Page 14 - Peng News Today

Nvidia says its automotive business is the biggest loser of the June quarter due to the Chinese EV industry plateauing.

Xpeng Inc. (XPEV), a Chinese smart electric vehicles maker, on Friday reported a wider loss for the second-quarter of 2023, amidst a fall in revenue, particularly reflecting a decline in revenue from vehicle sales.

XPeng Inc (NYSE: XPEV) issued its second quarter report that showed that the price war that Tesla Inc (NASDAQ: TSLA) recently rekindled took a toll on its margins. Upon the report that contained the EV maker’s greatest loss since going public, XPeng’s U.S. shares tanked 7% in pre-market trade. Besides its in-house issues, XPeng is facing intense competition not only from giants like Tesla and its main China rival BYD Company Limited (OTC: BYDDY) but also from other EV startups like...

China has already won the race to electrify its vehicles. Now it’s pushing ahead and adding more features and services to attract new customers.

Electric vehicle makers and AI companies are taking Tesla FSD-like systems to China, but it’s still out of reach for most consumers.

From brokering a deal between rivals Saudi Arabia and Iran to offering to intervene in the Israeli-Palestinian crisis, China's diplomatic efforts in the Middle East have raised Beijing's profile as a player in the region. These efforts have been at the state level and carried out through the Chinese foreign ministry and state leaders. But China has also been engaging the region on another level, attempting to promote its own governance model as an alternative to the West by fostering e...

Tesla has cut prices of the Long Range and Performance versions of the Model Y SUV by 4 per cent each. The move follows cuts by Chinese EV makers who have slashed prices of some models by up to 10 per cent.

China’s ascent in the EV market marks the first instance in history where a country with a political regime and ideological values that differ from the democratic West is gaining momentum in a key industry representing the pinnacle of large-scale production.

"I believe the time has come for Chinese brands," said BYD founder Wang Chuanfu.

Li Auto: The company posted a positive net income for the third consecutive time in the second quarter, which saw an increase of 147% from the net income in the first quarter. It delivered 173,251 cars in the first seven months of this year, increasing 145% from the same period a year ago. The company targeted to deliver more than 100,000 vehicles in the third quarter.