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<ul class="summary-list"><li>Warren Buffett's Berkshire Hathaway has sold around $600 million of BYD stock since mid-July.</li><li>Berkshire has cut its stake in the Chinese EV maker by 8% to 207 million shares, worth $5.7 billion.</li></ul>Warren Buffett's <a href="https://markets.businessinsider.com/stocks/brk-b-stock">Berkshire Hathaway</a> has cashed in about $600 million of BYD stock in under two months, pocketing a roughly 35-fold profit on the Chinese rival to Elon Musk's <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a>, a Markets Insider analysis shows.The famed investor's conglomerate <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-gain-byd-electric-vehicles-investment-2021-1-1029995920?miRedirects=1">spent $232 million</a> to acquire 225 million shares of the electric-vehicle maker in 2008. It <a href="https://markets.businessinsider.com/news/stocks/byd-stock-price-warren-buffett-berkshire-hathaway-china-electric-cars-2022-7">listed</a> the entire position on the Hong Kong Stock Exchange's clearing system on July 12, then cut it by 8% to 207 million shares by September 1, <a href="https://di.hkex.com.hk/di/NSNoticePersonList.aspx?sa2=np&amp;scpid1=105122&amp;scpid3=2&amp;scpid2=2508&amp;sa1=pl&amp;scsd=01%2f09%2f2021&amp;sced=01%2f09%2f2022&amp;pn=berkshire+hathaway+energy&amp;src=MAIN&amp;lang=EN&amp;g_lang=en&amp;">exchange filings show</a>.Berkshire paid around $1 a share when it invested in BYD, and has now sold nearly 18 million shares at a weighted-average price of $35, based on the stock's trading range in recent weeks.The disposals, and fears that Buffett and his team will keep selling or even eliminate the holding entirely, have sparked a 30% plunge in BYD's stock price since July 11, the day before Berkshire's stake appeared in the clearing system.The conglomerate's remaining BYD stake is worth about $5.7 billion on paper, down 35% from a peak of $8.8 billion in late June.Under stock-exchange rules, Berkshire only has to disclose transactions that change its percentage stake by a whole number. As a result, Buffett's company can sell another 9.6 million shares before its ownership of BYD's Hong Kong-listed shares drops below 18% and it's required to update the market.Berkshire's decision to trim its BYD stake this year was <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-byd-stock-sales-charlie-munger-li-lu-2022-9">foreshadowed</a> by Buffett's business partner, Charlie Munger, ostensibly selling $50 million of the automaker's stock in December. Munger was introduced to BYD by a hedge fund manager named Li Lu, whose fund also sold more than a quarter of its BYD shares last summer, and may have exited the position entirely since then.Munger persuaded Buffett to invest in BYD by <a href="https://markets.businessinsider.com/news/stocks/charlie-munger-warren-buffett-berkshire-hathaway-costco-byd-stock-pabrai-2022-6?utm_medium=ingest&amp;utm_source=markets">championing</a> its CEO, Wang Chuanfu, as "Thomas Edison, Henry Ford, and Bill Gates all in the same person."Read more: <a href="https://www.businessinsider.com/steven-check-warren-buffett-berkshire-hathaway-stock-chevron-occidental-energy-2022-8">Veteran investor Steven Check has $655 million riding on Warren Buffett's Berkshire Hathaway. He explains why he's still bullish on the stock, and analyzes Buffett's $50 billion stock-buying spree this year.</a>

Warren Buffett's Berkshire Hathaway has sold about $600 million of Chinese EV maker BYD's stock in under 2 months

