVs than expected, raising hopes it can break even sooner
▼ + stars: | 2024-04-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

The Xiaomi SU7 on display at the Mobile World Congress 2024. Arjun Kharpal | CNBCBEIJING — Chinese smartphone company Xiaomi 's new electric vehicle is selling better than expected, putting it closer to break-even despite undercutting Tesla 's Model 3 on price. For context, Tesla China sold more than 600,000 cars last year, according to the China Passenger Car Association. Li Auto had a gross margin of 23.5% in the fourth quarter last year, while Nio's gross margin was 7.5%, both up from the year-ago period. Tesla's gross margin has successively declined over the past five quarters to 17.4% in the first three months of this year.

Persons: Arjun Kharpal, undercutting Tesla, Xiaomi, Lei Jun, Li Auto, Nio, Lei Organizations: Mobile, CNBC BEIJING, Citi, China Passenger Car Association, Li, CNBC Locations: Beijing, China

☆ What if no one wants a cheap Tesla?
▼ + stars: | 2024-04-24 | by ( Matt Turner | Hayley Peterson | ) www.businessinsider.com time to read: +6 min

Even at a lower price, say $25,000, it's a very significant purchase — likely one of the most expensive purchases a person will make. AdvertisementSo let's for a second look at why a lower ticket price might not be a panacea for Tesla. There are many other Tesla buyers, of course, but as Tesla introduces lower-cost models in search of different buyers, needs will shift. Musk and Tesla are politicizedAs Tesla looks to lure potential new buyers with a cheaper car, it will have to contend with souring consumer sentiment toward the EV maker. Maybe the pool of buyers for a cheap Tesla will be ginormous.

Persons: —, Tesla, Elon Musk, TSLA, EVs, It's, BYD, Musk, it's Organizations: Service, Business, Tesla, EV, UBS, Infrastructure, Honda Civic, Toyota, Reuters, Bloomberg, Association, Renault, Elon Locations: California, headwinds, China, India

☆ 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

☆ China has a problem with electric cars, and that's bad news for Elon Musk
▼ + stars: | 2024-04-05 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Read previewBYD and Tesla both posted anemic first-quarter sales this week, serving up a reminder that demand for electric cars appears to be stalling around the world. China, the world's largest EV market, hasn't been immune to the slowdown. Goldstein said that's a sign he knows Tesla can't win the price war and remain profitable. Bloomberg reported that it recently reduced production to five days a week from 6 ½ days, in a sign of waning demand for its cars in China. AdvertisementIf China joins the US in loving EVs a little less, both Tesla and BYD could be in for a difficult 2024.

Persons: —, Tesla, anemic, hasn't, Seth Goldstein, Morningstar, Elon Musk, Goldstein, that's, BYD Organizations: Service, Car Association, Bloomberg, Business, Tesla, China, Alliance Locations: China, Tesla's, Shanghai

☆ China has a problem with electric cars and that's bad news for Elon Musk
▼ + stars: | 2024-04-05 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Read previewBYD and Tesla both posted anemic first-quarter sales this week, serving up a reminder that demand for electric cars appears to be stalling around the world. China, the world's largest EV market, hasn't been immune from the slowdown. Related storiesCEO Elon Musk appears to have backed away from the price cuts strategy this year, however. There are plenty of public charging stations — about 2.7 million as at the end of 2023, according to the China Electric Vehicle Charging Infrastructure Promotion Alliance. AdvertisementIf China joins the US in loving EVs a little less, both Tesla and BYD could be in for a difficult 2024.

Persons: —, Tesla, anemic, hasn't, That's, Seth Goldstein, Morningstar, BYD, Elon Musk, Goldstein Organizations: Service, Car Association, Bloomberg, Business, Tesla, China, Alliance, BYD Locations: China, Tesla's, Shanghai

☆ Xiaomi shares pop 15% after the Chinese smartphone maker launches its first EV
▼ + stars: | 2024-04-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

A Xiaomi SU7 electric sedan is seen displayed at a regional HQ of Xiaomi in Nanjing in east China's Jiangsu province. BEIJING — Shares of Chinese smartphone maker Xiaomi surged 15% when the Hong Kong market opened Tuesday, the first trading day since the company launched its SU7 electric car ahead of the Easter holiday. Chinese EV startups Xpeng and Nio announced car purchase subsidies Monday of 20,000 yuan ($2,800) and 10,000 yuan each, respectively. The price reductions come as growth of new energy vehicles in the world's largest auto market shows signs of slowing. Penetration of battery and hybrid-powered passenger cars has surpassed more than one third of new cars sold in China, according to the China Passenger Car Association.

Persons: Xiaomi, Tesla, Nio Organizations: BEIJING —, China Passenger Car Association Locations: Xiaomi, Nanjing, China's Jiangsu, BEIJING, Hong Kong, Beijing, China

☆ BYD hands back top EV seller title to Tesla after Q1 sales decline
▼ + stars: | 2024-04-02 | by ( ) www.cnbc.com time to read: +2 min

BYD, China's biggest electric vehicle (EV) maker, reported first quarter 2024 sales fell 43% compared to the fourth quarter of 2023, handing back the title of world's biggest EV seller to Tesla after winning it last year. But, BYD's quarterly drop means Tesla took back the sales title based on first-quarter deliveries for Tesla of 386,810, a decline of 20.2% from the prior quarter and 8.5% from a year ago. Tesla sold 89,064 China-made vehicles in March, up 0.2% from a year earlier, data from the China Passenger Car Association showed on Tuesday. BYD reported an all-time monthly high of 341,043 units in December. Last week, BYD set a 3.6-million-unit sales target for 2024, a 20% increase from its record-breaking sales last year, Reuters reported citing sources.

Persons: Tesla, BYD, BYD's Organizations: Shenzhen Stock Exchange, China Passenger Car Association, Reuters Locations: China

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