Etiqueta: Industry

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

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

The e:NS2 will be sold by Dongfeng Honda from June 2024

China's BYD shows effects of price war with weaker profit growth

BEIJING (Reuters) -Chinese electric vehicle (EV) maker BYD posted its weakest quarterly profit growth since 2022 on Monday while its revenue growth slowed to the lowest level in nearly four years, hit by slowing EV demand and a bruising price war in the world's largest auto market. First-quarter net profit was up 10.6% at 4.57 billion yuan ($631.08 million) while revenue grew by 4% to 124.94 billion yuan, BYD said in a stock market filing. With a brand portfolio at different price points, BYD has ramped up efforts to move upmarket while doubling down on discounts to vie for cautious consumers amid a sputtering economic recovery.

S&P Global Ratings What’s Happening Why It Matters Looking Ahead Bottom Line Source: S&P Global Ratings

Musk is viewed in China as a favourable contrast to the stern statements from US officials, particularly during the recent visit by US Secretary of State Antony Blinken. View on euronews

While Musk cancelled or 'postponed' his meeting with PM Modi, because of Tesla related of commitments, the company not only reduced the prices of the vehicles in China, but now is reportedly visiting China.