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<ul class="summary-list"><li>China's BYD passed <a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> as the world's top EV seller last year.</li><li>Just don't count on the carmaker cracking the US market anytime soon.</li></ul>Japanese and Korean carmakers cracked the US market long ago — but don't expect Chinese EV seller BYD to repeat that feat.There's no chance the company, which passed Tesla to become <a target="_blank" href="https://www.businessinsider.com/china-byd-tesla-electric-car-ev-race-2023-11">the world's top EV seller</a> last year, will "do a Toyota" by expanding Stateside, a top exec said last month."We're not planning on coming to the US," <a target="_blank" href="https://www.businessinsider.com/apple-car-latest-casualty-of-brutal-ev-market-byd-china-2024-2">BYD Americas CEO</a> Stella Li told Yahoo Finance."It's an interesting market, but it's very complicated if you're talking about EVs."According to analysts, even if BYD did want to start selling its cars in the US, a combination of geopolitical challenges and weak demand would leave it facing an uphill battle."It'd be very difficult for a Chinese EV maker to enter the US market," Seth Goldstein, an equity strategist at Morningstar, told Business Insider. "Even if BYD were to try, I'm not sure how much consumer demand there would be — it'd take some time for them to prove themselves." <h2>Doing a Toyota</h2>In the past, Asian automakers have managed to carve out a huge slice of the US market.Toyota established its first office in North America in 1957 — just 12 years after World War II ended. It's been scaling up its US business since then, and passed <a target="_blank" href="https://www.just-auto.com/news/toyota-overtakes-gm-in-2021-us-market/">General Motors</a> as the top-selling carmaker in 2021.Japanese rivals Nissan, Mazda, Lexus, Honda, Suzuki, and Mitsubishi surged in popularity in the US over the second half of the 20th century. South Korea's Hyundai and Kia also made big inroads.It's easy to imagine BYD and other China-based EV brands claiming the North American market in a similar fashion. Just as Toyota and its peers were able to outperform their US rivals thanks to more efficient manufacturing processes, BYD offers something different to its competitors.Ford CEO Jim Farley said last month that smaller, cheaper EVs would be key for driving sales growth. Yet neither Ford nor Tesla appear close to launching a vehicle that could compete price-wise with BYD hatchbacks like the <a target="_blank" href="https://www.businessinsider.com/byd-seagull-cheap-ev-electric-car-tesla-china-2023-4">$11,000 Seagull</a>.<div type="image" title="The yellow BYD Seagull electric hatchback. The yellow BYD Seagull electric hatchback." height="1668" width="2500" msid="108353712" hostid="261" sizebytes="178374"></div>"Japanese and Korean manufacturers became successful in the US because they brought a product to the market that consumers were crying out for," Will Roberts, automotive research lead at the EV intelligence firm Rho Motion, told BI. "Their cars were more reliable, more fuel efficient, more affordable … there's certainly a comparison to be made here."However, things have now changed he added: "Considering the tensions between the US and China today, Chinese EV makers will likely find entering the US market a lot more difficult."<h2>Geopolitical challenges</h2>Both Goldstein and Roberts flagged the <a target="_blank" href="https://www.businessinsider.com/read-heres-whats-in-the-manchin-deal-for-bidens-agenda-2022-7">Inflation Reduction Act of 2022</a> as one factor that could make it much tougher for BYD and other Chinese EV makers to expand in the US.The bill, a key part of US President Joe Biden's economic agenda, offers tax credits worth up to $7,500 for EV makers, excluding any "Foreign Entity of Concern."In November, the Energy and Treasury Departments confirmed that companies from <a target="_blank" href="https://www.reuters.com/markets/commodities/us-looks-shut-china-out-its-battery-supply-chain-2023-12-05/">China, Russia, Iran, and North Korea</a> would all be classed as foreign entities — meaning Chinese EV makers like BYD aren't eligible for the subsidies.<div type="image" title="President Joe Biden signs the Inflation Reduction Act into law at the White House surrounded by members of Congress." height="683" width="1024" msid="108353714" hostid="261" sizebytes="77284"></div>The White House would likely bring in more restrictions if BYD or any other Chinese firm tried to crack the US market, according to Rho Motion's Roberts."If the US government were really worried about this, you'd quickly see legislation come into play that would either make it prohibitively expensive to buy a China-made EV or feed into consumers' negative perception of these sorts of vehicles," he told BI. Biden's decision to order an investigation into <a target="_blank" href="https://www.businessinsider.com/biden-administration-investigating-technology-in-chinese-cars-2024-2">smart cars</a> last month is a sign that lawmakers are determined to discourage the American public from buying Chinese vehicles, Roberts added.<h2>Weak demand</h2>As if those restrictions weren't off-putting enough, Chinese EV makers might also conclude that there isn't much life left in the US market, where EV sales edged up just 1.3% over the final three months of 2023, per data from <a target="_blank" href="https://www.coxautoinc.com/market-insights/q4-2023-ev-sales/">Cox Automotive</a>.BYD, for example, has vowed to scale up everywhere from Brazil to Thailand, but appears to have little desire to grow its business in the US, where top <a target="_blank" href="https://www.businessinsider.com/donald-trump-electric-car-supporters-rot-hell-christmas-truth-social-2023-12">Republican politicians</a> — and some voters — have turned aggressively anti-EV. The world's largest economy also lags behind China regarding <a target="_blank" href="https://www.businessinsider.com/china-byd-tesla-electric-car-ev-race-2023-11">charging infrastructure</a>.Conservative politicians slamming EVs "can bring a lot of confusion to consumers and also to auto manufacturers. They are not eager to invest," BYD Americas CEO Li <a target="_blank" href="https://finance.yahoo.com/video/byd-not-interested-united-states-182445977.html">warned last month</a>."In China, the message is strong. If you are not investing in an electric car, you are out. You will die. You have no future," she added.BYD isn't the only company turning its back on the US EV market. <a target="_blank" href="https://www.businessinsider.com/apple">Apple</a> has reportedly abandoned its lengthy effort <a target="_blank" href="https://www.businessinsider.com/apple-is-shutting-down-its-ev-project-2024-2">to build an electric car</a>, while Toyota has maintained focus on <a target="_blank" href="https://www.businessinsider.com/toyota-hybrid-cars-ev-sales-growth-prius-bz4x-2024-2">hybrids</a> to bring down prices.BYD failing to crack the US wouldn't be a death knell for the company — there's still potential for it to grow by ramping up its business in Asia and South America, according to Roberts.But it won't be able to repeat the success Japanese carmakers had at the end of the 20th century. Given that <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-01-10/us-electric-vehicle-sales-growth-hits-brakes-in-latest-quarter">EV sales growth</a> is stalling in US, it's perhaps little wonder companies like BYD are not too bothered.

