Geely Automobile Hldgs Stock (OTC: GELYF)

Geely Automobile Hldgs (OTC:GELYF) Stock, Quote.Headers.trade-ideas

Based in Hangzhou, Zhejiang province, Geely Automobile Holdings manufactures and sells passenger vehicles and automotive parts. Geely is the largest local brand manufacturer and the third largest passenger vehicle brand in terms of sales volume in China. The firm formed a joint venture with Volvo in 2016 to build cars under the Lynk & Co brand. The brand targets a young audience with sales and marketing approaches closely resembling those of modern lifestyle brands. Including Lynk & Co, Geely sold about 1.7 million cars in 2023. The domestic market accounts for more than 80% of Geely's revenue, with the rest coming from other parts of the world.

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Chinese EV giants BYD and Geely make a splash at Frankfurt fair amid EU tariffs threatening their global ambitions.

Chinese EV Manufacturers BYD And Geely Storm Frankfurt Fair As EU Tariffs Threaten To Crimp Their Global EV Push: Report

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Despite the emergence of trade barriers in Europe and North America, aimed at limiting the influx of China-made EVs, China&#39;s auto sector continues to invest heavily in overseas expansion. 

BYD, Geely And Other Chinese EV Makers Make A Strong Showing At Frankfurt Trade Fair Amid Restrictions From EU, US, Canada

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The EV industry&#39;s struggles have forced companies to either trim goals or look elsewhere for offsetting impact.

Tesla&#39;s Ambitious FSD Roadmap, Nio Accelerates With Strong Guidance, Faraday Future Gets Lifeline And More: Biggest EV Stories Of The Week

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Geely Automobile Holdings Ltd

At a trade fair in Frankfurt, almost 900 Chinese auto suppliers and several electric vehicle makers are reportedly<a target="_blank" href="https://www.benzinga.com/news/24/09/40813283/stellantis-invests-over-406m-in-michigan-facilities-for-multi-energy-strategy" rel="noreferrer noopener"> displaying their offerings</a>.
The country&#8217;s automotive sector is striving to enhance its global presence and counteract declining domestic profits despite looming trade barriers, reported Reuters.
Chinese automakers such as BYD Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), Geely Automobile Holdings Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>), Hongqi, and GAC International are set to showcase their vehicles at the Automechanika fair, which traditionally emphasizes suppliers but is now featuring cars as a highlight.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40810974/us-ally-urges-eu-to-reconsider-tariffs-on-chinese-evs-we-dont-need-another-war" rel="noreferrer noopener">US Ally Urges EU To &#8216;Reconsider&#8217; Tariffs On Chinese EVs: &#8216;We Don&#8217;t Need Another War&#8217;</a>
&#8220;Even if some in Europe turn against us, we will never turn against the European market,&#8221; said Victor Yang, senior vice-president at Geely, the only carmaker to host a press conference at the fair.
According to the report, Geely, which reportedly sold approximately 200,000 cars in Europe during the first half of this year, will encounter tariffs of up to 19.3% on its China-made EVs under the European Commission&#8217;s current plans—a move the company has previously called &#8220;disappointing.&#8221;
China&#8217;s auto sector is making significant investments in expanding overseas despite Europe and North America imposing trade barriers to curb the influx of China-made EVs, which they claim benefit from unfair subsidies.
The &#8220;EV Expo,&#8221; opening in collaboration with the China Council for the Promotion of International Trade, adds a focus on electric vehicles to an event traditionally centered on suppliers, Reuters added.
Image via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

In a bold move to counter domestic profitability challenges and global trade barriers, nearly 900 Chinese auto suppliers and several EV manufacturers are showcasing their products at a Frankfurt trade fair.
What Happened: Chinese automakers like BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>), Geely (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>), Hongqi, and GAC International are set to present their vehicles at the Automechanika fair. This marks a new trend for the event, which has traditionally been a platform for suppliers.
Despite the emergence of trade barriers in Europe and North America, aimed at limiting the influx of China-made EVs, China&#8217;s auto sector continues to invest heavily in overseas expansion. The &#8220;EV Expo&#8221;, which opens on Tuesday, was established in partnership with the China Council for the Promotion of International Trade.
See Also: <a href="https://www.benzinga.com/news/24/09/40758526/boeing-starliner-returns-to-earth-without-sunita-williams-and-butch-wilmore-lands-in-new-mexico-afte?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Boeing Starliner Returns To Earth Without Sunita Williams And Butch Wilmore, Lands In New Mexico After 6-Hour Flight</a>
Automechanika&#8217;s director, Olaf Musshoff, expressed at a press conference, &#8220;We want EVs made by Chinese carmakers which are currently to some extent unknown to gain trust in the industry.&#8221;
Moody&#8217;s data shows that the auto sector&#8217;s share of China&#8217;s total outbound investments rose from 16% in 2018 to 22% in 2023, and car exports have hit record highs this year. The significant presence of Chinese suppliers at the fair, almost double the number of German suppliers, highlights their expanding role in the global supply chain. Chinese automakers are increasingly planning local production in Europe and other regions to circumvent trade tariffs limiting imports.
Why It Matters: The Chinese auto industry&#8217;s move to expand globally comes in the wake of European Commission&#8217;s <a href="https://www.benzinga.com/news/24/07/39635158/eu-imposes-provisional-duties-of-as-much-as-37-6-on-chinese-ev-imports">additional tariffs of up to 37.6% </a>on EV imports from China in July. The tariffs were a response to concerns that state-subsidized, cheaper EVs from China could push domestic players out of the market. The EU&#8217;s steps are similar to the ones taken by the U.S. and Canada to restrict access of Chinese EVs into these markets.
In response to these tariffs, Chinese EV manufacturers began <a href="https://www.benzinga.com/news/24/07/39662998/chinese-ev-makers-pivot-to-africa-amid-eu-and-us-tariff-hurdles">exploring Africa as a potential market</a>. However, China also <a href="https://www.benzinga.com/news/24/08/40484760/china-hits-back-at-eus-unfair-ev-tariffs-that-gave-relief-to-chinese-made-tesla-will-take-all-necess">voiced strong opposition </a>to these tariffs in August, labeling them as "unfair" and assuring its commitment to safeguard its EV industry against such actions.
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Photo via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

