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All articles tagged with #evmarket

automotive-business2 years ago

"Fisker Shifts Strategy with Dealer Partnerships Amid Sales Target Challenges"

Fisker Inc. has announced a new Dealer Partnership Model in North America, aiming to expand its sales and delivery network for its electric vehicles, including the Fisker Ocean. This model offers fixed customer pricing and larger market territories for dealers, fostering a competitive edge without local competition. In Europe, a hybrid of direct sales and dealer arrangements is planned. The strategy is designed to be asset-light and sustainable, avoiding costly changes to dealer facilities. Fisker will also maintain Fisker Lounges for brand experience and sales lead generation. The company plans to add up to 50 dealer partners in the US and Canada, and a similar number in Europe, to meet the growing demand for electric vehicles and prepare for future model launches.

via Fiskerati|
##automotive-business#dealerpartnershipmodel
automotive-industry2 years ago

"2023 Auto Sales Trends: Record Highs, Market Shifts, and the Rise of Tesla and Hyundai-Kia"

Major automakers like GM, Toyota, Ford, and Stellantis have experienced a decline in new vehicle sales, with figures falling short of peak years and showing an ugly trend over recent years. This is attributed to decades of price increases and a shift towards upscale models, making new vehicles less affordable for the average American. Hyundai-Kia, however, set a record in sales, surpassing Stellantis. Tesla has shown significant growth and is now considered among the major US automakers, with the Model Y becoming the second bestselling vehicle in the US. Meanwhile, Honda and Nissan are facing challenges, with Honda relying on GM's Ultium platform for its upcoming EV and Nissan's sales still significantly below their peak.

via WOLF STREET|
##automotive-industry#automotivetrends
business-and-finance2 years ago

"BYD Dethrones Tesla as EV Leader Amid Intensifying Global Rivalry"

BYD, a Chinese automaker initially underestimated by Elon Musk, has surpassed Tesla as the top electric vehicle (EV) maker in the fourth quarter of 2023. Founded in 1995 and starting as a battery manufacturer, BYD's strategic investments and diversification into various sectors, including autos and semiconductors, have fueled its rise. The company's success is attributed to its innovative Blade battery technology, a focus on hybrid vehicles during the early stages of China's EV market, and substantial government support. With a strong domestic presence, BYD is now expanding globally, facing political challenges but continuing to grow, while Tesla faces stiffer competition and a less certain growth trajectory.

via CNBC|
##automotiveindustry#business-and-finance
business-and-finance2 years ago

"Ford Revises 2024 F-150 Lightning Pricing Amidst Trim Changes"

Ford Motor has adjusted the pricing of its 2024 F-150 Lightning electric truck models, with increases of up to $5,000 for entry-level models and decreases of up to $7,000 for high-end trims. The price changes are a response to balancing consumer demand, profitability, and the cost of raw materials. Despite cutting production plans, the F-150 Lightning remains America's best-selling electric pickup, with sales growing and maintaining eligibility for a $7,500 federal tax credit under new requirements. The price adjustments do not include a mandatory destination fee or any federal or local EV incentives.

via CNBC|
##business-and-finance#electricvehicles
business-and-finance2 years ago

"BYD Dethrones Tesla, Securing EV Crown with Record Production in 2023"

Chinese electric vehicle manufacturer BYD is on track to surpass Tesla as the world's largest EV maker, having already exceeded Tesla's Q4 2023 production with over 526,000 vehicles sold. BYD's success is partly attributed to aggressive discounting in Europe and backing from Berkshire Hathaway. Despite this, BYD's shares dropped by nearly 24% in 2023. China aims for its top EV makers to expand globally, with a target of 10% overseas sales by 2025. Tesla, while still leading in the U.S. due to trade restrictions, faces challenges such as a significant recall and intense competition in Europe.

via Fox Business|
##business-and-finance#byd
business-and-finance2 years ago

"Tesla's Record EV Deliveries Met with Cautious Optimism by Wall Street"

Despite Tesla's record vehicle deliveries in Q4 and meeting its full-year targets, Wall Street analysts remain unimpressed, focusing on the company's end-of-year earnings and potential profit challenges in 2024. Analysts are particularly concerned about auto gross margins and vehicle pricing, as Tesla's aggressive price cuts and discounts to maintain sales momentum have led to a significant drop in margins. Tesla's stock price has reflected these concerns, with a decline during recent market action. Additionally, competition in the EV market is intensifying, with China's BYD surpassing Tesla in BEV sales and Rivian also making strides, although it fell slightly short of Q4 delivery expectations. Tesla CEO Elon Musk emphasizes that Tesla is more of an AI/robotics company than a traditional automaker, a sentiment echoed by some analysts who see a broader value in the company beyond its EV business.

via Investor's Business Daily|
##business-and-finance#evmarket
business-and-economy2 years ago

"BYD Dethrones Tesla in Global EV Sales Race as 2023 Deliveries Soar"

BYD, a Chinese electric vehicle (EV) manufacturer, has surpassed Tesla in global EV sales, becoming the world's top seller by the end of last year. Founded in 1995 by Wang Chuanfu, BYD started as a battery maker and has since expanded into producing affordable electric cars, plug-in hybrids, and electric buses, with significant markets in Israel and Thailand. The company's rise was bolstered by an investment from Warren Buffett in 2008 and is supported by the Chinese government's push for EVs. Despite not yet selling passenger cars in the U.S., BYD's electric buses are made and sold in California. The company's competitive pricing and advancements in battery technology, such as the Blade Battery, have contributed to its success against Tesla, particularly in the Chinese market.

via CNN|
##business-and-economy#byd
business-and-finance2 years ago

"Tesla Dominates 2023 European Market with Record EV Sales in Norway and Sweden"