China's BYD is the world's biggest electric car maker — but it's not coming to America anytime soon

<ul class="summary-list"><li>China, with the help of government subsidies, has led the world in producing and selling EVs. </li><li>Chinese companies have focused on reducing the cost of EV batteries over their performance.</li></ul>There's been a clear winner in the global EV race so far: China. The world's second-largest economy accounted for about 64% of total production volume in 2022, the <a href="https://www.weforum.org/agenda/2023/05/electric-vehicles-ev-sales-growth-2022/" target="_blank" rel="noopener">World Economic Forum</a> found, with government subsidies and tax breaks aiding production. China is also one of the biggest producers of the LFP — lithium, iron, phosphate — batteries that many EVs run on. CATL is China's largest battery manufacturer, and helped it earn the top spot by ensuring its LFP batteries were as cheap as possible.That approach is in contrast to car and battery makers in America and Europe, which "prioritized battery chemistry tied to performance, not affordability," Bill Russo, Chrysler's former China boss, told <a href="https://www.ft.com/content/1f95d204-ea6a-4cf3-b66a-952362e8092a" target="_blank" rel="noopener">The Financial Times</a>."What we've discovered in China is that electrification, and the democratization of the EV, prioritizes consumer affordability. By making it cheaper, China wins," he said.Founded in 2011, CATL has zoomed past competitors from South Korea, the US, and Europe to take pole position, with its batteries now being found in about one in three EVs globally.Even Ford announced plans to use CATL technology in a new $3.5 billion battery plant in Michigan.<h2>Picking winners</h2>But Ariel Cohen, a senior fellow at the Atlantic Council's Eurasia Center and a member of the Council of Foreign Relations, said there's been considerable pushback against the move.He said that while he understood "the national security imperative" in the US, he was "very uncomfortable over the government playing favorites and picking winners."Some members of Congress are concerned that the plant could leave Ford reliant on Chinese know-how — and send US tax subsidies to China. Last month, Ford paused construction of the facility amid the strike by the United Auto Workers union, though the union's president, Shawn Fain, said that decision was a "shameful, barely-veiled threat by Ford to cut jobs," <a href="https://www.reuters.com/business/autos-transportation/ford-pauses-work-35-billion-battery-plant-michigan-2023-09-25/" target="_blank" rel="noopener">Reuters reported</a>. <div type="image" title="Jim Farley, the CEO of Ford, announcing its Michigan EV-battery plant in February." height="2000" width="2666" msid="104626706" hostid="261"></div>Concern about using Chinese battery technology reflects wider global concern about China's domination of the EV-battery market, with governments starting to block Chinese investment into mines and factories.In February, the Australian government blocked China's Yuxiao Fund from increasing its stake in the rare-earth miner Northern Minerals, a rare-earth producer, on national interest grounds, <a href="https://www.reuters.com/article/australia-china-rareearths-idUSKBN2V209R" target="_blank" rel="noopener">Reuters reported</a>. Australia is the world's biggest producer of lithium, a key material for EV batteries, and a major producer of other rare-earth materials. Jim Chalmers, the Treasurer of Australia, said at the time that Australia would now be more selective about who could invest in its minerals sector.Cohen said India had also made moves to challenge China's influence and that he expected the country to "be much more proactive to defend their own industry and other players against Chinese competition."In July, officials rejected plans by the Chinese automaker BYD to build a $1 billion factory in India.<div type="image" title="A BYD car on display at the Nanjing International Auto Show in China this month." height="2666" width="3555" msid="104626707" hostid="261"></div>China's "clear advantage" in the field also reflects its control over many of the supply chains needed to make batteries, Ilaria Mazzocco, a senior fellow at the Center for Strategic and International Studies in Washington, DC, told Insider.In a July report, <a href="https://www.morganstanley.com/ideas/ev-battery-lithium-supply">Morgan Stanley</a> said that "up to 90% of the EV battery supply chain relies on China, with the two largest Chinese battery companies controlling more than half of the global market."The investment bank added that China dominated "labor and manufacturing infrastructure, as well as mining of critical materials required to make EVs.""We're headed towards a world where governments are more and more concerned about globalization-integrated supply chains," Mazzocco said, adding this "wasn't a problem for the Chinese government" when it was setting up its supply chains.<h2>Optimistic</h2>China's supply-chain dominance allows it to make batteries more cheaply than rivals — less than $60 million per gigawatt hour of batteries produced, according to Bernstein analysts quoted by the FT, compared with $88 million for South Korean manufacturers, while Japan's Panasonic spends $103 million.EV competitors are also looking for new technology to take on China — especially in light of slowing EV sales in September, which led to a drop in the prices of key materials used in batteries, such as lithium, nickel, and cobalt.China's sluggish economy threatens to keep <a href="https://www.reuters.com/business/autos-transportation/teslas-china-made-ev-sales-volume-fall-109-yy-sept-2023-10-08/#:~:text=EV%20Supply%20Chain-,Tesla's%20China%2Dmade%20EV%20sales%20volume%20falls%2010.9,year%2Don%2Dyear%20in%20September&amp;text=BEIJING%2FSHANGHAI%2C%20Oct%208%20(,Association%20(CPCA)%20on%20Sunday." target="_blank" rel="noopener">dampening consumer spending</a> on new cars.Meanwhile, Cohen said he's particularly "optimistic" about US innovation."The Biden administration is throwing tens of billions of dollars at this problem. It doesn't necessarily mean that people who are making these decisions are brilliant, but at least the money is there," he said.<h2>Distorting the market</h2>Europe has struggled to decide how to deal with imported Chinese EVs, but Cohen said it's now "shifting slowly in the direction" of America.Last month, the European Union announced an investigation, with Ursula von der Leyen, the president of the European Commission, <a href="https://www.politico.eu/article/von-der-leyen-hits-china-with-electric-vehicle-subsidy-probe/" target="_blank" rel="noopener">saying</a> "global markets are now flooded with cheaper Chinese electric cars" sold at artificially low prices due to "huge state subsidies. This is distorting our market."There have also been protests in Hungary, where CATL and Mercedes-Benz are planning a $7.9 billion battery plant that would produce enough power for a million cars, over the plant's environmental impact, <a href="https://www.bloomberg.com/news/articles/2023-01-20/chinese-battery-plant-investment-faces-local-backlash-in-hungary">Bloomberg</a> reported. The country is already home to several car plants and battery factories as its government is aiming to make Hungary a big EV producer. Cohen also said he thinks next year's US presidential election could affect Europe's stance. A return to the White House for Donald Trump could accelerate any EU action against China as the US would likely put "more pressure on Europe."China may lead the world in the EV race — but those days could be numbered.

