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☆ A key test for EV sales and the adoption curve is coming
▼ + stars: | 2023-07-30 | by ( Tim Mullaney | ) www.cnbc.com time to read: +10 min

The company says it will reach 400,000 cumulative units of EV production by early 2024 and that its EV business will reach profitability by 2025. "They have dozens of EV models over the next two to three years. watch nowAmong analysts who believe the stock is due for a bigger drop, expected EV sales disappointment is among the factors. But GM's EV plans come as Ford announced it is slowing down its plans to expand EV production to a 600,000 annual rate. "This will be the first year U.S. EV sales reach 1 million," Downey said.

Persons: Scott Mlyn, Brian Downey, Autotrader, Ford, Dan Ives, It's, they'll, Morgan Stanley, Adam Jonas, Mary Barra, Adam Jones, Colin Langan, Garrett Nelson, Chad Lyons, Lyons, Katie Minter, Rebecca Cook, Reuters Paul Jacobson, Jacobson, Ives, Downey, Tesla, Barra, they're, they've, Cox, Goodcarbadcar.net . Ford Organizations: Silverado, New York Auto Show, CNBC, General Motors, Cox Automotive, Kia, Porsche, Hyundai, Chevrolet Silverado, Wedbush Securities, Investors, GM, United Auto Workers union, Wall Street, Deutsche Bank, GMC Hummer EV, Chevy Silverado, GMC Sierra EV, Chevy Blazer, GMC, Blazers, Jaguar, Audi, North American, Reuters, EV, Cox, Ford's, Ford, Goodcarbadcar.net, Volkswagen, BMW – Locations: Detroit, Detroit , Michigan, U.S

☆ Electric cars aren’t just for the wealthy anymore
▼ + stars: | 2023-07-27 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

CNN —Thanks to a combination of new models, more production and new tax laws, electric vehicles are no longer just for the wealthy. Currently the “days supply” of electric vehicles – a measure of the number units on dealer lots relative to how quickly they sell – is now twice that of new vehicles overall. The biggest bargain among electric vehicles currently, whether you lease or buy, happens to be one that’s going away soon. A Chevrolet Bolt EV sits parked at a charging station at Stewart Chevrolet on April 25, 2023 in Colma, California. For almost $10,000 less, in terms of sticker price, Hyundai offers the soon-to-be redesigned Kona Electric.

Persons: Kia, Erik Pendzich, it’s, Mark Luxcombe, Wolters, “ There’s, ” Luxcombe, Brian Moody, Moody, ”, Stewart, Justin Sullivan, Kia EV6, Josh Lefkowitz, Tony Quiroga, Bing Guan, Quiroga, Chevrolet Bolt Organizations: CNN, General Motors, Ford, Hyundai, Kia, Volkswagen, GT, New York, Wolters Kluwer, Cox Automotive, Chevrolet Bolt, Stewart Chevrolet, GM, Angeles, Kona, EV, Chevrolet Locations: America, Colma , California, Los Angeles , California

☆ 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

[1/2] A Hyundai Kona vehicle is unveiled at the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. PERFORMANCEHyundai said vehicle sales rose 8.5% to 1.06 million units in the second quarter, with EV sales soaring 47% to nearly 78,000 units. In the United States, Hyundai's biggest market, sales of green energy cars that include EVs and plug-in hybrids more than doubled to 46,000 units. Overall vehicle sales in the U.S. grew 14% to 225,000 units, led by sedans, while in South Korea, its second-biggest market, sales rose 13% to 206,000 units. Hyundai said last month it planned to boost EV production in the United States to three-quarters of its total production there by 2030 from just 0.7% now.

