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Baidu, Inc (NASDAQ:BIDU), (LI) - The Upcoming Catalyst That Could Move Chinese EV Stocks Nio, Xpeng, Li Auto

Baidu, Inc (NASDAQ:BIDU), (LI) - The Upcoming Catalyst That Could Move Chinese EV Stocks Nio, Xpeng, Li Auto
benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.

BMW cuts prices for its China-made electric SUV by $10,000

BMW cuts prices for its China-made electric SUV by $10,000 CNBC 1/28/2021 Evelyn Cheng BMW s all-electric iX3 SUV will cost 399,900 yuan ($61,713) to 439,900 yuan in China as of Thursday, the German automaker said on its website. That s down about $10,800 from the original price range of 470,000 yuan to 510,000 yuan announced in September. The new price brings BMW s China-made iX3 into a closer range with locally available electric cars from Tesla and Chinese start-ups. © Provided by CNBC A BMW iX3 electric SUV is on display during 2020 Beijing International Automotive Exhibition (Auto China 2020) at China International Exhibition Center on September 26, 2020 in Beijing, China. BEIJING German automaker BMW has cut prices for its all-electric iX3 SUV in China, bringing the car into closer competition with vehicles from Tesla and Chinese start-ups like Nio.

Sector round-up: Automotive industry

Before the coronavirus pandemic concerns disrupted worldwide production and upset supply and demand, auto manufacturers – cautiously navigating a landscape of tenuous global demand, anticipated stable growth to follow from relative weakness in 2019.  Albeit the optimism on improving business conditions, an unprecedented pandemic hit. Initially, the impact on consumption was severe.  Robust balance sheets and a stronger-than-expected recovery across Europe, but more remarkably so in China, allowed most automakers to navigate a difficult 2020 safely.  Regional breakdown China’s automotive industry was hard hit by the pandemic in early 2020. Vehicle sales dropped by as much as 42.4 per cent in Q1 compared to the previous year, and worse in 2019. As the country managed to get the coronavirus pandemic largely under control, the industry, along with the rest of the economy, bounced back.

Top 10 Chinese auto groups by sales volume in 2020

SAIC Motor Corp sold 2.53 million vehicles in 2020, ranking first in sales among Chinese brand automakers. Changan Automobile and Zhejiang Geely Holding Group took the second and third spots, with 1.5 million and 1.32 million units sold, respectively, according to a recent report by China Association of Automobile Manufacturers.

Passenger Car Sales Fall Amid COVID-19 Crisis (infographic)

Passenger Car Sales Fall Amid COVID-19 Crisis (infographic) January 27, 2021 As the coronavirus crisis unfolded, spreading from China to the rest of the world in the early months of 2020, things went from bad to worse for the global car industry. What started off as a supply crisis, which temporarily constrained access to parts and raw materials sourced from China, turned into a full-fledged demand shock that saw sales tumble in the face of mass unemployment and financial uncertainty. As the following chart shows, the world’s largest automobile markets suffered significant sales declines in 2020, with the Chinese market furthest along on the road to recovery. According to the China Association of Automobile Manufacturers (CAAM), vehicle sales rose for the ninth consecutive month in December, limiting the overall decline for 2020 to -6 percent. Meanwhile light vehicle sales dropped 15 percent in the United States, while the EU suffered a 24-percent drop in new passenger car regis

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