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☆ 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

☆ The China threat and the EV slowdown— 2 takeaways from a busy few weeks in auto news
▼ + stars: | 2024-11-03 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

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

☆ Why Tesla's sales are slipping in California, and what it means for Elon Musk's car company
▼ + stars: | 2024-10-30 | by ( Nora Naughton | ) www.businessinsider.com time to read: +5 min

Tesla's falling California sales point to bigger problems for the car company. AdvertisementTesla is losing some ground in its home state of California, signaling more trouble ahead for the world's largest electric car company. As electric car sales rose 2% in California, Tesla's sales in the state fell 3.5%, according to third-quarter figures from the California New Car Dealers Association. The losses don't upset Tesla's market dominance: the Elon Musk-led company still accounted for more than half of all EV sales in California for the quarter. "Tesla's sales are actually doing great," he said during a recent X space.

Persons: —, Tesla, That's, Elon, Elon Musk, Donald Trump, Jason Bateman, Bateman, Tim Walz, Sean Hayes, Will Arnett, it's, MAGA Organizations: Service, Car Dealers, EV, Hyundai, BMW, Republican, Trump, Cox Automotive Locations: California

☆ VW's Scout Reveals Its First Rugged EVs to Take on Rivian
▼ + stars: | 2024-10-26 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Scout unveiled pre-production models of the Terra pickup truck and Traveler SUV at an event in Nashville this week. The electric Scout Terra pickup truck and Traveler SUV. AdvertisementA pre-production model of the Scout Terra pickup truck. Scout MotorsScout's rugged trucks are likely to compete directly with outdoorsy EV brand Rivian, which also offers electric pickup trucks and SUVs. The front seat of the electric Scout Terra pickup truck.

Persons: Rivian's R1T, —, Scout, Rivian, R1T, Scout's Organizations: VW, Scout, Service, Scout Motors, Terra, Scouts, outdoorsy, Volkswagen, EV Locations: Nashville

☆ How things went from bad to worse for Jeep-owner Stellantis
▼ + stars: | 2024-10-24 | by ( Nora Naughton | ) www.businessinsider.com time to read: +6 min

After months of that mounting pressure — plus an investor lawsuit — Stellantis confirmed that Tavares would retire after his contract expires in early 2026. A Stellantis spokesperson said the investor lawsuit is without merit, and the company plans to "vigorously defend itself." "If a customer has an older Stellantis product, the odds of buying a new one are very, very diminished, especially compared to the rest of the industry," Drury said. Stellantis, in return, has filed a lawsuit accusing the union of violating the contract with its strike authorization votes. AdvertisementAfter a historic strike at all three Detroit car companies last fall, the UAW won the right to strike over product commitments.

Persons: Carlos Tavares, Tavares, —, Stellantis, — Stellantis, Kevin Farrish, Dave Kelleher, Kelleher, Jeep, Dodge, Ivan Drury, Edmunds, Drury, Carlos, Shawn Fain Organizations: Investors, Service, Fiat Chrysler Automobiles, France's PSA Groupe, United Auto Workers, UAW, Chrysler, Dodge, Stellantis, Renegade, Cherokees, Hyundai, Cox Automotive, Detroit, Cherokee Locations: North America, Portuguese, Pennsylvania, Illinois

But consciously or unconsciously, no consumer choice says "us vs. them" more than what car we choose to drive. The most Republican vehicle in America? The Jeep Wrangler. It began with the Jeep Wrangler, the brand's most iconic model. How purple is your car brand?