Persons: Andrew Kelly, Elon Musk, Kim Jinwoo, Zayong Koo, Refinitiv SmartEstimate, 1,279.1700, Heekyong Yang, Miyoung Kim, Jacqueline Wong Organizations: Hyundai, New York, REUTERS, Kia Corp, Korea Investment & Securities, EV, Thomson Locations: Manhattan , New York City, U.S, SEOUL, KS, United States, North America, South Korea

☆ Chinese Tesla rival XPeng just got a $700 million investment from Volkswagen. Take a look at its quick-charging SUV with more range than the Model Y.
▼ + stars: | 2023-07-26 | by ( Tim Levin | ) www.businessinsider.com time to read: 1 min

Chinese auto startup XPeng unveiled its fifth electric model in April at the Shanghai auto show — and it's shaping up to be a pain for Tesla and Elon Musk. The XPeng G6 electric SUV. XPengOn Wednesday, it got some extra dough to make its Tesla-topping dreams come true as Volkswagen announced plans to invest $700 million into its partnership with Xpeng, eventually holding just under 5% of the company.

Persons: Tesla, Elon Musk Organizations: Volkswagen, Xpeng Locations: Shanghai

☆ I sold electric cars for more than a decade. I'm frustrated that some dealers still don't have the right approach.
▼ + stars: | 2023-07-25 | by ( Alexa St. John | ) www.businessinsider.com time to read: +7 min

Nigel Zeid is a former Nissan EV specialist who now educates dealers about electric car sales. This as-told-to essay is based on a transcribed conversation with Nigel Zeid, a 65-year-old former Nissan EV specialist and now an independent EV educator based in Boulder, Colorado. He says car salespeople are not prepared to sell electric vehicles, and that serves as a point of frustration and barrier to adoption for car shoppers. Zeid spends his time speaking with industry stakeholders at major events and talking to dealership salespeople about EVs. If you go into an uneducated dealership, know there's more than one dealership to go to.

Persons: Nigel Zeid, Zeid, Alexa St, I've, Nigel Zeid It's, We've, that's, It's, we'll, weren't Organizations: Nissan, Morning, expos, Costco, Chevrolet Locations: John, Boulder , Colorado, EVs, California, Colorado, Texas, they're

The Bolt does not align with GM's long-term EV technology strategy, but it is the Detroit automaker's best-selling and most affordable EV in North America, by far. Barra and GM officials did not say how much the new Bolt would cost or where it would be built. For GM, the Bolt has been the mainstay for its North American EV sales. In the first six months of this year, U.S. Bolt sales totaled 33,659 vehicles, outselling Ford's Mustang Mach-E, Hyundai's Ioniq 5 and other EVs from established automakers. Bolt sales rebounded this year after GM was forced to halt production of the car for nearly six months to fix problems linked to battery fires.

Persons: Rebecca CooK, Mary Barra, Barra, Sam Fiorani, EVs, Sandy Munro, Elon Musk, Fiorani, Bolt, Paul Lienert, Joseph White, Nick Zieminski Organizations: North American, REUTERS, General Motors, Chevrolet Silverado EV, Chevrolet, Detroit, GMC Hummer EV, GM, AutoForecast Solutions, Barra, Bolt, Munro & Associates, UAW, Thomson Locations: Detroit , Michigan, U.S, North America, United States, Ohio, Michigan, Orion, Detroit

☆ U.S. House committees investigate Ford Chinese battery partnership
▼ + stars: | 2023-07-21 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Brendan McDermid/File PhotoWASHINGTON, July 21 (Reuters) - Two U.S. House of Representatives committees said Friday they are investigating Ford Motor Co's (F.N) partnership with Chinese battery company CATL (300750.SZ). Ford announced in February it is spending $3.5 billion to build a battery plant in Michigan using technology from CATL, the world's largest battery maker. The committees said several hundred of the 2,500 Ford plant jobs will be filled by CATL employees from China who will be in charge of setting up and maintaining equipment. Ford still is awaiting guidance from the U.S. Treasury to ensure the partnership does not run afoul of the requirement. Republican Senator Marcio Rubio has urged the Biden administration to investigate the deal and introduced legislation that seeks to bar consumer tax credits for EVs produced using CATL technology.