Luxury carmaker <keyword id="6363321" type="General" weightage="100" keywordseo="audi" source="Orion">Audi</keyword> on Wednesday said it will increase prices of its model range by up to 1.7 %, with effect from January 1, 2023. The company said it is hiking the prices due to an increase in input and operational costs. "The primary objective of the company's business strategy focuses on a model that begets profitability and sustainability. The price correction is affected as a result of the rising supply-chain-related input and operational costs," <keyword id="5176836" type="General" weightage="50" keywordseo="audi-india-head" source="Orion">Audi India Head</keyword> Balbir Singh Dhillon said in a statement. The new price range for the company models is directed at maintaining the premium price positioning of the brand, ensuring sustainable growth of both the automaker and its dealer partners, he added. <keyword id="148913" type="General" weightage="50" keywordseo="audi-india" source="Orion">Audi India</keyword>'s current line-up includes the petrol-powered A4, A6, A8 L, Q3, Q5, Q7, Q8, S5 Sportback, RS 5 Sportback, and RSQ8. The electric vehicle portfolio under the e-Tron brand comprises the e-Tron 50, e-Tron 55, e-Tron Sportback 55, e-Tron GT and RS e-Tron GT. Mainstream passenger vehicle brands <keyword id="44883" type="General" weightage="50" keywordseo="maruti-suzuki" source="Orion">Maruti Suzuki</keyword> <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> and <keyword id="42747" type="General" weightage="50" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> have also announced plans to increase prices with effect from next month. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-announces-price-hike-from-january-2023/articleshow/95941950.cms">Maruti Suzuki cars will get costlier from January 2023</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-mulling-price-hike-for-passenger-vehicles-from-next-month/articleshow/96003489.cms">Tata Motors mulling price hike for passenger vehicles from next month</a> <a href="https://www.businessinsider.in/business/auto/news/byd-dominates-the-electric-car-market-in-q3-2022-with-6-cars-in-the-top-10/slidelist/95934797.cms">BYD dominates the electric car market in Q3 2022 with 6 cars in the top 10</a>

Audi to hike vehicle prices by up to 1.7% in India from January 2023

<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 class="summary-list"><li>Toyota and BMW both reported plunging profits on Wednesday.</li><li>The Japanese and German automakers have faced falling sales in China.</li></ul>China's EV giants are rising, putting foreign automakers under pressure in the world's largest car market.Toyota and BMW reported a drop in quarterly profits on Wednesday, with sales in China slumping for both companies as they face growing competition <a target="_blank" class="" href="https://www.businessinsider.com/why-byd-is-beating-tesla-ev-rivals-china-2024-11">from local automakers like BYD</a>.Toyota's profit for the quarter ending in September was 573.7 billion yen ($3.7 billion), down from nearly 1.28 trillion yen ($8.3 billion) over the same period last year.The company is grappling with a slowdown in sales in China and its home market, Japan.According to Toyota data released in October, sales in Japan plunged by nearly 17% in the first nine months of the year.In China, meanwhile, Toyota is facing fierce competition from local EV giants like BYD. Thanks to their affordable electric vehicle range, BYD has <a target="_blank" href="https://www.businessinsider.com/germany-auto-giants-volkswagen-bmw-mercedes-struggle-sales-china-evs-2024-10">rapidly taken market share from foreign firms</a>.Sales in China were down just over 10% in the first nine months of the year, with Toyota attributing the drop to "severe market conditions" such as "intensifying price competition."Luxury European carmaker BMW, meanwhile, has also found itself facing weakness in China and a high-profile recall.The German auto group said profit before tax dropped nearly 80% in the third quarter from the previous year as it reported earnings on Wednesday.BMW previously cut its financial outlook after recalling more than 1.5 million vehicles due to a braking system issue. The automaker said deliveries fell 30% in China in the third quarter.Like its German rivals Mercedes and Audi, BMW has been hit by stuttering demand for luxury vehicles in China — and it is also facing <a target="_blank" class="" href="https://www.businessinsider.com/luxury-european-carmakers-china-sales-competition-electric-vehicles-bmw-mercedes-2024-10">pressure from local rivals</a>.BYD and smartphone maker Xiaomi have made efforts to expand into the premium market. BYD launched the $150,000 Yangwang U8 SUV last year, and Xiaomi recently unveiled a <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-xiaomi-su7-driven-by-fords-ceo-faster-model-2024-10">high-performance version of its SU7 luxury sedan</a>.Toyota and BMW did not respond to a request for comment, sent outside normal working hours.

