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<ul class="summary-list"><li>The CEO of <keyword id="20763638" type="General" weightage="20" keywordseo="Tesla-rival" source="keywords">Tesla rival</keyword> Lucid had a scathing assessment of the EV market in the US.</li><li><keyword id="23975725" type="General" weightage="20" keywordseo="Peter-Rawlinson" source="keywords">Peter Rawlinson</keyword> said most electric cars in the US "frankly suck" and were underwhelming.</li></ul>The boss of one of <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla's</a> biggest rivals thinks he knows why the US public isn't being won over by EVs. Peter Rawlinson, the <a target="_blank" class="" href="https://www.businessinsider.com/lucid-ceo-comments-tesla-losing-its-way-elon-musk-distracted-2024-5">CEO of Lucid Motors and a former VP of engineering at Tesla</a>, spoke on the Cars and Culture podcast last week that most of the <keyword id="19895203" type="General" weightage="100" keywordseo="Electric-Vehicles" source="keywords">electric vehicles</keyword> on offer "frankly suck." Asked whether EVs in the US have a perception problem, Rawlinson said the problem was "not perception, but reality." "I think many people have driven EVs that frankly suck. I know because I drive all the competition," he said. "I think that the American public has been ill-served by underwhelming EVs," Rawlinson added. Rawlinson, who previously worked for Elon Musk and helped build Lucid, became CEO of Lucid in 2019. The EV startup is gearing up to launch its new electric SUV, the <a href="https://www.businessinsider.com/luvid-gravity-suv-details-photos-tesla-topping-range-interior-cargo-2023-11" target="_blank">$94,900 Gravit</a>y, with production expected to start by the end of this year. Lucid has <a target="_blank" class="" href="https://www.businessinsider.com/tesla-vs-lucid-which-is-better">touted its industry-leading technology</a> but continues to be stuck in the so-called EV "valley of death." The company reported revenues of $200 million in the most recent quarter and a net loss of $992 million. In August, it secured another $1.5 billion in investment from Saudi Arabia's Public Investment Fund, its majority shareholder. Meanwhile, EV sales growth in the US has slowed this year amid a dearth of affordable electric options. According to Kelley Blue Book, the average price of a new electric vehicle in the US in September was $56,000, compared to $48,397 for combustion-engine vehicles. <h2>China races ahead</h2>US automakers are grappling with the challenge posed by Chinese EV companies like BYD and Xiaomi, who have rolled out affordable electric vehicles packed with advanced technology. While these companies are unable to sell their cars in America due to <a target="_blank" class="" href="https://www.businessinsider.com/tesla-criticizes-biden-plan-to-ban-chinese-tech-in-cars-2024-11">cripplingly high tariffs</a>, they are putting Western companies under pressure in China and attracting plaudits in the US, with Ford CEO <a target="_blank" class="" href="https://www.businessinsider.com/ford-ceo-driving-xiaomi-su7-electric-vehicles-ev-2024-10">Jim Farley praising Xiaomi's SU7 EV</a>. Rawlinson previously described China's automakers <a target="_blank" class="" href="https://www.businessinsider.com/lucid-chinese-automakers-years-behind-tesla-electric-vehicles-elon-musk-2024-5">as "years behind" the likes of Tesla</a> in terms of core EV technology. Speaking on the Cars and Culture podcast, he said Chinese companies like BYD were ahead of US rivals in battery chemistry and assisted driving technology — but said they benefit from an "uneven playing field" due to government subsidies. "I think the Chinese do have a fundamental advantage because when the government says go, they all go in the same direction instead of arguing with each other," Rawlinson said. A study from the Centre for Strategic and International Studies think tank, released earlier this year, found that China has <a target="_blank" class="" href="https://www.businessinsider.com/china-electric-vehicles-government-subsidies-win-ev-race-byd-tesla-2024-6">provided at least $230 billion in support</a> to electric vehicle makers such as BYD since 2009. "I'd say they're still behind in terms of the core EV powertrain technology, but don't underestimate them," Rawlinson added. Lucid did not respond to a request for comment, sent outside normal working hours. This story has been amended to state that the production of Lucid's Gravity SUV is scheduled to start at the end of 2024.