Persons: Brendan McDermid, Jason Smith, Mike Gallagher, Ford, CATL, Marcio Rubio, Biden, EVs, David Shepardson, Jonathan Oatis, David Holmes Organizations: North American, REUTERS, WASHINGTON, House, Ford Motor, Ford, Chinese Communist Party, U.S . Treasury, Republican, Thomson Locations: Detroit , Michigan, U.S, Michigan, CATL, China, United States, Xinjiang, Beijing

☆ Tesla, ABB, TSMC get Q2 earnings off to downbeat start
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +4 min

The news cast a pall over stocks as second-quarter earnings season ramps up. ABB said its orders in China, its second-biggest market, fell 9% in the three months to the end of June, with its electrification, motion and robotics divisions all seeing lower demand. Analysts have warned easing input costs will put pressure on companies to start cutting prices, or they may lose business. Swedish hygiene product maker Essity's (ESSITYa.ST) second-quarter earnings missed market expectations, hit by wage inflation, bigger marketing costs in its consumer goods unit, and lower volumes after price hikes. Investors punished the companies' shares.

Persons: TSMC, Elon Musk, Aly, Musk, Electrolux, Josephine Mason, Sharon Singleton Organizations: ABB, LONDON, Nasdaq, Shanghai, REUTERS, Europe's, Investors, Netflix, Revenue, Reuters, Thomson Locations: China, Germany, Shanghai, Europe, lockdowns, United States

☆ BYD seeks nod for $1 billion plan to build EVs and batteries in India
▼ + stars: | 2023-07-14 | by ( ) www.cnbc.com time to read: +2 min

China's BYD Co has submitted a $1 billion investment proposal to build electric vehicles and batteries in India in partnership with a local company, three people with direct knowledge of the plan told Reuters. The longer-term plan is to build a full line-up of BYD-brand EVs in India from hatchbacks to luxury models, one of the three people said. BYD, the world's largest producer of EVs and plug-in hybrid vehicles, did not immediately respond to a request for comment. If the India investment is approved, it would give BYD a presence in all major global car markets with the exception of the United States. The investment proposal also includes a plan by BYD and Megha to set up charging stations in India and build research and development and training centres, the sources said.

Persons: China's BYD, BYD, Tesla, EVs Organizations: Auto, Reuters, BYD Locations: Shenyang, Liaoning Province of China, India, Hyderabad, hatchbacks, United States

[1/2] A 2020 Toyota Mirai hydrogen electric fuel cell car is displayed at the Canadian International Auto Show in Toronto, Ontario, Canada February 18, 2020. The decision marks a shift in focus for the Japanese automaker, a major backer of hydrogen fuel-cell vehicles as an alternative to electric vehicles. Toyota sold just over 3,900 fuel cell vehicles in 2022, less than half of 1% of its global sales of around 9.5 million vehicles. In May, Toyota and Daimler Truck Holding (DTGGe.DE) said they had agreed to cooperate on hydrogen technology and reached a preliminary deal to combine their truck businesses in Japan. Toyota launched its dedicated fuel-cell unit, the Hydrogen Factory, with 1,350 staff earlier this month.

Persons: Chris Helgren TOKYO, Hiroki Nakajima, Nakajima, Daniel Leussink, Kevin Krolicki, Louise Heavens Organizations: Canadian International, REUTERS, Toyota, North, Technology, Daimler Truck, Hydrogen, Fuji, Honda, General Motors, Thomson Locations: Toronto , Ontario, Canada, Europe, China, North American, Japan, California

☆ EV sales: Hyundai overtakes GM, but Tesla's U.S. dominance continues
▼ + stars: | 2023-07-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

Meanwhile, Hyundai — including the Kia brand that's owned by the same parent company — increased its EV sales by roughly 11% during that time to 38,457 units. GM, which was second in EV sales through the first quarter, more than quadrupled electric car and truck sales to 36,322 units through June compared with a year earlier. And Volkswagen more than doubled EV sales to 26,538 units sold through June. Scott Mlyn | CNBCGM's EV sales thus far have been disappointing, especially when it comes to new models with the automaker's "Ultium" battery technologies. Correction: GM was second in EV sales through the first quarter of this year.