Persons: Donald Trump, Joe Biden, Trump, Biden, MAGA, Ivan Drury, Edmunds, Jeep, Dave Kelleher, Kelleher, they've, Lincoln, Mark Healy, Nora Naughton, BI's, Andrew Thompson Organizations: Republican, Democratic, Toyota, VW, Republicans, Army, Stellantis, Jeep, Wrangler, Toledo Jeep Fest, Flipturn Creative Studios Locations: America, Hoofddorp , Netherlands, Pennsylvania, Moab, Appalachia

☆ Considering an electric vehicle? Experts explain how to pick one for your lifestyle and budget
▼ + stars: | 2024-10-16 | by ( Nora Naughton | Tim Levin | ) www.businessinsider.com time to read: +5 min

Used electric vehicles became more affordable after a new tax credit kicked in in January 2023. And as more models flood the market, you can get a particularly good deal on a used EV. Battery range will degrade over timeAnyone who's owned a smartphone knows that lithium-ion batteries wear out over time. The good news is that an EV's battery is unlikely to fail completely or render the car useless. Automotive retail analysts described it as a welcome change for EV shoppers on a budget.

Persons: —, Scott Case, EVs, Graham, Geotab, Nora Naughton, Jim Fish, Fish Organizations: Service, Graham Rapier, Environmental Protection Agency, EV, Opus, Automotive, EVs Locations: Florida

☆ Tesla's robotaxi dreams are going to be an insurance nightmare
▼ + stars: | 2024-10-11 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

High insurance costs could wipe out earnings for Cybercab owners. AdvertisementThere are plenty of hurdles for Tesla's promised robotaxi fleet to clear before launching, but one overlooked barrier may be the complexity of insuring a fleet of self-driving Teslas. Advertisement"It's great that you have a vehicle that is cheaper," said Jessica Caldwell, executive director of insights for Edmunds, referring to Tesla's $30,000 Cybercab. "But that can easily get outweighed by high insurance costs." The automotive insurance industry has yet to fully embrace autonomous technology, and without coverage, driverless Teslas can't operate.

Persons: Tesla, —, Tesla's, Elon Musk's, Jessica Caldwell, Edmunds, there's, Caldwell, Musk, Elon, Morgan Stanley, Adam Jonas Organizations: Insurance, Service, Tesla, Investors Locations: Texas, California

☆ I drove Chevy's new Equinox EV to Costco and soccer games. The SUV delivers on its family-car promise.
▼ + stars: | 2024-10-10 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

For a smaller hatchback, the Equinox EV impressed me with its cargo space. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChevrolet is pitching the Equinox EV as an option for today's more practical electric vehicle shopper. So, when I got the chance to drive the $46,595 Equinox EV for a week, I wanted to test the practicality of Chevy's newest electric car with my partner and our two-year-old son. But the Equinox EV slotted pretty seamlessly into our busy life.

Persons: —, Steve Majoro, Ann Arbor Organizations: Equinox, Service, Chevrolet's Locations: Detroit, Ann

☆ 3 questions about Tesla's robotaxi that Elon Musk needs to answer
▼ + stars: | 2024-10-10 | by ( Nora Naughton | ) www.businessinsider.com time to read: +6 min

AdvertisementThe stakes are high heading into Tesla's Robotaxi Day on Thursday night in California. AdvertisementAs is typical, Musk's promise that the robotaxi business was taking shape offset a major earnings miss and helped juice Tesla's languishing stock price. Spak wrote. With all this in mind, Jonas isn't sure Musk can live up to investors' high expectations. Advertisement"Tesla's future valuation is highly dependent on its ability to develop, manufacture, and commercialize autonomous technologies," Jonas wrote.

Persons: —, Elon Musk, Tesla's Uber, Musk, Joseph Spak, Spak, didn't, Tesla, Morgan Stanley, Adam Jonas, Jonas, Tesla's FSD, there's, Jonas isn't Organizations: Service, Investors, Tesla, UBS, Hertz, California Department of Motor Vehicles Locations: Tesla's, California, Robotaxi, Los Angeles

☆ I charged a Chevy at Tesla Superchargers for a week. It was a breeze but came with one big drawback.
▼ + stars: | 2024-10-05 | by ( Nora Naughton | ) www.businessinsider.com time to read: +2 min

GM's electric vehicles got access to Tesla Superchargers last month. AdvertisementFor the better part of a week, I was the lone Chevy at my local Tesla Superchargers. Before I could offer to help, a flock of Tesla owners amassed to troubleshoot with him. Access to Elon Musk's charging network is the latest improvement GM has made to charging access for electric vehicle owners. For a long time, the Supercharger network was a selling point for EV shoppers worried about range anxiety.