Drivers are being 'ill-served by underwhelming EVs,' says boss of Tesla rival Lucid 

<ul class="summary-list"><li>Tesla is struggling to impress new owners, according to JD Power.</li><li>Traditional automakers are providing EVs for a new contingent of EV shoppers.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/tesla-recalls-1-8-million-vehicles-hood-issues-2024-7">Tesla</a> is having difficulty impressing new electric vehicle buyers, according to a new study from JD Power.The firm's annual <a target="_blank" class="" href="https://www.jdpower.com/business/press-releases/2024-us-automotive-performance-execution-and-layout-apeal-study">owner satisfaction survey</a> found that owners of electric vehicles built by traditional automakers connected more with their cars than Tesla owners. While <a target="_blank" class="" href="https://www.businessinsider.com/how-elon-musk-keeps-investors-on-the-hook-2024-7">Elon Musk</a>'s car company remains popular among its most loyal customers, its performance among newer buyers is lackluster, JD Power found.That's <a target="_blank" class="" href="https://www.businessinsider.com/tesla-sales-miss-ev-slowdown-new-wave-customers-2024-4">bad news for Tesla</a>, especially as a yearlong slowdown in EV demand is beginning to impact the EV leader's sales. Tesla has reported two straight quarters of falling sales, reversing years of growth for the company.On top of that, Tesla's <a target="_blank" class="" href="https://www.businessinsider.com/tesla-elon-musk-acted-normal-this-year-it-worked-out-2023-12">strategy to undercut competitors</a> on price is no longer enough to keep growing. As a result, the car company's financial performance has taken a hit in the first half of 2024 with non-autos related revenue driving the most growth.At a time when the profile of the <a target="_blank" class="" href="https://www.businessinsider.com/ev-electric-car-sales-plateau-early-adopters-competition-2023-8">average EV shopper</a> is skewing away from Tesla's bread and butter, Frank Hanley, senior director of auto benchmarking at JD Power, said traditional automakers are doing a better job of meeting the average shopper's needs."They're launching enhanced vehicles that are more in line with what customers want, including improved interior storage and higher quality materials, as well as ensuring features have ease of use," he said in a press release.<h2 id="7181cb7f-9ef1-4b24-bfbc-8761fa524f2d">Tesla's easy ride is over</h2>Tesla made a name for itself among a very specific group of tech-savvy, wealthy early adopters.The typical Tesla driver is so stereotypical that they have a nickname: <a target="_blank" href="https://www.businessinsider.com/elon-musk-cybertruck-delivery-event-complaints-recovery-2023-12">Tesla bros</a>. These drivers are enticed by Tesla's unique user experience and high-tech accessories — and also have more patience for features that are hard to use or have initial bugs.But the non-Tesla bro contingent is looking for something more practical that mimics the experience of their gas-powered car.The results of the JD Power survey reflect what has been apparent to industry experts for some time now: <a target="_blank" class="" href="https://www.businessinsider.com/tesla-loses-market-share-but-elon-musk-still-wins-2024-7">Tesla's chokehold on the US electric vehicle market</a> is starting to wane as more options enter the market.Tesla's share of US electric vehicle sales in the second quarter fell to 49.7%, marking the first time its share had dropped below 50% in a quarter, according to data from Cox Automotive. That's off from 55% share a year ago and nearly 80% market share back in 2020, according to Experian data.That leaves a potential opening for traditional automakers at a time when <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">the EV market is getting tougher</a>.<a target="_blank" class="" href="https://www.businessinsider.com/chevy-silverado-equinox-ev-flood-the-zone-competitors-pull-back-2024-5">Chevrolet</a>, for example, is leaning in and flooding the market with new electrified versions of the Blazer, Equinox, and Silverado – stalwart nameplates that customers already trust. That's already helped the brand chip away at Tesla's market share. And at Ford, EV sales were up 61% in the second quarter, trailing only Tesla in sales so far in 2023. "For BEVs, recent launches from traditional manufacturers have surpassed perennial leader Tesla when it comes to owners' level of emotional attachment and excitement with their new vehicle," Hanley said.