Toyota and BMW are the latest casualties in China's evolving EV market 

<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>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>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>Three of Japan's iconic car companies are struggling.</li><li>Toyota, Honda, and Nissan reported underwhelming earnings in the most recent quarter, partly because of slumping sales in China.</li></ul>Japan's iconic auto industry is going through a rough patch, with three of its most important companies reporting underwhelming earnings in the most recent quarter.Toyota, Nissan, and Honda all reported slumping profits. The three automakers are grappling with ferocious competition in China and a bumpy transition to electric vehicles.Toyota, the world's largest automaker, saw <a target="_blank" class="" href="https://www.businessinsider.com/toyota-bmw-face-reckoning-in-china-sinking-sales-2024-11">profits for the quarter ending in September drop to 573.7 billion yen ($3.7 billion)</a>, down from nearly 1.28 trillion yen ($8.3 billion) over the same period last year.Rival <a target="_blank" class="" href="https://www.businessinsider.com/nissan-cutting-9-000-jobs-globally-production-capacity-reduce-costs-2024-11">Nissan announced it would cut 9,000 workers</a> amid falling sales, while Honda reported a 15% drop in operating profit in the second quarter.All three companies face a similar problem; they are failing to sell enough cars in China.Toyota's sales in China were down just over 10% in the first nine months of the year, with the company blaming "severe market conditions" such as "intensifying price competition."Still, a Toyota spokesperson told Business Insider that its declining profits were not only attributable to China; it also saw weakness in Japan and North America.Honda flagged a decline in sales in China in its most recent quarter, dragging down its total group sales. While Nissan reported a drop of over 5% in retail sales in China in the first half of the fiscal year — the largest drop of any of its regions.<a target="_blank" class="" href="https://www.businessinsider.com/germany-auto-giants-volkswagen-bmw-mercedes-struggle-sales-china-evs-2024-10">Like other foreign automakers</a>, Japan's car giants are being squeezed in China by local rivals. These rivals have rapidly gained market share by offering a range of affordable but high-tech EVs and hybrids.<a target="_blank" class="" href="https://www.businessinsider.com/why-byd-is-beating-tesla-ev-rivals-china-2024-11">BYD</a>, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-chinese-ev-rivals-record-deliveries-pressure-on-elon-musk-2024-10">Zeekr, and Nio</a> have reported bumper sales recently, as European automakers like <a target="_blank" rel="" href="https://www.businessinsider.com/mercedes-benz-sliding-ev-sales-and-weak-demand-in-china-2024-10">Mercedes-Benz</a><a target="_blank" class="" href="https://www.businessinsider.com/luxury-european-carmakers-china-sales-competition-electric-vehicles-bmw-mercedes-2024-10"> and BMW</a> are being squeezed in this region.Many of <a target="_blank" class="" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">China's EV champions are now expanding overseas</a>, something Felipe Munoz, auto analyst at JATO Dynamics, told BI was putting the likes of Toyota and Honda under growing pressure."The real battle is happening in the emerging markets. And that's exactly where the Japanese car makers are suffering the most," said Munoz, pointing to the rapid expansion of the likes of BYD in <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-companies-shut-out-of-us-target-mexico-brazil-2024-6">Southeast Asia and Latin America</a>."Japanese carmakers have a strong presence in Southeast Asia. And Southeast Asia right now is a hot market for Chinese cars," he said.<h2 id="063c7ce4-3202-4df2-8359-3a26c5e32696">Electric woes</h2>Japanese automakers have taken a broadly cautious approach to the transition to EVs, focusing instead on hybrid vehicles.<a target="_blank" class="" href="https://www.businessinsider.com/toyota-hybrid-cars-ev-sales-growth-prius-bz4x-2024-2">That approach has mostly paid off</a> as EV demand has slowed, with Toyota reporting bumper profits on the back of strong hybrid sales in the US earlier this year.<div type="image" title="A Toyota Prius" height="1500" width="2000" msid="115219890" hostid="261" sizebytes="88360"></div>However, Munoz said that while the hybrids-first strategy may have worked out in the US and Europe, it has created problems for Japanese automakers in China, leaving them without a strong lineup of EVs that can compete with <a target="_blank" class="" href="https://www.businessinsider.com/byd-cheap-ev-seagull-coming-to-europe-china-us-tariffs-2024-5">local offerings that can cost less than $10,000</a>."China is definitely shifting to fully electric. And this leaves out all of the car makers that are not competitive with their electric cars," said Munoz.He added that Toyota, Honda, and Nissan are at risk of becoming overly dependent on US and European markets, which are <a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">experiencing stagnating growth</a> while losing out in expanding markets like China."At the end of the day, the hybrid strategy worked in Japan, worked in the US, and worked very well in Europe, but that's not the case in China," he added.There are signs that Japan's auto giants are changing their strategies.Nissan has pledged to accelerate the introduction of new EVs in China and hybrids in the US, while Toyota is <a target="_blank" class="" href="https://www.reuters.com/business/autos-transportation/toyota-aims-ramp-up-china-production-strategy-pivot-sources-say-2024-11-09/">reportedly planning to expand production</a> in China as it attempts to take on local firms.A Nissan spokesperson told BI that the company is taking measures to meet the market's and customers' needs, including introducing new products.They added that the US remains a priority market for Nissan, and that the company was expecting an increase in sales from new models.Shares of the carmaker jumped on Tuesday after it was revealed that activist investor Effissimo Capital Management took a 2.5% stake in the company.Japanese automakers will likely face new challenges in the coming years, especially in the wake of <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-threaten-elon-musk-tesla-mexico-factory-limbo-2024-11">Donald Trump winning the US presidential election</a> this month.Speaking on an earnings call on Wednesday, <a target="_blank" class="" href="https://www.businessinsider.com/trumps-tariffs-threats-world-ceos-thoughts-trade-2024-11">Honda executive vice president Shinji Aoyama warned</a> that Trump's proposed tariffs on vehicles imported from Mexico could have a huge impact on Japanese automakers, many of whom have factories in the country.Honda did not respond to a request for comment, sent outside normal working hours.