Persons: —, didn't Organizations: Service, Chevrolet, Equinox, Elon, GM, GM Energy Locations: North America

☆ Electric F-150 owners used their trucks to run CPAP machines and a horse hospital amid hurricane power outages
▼ + stars: | 2024-10-02 | by ( Nora Naughton | ) www.businessinsider.com time to read: +5 min

Ford F-150 Lightning owners in Florida and South Carolina used their trucks as mobile generators. Courtesy of Justin LongLong, who also hosts the podcast Straight from the Horse Doctor's Mouth, will talk to anyone who will listen about his electric truck's capabilities. Advertisement"So many people were stunned to realize that everything inside the vet clinic was running off my truck," Long said. "I spent a large part of my day just talking about the electric truck and the advantages that come with having one." Meanwhile, in hard-hit South Carolina, Chris Wilson says his electric truck is "literally saving my life."

Persons: Ford, —, Helene, Justin, Long, Justin Long Long, it's, Hurricane Helene, Chris Wilson, Wilson, Chris Wilson's Organizations: Ford, Pro Power, Service, Springhill Equine Veterinary Clinic, Business, nab Locations: Florida, South Carolina, North Central Florida, Springhill, Florida , Georgia, North Carolina, Carolina

☆ Tesla reversed its sales slowdown, but not enough to calm investors' nerves
▼ + stars: | 2024-10-02 | by ( Graham Rapier | Nora Naughton | ) www.businessinsider.com time to read: +3 min

Tesla reported third-quarter sales on Wednesday. AdvertisementTesla reported third-quarter sales of 462,890 on Wednesday morning, its first quarter-over-quarter gains this year. Analysts had expected 462,000 vehicle deliveries for the period ending September 30. AdvertisementStill, Tesla will have to make monumental increases in the final three months of the year to put 2024's figures ahead of the previous year,Reversing the sales slowdown at Tesla is a much-needed win for Musk's car company. AdvertisementAnd as new vehicle sales fall regardless of powertrain, Musk has touted autonomy as the latest driver of Tesla's growth story and one that investors should pay more attention to than sales.

Persons: Tesla, —, Elon Musk, Dan Ives Organizations: Global EV, Service Locations: Wedbush

☆ Car companies have plenty of inventory, but the port strike will affect European brands the most
▼ + stars: | 2024-10-01 | by ( Benjamin Zhang | Nora Naughton | ) www.businessinsider.com time to read: +4 min

Car companies have plenty of inventory, enough to cover 77 selling days. If no new inventory arrives, car companies have, on average, a 77-day supply of vehicles to sell. AdvertisementEuropean carmakers such as BMW, Mercedes-Benz, Volkswagen, and Volvo are expected to be most heavily affected, Reuters reported, citing research by Barclays analysts. BMW, Mercedes-Benz, Volvo, and Volkswagen all operate vehicle-processing and -distribution facilities at the port. At the same time, the Port of Jacksonville handled just over half a million vehicles from Toyota and Volkswagen in 2023.

Persons: Longshoremen, —, Martin Meissner, Cox, Mercedes, Stephen B, Morton Organizations: Service, Cox Automotive, BMW, Mercedes, Benz, Volkswagen, Volvo, Reuters, Barclays, VW, Audi, Toyota, Hyundai, Lexus, Kia Telluride, Port, Georgia Port Authority, Kia, International Longshoremen's Association, US Maritime Alliance, Associated Press Locations: Gulf, Europe, East, New York, Baltimore, Savannah , Georgia, Bremerhaven, Germany, West Coast, Asia, Coast, Jacksonville , Florida, Brunswick, Georgia, Savannah, Port, Jacksonville

☆ 5 of my favorite features on the Chevrolet Equinox EV that make it a perfect family SUV
▼ + stars: | 2024-09-29 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

Little details in design make the Equinox EV feel special. Equinox EV doesn't sacrifice style for function, offering a ton of storage space. AdvertisementI drove the new Chevrolet Equinox EV for a few days, and some features quickly jumped out as my favorites. This isn't the first time I've been behind the wheel of the Equinox EV — I first drove the crossover SUV over the summer on a short, pre-planned route. From charging to styling to unexpected features, the Equinox EV has worked nicely as a family hauler built for suburban life.