Tesla is having trouble wooing new EV shoppers

<ul class="summary-list"><li>Jaguar is going dormant until at least 2026. It's retooling to produce only electric vehicles.</li><li>That means prospective buyers won't be able to snag a Jag in the UK until at least mid-2026.</li></ul>Jaguar has stopped selling new vehicles in its home country until at least 2026 as the luxury British automaker prepares to go all-electric.As of Monday, Jaguar Land Rover, owned by India-based Tata Motors, won't be shipping any new vehicles to dealers in the UK — and whatever vehicles are left in their inventories will now be considered used, regardless of what their odometers say, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-11-12/brits-can-t-buy-new-jaguars-for-over-a-year-as-brand-goes-electric?cmpid=BBD111224_MORNAMER&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=241112&amp;utm_campaign=morningamer">a spokesperson told Bloomberg</a>.It's the first time that prospective UK buyers won't be able to choose a Jaguar — a preferred vehicle of the British royal family and UK prime ministers — since World War II, Bloomberg reported.Meanwhile, US buyers won't have access to new Jags, either: US dealers will be able to sell what's left from the 2024 model year — and will then have to wait to get the new all-electric Jags, <a target="_blank" class="" href="https://www.caranddriver.com/news/a62716329/future-of-jaguar/">Car and Driver reported</a>.The company has said it plans to reveal more details later this year, but for now, its new EVs aren't expected to launch for more than a year — sometime in 2026, a Jaguar Land Rover spokesperson <a target="_blank" href="https://cardealermagazine.co.uk/publish/jaguar-stops-selling-new-cars-in-the-uk-as-brand-readies-rebirth-in-2026/309520">told the UK's Car Dealer Magazine</a>.Jaguar <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2021-02-15/jaguar-going-all-electric-marks-new-ceo-s-turnaround-plan">had earlier announced, in 2021, that it would ditch internal combustion engines </a>and go all-in on EVs. The move came shortly after the UK's prime minister at the time, Boris Johnson, <a target="_blank" class="" href="https://www.businessinsider.com/uk-ban-sale-new-gas-diesel-cars-vehicles-2030-2020-11">outlined his 10-point "green industrial revolution" plan</a>.Jaguar unveiled its <a target="_blank" class="" href="https://media.jaguar.com/en-us/news/2018/09/jaguar-announces-national-marketing-launch-plans-all-electric-jaguar-i-pace">first and only all-electric vehicle in 2018</a>, the <a target="_blank" class="" href="https://www.jaguar.com/electric-cars/all-electric.html">I-Pace SUV</a>, though it <a target="_blank" class="" href="https://www.jaguar.com/electric-cars/vehicles.html">also offers</a> plug-in electric hybrid cars and other hybrids.<div type="image" title="image of electric Jaguar vehicle" height="6069" width="10771" msid="115230046" hostid="261" sizebytes="637934"></div>Earlier this year, Jaguar stopped producing its XE, XF, and F-Type models at its Castle Bromwich plant in the UK, and assembly of its E-Pace and I-Pace models in Austria will cease by the end of this year as the company prepares to announce its new EV models, Car Dealer Magazine reported.Jaguar has already invested about $320 million to prepare its Halewood UK plant for all-EV production, and will inject another $320 million into the plant in the coming years, the <a target="_blank" class="" href="https://media.jaguarlandrover.com/news/2024/09/jlr-invests-ps500-million-creating-ev-factory-future-merseyside">company said in September</a>.In the September <a target="_blank" class="" href="https://cardealermagazine.co.uk/publish/jaguar-dealers-in-for-a-messy-year-says-boss-rawdon-glover/307686">interview with Car Dealer Magazine</a>, Jaguar's managing director Rawdon Glover acknowledged some of the automaker's potential growing pains as it moves through this transitional phase."It will be difficult for this bit in the middle and probably in the early years while we're building up to the full range," Glover told the outlet. "We want people that are in it for the long term that absolutely understand the vision of Jaguar needing to change. They support the elevated positioning and everything else that goes with that because the level of service and even some of our business markets will be different."As part of that elevated positioning, the newly announced Jags are expected to be significantly more upmarket than the ones that are being phased out, Car and Driver reported, citing a Range Rover from the brand's corporate cousin that costs around $400,000 as where the brand wants to be. (Most 2024 Jaguar models have list prices of around $50,000 to $80,000.)Jaguar Land Rover and its parent company Tata Motors did not immediately respond to a request for comment from Business Insider.

You can't buy a new Jaguar in its home country of the UK until 2026. The brand is going dormant to retool as EV-only.