Persons: Brandon Bell, Tesla, Andrew Frick, hasn't, Elon Musk, Musk, disappoints Hyundai's, Randy Parker, we're, Parker, Scott Mlyn, Cadillac Lyriq, Mary Barra, Barra, It's, —, Phil LeBeau, Lora Kolodny Organizations: Getty, Hyundai Motor, General Motors, Motor Intelligence, Hyundai, Kia, GM, Ford Motor, EV, Ford, U.S, Automotive, Biden, Hyundai Motor America, New York Auto Show, CNBC, GMC Hummer, Cadillac, Chevrolet, Aspen Ideas, Chevrolet Silverado, Detroit Locations: Austin , Texas, U.S, Mexican, Texas, North America, South Korea

☆ China's Xpeng sees sales turnaround in second half with new EV model
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

Xpeng has received a "significant" amount of orders for its newly launched G6 pure electric crossover, president Brain Gu told reporters on Wednesday. Xpeng, which saw first-half sales drop by 40%, will start the delivery of its G6 compact crossover this month with a starting price 20% lower than Tesla's best-selling model of Model Y. With G6, Xpeng also introduced its most advanced autonomous driving capabilities into the category of EVs priced at 250,000 yuan ($34,500.37) or below, Gu said. Shares of Xpeng in Hong Kong had gained more than 20% after it announced prices for the G6 last Thursday. ($1 = 7.2463 Chinese yuan renminbi)Reporting by Zhang Yan and Brenda Goh; Writing by Meg Shen; Editing by Toby Chopra and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Xpeng, Brain Gu, BYD, Gu, Zhang Yan, Brenda Goh, Meg Shen, Toby Chopra, Devika Organizations: Tesla, Thomson Locations: SHANGHAI, HK, Shanghai, China, Hong Kong

☆ Chinese EV maker Nio raises more than $700 million in capital injection from Abu Dhabi
▼ + stars: | 2023-06-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

Nio's ET5 stands on display at the Central China International Auto Show on May 25, 2023, in Wuhan, China. BEIJING — Chinese electric car company Nio announced Tuesday it received $738.5 million in new capital from a fund owned by the Abu Dhabi government. The strategic investment ultimately gives the fund, CYVN Holdings, a 7% stake in Nio. Nio earlier this month said lackluster car deliveries was affecting cash flow, and that it was delaying capital expenditure and some research and development projects. Nio disclosed cash and cash equivalents of 14.76 billion yuan ($2.07 billion) as of March, below what it disclosed for the end of 2021 and 2022.

Persons: Nio's ET5, Nio Organizations: Central China International, CYVN Holdings Locations: Wuhan, China, BEIJING, Abu Dhabi, Nio, U.S

☆ Toyota shares surge 5% after announcing plans for next-gen battery EVs
▼ + stars: | 2023-06-13 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

In this article 7203.T-JP Follow your favorite stocks CREATE FREE ACCOUNTA display of Toyota electrified vehicles at the 2022 New York Auto Show, April 13, 2022. Toyota has a goal of achieving sales of 1.5 million all-electric vehicles per year by 2026, and selling 3.5 million all-electric vehicles annually by 2030. Separately, the company is also developing a method for mass producing all-solid-state batteries for battery electric vehicles, and aims to commercialize this in 2027 to 2028. Toyota said it will be looking at a 20% improvement in cruising range for its all-solid-state batteries, compared to the current batteries. HEVs refer to hybrid electric vehicles, which are vehicles that are powered by a conventional internal combustion engine in combination with one or more electric motors.