China's led the EV race &ndash; but it may be running out of charge

<ul class="summary-list"><li>Markets had a wild ride this year, with volatile swings punctuated by moments of sheer absurdity. </li><li>A college kid earning millions on Bed Bath &amp; Beyond, and a Kardashian's run-in with the SEC were only some of the highlights. </li></ul>Amid volatility, soaring inflation, and grim prognostications of a looming recession, markets in 2022 were also punctuated by strange, shocking, and absurd occurrences. Meme stocks died a slow death, but at least one of them made some lucky college kid a cool $110 million.A person going by the name Razzlekhan was accused of helping to pull off a massive crypto heist. Elon Musk put us all through agony with his back and forth Twitter saga, which culminated in his tumultuous takeover of the social media company in October. And that's just some of the weirdness that went down in markets this year. Here are seven of the craziest moments from 2022. <h3>College kid makes $110 million on Bed Bath and Beyond stock</h3><div type="image" title="Bed Bath &amp; Beyond" height="500" width="1000" msid="96574876" hostid="261" sizebytes="42832"></div><a href="https://markets.businessinsider.com/news/stocks/bed-bath-beyond-meme-stock-jake-freeman-college-senior-profile-2022-8">College student Jake Freeman</a> made a tidy $110 million profit on <a href="https://markets.businessinsider.com/news/stocks/bed-bath-beyond-meme-stock-jake-freeman-stake-ryan-cohen-2022-8">Bed Bath Beyond</a> this summer when the meme stock skyrocketed and more-than-tripled in price.Freeman purchased a $25 million stake in the struggling home goods retailer, and later sold his shares for $130 million. Shortly after Freeman cashed in, Gamestop CEO <a href="https://markets.businessinsider.com/news/stocks/ryan-cohen-bed-bath-beyond-meme-stock-options-gamestop-profit-2022-8">Ryan Cohen</a> sold his stake in the company, causing share price to plummet 19%.Though he isn't exactly your average day trader (he's a finance whiz kid who made his first investment when he was 13, and raised millions from friends and family to amass his initial BBBY stake), it was an impressive gain amid an otherwise agonizing year for meme stocks and the Wall Street Bets crowd. <h3>Razzlekhan and Dutch are accused of laundering $4.5 billion in crypto</h3><div type="image" title="heather morgan razzlekhan crypto bitcoin" height="512" width="1024" msid="96574880" hostid="261" sizebytes="23338"></div>Ilya Lichtenstein (aka Dutch) and Heather Morgan (aka Razzlekhan and the Crocodile of Wall Street) were charged with <a href="https://markets.businessinsider.com/ilya-lichtenstein-morgan-heather-bitfinex-hack-money-laundering-tiktok-rapper-2022-2">laundering $4.5 billion in bitcoin</a> and hacking the crypto exchange Bitfinex, pulling off the biggest crypto heist to-date.The NYC couple garnered attention for their bizarre and cringeworthy social media posts, Morgan in particular, rapping under the <a href="https://markets.businessinsider.com/news/currencies/bitfinex-hack-bitcoin-heist-seizure-suspect-heather-morgan-tiktok-raps-2022-2">TikTok pseudonym Razzlekhan.</a> She was also previously a contributor to Forbes, where she once wrote an article on cybercrime protection.Upon arrest, authorities found items like hollowed-out books, hardware wallets, and a bag labeled "burner phone" in their home, leading them to suspect the couple was <a href="https://www.businessinsider.com/bitfinex-bitcoin-couple-prosecutors-allege-russia-ukraine-contingency-plan-2022-2">planning on assuming new identities</a> in Ukraine and Russia. They've been billed as crypto's Bonnie and Clyde, and both Hulu and Netflix have reportedly ordered series based on the activities of the suspected crypto capers. Lichtenstein and Morgan are awaiting trial. <h3>'Big shot' and the LME nickel fiasco</h3><div type="image" title="london metals exchange trader banker" height="1750" width="3500" msid="96574885" hostid="261" sizebytes="379456"></div><a href="https://markets.businessinsider.com/news/commodities/nickel-price-russia-ukraine-war-short-squeeze-lme-suspends-trading-2022-3">Nickel prices gained 111% in one day</a> and briefly topped $100,000 a ton after western sanctions on Russia led to a short-squeeze on the precious metal, which is known as one of Russia's major exports and is used in a range of high-tech lithium-ion battery applications. As prices soared to atmospheric heights, the London Metal Exchange cancelled all nickel trades for the day, sparking backlash from angry traders. The halt <a href="https://markets.businessinsider.com/news/commodities/nickel-lme-trading-outage-regulators-review-halt-that-caused-outrage-2022-4">stopped $3.9 billion of nickel trades</a> from going through, leading to an investigation from the Financial Conduct Authority and the Bank of England.In the aftermath, it was revealed that a single Chinese metals tycoon, known in market circles simply as "Big Shot", was one character at the center of the episode. Big Shot is Xiang Guangda, the founder and chairman of Tsingshan Holding Group, a large producer of nickel alloy products. The company had amassed a large short position that was reportedly down about $8 billion at the end of the whole trading fiasco.<h3>Kim Kardashian pays $1.26 million for unlawfully pumping crypto on Instagram</h3><div type="image" title="Kim Kardashian" height="531" width="1062" msid="96574887" hostid="261" sizebytes="18014"></div>The "Keeping Up with the Kardashians" star was charged by the Securities and Exchange Commission this year for touting EMAX tokens on her Instagram. Kim ran afoul of a <a href="https://markets.businessinsider.com/news/currencies/kim-kardashian-sec-instagram-crypto-gary-gensler-emax-securities-law-2022-10">1930s securities law,</a> which requires promoters of a security to disclose if, how, and how much they're getting paid, SEC chief Gary Gensler said.The TV reality star's post contained "#ad" - a hashtag used by influencers to signify that a post is an advertisement. But the SEC said it found Kardashian failed to disclose that she was paid $250,000 to publish the post about EMAX tokens. Her post contained a link to the EthereumMax website that had instructions for potential investors to purchase the tokens, the regulator said.Kardashian <a href="https://markets.businessinsider.com/news/currencies/kim-kardashian-crypto-fine-sec-warning-celebrities-jake-paul-mayweather-2022-10">paid $1.3 million</a> to the SEC, though a <a href="https://www.businessinsider.com/kim-kardashian-crypto-scam-lawsuit-dismissed-2022-12">class action lawsuit</a> against Kardashian and other celebrity promoters was later dismissed.<h3>The entire Elon Musk-Twitter saga</h3><div type="image" title="Elon Musk Autobild" height="1500" width="3000" msid="96574891" hostid="261" sizebytes="96916"></div>Beginning with his announcement that he was <a href="https://markets.businessinsider.com/news/stocks/elon-musk-reports-investment-in-twitter-investor-stock-sec-soars-2022-4">amassing a stake in the publicly traded social media firm</a>, Elon Musk formally embarked on his journey to acquire Twitter in mid-April. Musk then spent months trying get out of the deal, proclaiming the site was overrun with spam bots and that he should be allowed to walk away. Twitter executives wouldn't budge, and the saga sent the shares on a rollercoaster ride, often trending well below the $54.20 share price that Musk and Twitter agreed on when they struck the deal. Musk closed the deal not long before the two parties were set to begin a nasty legal fight. As it was unlikely he'd win in court and be allowed out of the agreement, Musk took over Twitter in October. Since then, he's embarked on a controversial revamp of the struggling social media platform, including <a href="https://www.businessinsider.com/elon-musk-twitter-employees-layoffs-tweet-job-employment-respond-react-2022-11">slashing 70% of its workforce</a> and <a href="https://www.businessinsider.com/twitter-stopped-paying-rent-not-paying-severance-elon-musk-report-2022-12">not paying rent for Twitter's offices</a>. This month, users <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-twitter-elon-musk-poll-ceo-stock-market-news-2022-12">voted for Musk to step down</a> as the company's CEO in a poll Musk conducted on the site. Though he said he'd abide by the result, he has yet to make any formal moves toward appointing a successor. <h3>The west's unprecedented sanctions and weaponization of markets against Russia's economy</h3><div type="image" title="putin" height="1750" width="3500" msid="96574894" hostid="261" sizebytes="223764"></div>Russia shocked the world with its invasion of Ukraine in February. As the west struggled to respond, leaders took some extreme measures which Russian President Vladimir Putin probably wasn't expecting. The US and allies sanctioned Russia's central bank and froze billions of its assets. <a href="https://www.businessinsider.com/russia-economic-measures-swift-golden-passports-economic-measures-2022-2">It also cut some Russian banks off from the SWIFT messaging system</a>, a lynchpin of the global banking network that left Russian financial institutions isolated and unable to conduct normal business. Measures were also put in place to ban anyone in the US from engaging in transactions with Russian institutions, a move meant to spark higher inflation, wreck Russia's purchasing power, and hobble investment. And that was all before the latest round of energy sanctions banned Russian seaborne oil imports to the European Union, capped the price of Russian oil at $60, and severely limited the flows of Russia's natural gas exports. President Vladimir Putin has balked at the sanctions, and hasn't acknowledged any negative effect on the economy. He's also called the price cap on Russian oil "<a href="https://markets.businessinsider.com/news/commodities/vladimir-putin-russian-oil-price-cap-eu-ban-production-cut-2022-12">stupid</a>," while former-President Dmitry Medvedev warned the west would "<a href="https://markets.businessinsider.com/news/commodities/russia-oil-price-cap-collapse-g7-ukraine-war-funding-retaliation-2022-7">face the wrath of God</a>" for punishing Russia.But the economic isolation and limited trade with allies have already started to <a href="https://markets.businessinsider.com/news/commodities/russia-central-bank-western-oil-price-cap-eu-ban-economy-2022-12">hack away at Russia's economy</a>, with the nation's GDP set to <a href="https://www.businessinsider.com/russia-gdp-economy-recession-8-months-after-ukraine-invasion-putin-2022-11">contract around 3% this year</a>, according to its central bank.<h3>Sam Bankman-Fried's stunning, bizarre downfall</h3><div type="image" title="Sam Bankman-Fried" height="3739" width="7479" msid="96574897" hostid="261" sizebytes="959126"></div>Capping off a wild 2022 was the fall of the second-largest cryptocurrency exchange, FTX, helmed by a CEO once thought to be the benevolent face of the whole industry. Amid a run on the exchange's native token (<a href="https://twitter.com/cz_binance/status/1589283421704290306" target="_blank" rel="noopener">sparked likely by the CEO of FTX's biggest rival, Binance</a>), FTX declared bankruptcy on November 11.Amid restructuring proceedings, it was discovered that the exchange had no <a href="https://markets.businessinsider.com/news/currencies/ftx-bankruptcy-alameda-research-no-accounting-department-sam-bankman-fried-2022-11">in-house accounting department</a>, <a href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-ftx-bankruptcy-collapse-crypto-exchange-houses-bahamas-2022-11">shelled out millions for Bahamian vacation properties</a>, and had <a href="https://markets.businessinsider.com/news/currencies/ftx-crash-client-funds-alameda-binance-sbf-sec-cftc-probe-2022-11">commingled customer funds</a> with Alameda Research, the trading arm of Bankman-Fried's crypto empire.The fallen founder went a bizarre <a href="https://markets.businessinsider.com/news/commodities/sam-bankman-fried-media-tour-an-absolute-mistake-attorney-says-2022-12">month-long apology tour</a>, often giving rambling, contradictory, and possibly self-incriminating statements about the activities of the exchange and how he didn't knowingly defraud anyone. At the end of December, Sam Bankman-Fried was arrested in The Bahamas, extradited to the US, and has been charged with fraud, money laundering, and conspiracy.

