Charging infrastructure remains a barrier in EV adoption.
Chinese electric vehicle giant BYD announced revenue of just over $28 billion in the three months ending September.
Executives believe the market for electric vehicles is about to see a rebound in demand as prices come down.
A couple of China-based EV giants had good news to share in spite of a weakened consumer at home and fresh tariffs from the EU and Canada.
The European Commission on Tuesday solidified new tariffs for electric vehicles imported from China. The actual numbers aren’t harsh.
“Any potential cost savings based off a vehicle’s lower-than-average carbon footprint could influence more price-conscious consumers.”
Uber announced a new partnership with BYD to get 100,000 of its drivers into the company’s electric vehicles.
Ford will spend $3 billion to expand production of its popular combustion engine large trucks; Volvo reported a record core operating profit.
Tesla’s sales fell for the second straight quarter, marking its first back-to-back sales drops since 2012. But its stock still rose 10%.
The EU has a 10% tariff on EVs imported from China, but it could soon increase to 25% or 30%.
Beijing is reportedly unhappy with the prospect of an EU tariff on EVs, and is considering retaliatory tariffs on the EU’s aviation industry.
One market research firm said even duties in the range of 15%-30% won’t keep most of the country’s carmakers out of Europe.
Toyota is partnering with petroleum firms to develop carbon-neutral fuels and make them available in Japan by 2030.
But the ramped-up protectionist wave hasn’t extended to investor interest in new shares of Chinese companies.
EVs cost double to operate, can travel half as far, and require recharging, which isn’t ideal for an industry operating on thin margins.
GM said it grew market share across several pickup and SUV models, despite pricing incentives that were “well below” the industry average.
Ford is offering a $1,500 rebate to Tesla owners who may not want to wait around until 2025 for a pricey Cybertruck.
Ford wants to charge EVs when renewables are ripe, according to its latest patent.
The EV startup’s stock fell even further on Monday after news that talks fell through on a potentially company-saving partnership.
A shortage of pressurized fuel tanks and electric batteries has significantly disrupted production.