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<ul class="summary-list"><li>Thousands more jobs are under threat in Germany's beleaguered automotive industry.</li><li>Parts supplier Schaeffler said it would cut thousands of jobs for a net reduction of about 3,700 workers.</li></ul>Germany's auto industry is under intense pressure — and now thousands of jobs will go at a key company in the supply chain.Auto parts supplier Schaeffler said on Tuesday it would cut about 4,700 jobs across Europe and close two of its 10 locations in Germany. The move comes a week after union officials said Volkswagen was <a target="_blank" class="" href="https://www.businessinsider.com/volkswagen-considers-closing-factories-germany-job-salary-cuts-autos-2024-10">planning to shut factories</a> in its home market for the first time.Schaeffler, which supplies parts to companies including VW, BMW, and Mercedes-Benz, said it would cut about 2,800 jobs in Germany as part of an effort to save 290 million euros ($316 million) a year by 2029. Relocating some production meant the net number of job losses would be about 3,700, the company said.Schaeffler CEO Klaus Rosenfeld said in a press release that the moves were necessary to safeguard the group's competitiveness over the long term.Net profit for the nine months to September 30 fell almost 40% to 250 million euros compared with the same period last year. The stock fell almost 6% in Frankfurt.Schaeffler's struggles add to the upheaval facing Germany's automotive industry — a vital part of Europe's largest economy.Volkswagen is considering closing as many as three factories and cutting thousands of jobs, the company's top union official said, after it issued two profit warnings in three months.Rivals Mercedes and BMW have also warned on profits amid sliding sales, with <a target="_blank" class="" href="https://www.businessinsider.com/mercedes-benz-sliding-ev-sales-and-weak-demand-in-china-2024-10">Mercedes saying it would seek "cost improvements"</a> across its business after EV sales fell 31% in the third quarter compared with a year earlier.Automakers and suppliers are struggling with <a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">stuttering demand for EVs in Europe</a> even as they <a target="_blank" class="" href="https://www.businessinsider.com/vw-making-huge-bet-on-electric-vehicles-in-next-decade-2019-11">pour billions</a> into transitioning from combustion engine vehicles.The likes of Mercedes, BMW, and VW are <a target="_blank" class="" href="https://www.businessinsider.com/germany-auto-giants-volkswagen-bmw-mercedes-struggle-sales-china-evs-2024-10">also facing a growing crisis in China</a>, with all three reporting sliding sales in the world's largest car market.The European giants are coming <a target="_blank" class="" href="https://www.businessinsider.com/luxury-european-carmakers-china-sales-competition-electric-vehicles-bmw-mercedes-2024-10">under pressure from Chinese EV companies</a> including BYD and Zeekr which are winning market share from foreign firms.Many of those companies are now expanding in Europe, despite the EU's tariffs on Chinese EV imports. BYD announced plans to bring its <a target="_blank" class="" href="https://www.businessinsider.com/byd-cheap-ev-seagull-coming-to-europe-china-us-tariffs-2024-5">ultra-cheap Seagull hatchback to the continent next year</a> and is building factories in Hungary and <a target="_blank" class="" href="https://www.businessinsider.com/tesla-rival-byd-chinese-evs-expands-in-europe-new-factory-2024-7">Turkey</a>.Schaeffler declined to comment.

Parts supplier cuts thousands of jobs as Germany's auto woes deepen

<ul class="summary-list"><li>Germany's automotive industry is facing an increasingly difficult outlook.</li><li>Volkswagen may close factories in Germany for the first time, and BMW and Mercedes-Benz are struggling.</li></ul>Germany's car giants were once the envy of the world, but now find themselves facing a myriad of threats.BMW and Mercedes-Benz have issued profit warnings in recent weeks amid <a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">slumping EV sales in Europe</a> and <a target="_blank" class="" href="https://www.businessinsider.com/chinas-electric-vehicle-market-could-face-a-brutal-reckoning-2024-5">brutal competition in China</a>, while Volkswagen is <a target="_blank" class="" href="https://www.businessinsider.com/volkswagen-considers-closing-factories-germany-job-salary-cuts-autos-2024-10">also facing a reckoning</a>.On Wednesday VW said net profit for the three months to September 30 plunged by almost 64% to 1.57 billion euros, with a 30% decline to 12.8 billion euros for the first nine months of the year. A 4% rise in vehicle sales in North America and 16% growth in South America for the nine months was offset by a 1% decline in western Europe and a 12% slide in China — VW's biggest market outside Europe. It now expects to deliver about nine million vehicles this year, or about 240,000 fewer than 2023.Volkswagen is seeking to cut billions in costs after issuing two profit warnings in three months. On Monday, its top union official said the company was planning factory closures in Germany for the first time, along with pay cuts and layoffs. The Golf and Polo maker is one of Germany's biggest employers with about 300,000 workers.Mercedes-Benz is also <a target="_blank" class="" href="https://www.businessinsider.com/mercedes-benz-sliding-ev-sales-and-weak-demand-in-china-2024-10">pursuing "cost improvements"</a> after last week's lackluster earnings, while BMW stock has been hit by the recall of some <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/bmw-recalls-1-5-mln-vehicles-over-braking-system-issue-1033765005">1.5 million cars over a braking issue</a>.<div type="image" title="New Volkswagen cars at a factory" height="2574" width="4625" msid="114777386" hostid="261" sizebytes="794156"></div><h2 id="58206ab8-4040-4a0f-ac1e-b07e60c53b6a">Fight for survival in China</h2>All three giants face a similar problem: they're no longer selling enough cars in China, the world's largest car market and a one-time cash cow for European automakers. About 21.7 million new vehicles were sold in China last year, per the China Passenger Car Association figures, compared with about 15.6 million in the US and 10.5 million in Europe.Like VW, BMW and <a target="_blank" class="" href="https://www.businessinsider.com/mercedes-benz-sliding-ev-sales-and-weak-demand-in-china-2024-10">Mercedes</a> also reported a slide in sales in China in the third quarter, amid waning demand for luxury vehicles and the growing dominance of Chinese EV makers.<div type="image" title="BYD Yangwang U8" height="4093" width="6140" msid="114777389" hostid="261" sizebytes="1395046"></div>Helena Wisbert, professor of automotive economics at Ostfalia University in Germany, told Business Insider: "BMW and Mercedes are selling fewer cars, because the new players in the market for EVs have become really competitive, especially in China."Wisbert said that German manufacturers have failed to anticipate the changing behavior of Chinese consumers and diversify their product lines. She added that Mercedes, BMW, and Volkswagen offer comparatively few hybrid and <a target="_blank" class="" href="https://www.businessinsider.com/extended-range-electric-vehicles-erev-gas-generator-range-anxiety-2024-8">extended-range vehicles</a> — categories that have proven extremely popular in China.European carmakers are under intense pressure from Chinese rivals such as <a target="_blank" class="" href="https://www.businessinsider.com/ev-electric-vehicle-china-brands-byd-nio-wuling-zeekr-geely-2023-5">BYD, Nio, and Xiaomi</a>, which offer luxurious EVs vehicles with better <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-makers-battle-for-market-dominance-with-smart-features-2024-5">software experiences</a> — and all at far lower prices.<div type="image" title="Chinese customers assess the Xiaomi SU7 at a flagship store in Shanghai, China." height="2800" width="4200" msid="114777392" hostid="261" sizebytes="344146"></div>To make matters worse, some Chinese automakers are now eyeing expansion in Europe, even with <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-vehicles-european-tariffs-retaliation-vw-bmw-mercedes-tesla-2024-10">the European Union planning tariffs on BYD and its rivals</a>.Wisbert said the brand strength of BMW and Mercedes in Europe gave them a crucial advantage over Chinese interlopers — but added that VW would likely face competition from Chinese brands that can build and sell EVs far more cheaply. "In the long run, it's a big threat, especially for Volkswagen."<h2 id="4b4f7370-2052-4695-8ad7-e34b879663db">Slow sales in Europe</h2>At the same time, Germany's automakers are also dealing with a slowdown in EV sales in Europe.Mercedes said last week that <a target="_blank" class="" href="https://www.businessinsider.com/mercedes-benz-sliding-ev-sales-and-weak-demand-in-china-2024-10">sales of battery-powered cars</a> fell 31% in the third quarter compared with the same period last year, while deliveries of Volkswagen Group EVs in Europe were <a target="_blank" class="" href="https://uploads.vw-mms.de/system/production/files/cws/040/668/file/151d368085a7d93bdc93358b5dc3bc7714ea72d0/20241011_Deliveries_Tables_icl_BEV.pdf?1728635690">down 12% in Q3</a>.Demand for electric vehicles has slowed in Europe amid a lack of affordable options and the end of subsidy schemes in some countries, including Germany, where new EV deliveries <a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">plunged by 69% in August</a>."The European market has failed to return to health as quickly as hoped post-Covid," Matthias Schmidt, an independent auto analyst based in Germany, told BI in an email."That is causing an over-capacity and under-utilisation problem leading to the need for restructuring across European operations, alongside new market entrants such as Chinese carmakers and Tesla increasingly eating up market share."<div type="image" title="Union workers rally outside a Volkswagen plant" height="5464" width="8192" msid="114777385" hostid="261" sizebytes="1564854"></div>Wisbert said that despite Volkswagen and BMW starting to sell battery-electric vehicles more than a decade ago, German companies failed to make EVs their "focus" and are now losing out to rivals such as Tesla and BYD that can build and sell electric cars more cheaply."They missed the chance to get the cost for the battery under control. That's the problem because their competitors can sell cars at a really low price level because they have the battery cost under control," Wisbert said.She warned that attempting to save money by scaling back EV plans would render German carmakers even less competitive in the future. Volkswagen and Mercedes have both adjusted their EV strategies and pushed back targets in recent months as sales stagnate."Right now they're cutting their plans for future investment — and that's not the best way to stay competitive in the future," said Wisbert.Investors are also sounding the alarm, sending Mercedes-Benz shares down more than 11% this year, with BMW sliding 28%. VW, meanwhile, is down about a fifth this year, and close to half the stock price of October 2019. Analysts at UBS have a "sell" recommendation on the stock, and the potential cost and disruption that could be sparked by a "major restructuring."VW, Mercedes, and BMW did not respond to requests for comment from BI.

