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...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...
...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...
...It was something tenable on the horizon, so was a reason to look past the current EV sales slump....
...But PayPal’s latest results and guidance for flat adjusted profit for this year suggest there is no easy way to hit the reset button. More people are opting to pay with a click or tap of their phones....
...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....
...New US competitors will not find it easy to gain territory from the market leader....
...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....
...Its similarity to texting means that it is easy to blend personal and professional conversations too....
...But investors in Visa and Mastercard can rest easy. Their high-margin business model remains intact....
...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....
...Savills data show sales of properties worth more than £5mn were down 13 per cent last year from the year before, as the post-Covid property boom came to an end....
...However, such efforts are not easy or cheap....
...EVs comprised just 9.1 per cent of US new car sales in the second quarter of this year. But as EVs sales grow, they will gradually change flows into salvage yards....
...But, “it was definitely not an easy call” to leave a steady income, he admits....
...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...
...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....
...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....
...What the addictive app does represent is an easy, symbolic way of pretending to be serious....
...At the same time, the Japanese auto industry is being challenged by other Asian nations....
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