The <a href="https://www.benzinga.com/markets/equities/24/09/40754257/stocks-tumble-on-jobs-data-nasdaq-100-eyes-worst-week-in-2-years-as-semiconductors-slump-whats-d">market mayhem following the release of weak economic data </a>did not spare electric-vehicle stocks and most ended lower for the week ended Sept. 6. Market leader Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), despite staging a recovery mid-week, gave back its gains amid Friday&#8217;s jobs data-induced market sell-off.
Here&#8217;s a rundown on what happened in the EV space during the week:
Tesla Announces Timeline For FSD: As Tesla&#8217;s core EV business has hit an air pocket, the company and its stakeholders are pinning their hopes on the full-self driving technology. FSD is expected to fetch the company high-margin recurring revenue stream. Tesla announced on its Tesla X subsidiary&#8217;s X handle this week anticipated timelines for launching the technology in its Cybertrucks and in other geographies. 
The company expects the rollout of FSD Supervised v12.5.2 iteration with three times improved miles between necessary interventions in September. Also planned for the month are Actually Smart Summon feature, which allows your vehicle to come to you, or head to a spot that you choose, all on its own, Cybertruck Autopark, and Cybertruck FSD. In October, the company plans to make available unpark, park and reverse in FSD v13, with six times improved miles between necessary intervention. 
The FSD package will be made available in China and Europe in the first quarter of 2025, contingent on securing regulatory approval. Industry watchers say FSD will become a differentiator for the company in China, where it is facing intensifying competition. 
Separately, Tesla bull and Morgan Stanley analyst Adam Jonas dampened expectations concerning the upcoming Oct. 10 Robotaxi Day. In a note released this week, the analyst said there is likely to be a demonstration of the latest iteration of FSD and that of a fully autonomous ‘cyber-cab,' mostly in a closed/semi-closed course. The company is yet to have a permit for autonomous vehicle testing or deployment without a driver, he noted.
Nio Stock Jumpstarts On Strong Q2: Chinese EV startup Nio, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) reported second-quarter results, showing better-than-expected revenue and improved margins. The company also issued an upbeat deliveries guidance for the third quarter. CEO William Li said on the earnings call that the first mass market vehicle from the company&#8217;s stable, the Onvo 60, will go on sale in September, with monthly deliveries likely to come in north of 20,000 units. The stock reacted to the results with a strong move to the upside, ending up more than 24% for the week. 
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best EV Stocks</a>
Volvo Latest To Temper EV Ambitions: Sweden&#8217;s Volvo Car AB (publ.) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VLVCY#OTC">VLVCY</a>), owned by Geely Automobile Holdings Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>), said it aims for 90 to 100% of its global sales volume by 2030 to consist of electrified cars, meaning a mix of both fully electric and plug-in hybrid models. The remaining 0-10% will allow for a limited number of mild hybrid models to be sold, if needed. This replaces the company's previous ambition for its line-up to be fully electric by 2030. U.S. legacy automakers General Motors Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) and Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) have all recently trimmed their EV goals in some form or other amid tough market conditions. 
Faraday Future Mobilizes $30M Funding: Struggling EV startup Faraday Future Intelligent Electric Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NYSE">FFIE</a>) confirmed this week <a href="https://www.benzinga.com/news/24/09/40749189/why-is-faraday-future-stock-racing-higher">it has secured $30 million in financing commitments</a> from investors in the Middle East, U.S., and Asia. The new financing commitment includes a previously funded $7.5 million, and $22.5 million of new investment in the form of convertible notes and warrants to acquire additional shares. Separately, the company said it has been informed by Nasdaq that it had regained compliance with all Nasdaq continued listing criteria.
Hyzon Announces Reverse Split: Hydrogen fuel-cell energy company Hyzon Motors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>) said its board and stockholders approved a 1-for-50 reverse stock split of its Class A common stock, with the split taking effective on&nbsp;Sept. 11. The reverse split is intended to increase the bid price of the Company&#8217;s Class A common stock so that Hyzon can regain compliance with the minimum bid price requirement of&nbsp;$1&nbsp;per share for continued listing on the Nasdaq.
The KraneShares Electric Vehicles and Future Mobility&nbsp;Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) ended Friday&#8217;s session plunged 3.83% at $18.55, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data</a>. For the week, the ETF fell 2.78% .
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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</ul>
Here&#8217;s how the EV stocks fared this week:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Weekly Change (+/-)</td>
</tr>
<tr>
<td>Tesla</td>
<td>-1.58%</td>
</tr>
<tr>
<td>Nio</td>
<td>+24.26%</td>
</tr>
<tr>
<td>XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>)</td>
<td>+6.09%</td>
</tr>
<tr>
<td>Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)</td>
<td>-5.91%</td>
</tr>
<tr>
<td>Workhorse, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>)</td>
<td>-14.85%</td>
</tr>
<tr>
<td>Hyzon Motors</td>
<td>+3.18%</td>
</tr>
<tr>
<td>Canoo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOEV#NASDAQ">GOEV</a>)</td>
<td>-5.26%</td>
</tr>
<tr>
<td>Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>)</td>
<td>-6.37%</td>
</tr>
<tr>
<td>Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>)</td>
<td>-11.19%</td>
</tr>
<tr>
<td>Faraday Future </td>
<td>-4.57%</td>
</tr>
<tr>
<td>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>)</td>
<td>-20.66%</td>
</tr>
<tr>
<td>VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>)</td>
<td>+3.89%</td>
</tr>
</tbody>
</table>
</figure>

