Tag: Electric Vehicle

 Uber and Chinese automaker BYD announced a multi-year partnership on Wednesday aimed at bringing 100,000 new electric vehicles to the ride-hailing platform globally.

Tesla reported weaker-than-expected earnings for the second quarter as automotive sales dropped for a second straight period. The stock slid more than 8% in extended trading

Tesla shareholders will appear in court on Monday to argue that an unprecedented request for more than $7 billion in attorneys’ fees to be paid by the company is “outlandish,” the latest twist in a legal showdown over Musk’s $56 billion pay package.

China announced on Friday the next step in its anti-dumping investigation into European brandy imports, ramping up tension on the same day the European Commission’s provisional tariffs on Chinese-made electric vehicles take effect.

Turkey will soon unveil an agreement with Chinese electric-car maker BYD Co. for the construction of a $1 billion plant in the west of the country, Turkish officials said.

The European Union will impose tariffs of up to 37.6% from Friday on imports of electric vehicles made in China, EU officials said, ratcheting up tensions with Beijing in Brussels’ largest trade case yet.

Tesla shares saw more gains in premarket trading Wednesday, after jumping 10% in the previous sessions following the release of second-quarter vehicle production and deliveries figures that beat analyst expectations.

China’s BYD posted a 21% rise in second-quarter electric vehicle sales, closing the gap with Tesla after handing back the world’s top EV vendor title to the U.S. rival in the first quarter.

Tesla is expected to report second-quarter deliveries on Tuesday. For the second quarter, the most current Wall Street estimates point to about 420,000 cars delivered, down from some 466,000 delivered in the second quarter of 2023.

Geely-owned Zeekr delivered 20,106 cars last month, bringing year-to-date deliveries to 87,870 vehicles. That’s slightly more than Nio’s 87,426 deliveries for the first six months of 2024, although Nio continued to recover from sluggish performance earlier in the year with a record 21,209 deliveries in June.

Electric vehicle (EV) maker Polestar said it will have to take steps to offset hefty EU and U.S. import tariffs on its Chinese-made electric cars as it posted a first-quarter operating loss on Tuesday.

Rivian (RIVN) shares surged in premarket trading Wednesday after the EV maker announced a joint venture deal with Volkswagen (VWAGY), crucially bringing fresh capital into Rivian’s coffers.

Nissan Motor will produce electric vehicles for its Chinese joint-venture partner Dongfeng Motor at its Wuhan factory by year-end, the Nikkei newspaper reported on Tuesday, a sign of pressure on the automaker’s China business.

Beijing wants the EU to scrap plans to impose preliminary tariffs on Chinese electric vehicle imports by July 4, China’s state-controlled Global Times reported, after both sides agreed to negotiate a possible compromise.

Canadian prime minister Justin Trudeau is reportedly weighing up plans to impose new tariffs on Chinese-made electric vehicles in order to align Canada with the policies taken by the U.S. and European Union.

U.S. electric vehicle (EV) maker Fisker filed for bankruptcy protection late on Monday, looking to sell its assets and restructure its debt, after succumbing to rapid cash burn to deliver its “Ocean” SUVs in the United States and Europe.

Automotive companies in China sold more cars than their U.S. counterparts for the first time last year, boosted by BYD
and growth in emerging markets, researcher Jato Dynamics said in a report published Thursday.

Tesla’s largest outside investor Vanguard said it voted in favor of CEO Elon Musk’s $56 billion pay package, citing the company’s performance, contributing to the passage of the record-setting arrangement on Thursday.

Shares of Tesla popped in premarket trading, after Elon Musk said shareholders are set to approve his controversial $56 billion pay package and a resolution to move the electric carmaker’s incorporation to Texas.

Tesla on Thursday said it will likely increase the Europe prices of its Model 3 vehicle from July 1 after the European Union said it could impose provisional higher tariffs on electric cars imported from China.