From the college kid who made millions on a meme stock to Kim Kardashian's crypto misadventures, here are 7 of the craziest stories from markets in 2022

<ul><li>This year’s initial <keyword id="19894908" type="General" weightage="20" keywordseo="festive-season" source="keywords">festive season</keyword> has been good for smartphone makers, with an 11% increase in sales.</li><li><keyword id="19897758" type="General" weightage="20" keywordseo="Samsung" source="keywords" meta.keywordsubtype="org" meta.entityname="Samsung" meta.hostid="261" meta.entityid="Samsung">Samsung</keyword> has emerged as the biggest smartphone maker in the first phase, followed by <keyword id="19894961" type="General" weightage="20" keywordseo="Apple" source="keywords" meta.keywordsubtype="org" meta.entityname="Apple" meta.hostid="261" meta.entityid="Apple">Apple</keyword>.</li><li>Samsung recorded a 20% market share in the first phase, followed by Apple with a 16% market share.</li></ul>The festive season is here and e-commerce platforms Amazon, Flipkart and others have started their festive sales, offering devices such as smartphones at a discounted price. According to a report by Tech Insights, <keyword id="21017681" type="General" weightage="20" keywordseo="smartphone-sales" source="keywords">smartphone sales</keyword> recorded an 11% growth in the first wave of the festive season sales in India between September 26 to October 6. Among the smartphone makers, Samsung topped the chart with a 20% market share in volume terms during the first phase. "Samsung led the smartphone sales volume with a 20% market share followed by Apple in the first wave of the festive season," Tech Insight said in a blog. Apple is also gaining speed in the Indian market, with over 10 lakh iPhones being sold during the 11-day sale period. The top-selling models for Samsung include the Samsung Galaxy M35, Galaxy S23, Galaxy A14, Galaxy S23 FE and more. "Samsung was also the main sponsor for sales events on Flipkart and Amazon which also gave it an additional push. Samsung sales in unit terms grew 17% year-on-year in 2024's first wave compared to 2023's first wave," the blog said. The platform estimates that online sales volume accounted for 78% of the total sales during the phase 1 period. It was driven by online sales festivals like Big Billion Days on Flipkart and The Great Indian Festival on Amazon India while offline sales started to pick momentum with the start of Navratri. Apple was a surprising second with a 16% market share driven by strong sales of the iPhone 15 which crossed a million mark in 11 days of sales. iPhone 13 followed but the sales gap between iPhone 15 and 13 was significant. Oppo, OnePlus, Xiaomi, and Realme were also among the top vendors in the first wave of the festive season by volume. "North region sales were less compared to other region sales due to the importance of Shradh in this region. Also, states like West Bengal and Gujrat experienced better sales compared to other regions given the preparation for the popular Durga Pooja festival in these states," the blog said. With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/byd-emax-7-electric-mpv-launched-in-india-starting-at-26-9-lakh/slidelist/114046121.cms">BYD eMax 7 electric MPV launched in India starting at ₹26.9 lakh</a> <a href="https://www.businessinsider.in/personal-finance/news/heres-how-a-reddit-user-was-able-to-get-an-iphone-16-at-under-27000/articleshow/114035179.cms">Here’s how a Reddit user was able to get an iPhone 16 at under ₹27,000</a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-swiggy-ather-upcoming-large-ipos-in-india/slidelist/114014140.cms">Hyundai To Swiggy: Everyone wants to cash in on the IPO bonanza</a>

Samsung leads the first phase of festive sales with a 20% market share

Team India will look to seal the series as they lock horns with Bangladesh in the second T20I of the three-match series at the Arun Jaitley Stadium on Wednesday. Suryakumar's side has already taken a 1-0 lead in the series after clinching a seven-wicket victory over Bangladesh in the first T20I match in Gwalior. India and Bangladesh have faced each other on 15 occasions in the shortest format of the game so far. The Men in Blue have dominated the visitors as they have managed to emerge victorious 14 times. Speaking of the team's form in this format in recent times, the hosts have won all their last five encounters. On the other hand, the Najmul Hossain Shanto-led side have won only one game out of their last five. In the 17th edition of the Indian Premier League this year only five matches took place at the Arun Jaitley Stadium. In these five matches, the teams were able to cross the 200-run mark in eight innings out of ten. So, the match is expected to be a high-scoring clash. The weather at the venue is believed to be clear, with a little bit of dew later in the match, according to ESPNcricinfo. India's left-arm speedster <keyword id="19914486" type="General" weightage="20" keywordseo="Arshdeep-Singh" source="keywords">Arshdeep Singh</keyword> asserted that skipper <keyword id="19908088" type="General" weightage="100" keywordseo="Suryakumar-Yadav" source="keywords">Suryakumar Yadav</keyword> and head coach Gautam Gambhir will check the wicket and share the plan for the game. "We [Punjab Kings] did not play here this IPL, but after seeing the scores, I did not feel like checking the wicket. But yeah, we will come tomorrow and see what could be a good plan here. And of course, the captain and the coach will check the wicket and share their plan," Arshdeep Singh said in the pre-match press conference as quoted by ESPNcricinfo. Further the Bangladesh all-rounder Mahmudullah heaped praise on the team's bowlers saying that they have been doing a wonderful job in the last few years. "Our bowlers are doing a wonderful job for the last few years. I don't think we played that badly in the first game. We shouldn't doubt ourselves based on one game. That'd be unfair. We have to come out of that zone and try to win the game. We tried to play aggressively with the bat. We have to be more organised, which will serve us better," Mahmudullah said. Mahmudullah announced his decision to retire from T20I cricket on Saturday to shift his focus to the ODI format. The final T20I between India and Bangladesh at Rajiv Gandhi International Stadium, Hyderabad, will mark Mahmudullah's final appearance in Bangladesh colours in the T20I format. Squads: India: Sanju Samson (wk), Abhishek Sharma, Suryakumar Yadav (c), Nitish Reddy, Hardik Pandya, Riyan Parag, Rinku Singh, Washington Sundar, Varun Chakaravarthy, Arshdeep Singh, Mayank Yadav, Jitesh Sharma, Tilak Varma, Ravi Bishnoi, Harshit Rana. Bangladesh: Parvez Hossain Emon, Litton Das (wk), Najmul Hossain Shanto (c), Towhid Hridoy, Mahmudullah, Jaker Ali, Mehidy Hasan Miraz, Rishad Hossain, Taskin Ahmed, Shoriful Islam, Mustafizur Rahman, Mahedi Hasan, Tanzid Hasan, Rakibul Hasan, Tanzim Hasan Sakib. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/byd-emax-7-electric-mpv-launched-in-india-starting-at-26-9-lakh/slidelist/114046121.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/byd-emax-7-electric-mpv-launched-in-india-starting-at-26-9-lakh/slidelist/114046121.cms" target="_blank">BYD eMax 7 electric MPV launched in India starting at ₹26.9 lakh</a><a href="https://www.businessinsider.in/personal-finance/news/heres-how-a-reddit-user-was-able-to-get-an-iphone-16-at-under-27000/articleshow/114035179.cms" target="_blank"></a> <a href="https://www.businessinsider.in/personal-finance/news/heres-how-a-reddit-user-was-able-to-get-an-iphone-16-at-under-27000/articleshow/114035179.cms" target="_blank">Here’s how a Reddit user was able to get an iPhone 16 at under ₹27,000</a><a href="https://www.businessinsider.in/stock-market/news/hyundai-swiggy-ather-upcoming-large-ipos-in-india/slidelist/114014140.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-swiggy-ather-upcoming-large-ipos-in-india/slidelist/114014140.cms" target="_blank">Hyundai To Swiggy: Everyone wants to cash in on the IPO bonanza</a>