<ul class="summary-list"><li>Tesla's Chinese rivals are building their own humanoid robots to rival Tesla.</li><li>EV startup Xpeng unveiled its Iron humanoid robot at its AI day event this month.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a> is facing fierce competition in China from local EV makers — and now they're building their own versions of <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk's</a> Optimus robot.Electric vehicle startup Xpeng unveiled its Iron robot last week, a nearly 6-foot tall robot that the company said was already working in its factories and stores.<div type="image" title="Xpeng's Iron robot demonstrates walking." height="897" width="1196" msid="115332389" hostid="261" sizebytes="19508"></div>Iron, which Xpeng said had been in development for five years, shares AI technology with the company's EVs, and has over 60 joints with more than 200 degrees of freedom.It's the latest foray into science fiction from Xpeng, which has taken the fight to Tesla in China with <a target="_blank" class="" href="https://www.businessinsider.com/tesla-rival-china-xpeng-launches-cheap-ev-self-driving-tech-2024-8">its array of high-tech electric vehicles</a>.The company also unveiled a new hybrid system that promises 1,400km or 870 miles in combined range, as well as its latest intelligent driving systems and the "Land Aircraft Carrier," a modular flying car that goes on sale in December.Xpeng is <a target="_blank" class="" href="https://www.businessinsider.com/teslas-chinese-rivals-use-humanoid-robots-to-help-build-cars-2024-6">not the only Tesla rival turning to mechanical workers</a>. In June, Automaker Dongfeng Motors struck a deal with Chinese robotics firm Ubtech to deploy its human-like robots on production lines.Ubtech said its Walker S robots would be used to inspect seat belts and door locks, perform quality checks, and assemble car axles.Ubtech's robots have also been piloted by EV startup Nio, which uses them as " interns" assisting with car production. The robots are training in the factories of arch-Tesla rival BYD too, per local reports. Another of Ubtech's robots, the Cruzr commercial service robot, has helped <a target="_blank" class="" href="https://www.commercial.ubtrobot.com/ubtech-assists-in-the-launch-of-byds-first-pickup-truck-ushering-in-a-new-era-of-automotive-retail.html">launch BYD's products</a> and has been deployed and tested as a mechanical salesperson in the company's South American stores.The scramble to incorporate humanoid robots comes as Elon Musk touts Tesla's Optimus robot.The billionaire has described <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-robot-business-optimus-most-important-new-product-2022-1">Optimus as Tesla's most important product</a>.The robot played a starring role at Tesla's robotaxi unveiling in October, with a fleet of Optimus bots, partly controlled by humans, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-event-optimus-robot-serves-drinks-dances-2024-10">serving drinks and interacting with attendees</a>,Away from the robot arms race, Tesla's electric vehicle business is coming under increasing pressure in China, with <a target="_blank" class="" href="https://www.businessinsider.com/tesla-china-sales-drop-byd-hybrids-2024-11">sales declining year over year in October</a> even as rivals <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 Xpeng boom</a>.

Tesla's Chinese EV competitors are racing to build their own Optimus rivals

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> unveiled an upgraded version of its Model 3 Performance sedan on Tuesday.</li><li><keyword id="107096" type="General" weightage="20" keywordseo="tesla" source="Orion">Tesla</keyword> said the new Model 3 has more power, reduced energy consumption, and improved handling.</li></ul>Tesla announced a new version of its <a target="_blank" href="https://www.businessinsider.com/tesla-model-3-review-quirks-difficulties-experienced-autos-reporter-2024-1">Model 3</a> sedan on Tuesday as the electric vehicle maker faces a decline in sales. The upgraded <a target="_blank" href="https://www.tesla.com/model3-performance">Model 3 Performance</a>, which starts at $52,990, can go from zero to 60 mph in 29 seconds and has a top speed of 163 mph, according to Tesla. <a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> said the vehicle has more power with less energy consumption compared to the previous Model 3 Performance version. The company said it also has a new adaptive damping system that adjusts to inputs from the driver and the road in real time for better handling, among other changes. The announcement came just before <a target="_blank" href="https://www.businessinsider.com/tesla-stock-tsla-quarterly-earnings-call-report-live-updates-2024-4">Tesla reported its quarterly earnings</a> on Tuesday and as demand for electric vehicles, including Tesla's, has been declining. Tesla's first-quarter earnings report revealed the company fell short of its profit and revenue estimates, but was up on gross margin. Tesla also previewed its upcoming ride-hailing service and said it plans to move up the production timeline for cheaper electric vehicles. <a target="_blank" href="https://www.businessinsider.com/tesla-sales-deliveries-q1-elon-musk-disappoint-fsd-2024-4">Tesla sold about 386,800 cars </a>in the first quarter of 2024, about 20% less than the last quarter of 2023. The figure fell far short of Wall Street's expectations and marked the first year-over-year decline in sales for Tesla since 2020. Shortly after the disappointing quarterlysales report, <a target="_blank" href="https://www.businessinsider.com/elon-musk-sent-tesla-employees-email-announcing-layoffs-read-memo-2024-4">Tesla laid off</a> more than 10% of its entire workforce earlier this month, with CEO <keyword id="6355315" type="General" weightage="20" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> citing a "duplication of roles" that occurred during the company's rapid growth. The company issued another round of price cuts on its vehicles on Monday, with <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-vehicle-model-y-price-cuts-tsla-elon-musk-2024-4?_gl=1*1fovinj*_ga*MTA5ODIyODM5LjE3MDk2NzgwMzg.*_ga_E21CV80ZCZ*MTcxMzg5NTMyNi4xNTEuMS4xNzEzOTAxMTU3LjMuMC4w">Tesla's stock down</a> 42% year-to-date at market close on Tuesday.