Volkswagen stumbles in China as Germany's auto giants struggle to compete in the EV race

<ul class="summary-list"><li>Car companies are cutting costs heading into the end of the year.</li><li>A price war in China poses a threat to profitability.</li></ul>It's been a busy few days for auto companies.Ford and Volkswagen each pulled back vehicle production plans this week. After the last shift on Friday, November 15, Ford will <a target="_blank" class="" href="https://www.businessinsider.com/ford-pauses-electric-f-150-lightning-production-cuts-manager-bonuses-2024-10">pause F-150 Lightning production</a> until next year, while VW said it is considering historic plant closures in Germany that would lay off hundreds of workers.Meanwhile, Tesla fell behind China's BYD in quarterly revenue for the first time, and GM CEO Mary Barra warned of an unsustainable price war in the Chinese EV market.Amid the flurry of news, two themes stand out: the China threat and <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">EV slowdown</a> loom large for automakers.<h2 id="26021238-9d8a-4010-bec4-f6bfd9ac81e2">Another EV price war threatens profitability</h2>In China, the world's largest auto market, EV leaders <a target="_blank" class="" href="https://www.businessinsider.com/why-byd-is-beating-tesla-ev-rivals-china-2024-11">BYD</a> and Tesla are engaged in a bitter price war that initially weighed heavily on BYD's bottom line.But by August, BYD (which also sells hybrid cars) reported its best-ever passenger car sales, driving up revenue 24% in the third quarter to $28.24 billion, topping Tesla for the first time. It's the latest sign that after nearly two years of deflating the value of its cars, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-sales-miss-ev-slowdown-new-wave-customers-2024-4">Tesla is finally starting to feel the pinch</a> of a slowdown in the EV market.The Chinese EV market is more competitive than ever, according the GM's Barra, who <a target="_blank" href="https://www.businessinsider.com/general-motors-gm-ceo-mary-barra-ev-china-not-sustainable-2024-10">questioned the sustainability</a> of a broader price war in the region driven by an uptick in Chinese EV startups selling inexpensive vehicles.Inexpensive Chinese EVs have long threatened the US EV market. They aren't just well-priced; many are also good-looking and well-equipped. Ford CEO Mark Ford said last week that he's been driving the <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-xiaomi-su7-driven-by-fords-ceo-faster-model-2024-10">Chinese-made Xiaomi SU7</a> for six months and doesn't want to give it up.Some car companies already sell <a target="_blank" class="" href="https://www.businessinsider.com/cars-imported-from-china-us-ev-tariffs-buick-lincoln-volvo-2024-5">China-built EVs</a> in the US, but Biden Administration bans on Chinese vehicles keep competitors like BYD from entering the market. Europe is also slapping tariffs on Chinese EVs as these cars upend their retail market.<h2 id="8dfa0b70-314e-4d64-b16a-ce59212e9bed">Companies will have to build fewer cars for now</h2>As <a target="_blank" class="" href="https://www.businessinsider.com/germany-auto-giants-volkswagen-bmw-mercedes-struggle-sales-china-evs-2024-10">Volkswagen loses ground</a> to BYD in Europe, the automotive giant is considering massive production pull-backs, including closing three German factories for the first time in its history.In the US, Ford announced its own EV production pull-backs this week, stopping assembly of its electric F-150 Lightning pickup truck until next year in a bid to improve profitability for its money-losing EV segment.Both companies are coupling these production rationalizations with other cost-cutting measures. At Ford, managerial bonuses tied to quality and manufacturing costs will be slashed to 65% of last year's levels. VW has said it plans to lay off workers and may cut wages.Over-production isn't just <a target="_blank" class="" href="https://www.businessinsider.com/ev-pile-up-dealer-lots-deals-discounts-leasing-2024-8">a problem for EVs</a>, though. Overall vehicle inventory levels remained elevated at the end of October, driving up manufacturer-funded discounts, according to JD Power. Dealers ended October with about 2 million units in stock, a 4% increase from September and a 25% increase from the previous year.Some companies are more affected by inventory bloat than others. <a target="_blank" class="" href="https://www.businessinsider.com/stellantis-jeep-ceo-falling-sales-shrinking-profit-margins-dealers-strike-2024-10">Stellantis</a>, which is navigating the toughest year in its short history, is specifically focused on reducing inventory levels in the US, and reported some progress on that effort in the third quarter.

The China threat and the EV slowdown— 2 takeaways from a busy few weeks in auto news

