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Chinese electric vehicle sales surged, with 53% of new auto sales being plug-in vehicles in October, led by BYD. Solid-state battery advancements were highlighted, including new factories from Chery and Honda. Tesla expanded into the Philippines, while Hyundai unveiled the IONIQ 9, expected to be a hit in the US market.
Plugin vehicles in China achieved a record 53% market share in October, with over 1.19 million sales, marking a 57% year-over-year increase. BYD dominated the market, securing eight of the top ten spots, led by the BYD Song, while Tesla's Model Y ranked sixth. The overall market is projected to approach 50% electrification by year-end, with significant growth in both BEVs and PHEVs.
Automakers, including BMW, GM, and Nissan, have responded to criticism over their supply chain practices, emphasizing their commitment to human rights and sustainability. Recent legal actions, such as a major class action in Brazil against mining companies, highlight the ongoing struggle for accountability in the extraction of minerals essential for electric vehicles. As regulations tighten globally, companies are urged to leverage their influence to improve conditions in mining and promote decarbonization across the industry.
Nifty has dropped to a new five-month low, exacerbated by ongoing issues surrounding the Adani group, which are contributing to market instability. Attention is also focused on major players like Hyundai and Infosys as investors navigate these challenges.
India"s trade ministry is exploring technology transfers and tariff reductions to attract global players, inspired by the success of Apple and Hyundai in the country. The focus is on enhancing local manufacturing in sectors like capital goods, chemicals, and leather, aiming to integrate domestic companies into global value chains. Initial discussions also highlight food processing, textiles, and the ongoing growth in electronics and automobiles.
The Jeep Avenger EV, a compact electric vehicle, is attracting attention in Brisbane, particularly among younger buyers, despite its limited space for passengers. With a range of 400 km and a 54-kW battery, it offers a fun driving experience, though it lacks one-pedal driving and has a hard suspension. Priced competitively under AUD$50,000, it aims to carve out a niche in the city-focused EV market, having already won accolades like the European Car of the Year for 2023.
Federal incentives for clean energy, including tax credits for electric vehicles and energy-efficient appliances, may be at risk with the incoming administration. While the Inflation Reduction Act has spurred significant investments and job creation, GOP leaders express mixed feelings about its potential repeal. Experts advise homeowners to act quickly to take advantage of these benefits before any changes occur.
The midsize EV market has shifted dramatically, with Tesla's Model 3 Long Range RWD leading at 46,000 euros for a remarkable 702 km range. Competing models like the Xpeng G6 Long Range RWD and BYD Seal RWD offer strong alternatives, showcasing impressive specs and value, while traditional German brands struggle to keep pace.
MG4 has emerged as the top-selling electric vehicle in the UK, surpassing Tesla's Model Y and Model 3, thanks to its competitive pricing and a strong warranty. As low-cost rivals enter the market, the UK remains free from tariffs on Chinese EV imports, fostering a diverse automotive landscape. The upcoming year is crucial for the profitability of electric vehicle sales amid increasing competition.
Stocks closed on a sour note as traders anticipate earnings reports from Chevron and Exxon Mobil, with both CEOs scheduled to appear on CNBC. General Motors saw a 13% rise in the last month, while Ford and Stellantis faced declines. Apple reported strong iPhone sales but saw a slight drop in stock after hours, despite a 22.7% year-to-date increase. Financials outperformed in October, while health care and consumer durables struggled.
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Chinese electric vehicle market surges as global competition intensifies
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02:09 23.11.2024
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federal incentives for clean energy may soon be at risk
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21:42 14.11.2024
mg4 leads uk ev sales as competition intensifies from low-cost rivals
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00:06 01.11.2024
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