Japanese carmakers are losing ground as China surges ahead in the EV race 

<ul class="summary-list"><li>Europe's luxury carmakers once dominated in China, but are now under intense pressure.</li><li>BMW, Mercedes-Benz, and Porsche have all reported slumping sales in the world's largest auto market.</li></ul>The days of European carmakers dominating China's luxury vehicle market are over.Germany's <a target="_blank" href="https://www.businessinsider.com/germany-auto-giants-volkswagen-bmw-mercedes-struggle-sales-china-evs-2024-10">BMW</a> and <a target="_blank" href="https://www.businessinsider.com/mercedes-benz-sliding-ev-sales-and-weak-demand-in-china-2024-10">Mercedes-Benz </a>have suffered a sales slump in the world's largest auto market in recent months amid rising pressure from a wave of Chinese EV upstarts.BMW reported a one-third decline in Chinese sales in the most recent quarter, while deliveries of new Mercedes cars dropped 10% in the first nine months of the year. Its high-end S-Class range was particularly affected as some consumers cut spending amid a <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-3q-gdp-growth-stock-market-stimulus-2024-10">faltering economy</a>.Aston Martin, a luxury British brand famous for its association with James Bond, said sales in China had fallen by more than half this year in its third-quarter earnings.Meanwhile, Porsche, owned by Volkswagen, said it would shrink its Chinese dealer network amid plunging profits and a 29% slide in sales in China in the nine months to September 30.The German company has seen stalling demand for its luxury vehicles, with sales of the $100,000 electric Taycan down 47% globally in the same period.<div type="image" title="The 2023 Porsche Taycan." height="3538" width="5750" msid="114850638" hostid="261" sizebytes="544158"></div><a target="_blank" class="" href="https://www.businessinsider.com/rolls-royce-spectre-ev-interior-tour-photos-review-2023-7">Rolls-Royce</a>, the British marque owned by BMW, has also faced weaker sales in China this year. Its luxury car marker was experiencing "more challenging times," CEO Chris Brownridge told Bloomberg in September.The Chinese market has become increasingly difficult for European brands.Volkswagen was dethroned by <a target="_blank" class="" href="https://www.businessinsider.com/byd-seal-electric-car-review-test-drive-elon-musk-tesla-2024-3">BYD</a> as China's biggest carmaker last year, and the share of China's car market held by German automakers has dropped from about a quarter before the pandemic to less than 15%, according to Bloomberg data."China is an incredible challenge, not just for Porsche," said finance chief Lutz Meschke in comments reported by Reuters. "In the future, we can no longer assume that China will return to where it was for European players."<h2 id="16591c84-687a-45c6-9996-fcfa8cb9e4a0">High-tech competition</h2>Upmarket European automakers are being squeezed by their Chinese rivals.Many are offering vehicles <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-makers-battle-for-market-dominance-with-smart-features-2024-5">packed full of novel features and intelligent software</a> of them have growing designs on China's high-end auto market, and areLast year Tesla rival BYD launched the Yangwang U8 SUV last year. The $150,000 hybrid has a motor on each wheel that allows it to move <a target="_blank" class="" href="https://www.businessinsider.com/byd-chinese-tesla-rival-yangwang-u9-supercar-jump-dance-2023-4">like a crab</a>.The U8 also comes with an onboard drone, and BYD says it can even <a target="_blank" class="" href="https://www.businessinsider.com/china-ev-giants-innovation-ai-auto-show-european-rivals-despair-2024-10">float on water for up to 30 minutes</a>.Other Chinese automakers have gone to even greater lengths to stand out in the country's red-hot auto market, with Zeekr showing off the spacious and luxurious interior of its MIX minivan by having an executive eat a hot pot inside it.