- 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."
Chinese electric vehicle company Xpeng is acquiring the smart EV assets of ride-hailing giant Didi for $744 million, forming a strategic partnership to promote global application of smart electric vehicles and technologies, and expanding Xpeng's brand exposure and customer reach through Didi's platform.
Chinese electric vehicle company Xpeng's U.S.-traded shares rose 5% premarket after announcing its acquisition of Didi's smart electric car business for $744 million.
XPeng stock surges as investors respond positively to the company's plan to acquire DiDi's smart vehicle unit.
Chinese EV company BYD and Tesla are reporting strong earnings and are emerging as leaders in the electric vehicle industry.
China's BYD Co Ltd reported a 204.7% increase in first-half profit, driven by record-breaking deliveries and its position as China's top-selling auto brand.
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's stock is surging and flirting with a buy point due to positive buzz around the company's upgraded Model 3 and upcoming Cybertruck, as well as the increase in Tesla insurance registrations in China.
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.
BMW and Mercedes are intensifying their efforts in the electric vehicle market, unveiling new platforms and concept cars in response to competition from Chinese automakers and Tesla, although they may still lag behind in certain aspects.
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.
Chinese electric vehicle maker Xpeng plans to expand into more European markets, including Germany, Britain, and France in 2024, following its successful entry into the Netherlands and Norway.
Tesla was able to boost its sales in China by 9.3% in August, thanks to price cuts.
Lucid is exploring the possibility of entering the Chinese electric car market, but has not yet set a timeline for its entry, according to a top executive at the company. Lucid recognizes China as the world's largest and fastest adopting EV market, but wants to ensure it enters on the right terms to avoid mistakes. The company is currently assessing the viability of entering the market and considering factors such as pricing and manufacturing strategy. Additionally, Lucid plans to expand its product range to include lower-priced vehicles, with a mid-sized car potentially being unveiled in 2026. However, entering the mass-market segment will take time and require a strong supply base and the right pricing.
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.
Tesla's stock is rising after an optimistic report from Morgan Stanley about Tesla's Dojo supercomputer, which could add about $500 billion in value to the company and potentially become a direct revenue generator.
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.
Investors are turning to smaller science or tech-themed stocks in the Korean market as demand for EV battery and semiconductor stocks declines, leading to a surge in the trading volume of the tech-heavy Kosdaq market compared to the main Kospi bourse. Thematic investing and short-lived buying sprees driven by new technologies like superconductors, MXene, quantum computing, and autonomous driving are dominating the market. However, analysts caution that the lack of strong price drivers and intense competition from Chinese rivals may impact the sustainability of these trends.
