All articles tagged with #china ev market
Europe has proposed to weaken its 2035 all-electric vehicle sales target, replacing it with a less ambitious fleet emissions reduction goal, amid lobbying by automakers who favor slower progress and fear Chinese competition, potentially undermining climate efforts and industry competitiveness.
BYD's significant price cuts on its EV models in China have triggered a price war, causing its stock to tumble and prompting rivals to respond with discounts, while Tesla remains unaffected in China. The move aims to boost sales amid rising inventories and stiff competition, but may squeeze profit margins, highlighting ongoing tensions in China's EV market.
The Asian markets were mixed with Hong Kong leading losses, while the S&P 500 closed at a fresh high in anticipation of Big Tech earnings and the Federal Reserve's rate policy decision. "Quiet luxury" is gaining traction among investor portfolios, China's EV market remains competitive, and the DOJ and SEC have unveiled charges in a $1.9 billion cryptocurrency fraud scheme. Analysts are bullish on SK Hynix, the world's second-largest memory chipmaker. The timing of interest rate cuts is the top issue for investors, with the market expecting the Fed to keep rates unchanged at its two-day meeting, but economists are split on the timing of rate cuts, influenced by recent good economic news.
Nio and XPeng are relying on new electric vehicles to boost their sales, with Nio launching an upgraded ES6 SUV and XPeng set to release the G6 SUV. XPeng reported a wider-than-expected Q1 loss, but hopes the G6 will revive its fortunes in the second half of 2023. Nio's EV sales fell 35.9% in April, while XPeng's sales were up a modest 1.1%. The Chinese EV startups are facing competition from Tesla's Model Y, which has seen increased sales after price cuts.