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Huawei Technologies is offering interest-free loans for its Luxeed S7 electric sedan, aiming to boost sales after a slow start. Customers can choose between a three-year interest-free loan or a five-year low-interest option. This move follows BYD's announcement of standard smart driving technology in its models, intensifying competition in China's EV market.
Ross Gerber highlights a significant technical difference in the autonomous driving race, noting that competitors like BYD and Huawei utilize LIDAR technology, unlike Tesla's camera-only system. Concerns about Tesla's Full Self-Driving system persist, particularly regarding its performance in adverse conditions. As BYD rolls out its "God's Eye" system and Huawei showcases its advanced capabilities, Tesla's approach faces increasing scrutiny amid ongoing investigations by the National Highway Traffic Safety Administration.
Tesla's market cap surged past $1 trillion following an 8% stock rally after Donald Trump's election win, reflecting investor optimism about potential benefits for the company under a Trump administration. CEO Elon Musk, a significant Trump supporter, anticipates 20% to 30% vehicle growth next year, driven by lower-cost models and advancements in autonomy. Tesla reported third-quarter revenue of $25.18 billion and net income of $2.17 billion, while analysts suggest a less regulated environment could enhance Tesla's competitive edge against cheaper Chinese EVs.
Tesla shares surged 8% in overnight trading as investors speculated that a potential Trump victory would benefit CEO Elon Musk, a major supporter. Musk's recent $75 million donation to America PAC and his promise to lead a government efficiency commission if Trump is elected have fueled optimism, despite concerns that a Trump presidency could negatively impact the EV industry overall. Analysts suggest that Tesla's unmatched scale may provide a competitive edge in a market less reliant on subsidies, especially with anticipated higher tariffs on Chinese EV manufacturers.
Zeekr reported a remarkable 92% increase in EV deliveries in October, reaching a record 25,049 vehicles, surpassing its previous high of 21,333 in September. The Geely-backed automaker aims for 230,000 deliveries in 2024, needing over 31,000 in the final two months of the year. Meanwhile, Xpeng also achieved a personal best with 23,917 deliveries, while Li Auto delivered 51,443 cars, slightly below its September record.
Japanese automakers Toyota and Nissan are set to reveal their earnings amid declining global demand and increased competition, particularly from Chinese manufacturers. In emerging markets like Southeast Asia, Chinese brands have significantly eroded the market share of Japanese companies, with BYD capturing 40% of EV sales in Thailand, while Japanese brands hold less than 1%.
Chinese EV maker BYD surpassed Tesla in quarterly revenue for the first time, reporting 201.12 billion yuan ($28.24 billion) for Q3, a 24% increase year-on-year, compared to Tesla's $25.18 billion. Despite this, Tesla led in net profit with $2.18 billion, while BYD's profit rose to 11.6 billion yuan. The competitive landscape intensifies as the EU imposes tariffs on Chinese EVs, prompting both companies to expand production in Europe.
China has instructed its automakers to pause significant investments in European countries that support new tariffs on Chinese electric vehicles, which can reach up to 45.3%. This directive follows a divided EU vote, with ten countries backing the tariffs, while others, including Germany, opposed them. The move aims to leverage negotiations with the EU and mitigate potential declines in EV exports, which are crucial for the Chinese market.
PHEV sales in China are surging, driven by advanced models from BYD and favorable economic conditions, including lower electricity prices and incentives for electric use. In contrast, European company car benefits and high fossil fuel subsidies limit the appeal of home charging, impacting PHEV adoption. As competition grows globally, the market dynamics may shift, with potential implications for electrified vehicle strategies in other regions.
Xiaomi delivered over 20,000 SU7 electric vehicles in October, aiming for 100,000 by the end of November. The company also announced preorders for the high-end SU7 Ultra, priced at over $110,000, which received 3,600 orders within 10 minutes. Analysts predict Xiaomi will deliver 250,000 cars next year, bolstered by its competitive pricing and recent performance on the Nurburgring race track.
BYD Co. Ltd.
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