<ul class="summary-list"><li>China's EV giants left their European rivals in the dust at the continent's biggest auto show.</li><li>BYD, Xpeng, and Leapmotor unveiled new models at the Paris Motor Show despite looming tariffs.</li></ul>Automakers flocked to Paris for Europe's largest motor show this week — and China's EV giants were the star attraction.BYD, Xpeng, and Leapmotor showcased new vehicles at the Paris Motor Show, even as <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-vehicles-european-tariffs-retaliation-vw-bmw-mercedes-tesla-2024-10">the European Union prepares to impose punishing tariffs</a> on Chinese electric vehicles.BYD unveiled the Sealion 7, a stylish electric SUV that the company says can charge from 10% to 80% in just 24 minutes. The company plans to launch the EV in Europe later this year.The automaker, which aims to become Europe's largest electric carmaker by 2030, showed off seven vehicles at its booth in Paris.Crowds quickly formed around the high-tech Yangwang U8, an imposing hybrid SUV that BYD says is capable of floating on water for up to 30 minutes and turning on the spot like a tank.The U8, which was making its European debut but is currently only sold in China, also comes with a drone that allows passengers to scout the road ahead.The Chinese focus on technologically advanced features and smart cars was also apparent elsewhere at the motor show. The booth of Chinese EV firm Xpeng was dominated by <a target="_blank" class="" href="https://www.businessinsider.com/xpeng-tesla-rival-flying-car-prototype-drone-evtol-2022-11">the company's flying car prototype</a>, which hung from the ceiling.<div type="image" title="Xpeng flying car at the Paris auto show" height="1875" width="2500" msid="114288549" hostid="261" sizebytes="398130"></div>CEO He Xiaopeng and co-president Brian Gu revealed the P7+ with camera-powered partially autonomous driving.Executives also discussed the company's investments in humanoid robots, flying cars, and AI hardware.Speaking to reporters, Gu said that although the tariffs, which could see <a target="_blank" class="" href="https://www.businessinsider.com/bmw-stellantis-renault-auto-giants-on-chinese-ev-competition-2024-10">manufacturers face extra levies as high as 35%</a>, would put pressure on Xpeng's business model, the company was not backing down from its European expansion plans."We have a long-term and strong commitment to Europe, which is a region that we think is a core to our business. We will do whatever is necessary to be competitive," he said.<h2 id="995c4927-3f48-4827-9f84-774f4931eb8f">European automakers despair</h2>Among the local automakers at the event, the atmosphere was less positive.<a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">Stuttering EV sales across the continent</a> have meant some European manufacturers have scaled back their EV plans and are <a target="_blank" class="" href="https://www.businessinsider.com/bmw-ceo-2035-gasoline-vehicle-ban-eu-more-reliant-china-2024-10">lobbying the EU to rethink emissions targets</a> they say will cost them billions in fines.Speaking at a summit on the sidelines of the motor show, BMW CEO Oliver Zipse said the mood in Europe's auto industry was "trending toward pessimism."He warned that a planned 2035 ban on gasoline vehicles in Europe could "threaten the European automotive industry in its heart," while the CEO of French automaker Renault said that it was clear that Chinese automakers had accelerated beyond their Western rivals."Europe is not the leader anymore. No one can put heads in the sand anymore — the center of gravity is now in China," said Renault boss Luca de Meo, speaking at the same event.Nowhere was that more apparent than at the booth occupied by Chinese EV maker Leapmotor.<div type="image" title="Zhu Jiangming founder of Leapmotor and Carlos Tavares CEO of Stellantis at Paris Motor Show" height="4016" width="6016" msid="114288547" hostid="261" sizebytes="2561190"></div>After launching <a target="_blank" class="" href="https://www.stellantis.com/en/news/press-releases/2024/september/leapmotor-international-opens-orders-in-europe-for-affordable-high-tech-t03-city-car-and-c10-suv-electric-vehicles">two new models in Europe</a> last month, the EV startup <a target="_blank" class="" href="https://www.media.stellantis.com/em-en/leapmotor/press/leapmotor-b10-makes-global-debut-at-the-paris-motor-show">unveiled the B10</a>, an electric vehicle it is planning to sell globally from next year and which could cost 100,000 RMB ($14,000) in China.While unveiling the new model, Leapmotor CEO Zhu Jiangming was joined by Carlos Tavares, the CEO of Jeep, Ram, and Fiat maker Stellantis.The European automaker <a target="_blank" class="" href="https://www.stellantis.com/en/news/press-releases/2024/may/leapmotor-international-begins-operations-to-expand-global-electric-vehicle-sales-starting-september-2024-in-nine-european-countries-followed-by-other-key-growth-regions">struck a deal with Leapmotor</a> earlier this year to invest in the company and gained exclusive rights to sell its affordable EVs outside China.Speaking at the automotive summit on Tuesday, Tavares said European automakers needed to accept the "harsh reality" that Chinese companies were now capable of making EVs for far cheaper than their European rivals.He added that the Leapmotor partnership had been necessary for Stellantis to compete with the country's electric vehicle giants."For us, the best way to compete immediately with the Chinese was to hop on their train, rather than letting it run us over," Tavares said.

