- Major automakers have largely shunned India when it comes to investing in electric vehicle (EV) assembly plants and battery gigafactories.
- However, some leading industry players, including Tesla, Byd, Fisker Motors, Nissan, and Renault, have shown interest in manufacturing EVs and batteries in India.
- India has become the world's third-largest auto market and surpassed China as the most populous nation.
- The Indian government recently blocked Byd's proposal, potentially due to geopolitical tensions between India and China.
- Tesla CEO Elon Musk has expressed optimism about India's EV potential, stating that it has "more promise than any large country in the world."
Electric vehicle maker BYD Co Ltd's unit has struck a deal to acquire Jabil Inc's Singaporean division's mobility business in China for 15.8 billion yuan ($2.17 billion), expanding BYD's customer base, product portfolio, and smartphone components business in the sector.
Chinese EV company BYD and Tesla are reporting strong earnings and are emerging as leaders in the electric vehicle industry.
Shares of Chinese automaker BYD listed in China surged over 5% following a significant jump in first-half profit, driven by record deliveries and growth in the new energy vehicle business, with revenue increasing by 72.72% compared to the same period last year.
China's top EV maker, BYD, saw a 145% surge in profits in Q2, driven by record deliveries, despite the ongoing EV price war in China.
Tesla has unveiled its updated Model 3 EV sedan in China, featuring a sportier exterior, improved battery range, and faster acceleration, although surprising many with a 12% price increase; the upgraded model is expected to boost sales and profit margins for the electric vehicle giant.
Chinese electric-vehicle makers NIO, Li Auto, and XPeng have achieved record-breaking delivery numbers, a positive development for both Tesla and BYD, as well as for investors in the EV sector.
Europe's automakers are showcasing their latest electric vehicles at the IAA Mobility car show in an attempt to compete with Tesla and counter the increasing competition from Chinese companies such as BYD and Xpeng.
Europe's carmakers are facing a tough battle to catch up with China in the development of affordable and consumer-friendly electric vehicles, with Chinese EV makers already a generation ahead, according to industry analysts and executives at Munich's IAA mobility show.
Tesla was able to boost its sales in China by 9.3% in August, thanks to price cuts.
Chinese car makers BYD and XPeng saw their stock prices rise ahead of a major auto show where they will compete with Tesla, which is making its first appearance at the event in Munich.
Chinese electric car firms, including BYD and Xpeng, are expanding their presence in Europe and challenging traditional automakers in the EV market, capitalizing on Europe's attractive market and stringent regulations pushing towards EV adoption.
BYD, a leading electric car manufacturer, achieved its fourth consecutive monthly sales record in August 2023, selling 274,086 plug-in electric vehicles, although the growth rate has slowed down compared to previous years.
Tesla and BYD are currently leading the Chinese electric-vehicle market, while Lucid is taking its time to enter the race.
China's passenger vehicle sales experienced growth in August, driven by discounts and tax breaks on environmentally friendly and electric cars, despite a weak economy, and Tesla's share of the Chinese electric vehicle market nearly doubled.
China's automobile and component exports have doubled in 2021, leading to an investigation by the European Commission into subsidies given to Chinese electric vehicle makers, as European automakers express concern over competition from China in the growing electric vehicle sector.
Tesla is expected to benefit from European protectionist measures as regulators crack down on Chinese electric vehicle (EV) competition, causing stocks of Chinese EV companies like NIO and XPeng to plunge.
European Union's ongoing subsidy investigation on China may include non-Chinese brands of electric cars, such as Tesla and BMW, due to evidence of significant distortions in the European market caused by cheaper offerings from Chinese-made products.
Tesla continues to dominate the US electric vehicle market, outselling the combined sales of its 19 closest competitors during the first half of 2023, illustrating the company's significant lead and dominance in the industry.
Legacy carmakers like Ford are struggling to catch up with the electric vehicle (EV) revolution led by Tesla and Chinese competitors, as they face a significant technology gap and higher production costs, which hinder their ability to deliver affordable EVs while governments are planning to ban or limit gas and diesel car sales.
Electric vehicles, such as the Tesla Model S, are surpassing traditional gas-powered cars in both sales and performance, as demonstrated by a video showing the Model S defeating a gas-powered Chevrolet Corvette in a drag race.
Tesla has updated its best-selling Model Y in China, according to a report from Reuters.
Chinese EV makers BYD and NIO both reported strong sales, with BYD achieving record-breaking EV sales in September and narrowing the gap with Tesla, while NIO posted record deliveries in the third quarter.
Chinese EV giant BYD, backed by Warren Buffett's Berkshire Hathaway, could potentially overtake Tesla as the top-selling electric car brand after Tesla's disappointing Q3 deliveries.
Tesla's China-made EV sales decreased by 10.9% in September, while Chinese rival BYD saw a 42.8% growth in passenger vehicle deliveries, as both companies navigate the market's changing consumer sentiment and economic stabilization.
Tesla's sales of China-made electric vehicles decreased by 10.9% in September compared to the previous year, while Chinese competitor BYD experienced a 42.8% growth in passenger vehicle deliveries.
Tesla's sales in China have dropped by 10.9% compared to the previous year, highlighting the sales challenge faced by the carmaker, while its Chinese rivals, including BYD, experienced significant year-on-year increases in sales.
Electric vehicle (EV) sales in the United States reached over 300,000 in the third quarter, with Tesla's market share dropping to its lowest on record due to aggressive price cuts by competitors, but the company could regain ground with the launch of its Cybertruck, according to a report by Cox Automotive.
US electric vehicle (EV) sales reached over 313,000 in Q3, a nearly 50% increase from a year ago, with Tesla accounting for 50% of total sales, but its market share is decreasing; meanwhile, the overall EV market share reached 7.9%, driven by higher inventory, more product availability, and downward pricing pressure, according to Kelley Blue Book.
Chinese automakers, such as BYD, are making a push into the European market with their low-cost electric vehicles, offering an attractive option for European consumers seeking affordable electric cars, but also posing a threat to Europe's traditional automakers who underestimated the electric revolution.
Major automakers, including Mercedes-Benz, are facing challenges in the electric vehicle market due to waning customer demand, high interest rates, and intense price competition with Tesla and Chinese competitors. The slow growth of EV sales and ongoing strikes in the industry are further impacting the adoption of EVs.