India eye series win as they take on Bangladesh in 2nd T20I

<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>Chinese EV firms like BYD have been effectively shut out of the US thanks to high tariffs.</li><li>Many of them sell their electric vehicles in Europe, despite the EU introducing its own tariffs.</li></ul>US tourists who visited Europe this summer may have spotted some unfamiliar EVs on the road — some of which will have been built in China.<a target="_blank" class="" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6#">China's electric vehicle</a> giants were <a target="_blank" class="" href="https://www.businessinsider.com/china-evs-tariffs-joe-biden-transport-2024-5">effectively shut out of the US in May</a>, when the government imposed crippling tariffs on China-based EV companies amid growing geopolitical tensions.The tariffs, designed to prevent the US auto market from being flooded with cheap Chinese EVs, have made it virtually impossible for companies like BYD to export their EVs stateside.The European Union set out <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-companies-hit-with-new-tariffs-in-the-eu-2024-6">its own trade restrictions on China's Tesla rivals in June</a> — but unlike in the US, many have a sizable presence in the European market.Here are some of the Chinese electric vehicles that European drivers can buy right now but US drivers can't:<h2 id="8c27c4d8-53fb-4dcf-a9e7-30de84bd3e37">BYD</h2><div type="image" title="BYD Seal" height="683" width="1024" msid="113258283" hostid="261" sizebytes="34490"></div><a target="_blank" class="" href="https://www.businessinsider.com/tesla-rival-byd-chinese-evs-expands-in-europe-new-factory-2024-7">BYD</a><a target="_blank" href="https://www.businessinsider.com/tesla-rival-byd-chinese-evs-expands-in-europe-new-factory-2024-7"> is expanding rapidly in Europe</a>, and plans are underway to build two factories in Hungary and Turkey in the coming years.The Warren Buffett-backed automaker sells <a target="_blank" class="" href="https://www.byd.com/eu">six EV models in Europe </a>— from the Dolphin Hatchback, which <a target="_blank" class="" href="https://www.byd-cars.de/marken/byd/dolphin#8dfa9335-fae6-48ae-ade9-929a8d4761ba">costs from €32,990</a> ($36,400), to the Han sedan, which <a target="_blank" class="" href="https://www.byd-cars.de/marken/byd/han#a658351d-cfa0-49fd-b324-ff9e61445dd1">starts at €69,000</a> ($76,100) in Germany.Despite the EU imposing <a target="_blank" href="https://ec.europa.eu/commission/presscorner/detail/en/ip_24_4301">a 17% import tariff on BYD in August</a>, the company isn't slowing down. As it competes with Tesla worldwide, it plans to <a target="_blank" href="https://www.businessinsider.com/byd-cheap-ev-seagull-coming-to-europe-china-us-tariffs-2024-5">bring its $10,000 Seagull EV to Europe in 2025</a>.<h2 id="28cbf932-e633-467a-ba74-145fd9eebf92">Nio</h2><div type="image" title="Nio ET7" height="742" width="1024" msid="113258297" hostid="261" sizebytes="65766"></div>Chinese EV brand Nio is known in its home country <a target="_blank" class="" href="https://www.businessinsider.com/ev-battery-swapping-china-rescue-us-revolution-2024-2">for its battery swapping stations</a>, designed to prevent long charging times by removing flat batteries and replacing them with fully charged ones.Like BYD, Nio has been expanding in Europe, establishing battery swap stations across the continent and <a target="_blank" class="" href="https://www.nio.com/news/nio-house-amsterdam?&amp;noredirect=">selling six models as of May 2024</a>.That includes the stylish ET7, which Nio says comes with an <a target="_blank" class="" href="https://www.nio.com/et7?&amp;noredirect=">AI-powered suspension and an estimated 1,000km (620 mile) range</a>.<h2 id="93224fa1-31bc-45f4-8dc3-cadaccde6d4f">Xpeng</h2><div type="image" title="Xpeng G6" height="684" width="1024" msid="113258292" hostid="261" sizebytes="71784"></div>Xpeng is known for its quirky EV models, including a <a target="_blank" class="" href="https://www.businessinsider.com/xpeng-tesla-rival-flying-car-prototype-drone-evtol-2022-11">flying car</a>.In Europe, the automaker sells its G9, G6, and P7 models in various markets, including Denmark, Sweden, and Norway.<h2 id="985d743a-d9a6-45bc-82ed-a4c4ae7f187f">Zeekr</h2><div type="image" title="Zeekr 001" height="683" width="1024" msid="113258285" hostid="261" sizebytes="39634"></div>Chinese manufacturer Zeekr is one of many companies <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-vehicles-byd-selling-record-cars-tesla-competition-deliveries-2024-7">vying to take on Tesla in China.</a> It has two models available in parts of Europe.Both the Zeekr X and the Zeekr 001 are luxury EVs priced between <a target="_blank" class="" href="https://shop.zeekr.eu/en-nl/configuration/?linkCode=1">42,490 euros and 59,490 euros ($46,800 to $65,600)</a> in the Netherlands. The Zeekr 001 boasts an estimated <a target="_blank" class="" href="https://www.zeekr.eu/models/001">620km (385 miles) of range and 0 to 60 mile acceleration in 3.8 seconds</a>.Like many other Chinese automakers, Zeekr faces EU's tariffs. CEO Andy An <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-19/geely-s-zeekr-considers-building-evs-in-europe-to-avoid-tariffs">told Bloomberg that</a> the company may move production to Europe in the coming years as a result.<h2 id="3d2d47ce-d5f2-48a3-b76e-1431dec40a8b">MG</h2><div type="image" title="The MG Cyberster" height="681" width="1024" msid="113258295" hostid="261" sizebytes="64984"></div>Historic British car brand MG is owned <a target="_blank" class="" href="https://www.reuters.com/article/business/saic-to-sell-mg-cars-in-eu-by-year-end-idUSTRE60O088/">by one of China's largest automakers, SAIC Motor</a>.Since it came under SAIC Motor's control, MG has <a target="_blank" class="" href="https://www.bbc.co.uk/news/uk-england-birmingham-37449289">moved some of its vehicle production to China</a> and produced a series of electric models, including the MG4.This electric hatchback starts at <a target="_blank" class="" href="https://www.mg.co.uk/new-cars/mg4-ev">£26,995 ($35,300)</a> in the UK, making it <a target="_blank" class="" href="https://www.tesla.com/en_gb/model3/design#overview">£12,995 ($17,000) cheaper</a> than Tesla's least expensive offering in the country.MG also recently launched the Cyberster, a stylish electric roadster that is available <a target="_blank" class="" href="https://www.mgcyberster.co.uk/configurator">for preorder in the UK for £54,995 ($72,000)</a>.As of yet, there's no sign of the MG4 or the Cyberster coming to the US — although MG is planning to <a target="_blank" class="" href="https://www.reuters.com/business/autos-transportation/mg-motor-build-manufacturing-plant-rd-center-mexico-2024-08-08/">build a manufacturing plant in Mexico</a>, a move some US lawmakers have warned could provide Chinese manufacturers <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-companies-byd-mg-plan-factories-mexico-washington-concern-2023-12">with a "backdoor" to the US market</a>.