Persons: —, I've Organizations: Service

☆ 3 questions Elon Musk will need to answer at Tesla's highly anticipated robotaxi event
▼ + stars: | 2024-09-26 | by ( Nora Naughton | ) www.businessinsider.com time to read: +5 min

The event, originally scheduled for August, is where CEO Elon Musk has promised to release a final design and more detailed plans for Tesla's Uber-like self-driving car service. AdvertisementIn typical form, Musk's promise that the robotaxi business was taking shape offset a major earnings miss and juiced Tesla's languishing stock price. Spak wrote. In the same note, Spak raises questions about Tesla Full Self Driving (FSD)'s rate of improvement compared to competitors like Waymo. Advertisement"Tesla's future valuation is highly dependent on its ability to develop, manufacture, and commercialize autonomous technologies," Jonas wrote.

Persons: —, Elon Musk, Tesla's Uber, Musk, juiced, Joseph Spak, Spak, Tesla, Morgan Stanley, Adam Jonas's, Jonas, Tesla's FSD Organizations: Service, Business, Tesla, UBS, Hertz, California Locations: Tesla's, robotaxi, Los Angeles

☆ GM's EV drivers are finally getting access to the Tesla Supercharger network
▼ + stars: | 2024-09-18 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

GM is the latest company to get access to Tesla's Superchargers. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementGeneral Motors is the latest car company to grant its drivers access to Tesla's vast Supercharger network. This is the latest move by GM to improve charging access for its EV customers. With the addition of the Supercharger network, GM drivers can now charge at more than 231,800 Level 2 and DC fast chargers across North America, according to the Detroit-based automaker.

Persons: Superchargers, Tesla's, — Organizations: Service, GM, Chevrolet, Cadillac, EV, Business Locations: North America, Detroit

☆ GM's new EV charging hubs look exactly like gas stations
▼ + stars: | 2024-09-12 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

GM's new EV charging hubs look exactly like gas stations. The joint venture with EVgo will produce 400 new charging stalls nationwide. Improving the charging experience is key for EV adoption. Go to newsletter preferences Thanks for signing up! Several large hubs of roughly 20 fast chargers each are being installed in major metropolitan areas in Arizona, California, Florida, Georgia, Michigan, New York, and Texas, for a total of 400 new charging stalls.

Persons: —, Wade Sheffer Organizations: EVgo, EV, Service, GM Energy, Business Locations: Arizona , California, Florida, Georgia, Michigan, New York, Texas

☆ EV charging and range are improving. People still don't want to go electric.
▼ + stars: | 2024-09-10 | by ( Nora Naughton | ) www.businessinsider.com time to read: +6 min

Read previewWe're getting closer to a cure for range anxiety, so why don't more people want an EV? This dip in demand is reflected in a stagnation in EV sales growth over the past year as companies adjust to a new crop of more practical green-car shoppers. Battery-powered cars accounted for a record 7.6% of all car sales in 2023, according to Kelley Blue Book, up from 5.9% in 2022. Affordability is also a key issue for today's electric car shoppers, an issue the industry has tried to address with lower sticker prices. But EV shoppers have found a new cost to angst over.

Persons: —, EY, Marc Coltelli, Kelley, EVs, it's, Power, Raman Ram Organizations: Service, Business, Power, Utilities, Industry, EV, Pew Research, Department of Energy, Americas Aerospace, Defense Locations: Americas

☆ It's a good time to get a deal on an EV as they sit around on dealer lots
▼ + stars: | 2024-08-24 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

This has helped cut the average price paid in July for a new EV to $58,619, which is 1% lower year-over-year, according to Edmunds. That's actually $4,366 cheaper than the average price paid in July for a new plug-in hybrid. Demand for hybrids is growing among a more practical group of green car shoppers who aren't ready to make the switch to a fully electric car. The average price paid for an EV still outpaces the average price paid for any new car by about $10,000. Car companies are leaning into this loophole with attractive EV leasing deals.