Persons: Scott Mlyn, Koji Sato, Sato, Akio Toyoda Organizations: Toyota, York Auto Show, CNBC, Tesla, Nikkei

☆ Nio cuts prices for its cars — and delays business expansion plans
▼ + stars: | 2023-06-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Tesla and other electric car companies in China had cut prices earlier this year in a bid to attract buyers. The analysts cut their rating on Nio shares to hold, from buy. Looking ahead, Nio said that it aimed to deliver at least 20,000 cars a month in the second half of the year. watch nowNomura analysts said they expected the car company can improve its deliveries with new models, like the ES6 SUV and ET5 touring sedan. Nio's cash and cash equivalents fell below $1 billion at the end of 2019.

Persons: William Li, Hector Retamal, Nio, William Li's, Tesla, Li, Nomura, Mizuho Organizations: HK, Afp, Getty, China Merchants Bank International, Monday, Nomura, State Council, EV, Mizuho Securities Locations: Shanghai, BEIJING, China, EU

☆ One of our recent top-performers is not in tech. Here's how the stock has been creeping higher
▼ + stars: | 2023-06-09 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

It's Ford (F), whose stock has jumped 15% since its $12-per-share close on May 8. F 1M mountain Ford Motor's stock performance over the past month. When granted access, current electric vehicles from Ford and GM will have to use an adapter at Tesla's charging stations. "They have to adopt at this point," suggesting they'll also likely have to rely on a Tesla partnership. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: It's Ford, Tesla, Wall, Ford, Gene Munster, Munster, they'll, we've, Jim Cramer's, Jim Cramer, Jim, Al Drago Organizations: Nasdaq, Ford, General Motors, GM, EV, Deepwater Asset Management, CNBC, Tesla, Wall Street, Management, Ford Motor Co, Washington Auto, Washington , D.C, Bloomberg, Getty Locations: —, Washington ,

☆ Lincoln MKC owners asked to park outside due to fire risk
▼ + stars: | 2023-06-02 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +1 min

CNN —Ford, the parent company of Lincoln, and the National Highway Traffic Safety Administration are warning owners of nearly 143,000 Lincoln MKC compact SUVs to park them outside and away from buildings and other vehicles because they could potentially catch fire, even when not running. A Lincoln MKC at the North American International Auto Show in 2014. Stan Honda/AFP/Getty ImagesThe vehicles involved are model year 2015 through 2019 Lincoln MKC SUVs. Owners will be advised by mail to park their vehicles outside and away from other vehicles. Owners can also visit NHTSA’s SaferCar.gov website and enter their vehicles Vehicle Identification Number (VIN) to see if it’s involved in the recall.

Persons: CNN — Ford, it’s, Lincoln, Stan Honda, NHTSA’s Organizations: CNN, National, Traffic, Lincoln, North American, Getty, Ford Locations: Lincoln, AFP, MKCs, North America

[1/2] The logo of Chinese carmaker Geely Auto is pictured at the second media day for the Shanghai auto show in Shanghai, China April 17, 2019. Thailand's Board of Investment held discussions with five major Chinese EV makers including Geely during a roadshow to China in April, its Secretary-General Narit Therdsteerasukdi said. "All expressed keen interest in Thailand's policy to develop a regional EV production base and an integrated EV supply chain," Narit said, without providing more details of the talks with Geely. BYD and China's Great Wall Motor Co Ltd (601633.SS) are already working on building local EV production in Thailand. China's Great Wall Motor has said it is considering a research and development centre in Thailand that could work on battery-powered pickup trucks.

Persons: Aly Song BANGKOK, Geely, Narit Therdsteerasukdi, JAC Motors, Narit, Aston Martin, China's, Devjyot Ghoshal, Zhang Yan, Jamie Freed Organizations: Shanghai, REUTERS, Reuters, of Investment, BYD Co, Chongqing Changan Automobile Co, Jiangling Motors Corp Ltd, EV, Wall Motor Co, Volvo, Aston, Malaysian carmaker Proton, Toyota Motor Corp, Isuzu Motors, Thomson Locations: Shanghai, China, Thailand, Chongqing, Geely, Swedish, Southeast Asia

☆ Stocks making the biggest moves midday: Ford, Marvell Technology, Paramount, Gap and more
▼ + stars: | 2023-05-26 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Tesla 's stock gained 4.72%. Marvell Technology — The semiconductor stock soared 32.42% after the company's earnings beat analyst expectations. Despite reporting an earnings and revenue beat, shares fell on the company's reduced operating margin outlook for the full year. Paramount — Shares of the media company gained 5.89% after National Amusements, Paramount's majority voting shareholder, announced a $125 million preferred equity investment by BDT Capital Partners. Workday also raised the low end of its full-year subscription revenue guidance and named a new chief financial officer, Zane Rowe.