Chinese EVs you can buy in Europe — but not in the US

<ul class="summary-list"><li>Ford CEO Jim Farley is a big fan of Xiaomi's SU7 EV — and it just got a major upgrade.</li><li>The Chinese tech giant unveiled the SU7 Ultra, a high-performance electric car with a max speed of 350km per hour.</li></ul>Ford CEO Jim Farley's favorite Chinese EV just got a major upgrade.Chinese tech firm <a target="_blank" class="" href="https://www.businessinsider.com/phonemaker-xiaomi-unveils-first-ev-taking-on-tesla-2023-12">Xiaomi</a> has unveiled a high-performance version of its SU7, the electric sedan that <a target="_blank" class="" href="https://www.businessinsider.com/ford-ceo-driving-xiaomi-su7-electric-vehicles-ev-2024-10">so impressed Farley he recently said he didn't want to give it up</a> after driving it for the past six months.The company said its new SU7 Ultra has a maximum speed of 350km per hour, compared to the base version's 265km per hour, and can accelerate from 0 to 100km per hour in under two seconds. It will be pricey, however, with Xiaomi selling the Ultra for 814,900 yuan ($114,000) in China, nearly four times <a target="_blank" class="" href="https://www.mi.com/global/discover/article?id=3263&amp;ref=renatomitra.com">the regular SU7's 215,900 </a>yuan <a target="_blank" class="" href="https://www.mi.com/global/discover/article?id=3263&amp;ref=renatomitra.com">($30,200) starting price</a>.<div type="image" title="The Xiaomi SU7 Ultra" height="2880" width="3840" msid="114779544" hostid="261" sizebytes="1551090"></div>The SU7 Ultra, which Xiaomi says has a range of 630km and can charge from 10% to 80% in 11 minutes, will be released in China in March 2025.The EV racked up 3,680 orders within 10 minutes of going on presale on Tuesday, according to <a target="_blank" class="" href="https://m.weibo.cn/detail/5094945295698395">CEO Lei Jun</a>.The Ultra marks Xiaomi's first foray into high-end luxury vehicles after the smartphone and electronics maker <a target="_blank" class="" href="https://www.businessinsider.com/china-xiaomi-launch-electric-car-apple-failed-tesla-2024-3">pivoted into electric cars with the SU7</a>.The SU7 is <a target="_blank" class="" href="https://www.businessinsider.com/xiaomi-su7-chinese-ev-features-specs-photos-ford-ceo-2024-10">packed with high-tech features</a>. It is integrated with other Xiaomi products, and drivers can remotely voice-control household appliances from the vehicle.Since being released in March, it's proven a hit, delivering nearly 30,000 units in the second quarter of the year. The company said it expects to deliver 100,000 vehicles by November. Speaking on a podcast last week, Ford CEO Farley praised Xiaomi as an "industry juggernaut" and said he was a big fan of the SU7."I don't like talking about the competition so much, but I drive the Xiaomi," said Farley."We flew one from Shanghai to Chicago, and I've been driving it for six months now, and I don't want to give it up," he added.Western automakers like Ford are under pressure from Chinese electric car makers, which are <a target="_blank" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">expanding rapidly worldwide</a>.<div type="image" title="Xiaomi SU7 Ultra interior" height="2880" width="3840" msid="114779546" hostid="261" sizebytes="313108"></div>With <a target="_blank" href="https://www.businessinsider.com/china-electric-vehicles-government-subsidies-win-ev-race-byd-tesla-2024-6">significant government support</a>, BYD and Xiaomi have quickly become industry heavyweights. This is thanks to their ability to make and sell EVs for <a target="_blank" href="https://www.businessinsider.com/byd-cheap-ev-seagull-coming-to-europe-china-us-tariffs-2024-5">far less</a><a target="_blank" class="" href="https://www.businessinsider.com/byd-cheap-ev-seagull-coming-to-europe-china-us-tariffs-2024-5"> than their Western rivals</a>.Some auto executives have been sounding the alarm, with Farley reportedly telling a Ford board member China's auto industry posed an "existential threat" after visiting the country in May.Tesla CEO Elon Musk, meanwhile, has previously warned that Chinese automakers will <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-warns-chinese-ev-firms-could-demolish-rivals-2024-1">"demolish" their global rivals</a> without governments imposing trade protections, although he has subsequently <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-comments-biden-tariff-chinese-electric-vehicles-2024-5">criticized tariffs targeting Chinese automakers</a>.Xiaomi's rapid EV growth has come at a cost, with the company's electric vehicle branch posting an <a target="_blank" rel="" class="" href="https://www.businessinsider.com/xiaomi-loses-speed-ultra-7-electric-vehicles-9200-per-car-2024-8">adjusted loss of $252 million in Q2</a>.Citibank analysts previously estimated that they expected Xiaomi to turn a profit after hitting annual sales of 300,000 to 400,000 vehicles.