Persons: —, That's, Jessica Caldwell, Edmunds, Caldwell Organizations: Service, Business, Cox Automotive, EVs, Hyundai, Dealers Locations: Edmunds, That's

☆ Tesla is having trouble wooing new EV shoppers
▼ + stars: | 2024-07-30 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

That's bad news for Tesla, especially as a yearlong slowdown in EV demand is beginning to impact the EV leader's sales. That's off from 55% share a year ago and nearly 80% market share back in 2020, according to Experian data. AdvertisementThat leaves a potential opening for traditional automakers at a time when the EV market is getting tougher. That's already helped the brand chip away at Tesla's market share. And at Ford, EV sales were up 61% in the second quarter, trailing only Tesla in sales so far in 2023.

Persons: —, Tesla, Elon, Power, Frank Hanley, That's, Hanley Organizations: Service, JD Power, Business, Cox Automotive, EV, Chevrolet, Silverado, Ford

☆ Elon Musk is still being graded on a curve
▼ + stars: | 2024-07-27 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

Wall Street was tough on auto stocks after second-quarter earnings. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIt's a tough time to be a car company on Wall Street — unless, of course, you are Elon Musk. General Motors posted a significant beat Tuesday, only for its stock price to close down more than 6% that same day. Ford's financial results were dinged significantly by higher-than-normal warranty costs, and a significant earnings miss sent its stock price down 13% immediately following those results.

Persons: Tesla, —, Elon, Motors Organizations: Service, Wall, Business

☆ Tesla keeps touting future plans. But without specific details, investors aren't buying it.
▼ + stars: | 2024-07-24 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at another Tesla earnings report that was light on details about big future plans . The approach worked well last quarter when Tesla's earnings report was even worse than expected . However, big-picture plans without concrete details fell flat for investors this time around. It's Tesla's silver lining amid the EV market slowdown. But as beneficial as competitors were to Tesla this quarter, others seem to be gearing up for battle.

Persons: Jordan Strauss, Chelsea Jia Feng, Elon, Katherine Tangalakis, Hannah Getahun, that's, —, Musk, Toby Melville, BI's Nora Naughton, It's, BI's Jordan Hart, Sundar Pichai, Waymo, Jenny Chang, Rodriguez, Wall, Keith Lerner, Ed Yardeni, Michael M, Tyler Le, Jensen Huang, Rebecca Zisser, Biden, Benjamin Netanyahu, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Business, Chelsea, AP, Tesla, Getty, BI Supply, Nvidia, Big Tech, Hollywood, AWS, Microsoft, Paramount, Digital, Google, IBM, Ford Motors, Samsung, Galaxy, The Locations: Waymo, San Francisco, Phoenix, New York, Paris, London

☆ Tesla's best bet for growth has nothing to do with cars or AI
▼ + stars: | 2024-07-24 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

Tesla's energy business juiced revenue in the second quarter. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Tesla's energy business was a key revenue driver in the second quarter as EV sales fell and robotaxi initiatives remain as murky as ever. While Tesla's earnings per share fell short of analyst expectations from April to June, revenue outpaced expectations with a record $25.5 billion. This story is available exclusively to Business Insider subscribers.

Persons: —, Tesla Organizations: Investors, Service, Business

☆ Tesla is making money off cars its competitors aren't selling
▼ + stars: | 2024-07-23 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

Some of Tesla's $25.5 billion in second-quarter revenue came from the cars competitors didn't sell. Tesla, which sells only electric vehicles, always has an excess of credits. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTesla's record second-quarter revenue was partly driven by something unusual: all the electric vehicles its competitors didn't sell.

Persons: — Organizations: Service, Elon, Business

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