China Car Sales: Car sales totalled 2.1 million units last month, data from the China Passenger Car Association (CPCA) showed, while growth accelerated from October's 9.9% jump.
On Wednesday, XPeng Inc (NYSE: XPEV) delivered its third quarter results that showed aggressive promotions with which the EV maker responded to Tesla Inc (NASDAQ: TSLA), who kicked off a price war at the beginning of a year, took a toll on its bottom line. XPeng Reported Its Losses Widened For the quarter ended on September 30th, revenue surged 22% YoY to $1.17 billion, slightly missing FactSet’s estimate of $1.19 billion. But this is XPeng’s first revenue gain since 2022’s third quarter as well
Nio EV Workforce Cut: Nio, which rebounded from a sales slump in the first half, delivered 109,993 EVs in the first nine months this year, up 33.4% on the year-earlier period to outpace growth of 18.1% in China's EV sector overall.
Let’s talk about electric vehicles, EVs. Electrically powered cars are not a new concept – they’ve been around since the earliest days of the automobile. But in the past decade, several factors have combined to make them more competitive with the industry-standard internal combustion engine. Chief among these factors are improving battery technology, with reductions in weight and improvements in power and range, and reduced cost as manufacturers ramp production up to scale. Globally, EV makers a