The Chinese EV loved by Ford's CEO just got a lot faster

<ul class="summary-list"><li>Chinese EV maker Xpeng just launched a new low-priced EV.</li><li>The cheapest version of this car is nearly half the price of Tesla's Model 3 in China.</li></ul>One of <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla's</a> Chinese rivals just launched its new low-priced EV with self-driving tech — and it shows just how big a challenge <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> faces in staying competitive in the <a target="_blank" class="" href="https://www.businessinsider.com/china-electric-vehicles-government-subsidies-win-ev-race-byd-tesla-2024-6">world's largest EV market</a>.Xpeng <a target="_blank" class="" href="https://www.xiaopeng.com/news/company_news/5357.html">launched the Mona M03 EV on Tuesday</a>, an electric car with a starting price of 119,800 yuan ($16,800).The EV is available in three models, including a "Max" version with autonomous driving features that costs from 155,800 yuan ($21,900).The cheapest M03 model is just over half the price of Tesla's most affordable car — the Model 3 — which starts at around <a target="_blank" class="" href="https://www.tesla.cn/model3/design#overview">231,900 yuan ($32,500)</a> in China.Tesla has repeatedly <a target="_blank" class="" href="https://www.businessinsider.com/tesla-waging-price-war-against-chinese-rivals-2024-4">cut prices in China over the past year</a> as it tries to keep up with its local rivals, and is reportedly close to <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-china-visit-self-driving-autonomous-electric-cars-2024-4">gaining approval to sell its full self-driving tech in the country</a>.Tesla faces brutal competition from Chinese companies capable of matching Tesla's tech-heavy electric cars while undercutting the company on price.Xpeng's M03 joins a <a target="_blank" class="" href="https://www.businessinsider.com/chinas-electric-vehicle-market-could-face-a-brutal-reckoning-2024-5">crowded market</a> that includes smartphone maker Xiaomi's SU7, a smart car with an <a target="_blank" class="" href="https://www.businessinsider.com/xiaomi-su7-ev-photos-specs-features-tesla-rival-2023-12">estimated 500-mile range</a> and <a target="_blank" class="" href="https://www.businessinsider.com/xiaomi-loses-speed-ultra-7-electric-vehicles-9200-per-car-2024-8">a price tag of around $30,000</a>.Industry leader BYD, which <a target="_blank" class="" href="https://www.businessinsider.com/tesla-q4-sales-less-than-china-byd-2024-1">briefly overtook Tesla</a> as the world's largest producer of EVs in late 2023, has <a target="_blank" class="" href="https://www.businessinsider.com/byd-china-ev-price-war-yuan-plus-tesla-elon-musk-2024-3">also slashed prices this year</a>. In March, it <a target="_blank" class="" href="https://finance.yahoo.com/news/china-brutal-ev-war-forces-131127772.html">cut the sticker price</a> of its Seal electric sedan by 10,000 yuan to <a target="_blank" href="https://www.reuters.com/business/autos-transportation/chinas-byd-lowers-starting-price-new-version-seal-electric-sedan-2024-03-25/#:~:text=China's%20BYD%20lowers%20starting%20price%20of%20new%20version%20of%20Seal%20electric%20sedan,-By%20Reuters&amp;text=BEIJING%2C%20March%2025%20(Reuters),to%20179%2C800%20yuan%20(%2424%2C978.12).">179,800 yuan ($25,230)</a>.Premium EV giant Nio, meanwhile, is <a target="_blank" class="" href="https://www.businessinsider.com/tesla-ev-rivals-in-china-nio-byd-collaborate-cheaper-model-2024-5">planning to launch an affordable EV brand</a> called Onvo in China. This brand will compete directly with Tesla's Model Y.The L60, the first car in the Onvo range, <a target="_blank" class="" href="https://www.nio.com/news/onvo-l60-launch?&amp;noredirect=">will be around $5,000 cheaper</a><a target="_blank" href="https://www.nio.com/news/onvo-l60-launch?&amp;noredirect="> </a>than the <a target="_blank" class="" href="https://www.tesla.cn/modely/design#overview">Model Y</a> and offer drivers access to Nio's network of <a target="_blank" class="" href="https://www.businessinsider.com/ev-battery-swapping-china-rescue-us-revolution-2024-2">battery swapping stations</a>, which the company says cuts charging times to as <a target="_blank" class="" href="https://www.nio.com/news/onvo-l60-launch?&amp;noredirect=">little as 3 minutes</a>.Nio, BYD, and Xpeng also <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-full-self-driving-technology-china-local-competition-2024-4">advertise their versions of Tesla's driving assistance tech</a>. BYD is racing to add <a target="_blank" href="https://www.businessinsider.com/chinese-byd-ev-automaker-launches-smart-car-system-rivals-tesla-2024-1">more AI features</a> to its vehicles to appeal to <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-makers-battle-for-market-dominance-with-smart-features-2024-5">tech-savvy Chinese consumers</a>.These Chinese EV players are also being challenged by growing competition in this region and the pressure to compete on price.Musk will likely hope that Tesla's Robotaxi, which he is reportedly <a target="_blank" href="https://www.reuters.com/business/autos-transportation/china-may-support-teslas-domestic-testing-demonstration-robotaxis-says-media-2024-05-08/">keen to launch in China</a>, gives the US automaker an edge. Still, a victory for Tesla in the world's most cutthroat EV market is far from assured.Tesla did not respond to a request for comment from Business Insider, sent outside normal working hours.

Chinese Tesla rival launches $22,000 EV with self-driving features. Here's why that's a big problem for Tesla.

<ul class="summary-list"><li>Sales of electric cars in China are expected to rise at a slower pace this year.</li><li>That's likely to be a problem for Tesla too.</li></ul><a target="_blank" href="https://www.businessinsider.com/china-byd-tesla-electric-car-ev-race-2023-11">BYD</a> and <a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> both posted <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-regain-title-top-electric-car-maker-2024-4">anemic first-quarter sales</a> this week, serving up a reminder that demand for electric cars appears to be stalling around the world.China, the world's largest EV market, hasn't been immune from the slowdown.The country's Passenger Car Association expects sales of new-energy vehicles to climb 25% to 11 million this year, according to figures reported by Bloomberg. That's a healthy rise, but still well below last year's growth rate of 36%.Any signs of weakening demand in China are a red flag for Tesla, which is already struggling to keep up with its local rivals' aggressive price cuts."I think a big part of Tesla's first-quarter deliveries miss came from China," Seth Goldstein, an equities strategist for Morningstar who chairs the research firm's EV committee, told Business Insider. "There's a lot of price competition, and we're seeing consumers go to other brands with cheaper offerings."<h2>Tesla waves the white flag</h2>Tesla slashed the prices of the Model 3, S, X, and Y in China last year in a bid to compete with local rivals including market leader BYD, which sells much cheaper vehicles such as <a target="_blank" href="https://www.businessinsider.com/byd-seagull-cheap-ev-electric-car-tesla-china-2023-4">the $11,000 Seagull</a>.The cuts helped Telsa log record delivery numbers, and kept its share price high — but it still lost its title as <a target="_blank" href="https://www.businessinsider.com/china-byd-tesla-electric-car-ev-race-2023-11">the world's top EV seller for 2023</a> to BYD.CEO Elon Musk appears to have backed away from the price cuts strategy this year, however. That's a sign he knows Tesla <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-price-cuts-electric-cars-losing-business-strategy-2023-11">can't win the price war</a> and remain profitable, Goldstein said."Last year was the year of the price cut, in order to grow volumes, and it worked," he said. "But Tesla now seems to have made the decision that for now, they're happy where their unit profits are at."Holding prices steady in China appears to have backfired, though. Tesla completely missed Wall Street forecasts for deliveries — and its market share in the world's second-largest economy has fallen to around 7%, per Bloomberg estimates, down from 11% in early 2023.<div type="image" title="Musk in China" height="729" width="1024" msid="109062945" hostid="261"></div><h2>Bad news for BYD</h2>Americans are shunning electric cars due to concerns about charging and the emergence of <a target="_blank" href="https://www.businessinsider.com/hybrid-electric-cars-trucks-evs-transport-ford-maverick-toyota-2024-3">cheaper hybrids</a> — but the reasons for the slowdown in China are more complex.There are plenty of public charging stations — about 2.7 million as at the end of 2023, according to the China Electric Vehicle Charging Infrastructure Promotion Alliance. And the mid-market hatchback options offered by BYD are some of China's best-selling cars.However, some would-be buyers found <a target="_blank" href="https://restofworld.org/2024/china-ev-industry-slowdown/">local companies' constant price cuts irritating</a>. BYD slashed the cost of one model by a total of 15,000 yuan ($2,100) in a matter of months last year, reducing its value on the secondhand market and making people more hesitant to buy one.China's economy has also struggled since the end of the pandemic, with <a target="_blank" href="https://www.businessinsider.com/china-economy-markets-deflation-chart-investors-consumer-prices-outlook-beijing-2024-3">deflationary pressures</a> and an ongoing <a target="_blank" href="https://www.businessinsider.com/china-economy-housing-market-real-estate-crash-investors-outlook-construction-2024-3">property-market crisis</a> fueling a decline in consumer spending.BYD makes most of its sales in China — and the tally rose 43% to about 300,000 in the first three months of the year, according to a stock market filing this week. That increase was not enough to stop Tesla from reclaiming its title as the <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-regain-title-top-electric-car-maker-2024-4">world's top electric car maker</a> despite its own dismal delivery numbers for the same period.Tesla makes the Model 3 and Model Y at its Shanghai factory and recently reduced production from six-and-a-half days a week to five, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-22/tesla-trims-output-of-cars-in-china-amid-slower-ev-sales-growth">Bloomberg reported</a>, in a sign of waning demand for its cars in China.If China joins the US in loving EVs a little less, both Tesla and BYD could be in for a difficult 2024.