<div type="image" title="Zeekr Mix" height="3024" width="4032" msid="114850635" hostid="261" sizebytes="755406"></div>The competitiveness of the Chinese market means consumers don't need to spend a fortune to obtain luxury vehicles.The SU7, an electric sedan built by Chinese smartphone maker Xiaomi, 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> including a 16.1-inch infotainment screen and remote voice control that allows drivers to control household appliances from the car.But it is also relatively affordable, with the base version starting at 215,900 yuan ($30,300) and the high-end SU7 Max priced at 299,900 yuan ($42,100). Xiaomi has just <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-xiaomi-su7-driven-by-fords-ceo-faster-model-2024-10">unveiled a high-performance version of the SU7</a> that costs 814,900 yuan ($114,000).Steve Dyer, managing director at AlixPartners, a London-based consulting firm, told Business Insider that Chinese manufacturers were encroaching on the premium market from the "bottom up," targeting the lower segment before gradually releasing more expensive vehicles aimed at less price-sensitive customers."The Chinese companies are doing what the Korean companies did to get market share outside Korea, and that is to offer a lot of feature content for a good price," he said.Dyer said Chinese buyers often focused on luxurious interiors, as well as intelligent technology such as advanced driver assist systems — an area in which <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-full-self-driving-technology-china-local-competition-2024-4">Chinese automakers excel</a> and their European rivals have struggled to keep up."They've fallen behind in the sense that they're applying an automotive product development mindset to a fast-moving, rapidly changing, technology space," said Dyer.A study by AlixPartners found that Chinese automakers released 40 over-the-air software updates between March 2023 and February this year, compared with just two from legacy automakers."It's a typical software mindset. You're willing to launch a product quickly, even though it may need fixing later because you know you can fix it," said Dyer.<h2 id="a63ec01b-1782-4334-a38c-155f7b0a6f6e">Hard to quit</h2>Despite a challenging environment, Western premium automakers can ill afford to give up on China. It remains Volkswagen's second- biggest global market, behind Western Europe, and Mercedes sold around a third of its cars there last year.<div type="image" title="Xiaomi SU7" height="1663" width="2500" msid="114850641" hostid="261" sizebytes="189460"></div>They're likely to face a bumpy road as they try to recover, however.Because the premium vehicle market is less price-sensitive, Dyer said more Chinese automakers will move into it to diversify away from China's brutally competitive mass market.As well as increased competition, European automakers face a geopolitical headache.Tim Urquhart, principal automotive analyst at S&amp;P Global Mobility, told BI the <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-vehicles-european-tariffs-retaliation-vw-bmw-mercedes-tesla-2024-10">European Union's tariffs on Chinese automakers</a> meant Beijing could impose levies on European car imports in retaliation."They could be facing a perfect storm if those tariffs are imposed as well," he said.Even if that does happen, Urquhart said the sheer size of the Chinese market means it's unlikely that major Western automakers will abandon it anytime soon. "They can't afford to make a full-scale retrenchment and retreat from their current position, especially as they've invested so much there."