China's EV giants shine at Europe's largest auto show while local rivals despair

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! Watch anything good over the weekend? True-crime shows remain all the rage over at Netflix, but they come with some legal risks. <a target="_blank" href="https://www.businessinsider.com/why-netflix-keeps-seeking-true-crime-shows-despite-lawsuits-2024-10">That's not stopping the streaming giant</a>, though.In today's big story, America loves its cars. So what do all the different makes and models <a target="_blank" href="https://www.businessinsider.com/united-states-car-models-interactive-guide-politics-color-brand-location-2024-10">say about the people driving them</a>?What's on deck:<ul><li>Markets: A way to invest that <a target="_blank" href="https://www.businessinsider.com/how-to-invest-election-strategy-trump-harris-stock-market-outlook-2024-10">won't suffer regardless of the election's outcome</a>.</li><li>Tech: Breaking down the <a target="_blank" href="https://www.businessinsider.com/venture-capital-us-election-data-contributions-2024-10">war of campaign donations between VCs</a>.</li><li>Business: Prepare for a new "<a target="_blank" href="https://www.businessinsider.com/america-new-economic-supercycle-growth-inflation-stock-market-global-chaos-2024-10">economic supercycle</a>" that'll mean big changes for everyone.</li></ul>But first, here in my car.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">United States of Automobiles</h2><div type="image" title="Cars like American Flag" height="960" width="1920" msid="114431276" hostid="261" sizebytes="137134"></div>A picture says a thousand words, but what about the car you drive?Your choice of automobile offers some interesting insights into the type of person you are, and we've got the data to prove it.Business Insider embarked on a massive project, combing through 1.7 million listings of different makes and models in the US to <a target="_blank" href="https://www.businessinsider.com/united-states-car-models-interactive-guide-politics-color-brand-location-2024-10">better understand what the cars we drive say about us</a>.(Here's a full <a target="_blank" href="https://www.businessinsider.com/methodology-for-car-database-united-states-of-automobiles-2024-10">breakdown of our methodology</a>.)Part of our analysis included figuring out the <a target="_blank" href="https://www.businessinsider.com/america-most-popular-car-models-state-city-county-geography-2024-10">most popular cars in neighborhoods</a> by comparing the vehicle's local popularity to its national average.Some insights weren't surprising. In Palm Beach County, Florida, home to "Wall Street South," Lamborghinis, Porsches, and Bentleys top the list.Others are a bit more unique. Residents of Cadillac, Michigan, take their city's name seriously. The Cadillac DeVille is one of the county's favorite cars. (They also might just be fans of big, luxury cars; the Lincoln Continental ranks high there, too.)Cars also provide a glimpse into <a target="_blank" href="https://www.businessinsider.com/car-models-owned-by-republicans-democrats-american-politics-jeep-2024-10">how their drivers might vote next month</a>.Chevy Silverado and Ford F-150 drivers are more likely to back former President Donald Trump, while Toyota Prius and Audi A4 owners will probably vote for Vice President Kamala Harris. (It's not a one-size-fits-all rule, so please don't email me if you're a Harris-loving Silverado owner or you have a MAGA sticker on your Prius.)But if someone drives a Jeep, your guess is as good as mine. That's the purplest carmaker in America, according to the data, as it has the widest range on the red-blue spectrum.Speaking of colors, <a target="_blank" href="https://www.businessinsider.com/why-car-colors-boring-black-white-gray-cost-cutting-2024-10">cars have also become noticeably less diverse</a>. Instead of a rainbow, America's fleet is mostly black, white, or some shade in between.<div type="image" title="Cars and roads like GPS" height="1000" width="2000" msid="114431278" hostid="261" sizebytes="114016"></div>America's obsession with cars comes with downsides.For one, we have to put them all somewhere. Parking lots <a target="_blank" href="https://www.businessinsider.com/america-parking-lot-spaces-addiction-economy-housing-costs-inflation-2023-4">take up lots of space and aren't cheap</a>.One builder estimates parking stalls in the US cost $27,900 to build. According to some calculations, the US has about 2 billion parking spots in total, which means there are six spots for every registered car.That's despite many Americans wanting to live where they don't necessarily need a car. Homebuyers are willing to pay a premium — <a target="_blank" href="https://www.businessinsider.com/millennials-priced-out-of-cities-into-suburbs-housing-crisis-2024-1">34% more, according to one study</a> — to live in a walkable neighborhood.And for good reason. Living in an area with pedestrian-friendly streets and easy access to shops, restaurants, and parks was <a target="_blank" href="https://www.businessinsider.com/loneliness-happiness-cure-coffee-shops-dense-housing-parks-walkable-neighborhoods-2024-2">positively correlated to well-being and happiness</a>. Car-centric neighborhoods lacking public space <a target="_blank" href="https://www.businessinsider.com/millennials-gen-z-blame-loneliness-on-housing-affordability-crisis-2023-4">can also make people feel lonelier</a>.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Trump cooks fries at McDonald's as he attempts to cast doubt on Harris' <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-harris-mcdonalds-fry-cook-economy-election-2024-10">earlier employment at the chain</a>.</li><li>Social media's favorite fake rich kid opens up about his online persona — <a target="_blank" href="https://www.businessinsider.com/the-european-kid-louis-fake-rich-aris-yeager-profile-storytime-2024-10">and his new real-life job</a>.</li><li>Why a hedge fund <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/elliott-podcast-southwest-airlines-activism-communication-reach-retail-investors-directors-2024-10">made a podcast</a> about a shake-up it's pushing for at Southwest Airlines.</li><li>Elon Musk is flexing his wealth and political power<a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-trump-superpac-donations-politics-2024-10"> unlike any of the richest men before him</a>.</li><li>Netflix keeps getting sued over true-crime shows. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/why-netflix-keeps-seeking-true-crime-shows-despite-lawsuits-2024-10">It's thirsty for more</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Silhouette of Donald Trump" height="3813" width="5720" msid="114431274" hostid="261" sizebytes="158652"></div><ol><li>The curious case of the presidential betting markets. Most polls have the race between Donald Trump and Kamala Harris as a dead heat. But the prediction markets have moved decisively in the former president's favor since the start of the month. Some have speculated a series of bets totaling $30 million <a target="_blank" href="https://www.businessinsider.com/trump-election-odds-polymarket-whale-kamala-harris-polls-betting-markets-2024-10">was meant to tip the scales in Trump's favor</a>.</li><li>Building an election-proof portfolio. With just over two weeks away from the big day, investors are covering all the angles. National debt, economic growth, and immigration reform are <a target="_blank" href="https://www.businessinsider.com/election-investing-prepare-your-portfolio-top-concerns-risks-trump-harris-2024-10">among the top concerns of money managers</a>. And a technical strategist shared <a target="_blank" href="https://www.businessinsider.com/how-to-invest-election-strategy-trump-harris-stock-market-outlook-2024-10">how to set up your portfolio for success</a> regardless of who wins.</li><li>Wall Street remains unimpressed with China's stimulus. The latest measure is focused on the country's struggling property market, including quicker access to credit for developers and renovations in run-down urban areas. But, experts said the plan <a target="_blank" href="https://www.businessinsider.com/china-economy-housing-property-stimulus-economic-growth-goldman-sachs-2024-10">lacks details and doesn't address broad market issues</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Keith Rabois, Vinod Khosla, Marc Andreessen, Reid Hoffman" height="1500" width="2000" msid="114431280" hostid="261" sizebytes="441370"></div><ol><li>Venture Capital is going to war over the election. VCs have plowed tens of millions of dollars into this election cycle, according to FEC data. We broke down <a target="_blank" href="https://www.businessinsider.com/venture-capital-us-election-data-contributions-2024-10">who is donating and where it's headed</a>.</li><li>Constant job cuts are Big Tech's new normal. After major layoffs in 2022 and 2023, Meta reorganized some of its biggest businesses last week, cutting staff in the process. It's a move that signals <a target="_blank" href="https://www.businessinsider.com/meta-job-cuts-indicate-tech-companies-like-recurring-layoffs-2024-10">Big Tech companies are more willing to make recurring cutbacks</a> — and one that could hurt worker morale in the long run.</li><li>America can't get free from subscriptions. Companies are good at trapping customers on the treadmill of recurring charges as things have gotten more digitized. A new rule from the FTC is meant to address the issue, but it might not be enough. The result is Americans <a target="_blank" href="https://www.businessinsider.com/america-subscriptions-nightmare-recurring-payments-cancellation-company-tricks-trap-customers-2024-10">paying more for products and services they don't use</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Quarter that is spinning" height="960" width="1920" msid="114431282" hostid="261" sizebytes="124792"></div><ol><li>Welcome to a new economic era. The staples of the past 15 years were weak demand and low interest rates. But going forward the new "economic supercycle" will keep <a target="_blank" href="https://www.businessinsider.com/america-new-economic-supercycle-growth-inflation-stock-market-global-chaos-2024-10">growth, inflation, and geopolitical instability high</a>. In the chaotic new environment, investors, lenders, and entrepreneurs must adapt or risk falling behind.</li><li>A networking group for executive women just cut some staff. Chief, which was valued at $1.1 billion in 2022, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/chief-layoffs-networking-organization-executive-women-restructuring-2024-10">cut staff across the company</a> amid a restructuring. A spokesperson for Chief told BI the layoffs will give the company "more agility" moving forward.</li><li>Pharmacies are disappearing. Last week, Walgreens announced it'd be shuttering 1,200 stores over the next three years, making it the latest pharmacy to cut down on retail locations. External factors, like the rise of e-commerce and the convoluted way American pay for healthcare, are forcing them to close shop — and <a target="_blank" rel="noopener" href="https://www.businessinsider.com/pharmacy-cvs-walgreens-problems-desert-7-eleven-convenience-store-2024-10">turning the country into a shopping wasteland</a>.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Trial begins with jury selection for Daniel Penny, who was charged with manslaughter for fatally choking New York subway rider Jordan Neely.</li><li>Microsoft CEO Satya Nadella speaks at Microsoft UK AI Tour London event.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Milan Sehmbi, fellow, in London.

Your car reflects your personality, and data proves it. But America's auto obsession brings hidden downsides.