Tesla just launched a new souped-up Model 3 as it battles slumping sales

<keyword id="20021345" type="General" weightage="20" keywordseo="TVS-Motor-Company" source="keywords" meta.keywordsubtype="org" meta.entityname="TVS Motor Company" meta.hostid="153" meta.entityid="TVS Motor Company">TVS Motor Company</keyword> expects to grow faster than the competition across domestic and <keyword id="20108266" type="General" weightage="20" keywordseo="international-markets" source="keywords">international markets</keyword> this fiscal, riding on the back of new <keyword id="22697277" type="General" weightage="20" keywordseo="product-launches" source="keywords">product launches</keyword> and strengthening of operations across key regions, according to CEO KN Radhakrishnan. He noted that in the <keyword id="20046426" type="General" weightage="20" keywordseo="domestic-market" source="keywords">domestic market</keyword>, the company expects growth momentum to continue with normal monsoons likely to add strength to the <keyword id="19929089" type="General" weightage="20" keywordseo="rural-markets" source="keywords">rural markets</keyword>. In international markets, Radhakrishnan exuded hope to perform better in key markets like Africa this year while expanding operations in other regions like the Middle East and Latin America. "Our strong product portfolio; our unwavering focus on the consumers, quality, new products and attractive quality and technology, we are confident that we will outperform the industry both in the domestic and international markets," Radhakrishnan said in an analyst call. He noted that the growth momentum is likely to be maintained with the budget focusing on employment generation, continued higher commitment to infrastructure and rural economy. "We are expecting rural markets to recover. With the expected normal monsoon, we could witness robust growth in Q2," Radhakrishnan stated. He noted that for the first time the company is witnessing that the rural areas were doing slightly better than the urban markets. The improving road infrastructure and economic environment will drive the demand for two-wheeler mobility, he added. The <keyword id="21048623" type="General" weightage="20" keywordseo="two-wheeler-segment" source="keywords">two-wheeler segment</keyword> has got a huge opportunity in the medium and the long term given the challenges in mobility as well as also investments from the government on the infrastructure and road development, he said. The company, which has earmarked over Rs 1,000 crore capex this year, is gearing up to introduce one product each in the electric and internal combustion engine segments in the ongoing quarter. A significant proportion of the earmarked capital is expected to go towards the design and development of new products, Radhakrishnan stated. "I want to highlight that the company will be launching one product in ICE and one product in EV in this quarter and that will further strengthen our range of product portfolio," he said. Commenting on international business, Radhakrishnan said that the Red Sea issue has led to challenges in terms of enhanced transit periods for overseas dispatches. He noted that <keyword id="62356" type="General" weightage="100" keywordseo="TVS" source="Orion">TVS</keyword> has taken enough countermeasures to mitigate these challenges and the situation is likely to improve in the ongoing quarter. Certain select African markets are facing challenges due to currency devaluation and persistent inflation, he said. "However, considering the base effect in our assessment, the possibility of further decline in Africa is low. We feel that we will be doing better in Africa this year," he added. He further said: "Besides, Latin America gives us a huge opportunity. We have started exporting to LATAM. In Asia, we are seeing some challenges in Bangladesh, but we are hopeful that things will settle down soon." The Middle East is also a huge opportunity for TVS and the company is strengthening its operations in the region, he stated. For the April-June quarter this fiscal, <keyword id="46156" type="General" weightage="20" keywordseo="TVS-Motor" source="Orion">TVS Motor</keyword> Company reported a 6 per cent year-on-year increase in consolidated net profit at Rs 461 crore. Total income rose to Rs 10,448 crore for the period under review as compared to Rs 9,142 crore in the year-ago period.

TVS confident of outperforming industry in domestic, global markets following new product launches, ops strengthening

