Multiple provinces in China are reining in vehicle trade-in subsidies, dealing a blow to auto sales and casting doubt on the durability of the national stimulus program, reports Caixin. On Sept. 4, the Department of Commerce in Hubei province said it was cutting auto trade-in incentives to two levels—RMB 3,000 ($411) and RMB 5,000—from a […]
Category: Autos
Li Auto reported a profit and better-than-expected revenue after delivering more than 105,000 electric vehicles in the third quarter, up from 26,500 a year earlier, benefitting from soaring demand in China for new-energy vehicles, reports Caixin. Revenue totaled RMB 34.7 billion ($4.8 billion) in the three months through September, a 271% increase from a year […]
Tesla Inc. has cut the price of its two higher-end Model Y vehicles in China by RMB 14,000 ($1,900) in the latest salvo in a bruising price war, reports Bloomberg. The electric vehicle maker cut the price of its Model Y Long-Range and Performance to RMB 299,900 and RMB 349,900 respectively, the company announced on […]
Chinese automaker BYD on Tuesday said it will invest 3 billion reals ($620.17 million) in a new industrial complex in northeastern Brazil, as it aims to boost local production to offer more competitive prices, reports Reuters. The complex, made up of three plants, will be built in the Camacari industrial park in the northeastern state […]
BYD, the world’s biggest electric vehicle (EV) maker, sold more than a quarter of a million units in June, beating the record it set just a month earlier in the latest sign that a recovery in mainland China’s battery-powered car industry is on a solid footing, reports the South China Morning Post. The Shenzhen-based carmaker […]