Chinese electric vehicle (EV) manufacturer XPeng has reported another month of strong sales in October despite the current shortage of necessary chips and raw materials, reports the South China Morning Post. XPeng, the world’s first carmaker to produce a Lidar-guided EV, delivered a total of 10,138 vehicles last month, the second consecutive month it has […]
Category: Autos
Chinese EV battery-maker Contemporary Amperex Technology (CATL) announced a rise of about 130% in both revenue and profit amid skyrocketing demand for their products in the world’s largest auto market, reports Caixin. In the three months through September, the company’s net profit attributable to ordinary shareholders totaled RMB 3.3 billion ($515.8 million) on revenues of […]
Chinese electric vehicle and battery manufacturer BYD will raise the price of battery products by around 20% from November 1, the company said in a letter to clients on Monday, reports Caixin. The move is further evidence that producer cost inflation is being transferred to consumer products. The costs of raw materials to produce lithium batteries […]
Electric vehicle (EV) manufacturer Tesla has posted record profits and revenue for the third quarter despite the supply chain issues plaguing carmakers, reports Nikkei. For the three months ending in September, Tesla reported $1.62 billion in profit, an all-time high, and more than quadrupled the $331 million in the same period last year. It registered […]
China’s budding electric vehicle (EV) startups are increasingly turning toward private equity and venture capital for funding, amid tougher thresholds for initial public offerings (IPOs) on the Shanghai STAR Market, reports the South China Morning Post. EV manufacturers Evergrande New Energy Vehicle Group, Geely Automobile and WM Motor Technology have all been turned away in […]