<ul class="summary-list"><li>The EU has imposed tariffs of up to 38.1% on Chinese EVs. </li><li>Joe Biden also launched a crackdown on Chinese EVs last month, hitting them with a 100% tax.</li></ul>The EU is cracking down on <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2">China's EV companies</a>.The bloc will impose tariffs as high as 38.1% on EVs imported from China to Europe from next month, the <a target="_blank" href="https://ec.europa.eu/commission/presscorner/detail/en/ip_24_3231">European Commission said on Wednesday</a>.Tesla rivals BYD will face a tariff of 17.4%, Geely 20%, and SAIC Motor 38.1%. The EU previously had a 10% duty on imported EVs.The European Commission <a target="_blank" href="https://www.businessinsider.com/eu-chinese-ev-subsidies-market-cheap-prices-cars-2023-9">launched an investigation into Chinese EVs</a> last October, examining whether state subsidies in China were keeping the price of their electric vehicles artificially low.Its conclusion comes after <a target="_blank" href="https://www.businessinsider.com/white-house-joe-biden-hikes-tariffs-on-chinese-made-evs-2024-5">Joe Biden announced a sweeping set of tariffs in May</a> on $18 billion worth of Chinese goods, including a 100% tax on Chinese vehicles.Chinese-branded EVs have almost no presence in the US, thanks to existing trade barriers.But in Europe, they have been making steady inroads, with <a target="_blank" href="https://www.businessinsider.com/chinese-ev-companies-shut-out-of-us-target-mexico-brazil-2024-">Tesla rival BYD building a factory in Hungary</a> and startups Nio and Xpeng releasing models in several European countries.Chinese brands rose from under 1% of Europe's EV market in 2019 to 8% in 2023, <a target="_blank" href="https://www.europarl.europa.eu/RegData/etudes/ATAG/2023/754553/EPRS_ATA(2023)754553_EN.pdf">according to the European Commission</a>, and are expected to hit 15% by 2025.Despite the crackdown, Philip Nothard, insight and strategy director at automotive services company Cox Automotive told Business Insider that the measures will not be enough to keep Chinese EV companies at bay in Europe."Even with tariffs, it's not going to slow the growth down," Nothard said."If you look at companies like BYD, they have a highly efficient manufacturing supply chain. That makes them extremely agile when it comes to changing products for different marketplaces," he added, suggesting that Chinese companies could adjust their growth plans to keep prices low even with new tariffs.The trade barriers will also raise fears that China might retaliate with import duties of its own.Chinese officials have hinted that the Asian superpower <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-21/china-may-raise-tariffs-on-some-us-eu-cars-lobby-group-says">could impose taxes as high as 25% on imported cars</a> in response to European and US tariffs.

Chinese EV makers are hit with new EU tariffs

<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>Tech firm and new EV maker Xiaomi revealed just how much cash it's burning to make its cars.</li><li>The tech firm's EV branch lost about $252 million from April to June, or $9,200 per car.</li></ul>Chinese tech giant Xiaomi, known for making smartphones, turned heads in March when its <a target="_blank" class="" href="https://www.businessinsider.com/china-xiaomi-launch-electric-car-apple-failed-tesla-2024-3">maiden electric vehicle</a> sold out with almost 90,000 preorders within a day of launch.Its new auto branch posted an adjusted loss of $252 million for the second quarter ending June 30 — its first-ever full delivery quarter, the company said in its <a target="_blank" class="" href="https://ir.mi.com/system/files-encrypted/nasdaq_kms/assets/2024/08/21/5-44-48/Announcement.pdf">unaudited results filed on Wednesday.</a>That's despite Xiaomi saying it's on track to smash its target of 100,000 deliveries of its first car, the <a target="_blank" class="" href="https://www.businessinsider.com/phonemaker-xiaomi-unveils-first-ev-taking-on-tesla-2023-12">Speed Ultra 7</a>, by November.The new electric vehicle maker said it delivered 27,307 SU7s in the second quarter, meaning that, on average, it lost $9,200 for each car. The base price of the SU7 is 215,900 yuan, or about $30,000.That's not to say that Xiaomi loses more money when it delivers more cars: The firm reported a higher-than-anticipated gross profit margin of 15.4%.Yet it's signaled for a while that its auto segment would take time to break even, with <a target="_blank" class="" href="https://www.scmp.com/business/china-business/article/3258134/xiaomis-maiden-ev-selling-loss-turbocharges-price-war-forcing-chinas-small-players-out-business">CEO Lei Jun mentioning in April</a> that the car was selling at at a loss, though he didn't say by how much.Citibank analysts <a target="_blank" class="" href="https://www.cnbc.com/2024/04/24/chinas-xiaomi-is-selling-so-many-electric-cars-its-closer-to-breaking-even.html#:~:text=%E2%80%9CBreakeven%20would%20be%20realized%20if,a%2010%25%20loss%20previously%20expected.">wrote in a report at the time</a> that they expected Xiaomi to turn a profit only after hitting annual sales of 300,000 to 400,000 vehicles. They forecast sales of 260,000 cars in 2026.Xiaomi operates one EV factory, which it built itself. Since June, it's been running double-shift operations to <a target="_blank" class="" href="https://www.businessinsider.com/ev-china-electric-vechile-xiaomi-sees-apparent-demand-2024-4">push monthly deliveries past 10,000 cars.</a>A company spokesperson told Business Insider that the firm is focusing on increasing the scale of its EV arm to narrow per-car costs."The scale of Xiaomi EV business is relatively small at the moment, while the auto industry is a typical industry with economies of scale," the spokesperson said.For comparison, competing Chinese EV maker BYD <a target="_blank" class="" href="https://www.reuters.com/business/autos-transportation/chinas-byd-posts-21-jump-quarterly-ev-sales-closes-gap-with-tesla-2024-07-02/">sold 426,039 cars</a> in the April-June quarter.Xiaomi's spokesperson added: "In addition, Xiaomi's first EV is a pure electric sedan, and its investment cost is relatively high, so it will take some time to digest this part of the cost."Lei Jun, the billionaire cofounder of Xiaomi, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2021-03-30/xiaomi-is-said-to-plan-15-billion-foray-into-electric-cars">said in March</a> that he intended to pour "tens of billions of investment" over the next few years into building Xiaomi's EV division and car technologies.The tech firm has long said its vision for the SU7 is to create a smart car that rivals Elon Musk's Tesla but is priced more in line with the average Chinese income.Xiaomi said customers are still coming in, with 13,000 more vehicles sold in the second quarter and July combined.Its ambitions for its EV range far, including self-driving and self-parking capabilities and an audio-based artificial intelligence assistant to be fully shipped this month.Overall, Xiaomi posted strong results for its second quarter, with sales across all its sectors rising 32% to 88.7 billion yuan compared to the same period in 2023.Net income also hit 5 billion yuan, up 38% from 3.6 billion yuan in the second quarter last year.The company said it plans to build a variety of EV models beyond the SU7 sedan but has not said what they will be.