SEOUL, May 26 (Reuters) - South Korea's Hyundai Motor Group and LG Energy Solution Ltd (LGES) (373220.KS) on Friday said they will build a $4.3 billion electric vehicle (EV) battery plant in the United States amid a push to take advantage of tax credits. Vehicles from Hyundai Motor Co (005380.KS) and sister automaker Kia Corp (000270.KS) are currently not eligible. [1/2] The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. LGES and Hyundai Motor Group, which houses Hyundai Motor, Kia and autoparts maker Hyundai Mobis Co Ltd (012330.KS), will each own 50% of the joint venture. In April, Hyundai Motor finalised a $5 billion EV battery joint venture in the United States with SK On, a battery unit of SK Innovation Co Ltd (096770.KS), boosting electrification efforts in its largest market.

☆ Ford CEO Jim Farley says Chinese automakers such as BYD are its greatest EV rivals
▼ + stars: | 2023-05-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Michael Wayland/CNBCDETROIT — Ford Motor's largest competition in electric vehicles isn't U.S. leader Tesla or crosstown rival General Motors — it's Chinese automakers, CEO Jim Farley said Thursday. Farley said Chinese companies such as Warren Buffett-backed BYD are ahead of the large U.S. automakers and startups on electric vehicles, specifically battery chemistry and other emerging technologies. And they were always committed to electric," Farley said when asked which company is doing EVs right. Farley's comments echo those of industry experts and investors regarding the growth of BYD and other Chinese automakers, which have government backing in China. Farley also noted BYD's battery advantages compared to the current U.S. industry standard of lithium-ion batteries.

☆ Ford announces key EV minerals deals ahead of crucial capital markets day
▼ + stars: | 2023-05-22 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

A Ford F-150 Lightning Platinum electric truck during the 2022 New York International Auto Show (NYIAS) in New York, U.S., on Thursday, April 14, 2022. The company is set to outline its path to both goals during its capital markets day Monday. EnergySource Minerals said it has agreed to provide Ford with lithium hydroxide from a new site in Imperial Valley, California, expected to be operational in 2025. The project is expected to produce about 20,000 metric tons of lithium annually. Canadian miner Nemaska Lithium has agreed to supply Ford with up to 13,000 tons of lithium hydroxide per year over 11 years.

☆ We’re pleased to see Ford rethink its China strategy as it accelerates EV business
▼ + stars: | 2023-05-17 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

Ford's business has been struggling in China. Ford's internal combustion engine (ICE) business is profitable in China, and its luxury brand Lincoln is what Ford calls the "profit pillar" for the region. But China does not represent a huge business for Ford, which generates roughly 1% of total revenue from mainland China. While Ford does not have plans to exit China, the CEO is taking a closer look at its strategy there. Like for Tesla, China is key for Ford because it's the biggest EV market in the world.

☆ Say goodbye to the US car market as we know it: Cheap Chinese EVs are coming
▼ + stars: | 2023-05-16 | by ( Nora Naughton | Tim Levin | ) www.businessinsider.com time to read: +6 min

After years of eyeing the American market, Chinese brands are poised to arrive. After years of preparation, Chinese car companies are poised to upend the US electric-vehicle market. Chinese EV manufacturers can gain a foothold in the US by coming in at a budget price point, analysts said. "I've driven a number of the Chinese EV brands, and boy oh boy, the Europeans are in trouble." The sheer size of the US car market means new entrants will need to build locally to compete seriously in the long term, he said.

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