<ul class="summary-list"><li>Investors Marc Andreessen and Ben Horowitz said Chinese EVs are beating out American and European automakers.</li><li>Chinese automakers, like Xiaomi, are gaining global traction with affordable, quality EVs.</li></ul>It's not just Ford's CEO singing the praises of low-cost Chinese electric cars from buzzy companies like Xiaomi.Andreessen Horowitz founders Marc Andreessen and Ben Horowitz said on their <a target="_blank" class="" href="https://www.youtube.com/watch?v=1_ZB7O_9hlQ">podcast</a> that Chinese automakers have developed high-quality and affordable vehicles supported by a robust supply chain ecosystem.With the American auto industry struggling with slowing growth in its EV market, American automakers need to be able to offer a compelling $20,000 EV that also competes on quality if the US doesn't want to "lose the auto industry," Andreessen said."What China has now is not just really good car companies, but they've got this entire constellation of supply chain componentry," Andreessen said.China's government has spent at least $230 billion to support electric vehicle makers such as BYD since 2009, according to a study published in 2024 by the <a target="_blank" rel=" nofollow" href="https://www.csis.org/blogs/trustee-china-hand/chinese-ev-dilemma-subsidized-yet-striking">Centre for Strategic &amp; International Studies</a> think tank.Andreessen and Horowitz specifically highlighted Chinese tech giant Xiaomi, which is known for making smartphones but has turned heads in the auto sector after <a target="_blank" class="" href="https://www.businessinsider.com/china-xiaomi-launch-electric-car-apple-failed-tesla-2024-3">launching its first line of EVs </a>with the Speed Ultra 7, also known as the SU7, in March. Along with <a target="_blank" class="" href="https://www.mi.com/global/discover/article?id=3263&amp;ref=renatomitra.com">impressive performance</a>, the SU7 is also integrated with Xiaomi smart home devices, which allows for remote voice control of household appliances from inside the car."You watch the reviews, and it's just crystal clear how good the thing is," Andreessen said.The SU7 <a target="_blank" class="" href="https://www.businessinsider.com/xiaomi-loses-speed-ultra-7-electric-vehicles-9200-per-car-2024-8">sold out</a> after attracting 90,000 pre-orders within a day of its unveiling, and Horowitz said its popularity has spread globally in favor of other American and European brands.The electric sedan is the designated ride of <a target="_blank" class="" href="https://www.businessinsider.com/xiaomi-su7-chinese-ev-features-specs-photos-ford-ceo-2024-10">Ford CEO Jim Farley</a>, who called Xiaomi an "industry juggernaut." "It's just been all around the world," Horowitz said. "In Mexico and the Middle East, and so forth — they love these Chinese cars. They like them better than their Porsche Cayenne."The VC founders said they had recently met with "one of the most successful guys in Dubai" whose "entire personal fleet of cars has been replaced by Chinese cars, not because they're cheaper but because they're better."The Xiaomi SU7 range is cheaper than much of the competition — starting at 215,900 yuan ($30,000) compared to the lowest Porsche Cayenne model price of $87,400. The SU7 also beats out Tesla's most affordable model, the Model 3 Long Range Rear-Wheel Drive, which retails for $42,490.Other Chinese carmakers have even lower-priced offerings. Chinese automaker BYD, Tesla's rival as one of the world's top-selling EV companies, <a target="_blank" class="" href="https://www.businessinsider.com/byd-china-ev-price-war-yuan-plus-tesla-elon-musk-2024-3">released a newer version</a> of its best-selling Yuan Plus for $16,000, which is 12% cheaper than the original model.Andreessen said that Chinese car brands are outperforming American EV automakers in affordability and quality, calling them "super technologically sophisticated.""For example, they've got this feature where you just come in, and you just drop your phone down on the center divider, and basically, the car lights up," he said. "The whole system inside the car comes off your phone — like all your music and your maps and your calendar and all that stuff is just automatically there."The venture capitalist also highlighted other features, such as customized dancing animations in the LED headlights that greet the driver and self-driving capabilities, which are already integrated into several <a target="_blank" class="" href="https://www.businessinsider.com/tesla-rival-china-xpeng-launches-cheap-ev-self-driving-tech-2024-8">lower-cost</a> Chinese EVs.To keep up, American automakers need to be able to offer a similarly affordable and full-featured car at the $20,000 price point, Andreessen said.The investor said that the American carmaker with the "highest odds" of competing on price was Elon Musk and Tesla.Tesla has said lower-priced vehicles are on the way, including the fully autonomous Cybercab robotaxi, a two-seater without a steering wheel or pedals. Musk has said it will cost around $25,000 to $30,000 and is expected to launch in 2026. Musk has also said <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-building-regular-tesla-pointless-self-driving-earnings-stock-2024-10">there are no plans to offer a traditional version of the Cybercab</a> with a steering wheel and pedals, as the company is all-in on autonomous vehicles being the future. In the US, the cheapest electric vehicle is currently the Nissan Leaf S. The 2025 model carries an MSRP of $28,140.Meanwhile, Xiaomi is also experimenting with targeting the luxury market. On Wednesday, the company <a target="_blank" href="https://www.businessinsider.com/chinese-ev-xiaomi-su7-driven-by-fords-ceo-faster-model-2024-10">revealed the SU7 Ultra</a>, a high-performance version of the original SU7, priced at 814,900 yuan ($114,000). With a range of 630 km (391 miles), the SU7 Ultra is set to release in China in March 2025.

Marc Andreessen says US carmakers need to make a $20,000 EV if they don't want to 'lose the auto industry' to China

<ul class="summary-list"><li>European car CEOs criticize EU tariffs on Chinese EVs, urging learning from rivals.</li><li>EU plans tariffs up to 35% on Chinese EVs, fearing market disruption by cheap imports.</li></ul>European car bosses have a solution to <a target="_blank" class="" href="https://www.businessinsider.com/chinese-car-companies-europe-expansion-threatens-mercedes-volkswagen-2023-9">the Chinese EV invasion</a> — if you can't beat them, at least learn from them. Speaking at the Paris Motor Show on Tuesday, the bosses of European auto giants such as BMW and Stellantis attacked the EU's proposed tariffs on Chinese EVs, and urged struggling European automakers to learn from the success of their Chinese rivals to kick-start the continent's sluggish EV sales.The European Union <a target="_blank" href="https://www.businessinsider.com/chinese-electric-vehicles-european-tariffs-retaliation-vw-bmw-mercedes-tesla-2024-10">voted to impose tariffs of up to 35% on Chinese EV makers this month</a> amid fears that a wave of cheap, subsidized Chinese electric vehicles could upend the European auto market.The CEOs of BMW and Stellantis attacked the <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-vehicles-european-tariffs-retaliation-vw-bmw-mercedes-tesla-2024-10">proposed tariffs</a>, saying they would be ineffective and might backfire on consumers."We should not be so afraid of everything. It is not so easy to sell non-European cars in Europe," BMW CEO Oliver Zipse said at the motor show.He said that the tariffs would "inflict" damage on BMW, which imports cars from China, and harm its European consumers as a result."We shouldn't give up before the race has even started. We don't need protection, we need fair trade rules," he added.The decision to impose tariffs was not unanimous. Several nations are believed to have voted against the move, including Germany, which had been lobbied by automakers such as BMW and Mercedes, fearful that China might retaliate and target their businesses there.It comes as <a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">EV sales in Europe plunge</a>, with registrations falling by 44% in August compared to last year. Stagnating demand has led some automakers to pump the brakes on their EV plans, and others to push for the EU to reconsider looming emissions targets that could leave them facing billions in fines.Meanwhile, their Chinese rivals continue to make inroads into the continent despite trade barriers.<h2 id="e971d3c0-847b-41b4-a2d0-29d9cd3054c7">Europe's EV dilemma</h2>Tesla rivals BYD and <a target="_blank" class="" href="https://www.businessinsider.com/chinese-tesla-rival-xpeng-welcomes-competition-from-elon-musk-2024-10">Xpeng</a> both unveiled new models this week at the Paris Motor Show, one of Europe's biggest auto events.Luca de Meo, the CEO of French automaker Renault, said European automakers had a golden opportunity to learn from their Chinese counterparts, who he said were now developing new cars in as little as two years."There is an opportunity that we have no right to miss, and that is to learn from our competitors," de Meo said, speaking at the summit in Paris."This is what Europeans like Fiat, Citroen, and Renault did a century ago in the United States when Henry Ford revolutionized manufacturing, and it's what the Chinese automakers did with us," he added.In an <a target="_blank" href="https://www.bloomberg.com/news/audio/2024-10-14/bloomberg-talks-renault-ceo-luca-de-meo-podcast">interview with Bloomberg</a> on Monday, de Meo declined to comment on the EU's prospective tariffs on Chinese automakers. However, he said that ramping up "electrification" in Europe would be difficult "without good cooperation" with China, given its dominant role in the EV battery and materials market. Stellantis CEO Carlos Tavares said it was "a dream" to believe that tariffs would effectively protect Western auto industries."These short-term actions will have negative mid and long-term implications. The only way to protect ourselves is to compete with the newcomers and raise ourselves to their game," said the boss of the Jeep and Ram maker.Stellantis has partnered with Chinese EV firm Leapmotor, which has given it exclusive rights to sell Leapmotor's EVs outside of China.Tavares said the company had decided that the best way to compete with China was to partner with one of their automakers, and "hop on their train instead of letting it run us over.""We need to understand where the Chinese automakers are strong, and through our investment in Leapmotor we have a perfect transparent understanding of what makes the difference. That is very helpful," said Tavares.BMW, Stellantis, and Renault did not respond to a request for comment from Business Insider, sent outside normal working hours.

