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BANGKOK – China’s imported electric vehicles (EVs) are heavily denting US and Japanese car sales in Thailand, prompting Chinese manufacturers to invest more than a billion dollars to assemble their EVs near Bangkok to expand domestic sales and accelerate international exports.
Shares of Chinese electric vehicle maker Nio Inc jumped 20% Thursday after its vehicle deliveries more than doubled in April.
Automakers in China are building a new generation of bigger, more technologically advanced and competitive electric cars, threatening to leap further ahead of their global rivals as they step up exports around the world.
Tesla shares fell nearly 6% on Tuesday following news that CEO Elon Musk was pressing ahead with more job cuts at Tesla, impacting an estimated 500 employees in its Supercharger team.
Indian news channels that often take a hard line position against China blasted Musk’s trip.
What a difference 11,000 kilometers make. Elon Musk may be thinking just that as Tesla shares surge on the power of the billionaire flying to Beijing from Austin, Texas.
The European Union will need to levy higher-than-expected tariffs of up to 55% on Chinese electric vehicles to curbtheir imports into the bloc, according to a new analysis by Rhodium Group.
China’s automotive industry has revolutionized over the past decade, from producing basic Western clones to making cars that equal the world’s best. As the manufacturing powerhouse of the world, China is also producing them in huge volumes.