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...This shift will have major ramifications for both the auto industry and the energy sector.”...
...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...
...Tesla’s sales figures also “suggested a sharp deterioration in growth” in the US, said Tom Narayan, an auto analyst at RBC Capital Market, while the Model Y and 3, which account for more than 90 per cent...
...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...
...“Global EV sales continue to be under pressure as many carmakers prioritise hybrid over EVs.”...
...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....
...The lull in EV sales is having a damaging impact on the auto industry....
...The slowing pace of sales growth has fuelled expectations among auto executives for a wave of consolidation that will leave only a handful of companies in the world’s largest car market....
...It was something tenable on the horizon, so was a reason to look past the current EV sales slump....
...Yet sales, the same data set predicts, will lag even further behind. EV interest last year resulted in sales of 9.5mn vehicles, but the figure is only expected to be 9.8mn this year....
...Less than two years into entering Thailand, the region’s second-biggest auto market, BYD holds the position as the biggest EV maker and the third-largest automaker for the overall passenger car market, according...
...Sales grew by 55 per cent between January 2022 and January 2023....
...Sales growth has fallen. In the last quarter, it was 16 per cent, down from 33 per cent the previous year. The co-founders have left....
...Even as car sale volumes are still depressed compared with peak levels, unit profitability has reached record levels and the operating profits and cash flow have turned slightly positive....
...Daniel Roeska, an auto analyst with Bernstein, said that consumers had perceived a “chasm” between the industry leaders — Tesla and BYD — and the “traditional [original equipment manufacturers]” such as...
...Unions in Norway, one of Europe’s biggest markets for electric vehicle sales, said they will stop Teslas destined for Sweden being unloaded in the neighbouring Scandinavian country....
...Monthly sales of plug-in hybrid and pure battery cars in China rose above 1mn for the first time in November, according to data from Automobility, a Shanghai consultancy....
...He is effectively China’s Elon . . . if we are looking at branding, looking at bold moves,” said Tu Le, founder of Beijing-based advisory company Sino Auto Insights....
...At the same time, the Japanese auto industry is being challenged by other Asian nations....
...of Beijing-based advisory company Sino Auto Insights....
...“I think it won’t be rubber stamping [Elon’s wishes] any more,” said Philippe Houchois, auto analyst at Jefferies....
...A collapse in sales among scores of auto groups in China is fuelling expectations for a wave of consolidation that will leave only a handful of companies in the world’s largest car market....
...However, the company’s fractional private jet ownership business NetJets reported a jump in demand from wealthy clients, and its auto dealerships reported rising sales of new vehicles....
...“Honestly, we feel like there’s an opportunity for a company from Vietnam like us to be a global company when the auto industry is going through a very structural change,” Thuy said....
...The company is also working with Singapore-based FEST Auto to sell EVs to the European logistics market....
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