We should be learning from Chinese EV players, not shutting them out of Europe — auto bosses say

<ul class="summary-list"><li>The Auto Train is a nonstop <a href="https://www.insider.com/amtrak-superliner-roomette-tour-review-photos-2022-8">Amtrak route</a> between Virginia and Florida. </li><li>Passengers must bring their own vehicle, which is loaded onto the train to make the trip with them.</li></ul>Although I don't particularly mind driving and enjoy a good road trip, I prefer to avoid congested highways (such as I-95) and love any opportunity to travel by train.So it's not surprising that I'm a big fan of the <a href="https://www.businessinsider.com/amtrak-auto-train-family-cabin-review-not-worth-it-2023-6">Auto Train</a>, an Amtrak route unlike any other. It travels between two specific locations, with no stops in between and passengers take their cars or other vehicles along for the ride. Passengers board the Auto Train at either Lorton, Virginia (just outside of <a href="https://www.businessinsider.com/what-everyone-should-know-before-taking-long-train-77-hours-2022-9">Washington, DC</a>) or Sanford, Florida (near Orlando) and must take a vehicle with them (it can be a car, van, SUV, motorcycle, etc.).At the train station, all vehicles are loaded onto one of dozens of enclosed auto-carrier cars. It's impressive to watch the crew manage to keep things flowing smoothly and get all the vehicles loaded in a relatively short time. I've taken the Auto Train many times over the years — often accompanied by several children — and I've really enjoyed it.<h2>The Auto Train is great for families and heavy packers who want to avoid driving too much on their trip</h2><div type="image" title="Interior of amtrak autotrain with rows of seats" height="540" width="960" msid="114786126" hostid="261" sizebytes="31058"></div>I enjoy the convenience of being able to relax and take in the scenery while sometimes avoiding roughly 900 miles of driving. My family members like it, too. I also like that we can arrive at our destination rested at the start of the day without having to deal with the hassle of getting a rental car. This is especially important if you're going on vacation and want to hit the ground running to make the most of your time. The Auto Train is also good if you've got a lot to transport. When you travel by air, the amount of luggage you can take with you is limited unless you want to pay pricey fees. By contrast, when you travel by Auto Train, you can bring as much stuff as you can squeeze into your vehicle. Last year, we moved the contents of a small apartment by carefully arranging most items Tetris-style into the back of a pickup truck and stuffing the rest into every available inch of a four-door sedan. <h2>I suggest booking your seats early if you want to try the Auto Train</h2>Booking an Auto Train trip is like booking a flight, in that rates vary depending on the day and the demand at that particular time. <a href="https://www.businessinsider.com/first-long-train-mistakes-amtrak-things-to-know-before-booking-2022-8">Booking early</a> is a wise move, as I've found rates tend to go up as the departure date gets closer.It's also important to note that this route is very popular with some "snowbirds" who live in the northern regions of the US or Canada and head to Florida for the winter to escape cold weather. You're likely to find better deals and fewer crowds if you avoid traveling just before or after snowbird season, which is around October through April.Also, in my experience, southbound trains in November and December or northbound trains from February through early spring can get quite crowded. I've always traveled by coach, where you sit in a seat in either the lower or upper level of a passenger car, but you can also pay extra for a <a href="https://www.businessinsider.com/amtrak-roomette-review-coach-better-deal-silver-meteor-train-2023-6">roomette</a>, bedroom suite, or family bedroom if you want a more private and comfortable space all to yourself.Overall, if you're planning to travel to or from <a href="https://www.businessinsider.com/surprising-things-living-in-florida-from-new-yorker-2023-7" target="_blank" rel="noopener">Florida</a> in the near future and would like to avoid spending time behind the wheel, I'd definitely recommend trying the Auto Train.This story was originally published on September 6, 2023, and most recently updated on October 30, 2024.

I've taken the Amtrak Auto Train, where you take your car with you, over a dozen times. It's great for overpackers who want to reduce driving time.

<ul class="summary-list"><li>Mercedes-Benz CEO Ola Källenius says automakers need to hunker down if they want to beat the Chinese.</li><li>Källenius described the competition between automakers as a "Darwinistic-like price war."</li></ul>The Western auto industry is now locked in a pivotal <a target="_blank" class="" href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2">existential battle</a> with Chinese competitors, if recent remarks by the CEOs of <a target="_blank" class="" href="https://www.businessinsider.com/mercedes-benz-ev-2030-electric-car-market-trends-2024-2">Mercedes-Benz</a> and <a target="_blank" class="" href="https://www.businessinsider.com/ford-focuses-on-smaller-cheaper-evs-pivots-from-giant-trucks-2024-7">Ford</a> are anything to go by.Mercedes-Benz CEO <a target="_blank" class="" href="https://www.businessinsider.com/china-electric-cars-mercedes-benz-ola-kallenius-european-union-tariffs-2024-3">Ola Källenius</a> was speaking at a panel at the Berlin Global Dialogue conference on October 2 when he was asked about the threat posed by Chinese EV makers.EVs, Källenius said, are cheaper for Chinese consumers to buy than combustion vehicles even though they cost more to produce."It's strange. It's a Darwinistic-like price war, market purification. And many of those players that are around now. Many of those are not going to be around five years from now," he said."In that market consolidating phase, you have cash burn and value destruction that even affects companies that sit at the upper end of the pyramid because you cannot release yourself from the market," he added.But automakers, Källenius added, should not remain "paralyzed" in the face of all this market turmoil."You must control your nerves, keep on investing, keep on innovating and make sure that at the end of that Darwinian battle, that you are one of the combatants that are left and that's what we are focusing on," Källenius said.Representatives for Källenius at Mercedes-Benz did not immediately respond to a request for comment from Business Insider sent outside regular business hours.The Mercedes-Benz CEO isn't the only major auto chief sounding the alarm about their Chinese competitors.After a visit to China in May, Ford CEO <a target="_blank" class="" href="https://www.businessinsider.com/ford-ceo-jim-farley-musk-tesla-cybertruck-dirt-hill-video-2023-11">Jim Farley</a> told a board member that he viewed the Chinese auto industry as an "<a target="_blank" class="" href="https://www.businessinsider.com/ford-ceo-cfo-left-shocked-after-chinese-ev-test-drive-2024-9">existential threat</a>," per a September 14 report from The Wall Street Journal.Farley wasn't the only top executive at Ford who had an eye on the aggressive progress of the Chinese market.In early 2023, Farley and his CFO John Lawler were in China where they tested out an electric SUV made by Changan Automobile, a state-owned automaker.The quick test drive, which saw Farley driving and Lawler riding shotgun, left them both shocked and impressed with the quality of the Chinese-made EVs, the Journal reported."Jim, this is nothing like before," Lawler reportedly told Farley after the test drive. "These guys are ahead of us."When it comes to competing in the EV market, Western automakers have been left playing a game of catch-up with the Chinese.Chinese automakers like BYD have been expanding into Southeast Asian countries like Thailand, as well as developing markets like Brazil and Mexico.According to <a target="_blank" class="" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">data compiled by the technology firm ABI Research</a> for BI, Chinese automakers accounted for 70% of the EV market in Thailand and 88% in Brazil in the first quarter of this year.The seemingly unstoppable rise of Chinese automakers has prompted Western governments to intervene in the form of tariffs.In May, the US government <a target="_blank" class="" href="https://www.businessinsider.com/china-evs-tariffs-joe-biden-transport-2024-5">imposed tariffs</a> on Chinese automakers. The crippling trade restrictions effectively shut them out of the US auto market. The European Union <a target="_blank" class="" href="https://www.businessinsider.com/china-electric-vehicles-share-price-europe-tariff-hike-overcapacity-investors-2024-6">introduced tariffs</a> as well just a month later.Notably, Mercedes-Benz's Källenius <a target="_blank" class="" href="https://www.businessinsider.com/china-electric-cars-mercedes-benz-ola-kallenius-european-union-tariffs-2024-3">isn't a fan of using trade restrictions</a> to quell the competition."Don't raise tariffs. I'm a contrarian, I think go the other way around: take the tariffs that we have and reduce them," he told the Financial Times in an interview published in March."That is the market economy. Let competition play out," he added.