Luxury European automakers are getting crushed in China

<ul class="summary-list"><li>Chinese Tesla rivals Zeekr, Xpeng, and Li Auto announced record monthly deliveries this week.</li><li>That puts pressure on Tesla, which is also expected to announce strong numbers on Wednesday.</li></ul>3 of <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla's</a> Chinese EV rivals have had a very good month — and they've thrown down a gauntlet for <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a>.Chinese <a target="_blank" class="" href="https://www.businessinsider.com/china-tesla-electric-vehicle-market-dominance-competition-byd-aion-wuling-2024-4">EV makers Li Auto, Zeekr, and Xpeng</a> all announced record September deliveries this week, putting pressure on Tesla as it prepares to release its own numbers on Wednesday.Zeekr reported sales of 21,333 electric vehicles in September, up 77% from the previous year, while Xpeng's sales rose 39% to hit 21,352.Li Auto, which sells electric cars that can include a range-extending fuel tank, announced it had delivered 53,709 vehicles in September.Meanwhile, another key rival, Nio, reported a new quarterly record for its deliveries with an 11.6% year-over-year leap. Zeekr and Xpeng's numbers remain below Tesla's most recent figures, with Musk's company selling 63,000 cars in August 2024, per Reuters.But both companies have unveiled EVs that compete directly with Tesla's vehicles at a lower price point in recent months.<a target="_blank" class="" href="https://www.businessinsider.com/tesla-rival-china-xpeng-launches-cheap-ev-self-driving-tech-2024-8">Xpeng announced the Mona M03 in August</a>, the cheapest version of which is nearly half the price of Tesla's Model 3, while Zeekr's new 7X SUV is priced lower than the best-selling Model Y.The red-hot results from local rivals come as Tesla prepares to report what are expected to be strong delivery numbers on Wednesday.Wall Street analysts polled by the London Stock Exchange Group expect Tesla to announce an 8% boost in global EV deliveries from the previous year in September, <a target="_blank" class="" href="https://www.reuters.com/business/autos-transportation/teslas-quarterly-deliveries-set-rise-china-incentives-lure-wary-ev-buyers-2024-09-30/">according to Reuters</a>, on the back of strong performance in China.Tesla has wooed Chinese customers with various incentives and favorable financing plans recently and <a target="_blank" class="" href="https://www.businessinsider.com/tesla-waging-price-war-against-chinese-rivals-2024-4">cut prices aggressively</a> at the start of the year.While the US automaker will be watching Zeekr, Xpeng, and Li Auto closely, it is also <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-vehicles-byd-selling-record-cars-tesla-competition-deliveries-2024-7">playing catchup to global rival BYD</a>, which dominates EV sales in China.It also temporarily overtook Tesla as <a target="_blank" class="" href="https://www.businessinsider.com/china-byd-evs-beats-tesla-rewards-car-dealers-1-2024">the world's largest EV producer in the last quarter of 2023</a>, with Counterpoint research analysts suggesting BYD could do so again this year.Tesla did not respond to a request for comment, sent outside normal working hours.

3 of China's Tesla rivals had a record month, putting pressure on Elon Musk

<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.

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