China has a problem with electric cars and that's bad news for Elon Musk

<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

<ul class="summary-list"><li>Tesla reported disappointing results for the first quarter.</li><li>But investors celebrated news of cheaper vehicles on the horizon.</li></ul><a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> had some bad news and some good news when it released <a target="_blank" href="https://www.businessinsider.com/tesla-stock-tsla-quarterly-earnings-call-report-live-updates-2024-4">first-quarter earnings</a>.The bad: It reported revenue and earnings that were below Wall Street expectations, and posted negative free cash flow.The good news: <a target="_blank" href="https://www.businessinsider.com/cheaper-teslas-arriving-sooner-than-planned-2024-4">Cheaper Teslas</a> are on the way!Tesla's plan to accelerate the launch of new models — including more affordable cars — and talk of a <a target="_blank" href="https://www.businessinsider.com/tesla-reveals-uber-competitor-ride-hailing-app-photos-2024-4">robotaxi service</a> was enough to send the <a target="_blank" href="https://markets.businessinsider.com/stocks/tsla-stock">stock price</a> higher despite the earnings miss.The investor reaction suggests Wall Street has bought into the idea that cheaper vehicles will help solve some of <a target="_blank" href="https://www.businessinsider.com/tesla-rough-year-sales-slump-layoffs-china-ev-competition-2024-4">Tesla's demand challenges</a>.<a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-avoid-ev-sales-slowdown-china-byd-2024-1">EV sales growth</a> has slowed in part because most of the options are <a target="_blank" href="https://www.businessinsider.com/electric-car-ev-sales-prices-problem-transportation-2024-1">more expensive</a> than the average car purchase in the US, or so the theory goes."If you have a great product at a great price, the sales will be excellent," CEO Elon Musk said Tuesday on an earnings call.That might ordinarily be true. But Tesla is no ordinary product. Even at a lower price, say $25,000, it's a very significant purchase — likely one of the most expensive purchases a person will make.So let's for a second look at why a lower ticket price might not be a panacea for Tesla.<h2>Switching from gas to electric is a big deal</h2>Many EV buyers thus far have been <a target="_blank" href="https://www.businessinsider.com/ev-electric-car-sales-plateau-early-adopters-competition-2023-8">early adopters</a>, and there are many, many more car buyers who are yet to be convinced. It's part of the reason <a target="_blank" href="https://www.businessinsider.com/tesla-blames-hybrids-for-lower-sales-2024-4">hybrids</a> have been <a target="_blank" href="https://www.businessinsider.com/toyota-hybrid-cars-ev-sales-growth-prius-bz4x-2024-2">having a moment</a>, as an intermediate step from gas-powered cars to fully electric vehicles.It's possible that there are a bunch more buyers out there who would love to buy a Tesla but just can't afford one. How big is that group of buyers? It's not clear."These new vehicles still bring a lot of new, unanswered questions, and TSLA didn't really address, leaving us to believe much is still in flux," UBS said in a note following the earnings release."What are they really, and what buyer are they targeting other than 'lower cost'? Lower cost may not be enough because of lower used Tesla pricing," the note added.For context, a <a target="_blank" class="" href="https://affiliate.insider.com?h=192cc58680062c6e90d96822403840fc573b3e5de0b1bc3eb9ebaf1fa56a9b93&amp;postID=66290b7af33b2f19d556e5bd&amp;postSlug=will-cheaper-tesla-lure-buyers-ev-demand-2024-4&amp;site=bi&amp;u=https%3A%2F%2Fwww.carvana.com%2Fcars%2Ftesla">quick search</a> of Carvana reveals a whole bunch of used Teslas priced in the $25,000 to $30,000 range. Many of those listed have seen recent price drops.Are they a good deal? It's hard to say. The resale data for used EVs is sparse, and the longevity of batteries is scattershot as technology improves.<h2>Infrastructure challenges remain</h2>EVs also require entirely different infrastructure from gas-powered vehicles, and anxiety over battery range and charging stations continues to be a real issue for <a target="_blank" href="https://www.businessinsider.com/tesla-owners-share-unexpected-headaches-owning-ev-electric-car-2023-7">EV owners</a>.The number of charging stations in the US has grown gradually over the years, but operators have <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/electric-car-charging-reliability-broken-stations-ev-2022-5">struggled with maintenance and uptime issues</a> — and some lack the amenities like snacks and bathrooms you'd find at gas stations. It's also worth noting that a full charge for a Tesla, which has nearly 7,000 US charging stations, could take up to 30 minutes.Maybe infrastructure isn't a core concern for the archetypal early Tesla buyer: someone who might be a tech employee in California with plugins in their garage or driveway — and also at their office. There are many other Tesla buyers, of course, but as Tesla introduces lower-cost models in search of different buyers, needs will shift.Today's buyers of a Honda Civic or Toyota Camry, two of the most prevalent cars on American roads, may not be willing to invest the time and money in perfecting their <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/how-to-charge-your-electric-car-at-home-2023-5">home-charging setup</a>, which can require an electrician to install high-voltage plugs in a convenient spot. And that's, of course, only if they own their own parking space. Installation might be trickier for people living in apartment complexes, urban townhouses, or myriad other housing situations.<h2>Musk and Tesla are politicized</h2>As Tesla looks to lure potential new buyers with a cheaper car, it will have to contend with souring consumer sentiment toward the EV maker.The number of US consumers who say they would consider buying a Tesla fell to 31% in February — down from 70% in November 2021 — according to research recently <a target="_blank" href="https://www.reuters.com/business/autos-transportation/would-be-tesla-buyers-snub-company-musks-reputation-dips-2024-04-01/">published</a> by Reuters. Some Tesla owners had previously told BI that they were rethinking their allegiance to the brand due to <a target="_blank" href="https://www.businessinsider.com/elon-musk-twitter-antics-causing-tesla-owners-ditch-car-brand-2023-1">concerns over Musk</a>.Tesla is also facing headwinds in China, where it's losing ground to fierce local competitors like BYD.BYD sells one <a target="_blank" href="https://www.businessinsider.com/byd-seagull-cheap-ev-electric-car-tesla-china-2023-4#this-sleek-little-hatchback-is-one-of-the-best-deals-on-the-electric-car-market-but-dont-get-your-hopes-up-too-much-you-cant-buy-one-in-america-1">EV model</a> for less than $10,000 in China, where Tesla's Model 3, by comparison, costs about $32,000.Tesla's share of the Chinese auto market fell to 6.7% in the quarter ended December, compared to a 10.5% share in the first quarter last year, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-03/tesla-also-losing-ground-in-china-as-it-disappoints-globally">reported</a> based on China's Passenger Car Association data.<h2>Time will tell for Tesla</h2>It's still not entirely clear when a new more affordable model might arrive, though Musk floated the possibility of early 2025.Elon Musk has a history of <a target="_blank" href="https://www.businessinsider.com/elon-musk-says-he-sets-unrealistic-timelines-has-an-issue-with-time-2018-6">overpromising on timelines</a>. The Cybertruck, for example, was supposed to go into production in 2021. Deliveries to customers didn't start until late 2023.If and when the cheaper car does arrive, it may take off. Renault has had some recent success with <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-23/renault-beats-revenue-estimates-on-clio-megane-e-tech-sales?campaign_id=4&amp;emc=edit_dk_20240424&amp;instance_id=121379&amp;nl=dealbook&amp;regi_id=194893788&amp;segment_id=164638&amp;te=1&amp;user_id=2259c117e2d6d1f3b6de8de6262da403">lower-priced EVs</a>, for example. It could make Tesla more attractive in markets like <a target="_blank" href="https://www.businessinsider.com/tesla-would-spur-growth-in-india-ev-market-rival-says-2024-4">India</a>. Maybe the pool of buyers for a cheap Tesla will be ginormous. Betting against Elon Musk has been a losing proposition over time.But it's worth considering what might happen if it's not an instant success.

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