The Western auto industry is now locked in a 'Darwinian' make-or-break battle with China, the chiefs of 2 major automakers warn

<ul class="summary-list"><li>Ford CEO Jim Farley and CFO John Lawler took a test drive in a Chinese electric SUV in early 2023.</li><li>Both men were left shocked and impressed by the quality of the Chinese-made EV.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/meet-the-henry-ford-family-inside-automobile-dynasty-2024-8">Ford's</a> C-suite executives were left humbled by <a target="_blank" class="" href="https://www.businessinsider.com/china-electric-vehicles-government-subsidies-win-ev-race-byd-tesla-2024-6">China's electric vehicle makers</a> after taking a test drive in a Chinese-made EV last year, <a target="_blank" class="" href="https://www.wsj.com/business/autos/ford-china-ev-competition-farley-ceo-50ded461">The Wall Street Journal</a> reported on Saturday.Ford CEO <a target="_blank" class="" href="https://www.businessinsider.com/ford-ceo-jim-farley-musk-tesla-cybertruck-dirt-hill-video-2023-11">Jim Farley</a> and CFO John Lawler had visited China in early 2023 when the pair decided to take Changan Automobile's electric SUV for a spin, per The Journal.The Chinese state-owned automaker is a longtime joint-venture partner of Ford's.The quick test drive, in which Farley drove and Lawler rode shotgun, gave the executives a taste of what it was like to ride in a Chinese-made EV.Farley and Lawler were left both shocked and impressed by how smooth and quiet their drive was, The Journal reported."Jim, this is nothing like before," Lawler told Farley, per The Journal."These guys are ahead of us," Lawler added.Farley's fears were piqued again in May when he made another trip to China, The Journal reported."John, this is an existential threat," Farley told Ford board member and former Goldman Sachs executive John Thornton after his trip.Representatives for Ford did not immediately respond to a request for comment sent outside regular business hours.Chinese automakers like BYD have been dominating the EV race. For one, Chinese carmakers have been <a target="_blank" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">making inroads into developing markets</a> like Brazil and Mexico, as well as Southeast Asian countries like Thailand.According to data compiled by technology firm ABI Research for Business Insider, Chinese automakers accounted for 88% of the eV market in Brazil and 70% in Thailand in the first quarter of this year.The rapid ascendance of Chinese-made EVs has since prompted Western governments to introduce trade restrictions on them.In May, the US government <a target="_blank" class="" href="https://www.businessinsider.com/china-evs-tariffs-joe-biden-transport-2024-5">imposed crippling tariffs on Chinese automakers</a>, effectively shutting them out of the US auto market. The European Union followed suit soon after when it <a target="_blank" class="" href="https://www.businessinsider.com/china-electric-vehicles-share-price-europe-tariff-hike-overcapacity-investors-2024-6">introduced tariffs a month later</a>.To be sure, Ford isn't the only American automaker scrambling to compete against the Chinese.Even Tesla, widely considered to be a pioneer in EVs, has faced pressure from the Chinese. In late 2023, BYD <a target="_blank" href="https://www.businessinsider.com/how-chinese-automaker-byd-rose-to-challenge-tesla-2024-4#byd-took-the-ev-crown-from-tesla-briefly-7">briefly dethroned Tesla as the world's largest EV producer</a>.When Tesla held its quarterly earnings call in January, CEO <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> acknowledged the <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-warns-chinese-ev-firms-could-demolish-rivals-2024-1">threat posed by Chinese automakers</a>, calling them "the most competitive car companies in the world.""If there are no trade barriers established, they will pretty much demolish most other car companies in the world," Musk told investors at the time.

Ford's CEO and CFO took a drive in a Chinese EV. What they said next reveals a lot about the state of the US auto industry.