One of China's hottest new EV makers says it lost $9,200 for each $30,000 smart car it delivered

<ul class="summary-list"><li>Canada has announced it will impose a 100% import tax on EVs from China.</li><li>It's following in the footsteps of the US and Europe, which have implemented their own trade barriers.</li></ul>Canada has become the latest country to crack down on Chinese EVs.The Canadian government <a target="_blank" class="" href="https://www.canada.ca/en/department-finance/news/2024/08/canada-implementing-measures-to-protect-canadian-workers-and-key-economic-sectors-from-unfair-chinese-trade-practices.html">announced Monday</a> that it will impose a 100% tax on all China-made EVs from October after <a target="_blank" class="" href="https://www.businessinsider.com/white-house-joe-biden-hikes-tariffs-on-chinese-made-evs-2024-5">the US</a> and <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-companies-hit-with-new-tariffs-in-the-eu-2024-6">EU unveiled their own trade barriers</a> earlier this year.The tariffs, which also include a 25% tax on steel and aluminum products from China, will apply in addition to an existing 6.1% tax on China-made EVs.Western countries are cracking down on China's EV giants over fears that <a target="_blank" class="" href="https://www.businessinsider.com/cheap-chinese-electric-cars-will-upend-the-us-vehicle-market-2023-5">a wave of cheap Chinese vehicles</a> could soon upend their automotive industries.Chinese automakers such as BYD, which <a target="_blank" class="" href="https://www.businessinsider.com/byd-cheap-ev-seagull-coming-to-europe-china-us-tariffs-2024-5">sells cars from around $10,000 in China</a>, have expanded rapidly in recent years and are <a target="_blank" class="" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">setting up factories around the world</a>.Canada's new trade barriers could prove problematic for both Tesla and BYD, which have been locked <a target="_blank" class="" href="https://www.businessinsider.com/ken-griffin-on-chinas-byd-ev-outperforming-elon-musks-tesla-2024-1">in a global battle for EV dominance</a>.A Canadian official <a target="_blank" class="" href="https://www.reuters.com/business/autos-transportation/trudeau-says-canada-impose-100-tariff-chinese-evs-2024-08-26/">confirmed to Reuters</a> that the 100% tariff will apply to cars made by Tesla in China.While its not clear how many EVs Tesla exports from China to Canada, the new tariffs could force the automaker to shift production to markets with friendlier trade agreements with Canada, such as the US.BYD, meanwhile, has been considering entering the Canadian market, according to a regulatory filing <a target="_blank" class="" href="https://www.reuters.com/business/autos-transportation/chinas-byd-explores-canadian-auto-market-entry-regulatory-filing-2024-07-30/">reported by Reuters</a>.The carmaker launched <a target="_blank" class="" href="https://www.businessinsider.com/byd-shark-plug-in-hybrid-pickup-truck-americans-cant-have-2024-5">a hybrid pickup truck called the Shark</a> in Mexico earlier this year as it continues to expand into North America, but the new round of tariffs could complicate any attempt to sell its electric vehicles in the US' northern neighbor.Canada's crackdown on Chinese EVs follows in the footsteps of the US and the EU, which have both imposed sweeping new tariffs on Chinese electric vehicles in recent months.President Joe Biden <a target="_blank" class="" href="https://www.businessinsider.com/white-house-joe-biden-hikes-tariffs-on-chinese-made-evs-2024-5">announced a 100% tariff</a> on Chinese EVs back in May, while the <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://ec.europa.eu/commission/presscorner/detail/en/ip_24_4301">EU has imposed tariffs of up</a> to 36.3% on Chinese manufacturers.Tesla and BYD did not respond to a request for comment from Business Insider, made outside normal working hours.

