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Shares in US electric-car maker soar 17% on autonomous driving prospects in world’s biggest auto market
...Morgan Stanley’s autos analyst has been moved to aphorise by Elon Musk’s surprise visit to Beijing....
...“It will be a European-market Seagull, a new Seagull,” BYD senior executive Stella Li told reporters, including the UK’s Auto Express, in Shenzhen....
...If the auto business is worth 3 or 4 times the multiple of a Stellantis or Volkswagen, then it would get a forward PE of, say, 20x....
...Elon Musk’s decision to lower the price of Tesla vehicles in China in late 2022 sparked savage price cuts across the auto industry, leading to squeezed margins for both legacy multinational auto groups in...
...The pressure is especially high in China, the world’s biggest auto market and the US EV maker’s second-largest market by sales, where competition between local EV makers and foreign carmakers is heating...
...Tu Le, founder of the Sino Auto Insights consultancy, said local rivals including Xpeng, Nio and Li Auto had their own self-driving systems and would drop their prices “the second” they thought consumers...
...The world’s biggest tech show is also a major auto expo, with South Korea’s Kia and Hyundai, Honda of Japan and Mercedes-Benz of Germany all taking part along with numerous suppliers....
...The established auto industry has been warning for months that mainstream buyers remain sceptical of electric cars because of their higher prices and need to recharge....
...That would put Tesla’s auto profitability back to where it was in 2017, shortly after the launch of the Model 3. Will the margin guidance be any better? And even if it is, will it be believed?...
...But Tesla’s recent loss of market share in the country comes after a decision to slash prices in China in late 2022 sparked a price war that has driven intense competition in the domestic auto market....
...“If you value Tesla just as an auto company you fundamentally have the wrong framework. If you ask the wrong question, the right answer is impossible,” he said....
...Meanwhile, car insurance and auto repair shot up 2 per cent and 3 per cent, respectively, in March....
...This shift will have major ramifications for both the auto industry and the energy sector.”...
...China’s auto exports hit a record 4.9mn last year, up from 1.1mn the year prior, as the nation overtook Japan as the world’s biggest car exporter....
...Younger shoppers’ penchant for Apple Pay, auto-fill payments and buy now, pay later services is eroding the company’s share of the online payment market it once dominated. Growth has sputtered....
...As Peter Campbell laid out in the Financial Times yesterday: The global auto industry manufactured 10.5mn electric vehicles last year — and expects to produce 13.5mn this year . . ....
...Set your WhatsApp messages to auto-delete: foreign spies might be reading them....
...The lull in EV sales is having a damaging impact on the auto industry....
...Analysts said the ongoing price war in China’s auto market could lead to a vicious cycle. “In the case of China, when the price is lower, people think, ‘wait a minute....
...Scaringe said that executives at the company still “firmly believe in the full electrification of the auto industry, but recognise in the short term the challenging macroeconomic headwinds”....
...The vote is a setback for Elon Musk, five years after he stunned the German auto industry by announcing he would build his first gigafactory in Europe next to Berlin, throwing the gauntlet to an industry...
...Its implications for Tesla, unions and the auto industry stretch across Europe, and back home to the US....
...But a steadier auto market has proved a tricky road to handle for the pair. Hertz can be considered, at least in part, a highly leveraged bet on used-car prices....
...Auto-delete settings on messages contribute to their ephemeral, conversational tone. However, the judge described this as the suppression of evidence....
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