Tesla experienced significant sales growth in Europe during 2023, with the Model Y leading as a best-seller in several countries. In Sweden, Tesla's registrations grew by 121.3% year-over-year, while in Denmark, the Model Y became the best-selling car overall. Norway continued to see Tesla dominate the market with a 20% share, and in Iceland, Tesla broke a 33-year record to become the most-sold vehicle brand. These results underscore the strong demand for Tesla's premium electric vehicles and hint at potential future success as the company may enter more affordable market segments.

via TESLARATI|
##business-and-finance#electricvehicles
business-and-finance2 years ago

"BYD Dethrones Tesla in Global EV Sales as Q4 Records Tumble"

Tesla achieved a record number of electric vehicle deliveries in Q4, meeting its 2023 target with 1.85 million vehicles produced. Despite this, Tesla was surpassed by China's BYD as the top EV maker, with BYD delivering 526,409 vehicles in the same period. Tesla's growth and aggressive sales strategies, including discounts and free charging incentives, were not enough to maintain its leading position. The company also faces challenges such as the loss of tax credits for some models and regulatory scrutiny over its self-driving technology. Meanwhile, BYD's delivery numbers indicate that its price cuts are effectively boosting its market share.

via Reuters|
##business-and-finance#byd
business-and-finance2 years ago

"BYD Surpasses Tesla in Global EV Sales, Signaling Shifting Market Dynamics"

BYD has overtaken Tesla in Q4 2023 as the world's largest electric vehicle manufacturer, largely due to its strong domestic market in China. Despite this, the competition between the two companies is beneficial for the EV industry, which is still growing rapidly. Both Tesla and BYD are expanding their manufacturing capabilities globally, but Tesla currently has geopolitical advantages, especially in its relationship with China. However, technological advancements in the EV sector, particularly in battery technology, are seen as a critical area where Chinese companies like BYD could potentially lead. Tesla sold 1.8 million EVs in 2023, with BYD close behind at 1.6 million.

via Reuters|
##autoindustry#business-and-finance
finance-and-business2 years ago

"European Stocks Experience Mixed Signals Amidst 2024 Rally Pause and Market Reality Check"

Global markets are experiencing a reality check as the anticipated Federal Reserve interest rate cuts may not be as deep as previously expected, leading to a reassessment among traders. This has resulted in a sell-off in Asian shares and a stronger dollar, while Bitcoin remains resilient. Upcoming Fed minutes and labor data will provide further insights into the central bank's monetary policy. In corporate news, China's BYD has overtaken Tesla as the top EV maker by delivering more vehicles in the fourth quarter. European markets are expected to open lower, reflecting the cautious market sentiment.

via Reuters|
##economicdata#evmarket
business-and-finance2 years ago

"Rivian Faces Stock Slip as Q4 EV Deliveries Miss Mark Despite Tesla's Success"

Rivian's stock price fell nearly 10% after reporting lower-than-expected vehicle deliveries for the fourth quarter of 2023, while Tesla's shares saw an increase following their report of record deliveries that surpassed market estimates. Despite Rivian's setback and growing competition in the EV market, Tesla achieved its annual delivery target, although it now faces new competition from Chinese EV maker BYD. The EV industry is navigating challenges such as high interest rates, a price war, and changes in tax credit eligibility. Rivian and Tesla are expected to release their full financial results on February 21 and January 24, respectively.

via Forbes|
##business-and-finance#electricvehicles
financeinvestment2 years ago

"Tesla's Turbulent Trading: Analyzing the Latest Stock Movements and Market Sentiments"

Despite a 20% drop in profits in 2023 compared to 2022, Tesla's stock price doubled due to its sales growth strategy, global diversity, and the growth of its ancillary businesses, including its charging network and energy segment. While Tesla's P/E ratio is high, the company's future success hinges on its ability to recoup profit margins and the continued global shift towards EV adoption. With Tesla's strong position in key markets and its diversified manufacturing presence, investors are watching whether the EV market share will keep expanding, which would likely benefit Tesla in the long term.

via The Motley Fool|
##elonmusk#evmarket
businessfinance2 years ago

Rivian Q4 Deliveries Underperform, Triggering Stock Slide

Rivian Automotive's fourth-quarter vehicle deliveries fell short of market expectations, leading to a 6% drop in pre-market shares. The company delivered 13,972 vehicles, missing the estimated 14,430. High interest rates and strong competition, particularly from Tesla's Cybertruck, have impacted demand. Despite this, Rivian's annual production exceeded its forecast, and the company has introduced a leasing option for its R1T pickup truck, which is eligible for federal tax credits. Concerns about Rivian's financial health persist, with some analysts suggesting the need for additional funding despite the company's assertion of having sufficient capital until 2025.

via Reuters|
##businessfinance#electricvehicles
business-and-economy2 years ago

"BYD Surpasses Tesla in Global EV Sales with Record 3 Million Vehicles in 2023"

Chinese automaker BYD is closing in on Tesla's lead in the global electric vehicle (EV) market after a 62% surge in sales in 2023, selling over three million units, including 1.57 million battery electric vehicles (BEVs) and 1.44 million hybrids. With strong government support and a target for new energy vehicles (NEVs) to be 20% of new car sales by 2025—a goal already met in 2022—China is rapidly advancing in the EV industry. Despite a price war and reduced profit margins in the domestic market, Chinese car makers like BYD are expanding internationally, with plans to build an EV factory in Hungary. Tesla, which focuses solely on BEVs, is expected to have met its annual target of 1.8 million units, but BYD's recent growth suggests it may soon overtake the U.S. company as the world's top EV seller.

via CNN|
##business-and-economy#byd