Canada is the latest country to crack down on Chinese EVs

<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>Chevrolet is ready for the new wave of EV customers.</li><li>The stalwart Detroit brand is ready to close the gap with Tesla.</li></ul><a target="_blank" href="https://www.businessinsider.com/chevy-bolt-euv-cheap-electric-car-suv-price-2022-12">Chevrolet</a> is just getting started on its takeover of the electric car market, says Steve Majoros, the brand's chief marketing officer.The longtime Chevy executive sat down with Business Insider at a Tuesday press event for the launch of two electric vehicles that underpin the automaker's future plans: the <a target="_blank" href="https://www.businessinsider.com/electric-chevy-silverado-ev-truck-chevrolet-f150-lightning-2022-9">long-awaited Silverado electric pickup truck</a> and the electric Chevy Equinox.It's <a target="_blank" href="https://www.businessinsider.com/automakers-over-estimated-electric-vehicle-demand-early-adopters-2023-10">not exactly a great time</a> to put more electric vehicles on sale. A changing EV shopper demographic has <a target="_blank" href="https://www.businessinsider.com/automakers-back-to-the-drawing-board-ev-plans-2024-2">thrown the segment for a loop,</a> and two years of runaway growth is finally hitting a plateau.Despite this gloomy backdrop to the day, Majoros is fired up. He starts the conversation by musing at how long this moment has taken to arrive (the electric Silverado was first teased in a <a target="_blank" href="https://www.businessinsider.com/jamie-lynn-sigler-sopranos-super-bowl-ad-james-gandolfini-chevy-2022-2">Super Bowl ad</a> in 2022) and how exciting it is to see GM's EV ambitions come to fruition.While Chevy and other legacy car brands spent the better part of the past decade playing catchup with Tesla, executives have promised that their century of manufacturing expertise would eventually close the gap."Sometimes you see things as these discrete pieces and wonder how they're all going to snap together, and then all of a sudden it's like, 'Wow, the puzzle pieces really came together here,'" Majoros said.<h2 id="a2675402-70ee-411c-a8a3-d5991c4bf3c9">Chevrolet is done playing catchup with Elon Musk</h2>While Chevrolet isn't exactly new to the EV market (the electric <a target="_blank" href="https://www.businessinsider.com/chevy-bolt-euv-cheap-electric-car-suv-price-2022-12">Chevy Bolt</a> has been on sale since 2016), the stalwart Detroit brand has spent the better part of the last decade lagging behind Elon Musk's Tesla.Early adopters favored techy startup brands like Musk's over dinosaurs like GM and in the time the Chevrolet spent selling a single electric model in the US, Tesla released a slew of new models, including its affordable <a target="_blank" href="https://www.businessinsider.com/2024-tesla-model-3-improved-features-model-y-better-option-2024-4">Model 3</a> and <a target="_blank" href="https://www.businessinsider.com/tesla-model-y">Model Y</a> vehicles, which compete directly with the Bolt.Tesla also beat Chevrolet to the punch on an electric pickup truck, launching the <a target="_blank" href="https://www.businessinsider.com/tesla-truck-cybertruck">Cybertruck</a> late last year.But the tides finally are turning in Chevrolet's favor, Majoros said, as EV shoppers gravitate to more practical options and legacy brands."Customers will say 'if it doesn't haul or tow or fit my kids or have the safety features I want, I'm tapping out,'" Majoros said. "I don't care if it runs on electricity, gas, or hamsters."<h2 id="26600d77-f79c-47c9-b7bd-4997d5e9a42d">GM is a second-half team</h2>GM has always been a second-half team, Majoros said, and he thinks the Chevy brand is perfectly situated to meet <a target="_blank" href="https://www.businessinsider.com/ev-electric-car-sales-plateau-early-adopters-competition-2023-8">a new wave of electric car shoppers</a>."Momentum is a true force, whether it's autos, sports, whatever," Majoros said. "We've got some momentum, so let's see how the second half unfolds."There is certainly an opening for Chevrolet in this <a target="_blank" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">changing electric vehicle market</a>.Recent studies on a new cohort of electric car shoppers show that they are more inclined to consider purchasing an electric car from a legacy brand. After years of a virtual monopoly on the EV market, shoppers are <a target="_blank" href="https://www.businessinsider.com/ev-shoppers-are-looking-for-more-than-tesla-2024-4?utmSource=twitter&amp;utmContent=referral&amp;utmTerm=topbar&amp;referrer=twitter">growing tired of Tesla</a> and looking for fresher options."For people weighing the pros and cons they can look at Chevrolet and see a product they know and trust," Majoros said.

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

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