<ul class="summary-list"><li>Local and Western carmakers have flocked to the Beijing Auto Show.</li><li>Highlights include Zeekr's transforming minivan and a flying car built by Xpeng. </li></ul>If you need more evidence that <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2">China's EV market is booming</a>, just look at the country's biggest car show.<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-23/vw-bmw-out-to-prove-they-re-not-a-spent-force-at-china-car-show">Around 117 new cars</a> debuted at the Beijing auto show, which began April 25 and runs until May 4, as dozens of local manufacturers jostled for space with foreign imports like Volkswagen and Mercedes in <a target="_blank" href="https://www.businessinsider.com/china-tesla-electric-vehicle-market-dominance-competition-byd-aion-wuling-2024-4">China's brutally competitive automobile sector</a>.The likes of <a target="_blank" href="https://www.businessinsider.com/china-byd-electric-car-ev-why-not-coming-to-us-2024-3">BYD</a>, Zeekr, and Xiaomi all showed off new models — here are some of the most interesting vehicles on offer.<h2>The Zeekr Mix</h2><div type="image" title="Zeekr Mix" height="1666" width="2500" msid="109839618" hostid="261" sizebytes="214718"></div>Zeekr might be only three years old, but the company has made a name for itself with its<a target="_blank" href="https://www.businessinsider.com/ev-electric-vehicle-china-brands-byd-nio-wuling-zeekr-geely-2023-5#4-geelys-zeekr-is-just-2-years-old-but-it-already-has-international-ambitions-5"> quirky EVs</a>.At the auto show, the EV firm unveiled the Zeekr Mix, an electric multi-purpose vehicle with swiveling chairs that allow it to <a target="_blank" href="https://www.forbes.com/sites/jamesmorris/2024/04/28/auto-china-2024-zeekr-mix-is-much-more-than-just-a-novel-mpv/?sh=129c8e2a2ac8">transform into a small room</a> when parked.The company, owned by Chinese auto giant Geely, <a target="_blank" href="https://electrek.co/2024/02/27/zeekr-launches-001-refresh-improved-specs-lower-prices/">recently released</a> its all-new Zeekr 001 model, equipped with battery technology that can go from <a target="_blank" href="https://insideevs.com/news/715042/2024-zeekr-001-charging-speed/">10% to 80% charged in just 11 minutes</a>.<h2>BYD targets high-end customers</h2><div type="image" title="BYD Yangwang U8" height="1663" width="2500" msid="109839622" hostid="261" sizebytes="447414"></div>By far the biggest name in China's EV market is BYD, the Warren Buffett-backed firm that is probably giving Elon Musk sleepless nights.The EV upstart has become known for its cheap vehicles, such as the <a target="_blank" href="https://www.businessinsider.com/byd-seagull-cheap-ev-electric-car-tesla-china-2023-4">$11,000 Seagull</a>, but the company was showing off its more high-end models in Beijing.That includes the Yangwang U8, the latest version of which, the <a target="_blank" href="https://cnevpost.com/2024/04/25/byds-yangwang-launches-new-variant-u8-gives-u7-debut/">Off-road Master Edition</a>, was unveiled in Beijing.This 1.1 million yuan ($150,000) SUV is capable of <a target="_blank" href="https://www.autoevolution.com/news/meet-the-car-that-floats-byd-s-yangwang-u8-suv-comes-with-an-emergency-floating-mode-221628.html">floating for up to 30 minutes</a> and turning 360 degrees on the spot <a target="_blank" href="https://www.youtube.com/watch?v=dkROmU9Bxbw">like a tank</a> — and customers can even add a <a target="_blank" href="https://www.wired.com/story/evs-with-built-in-camera-drones-have-already-landed-in-china/">built-in drone</a> for an <a target="_blank" href="https://apnews.com/article/china-beijing-auto-show-ev-8ee415e956b818be6d363367c8180b4f">extra 100,000 yuan</a> ($14,000). BYD also announced a new cheap electric hatchback as it looks to squeeze Tesla even further. The <a target="_blank" href="https://electrek.co/2024/04/26/byd-unveils-sleek-new-electric-hatch-1000-hp-z9-gt-ev/">Ocean-M</a> hatchback will be released later this year and will cost between 150,000 yuan to 200,000 yuan ($20,00 to $27,000).<h2>Xiaomi brings its Tesla rival</h2><div type="image" title="Xiaomi SU7" height="1663" width="2500" msid="109839625" hostid="261" sizebytes="189460"></div>One of the biggest draws of the auto show was the SU7, an electric SUV built by <a target="_blank" href="https://www.businessinsider.com/china-xiaomi-launch-electric-car-apple-failed-tesla-2024-3">smartphone maker Xiaomi</a>.The EV promises to offer <a target="_blank" href="https://www.businessinsider.com/xiaomi-su7-ev-photos-specs-features-tesla-rival-2023-12">a range of 500 miles</a> and a battery that can be fully charged within 15 minutes, according to Xiaomi, and drivers will have access to the company's <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-full-self-driving-technology-china-local-competition-2024-4">next-gen autonomous driving features</a> — all for a price point that starts at<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-28/xiaomi-unveils-ambitious-pricing-for-entry-in-cutthroat-ev-race"> 215,900 yuan ($30,00)</a>.It's not surprising that the EV <a target="_blank" href="https://www.reddit.com/r/electricvehicles/comments/1cf9vuo/people_queue_hours_to_see_xiaomi_su7_closer_at/">appeared to attract huge queues</a> when it went on display at the Beijing conference. Xiaomi has said that the company has already <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-25/xiaomi-says-su7-ev-orders-reach-75-723-since-march-launch">received more than 75,000 orders</a> for the SUV, with deliveries beginning in March.<h2>European automakers join the party</h2><div type="image" title="VW ID-Code" height="1663" width="2500" msid="109839628" hostid="261" sizebytes="266854"></div>Not to be outdone by their Chinese counterparts, Western automakers also had a large presence at the Beijing auto show.Volkswagen, once China's largest car brand before being <a target="_blank" href="https://fortune.com/europe/2024/01/23/volkswagen-top-car-seller-china-byd-warren-buffett-berkshire-hathaway/">overtaken by local rivals</a>, showed off its <a target="_blank" href="https://www.volkswagen-newsroom.com/en/the-new-id-code-world-premiere-18343">ID.Code 01 concept EV</a>, which features a <a target="_blank" href="https://www.volkswagen-newsroom.com/en/the-new-id-code-world-premiere-18343/the-design-and-technologies-of-the-interior-in-detail-18348">built-in robot that vacuums the car</a> when it's not being used.German firm Mercedes, meanwhile, unveiled an electric version of its <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-24/electric-g-wagon-pricing-performance-for-new-mercedes-benz-suv">iconic G-Wagon off-roader</a>, which the company said would launch in China <a target="_blank" href="https://www.reuters.com/business/autos-transportation/mercedes-benz-shows-off-electric-line-up-beijing-autoshow-not-giving-up-2024-04-25/">later this year</a>.<h2>Xpeng shows off its flying car</h2><div type="image" title="Xpeng flying car" height="1667" width="2500" msid="109839631" hostid="261" sizebytes="292698"></div>The number of companies trying to make it in China's EV market — <a target="_blank" href="https://www.businessinsider.com/china-tesla-electric-vehicle-market-dominance-competition-byd-aion-wuling-2024-4">at least 123</a>, according to one auto consultant — has seen some firms branch out in unexpected directions.One is Chinese EV maker Xpeng with its AeroHT flying car prototype that went on <a target="_blank" href="https://electrek.co/2024/04/25/xpeng-2k-pure-visual-adas-neural-network-fast-charging-ai-ev-sub-brand-beijing/">display in Beijing</a>.The AeorHT has been in development for a decade, and the affiliate company behind it is reportedly <a target="_blank" href="https://www.scmp.com/business/china-business/article/3260577/xpengs-flying-car-affiliate-aeroht-closes-airworthiness-certification-chinese-ev-maker-targets">close to receiving regulatory approval to fly</a> — but no price or release date has been announced yet, so may be a while before the AeroHT dominates China's skies.

These are the wildest EVs unveiled at China's biggest auto show

The <keyword id="23021375" type="General" weightage="20" keywordseo="domestic-passenger-vehicle-industry" source="keywords">domestic passenger vehicle industry</keyword> volumes declined by low single digit in August 2024 as compared with August 2023, because of weak retail demand trends and higher <keyword id="21396778" type="General" weightage="20" keywordseo="inventory-levels" source="keywords">inventory levels</keyword> at the dealerships according to Kotak Institutional Equities. The report suggests that the major reason for the sluggishness in sales of tractors is the uneven spatial distribution of rainfall, particularly in northern and eastern regions. It also highlights that growth will pick up in the coming months on the back of <keyword id="23021373" type="General" weightage="20" keywordseo="improved-monsoon" source="keywords">improved monsoon</keyword> conditions. The upcoming festive season will also improve the situation as traditionally it is a peak period for auto sales. Strong festive demand could help offset some of the losses experienced in the first half of the fiscal year. The weak wholesale figures in August were driven by private vehicles (PV), commercial vehicles (CV) and tractor original equipment manufacturers (OEM). Retail sales declined in single digits (yoy) for most of the companies. The PV segment saw a low single-digit decline in domestic wholesale volumes year-on-year (YoY) in August 2024, driven by weak retail demand and elevated inventory levels at dealerships, which stood at approximately 70 days. The retail sales fell by mid-single digits YoY during the month. Maruti Suzuki India Limited (MSIL), the largest player in the segment, reported a 4 per cent YoY drop in total volumes, including a 5 per cent decline in domestic sales but it was partially offset by a 6 per cent rise in the export volumes. MSIL's wholesale market share is estimated to have slipped by 250 basis points YoY to approximately 40.5-4 per cent says the report. Other major players also faced challenges in sales. Tata Motors recorded a 3 per cent YoY decrease in PV volumes, while Hyundai Motors reported an 8 per cent drop. However, Mahindra &amp; Mahindra (M&amp;M) bucked the trend with a 16 per cent YoY increase in PV volumes, and Toyota India posted a significant 37 per cent YoY growth on low volumes. Kia and MG Motors also experienced an uptick in sales. The two-wheeler (2W) segment showed resilience with high single-digit YoY growth in domestic wholesale volumes, largely driven by channel filling ahead of the festive season. Retail sales of the internal combustion engine (ICE) two-wheelers grew by mid-single digits YoY, while electric two-wheeler (EV 2W) sales surged by 41 per cent YoY, propelled by new mass-market EV launches and attractive discounts. Among the key players, Hero MotoCorp (HMCL) saw a 5 per cent YoY rise in volumes, and TVS Motor reported a robust 14 per cent YoY increase, with growth in both domestic and export segments. Bajaj Auto's volumes grew by 18 per cent YoY, driven primarily by domestic sales. However, Royal Enfield faced a 5 per cent YoY decline in volumes. Going forward, the report highlighted that the Commercial Vehicle (CV) segment underperformed during the month, with domestic volumes declining by low double digits YoY, primarily due to weakness in the Medium and Heavy Commercial Vehicle (MHCV) truck and Light Commercial Vehicle (LCV) segments. Tata Motors experienced a 15 per cent YoY drop in domestic CV volumes, with sharp declines in Small Commercial Vehicle (SCV) cargo (down 23 per cent) and MHCV trucks (down 15 per cent). Ashok Leyland also reported a 7 per cent YoY decline in CV volumes, while VE Commercial Vehicles (VECV) managed a modest 1 per cent YoY increase. In August, the domestic tractor segment remained flat YoY with volumes coming in 5-6 per cent. During this period, M&amp;M's tractor volumes grew by 1 per cent YoY, while Escort Kubota's volumes remained unchanged compared to the same period last year. The report says that strong festive demand could help offset some of the losses experienced in the first half of the fiscal year, particularly if economic conditions and consumer sentiment improve.

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