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BEIJING (Reuters) -- IM Motors, a premium electric vehicle brand of state-owned Chinese automaker SAIC, said on Friday it has raised more than 8 billion yuan ($1.1 billion) to work on new smart car models and technologies.
Chinese electric vehicle giant BYD on Wednesday unveiled lower-priced new versions of its Han sedans and Tang SUVs, deepening a protracted and brutal price war in the world's largest auto market with even larger discounts than those in 2023.
TOKYO -- As the U.S., Europe, China and Japan in the northern hemisphere race to put electric vehicles on roads by offering subsidies and building infrastructure, southern hemisphere nations rich in the minerals EVs need to roll along those roads are mounting a challenge for control of the automotive revolution.
EVs currently account for around 5 per cent of India’s automobile market, but that figure is projected to grow to 40 per cent by 2030, at which point EV revenues will reach US$100 billion annually, according to a report by US consultancy giant Bain & Co published in December.
BANGKOK -- Thailand will expand its incentive programs for electric vehicles, introducing tax reductions for users of electric trucks and buses to encourage businesses to switch to green vehicles.
JAKARTA -- Competition in Indonesia's electric vehicle market is intensifying as Vietnamese automotive manufacturer VinFast and China's BYD enter Southeast Asia's largest economy with passenger car debuts.
Xpeng plans to hire 4,000 new people and invest in artificial intelligence technology, according to the company's CEO, who warned of intense competition in the electric vehicle space which could end in a "bloodbath."
U.S. President Joe Biden's administration intends to relax limits on tailpipe emissions that are designed to get Americans to move from gas-powered cars to electric vehicles, the New York Times reported, citing people familiar with the plan.