Etiqueta: Elon Musk

A Chinese carmaker showed off a "Cybertruck-esque" vehicle at an auto show this week.

Chinese car giant BYD has seen profits fall as it is hit by slowing demand for electric vehicles (EV) and a price war

Chinese car giant BYD has seen profits fall as it is hit by slowing demand for electric vehicles (EV) and a price war

The echoes the current Chinese price war, launched to inflict pain on western producers, are rippling through the automotive industry, and BYD, the price leader, is beginning to feel the strain.

SHANGHAI, April 29 — Major Chinese electric carmaker BYD reported lower-than-expected revenue for the first quarter of 2024 today, as an aggressive domestic price war and...

THE BEIJING Auto Show 2024 highlighted China’s success in electric vehicle production and promotion, underscoring the state’s unwavering commitment to ...

Tesla CEO Elon Musk meets with Chinese Premier Li Qiang to discuss cooperation and competition in the electric vehicle market.

STORY: China's BYD posted its weakest quarterly profit growth since 2022 on Monday (April 29).Revenue growth also slowed to its lowest level in almost four years.The electric vehicle maker was hit by slowing demand and a price war in the world's largest auto market.First-quarter net profit was up around a tenth at just over $631 million, while revenue grew 4% to $17.25 billion.The quarterly results suggest BYD still pulled ahead of U.S. rival Tesla.Elon Musk's company recently reported its first quarterly revenue fall since 2020.BYD has ramped up efforts to move upmarket while doubling down on discounts.It aims to find cautious consumers amid a sputtering economic recovery.The push to sell to higher-end segments came alongside an intensified price war in China.It has led BYD to slash prices since February on the latest versions of its lineup by 5% to 20%.The auto giant is targeting an annual sales jump of a fifth this year.But, outside of big-hitters like Tesla, BYD is also under pressure from local EV upstarts betting big on an all-electric future.

Chinese Premier Li Qiang told Musk that he hopes the US will work more with China on “win-win” cooperation, citing Tesla's operations in China as a successful example of economic cooperation