Tesla's Ambitious FSD Roadmap, Nio Accelerates With Strong Guidance, Faraday Future Gets Lifeline And More: Biggest EV Stories Of The Week

Swedish automaker Volvo Cars (OTCPK: VLVCY) has scrapped its plans to offer <a href="https://www.benzinga.com/news/24/09/40686320/volvo-reveals-next-gen-electric-heavy-duty-truck-with-up-to-600-km-range-on-a-single-charge">only electric vehicles </a>by 2030, the company said on Wednesday, citing <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40528122/ev-demand-drops-investors-scrutinize-battery-stocks-whats-in-store-for-chargepoint-">waning customer demand for EVs</a> and changing market conditions.
What Happened: The company is now looking for battery electric vehicles and plug-in hybrids collectively to account for 90 to 100 percent of its global sales volume by 2030. The remaining up to 10% will be mild hybrid vehicles, the company said.
The adjustment to the company&#8217;s EV production targets is not expected to have any material impact on its capital expenditure plans, the company said, while adding that it is committed to full electrification in the long term. 
"We are resolute in our belief that our future is electric," said company CEO Jim Rowan. "However, it is clear that the transition to electrification will not be linear, and customers and markets are moving at different speeds of adoption. We are pragmatic and flexible, while retaining an industry-leading position on electrification and sustainability."
Having a mixed portfolio of electric, plug-in hybrid (PHEV), and mild hybrid vehicles, the company said, serves as a &#8220;clear bridge&#8221; to full electrification. PHEVs further provide customers the chance to experience electric driving if they are not willing to completely switch to fully electric vehicles, it added.
Why It Matters: The share of fully electric cars in Volvo&#8217;s portfolio stood at 26% in the second quarter. Together with plug-in hybrids, it accounted for 48%.
Volvo currently has five fully electric vehicle models including the EX40, the EC40, the EX30, the EM90, and the EX90. However, there has been a slower-than-expected rollout of charging infrastructure, withdrawal of government incentives in select markets, and uncertainties created by tariffs imposed on China-made EVs in different markets including Europe and the U.S., it noted.
Volvo is <a href="https://www.benzinga.com/markets/asia/24/05/38785286/geely-backed-chinese-ev-startup-zeekrs-stock-looks-to-extend-gains-after-strong-new-york-market-debu">majority-owned</a> by China&#8217;s Geely (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>) and it has production plants in Chengdu, Daqing, and Taizhou in addition to a research and development center in Shanghai.
The company also called for &#8220;stronger and more stable government policies&#8221; to support the transition to electrification.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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Photo courtesy: Volvo

Volvo Scraps Plans For All BEV Lineup By 2030, Eyes Hybrids As 'Bridge' To Full-Electrification

Even as Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) prioritizes its robotaxi operation, frontrunners such as Alphabet, Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) Google-owned Waymo and Baidu, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) have made rapid strides on this front. Ark Invest analyst Tasha Kenney weighed in on Tesla&#8217;s core competencies as the electric vehicle<a href="https://www.benzinga.com/news/24/08/40360740/teslas-robotaxi-plans-face-fresh-competition-as-chinese-firm-weride-receives-approval-to-test-driver"> maker gears up to compete against rivals. </a>
Market Vibrant: &#8220;We're excited to see Baidu and Waymo scaling their robotaxi operations,&#8221; said Kenney in the firm&#8217;s weekly innovation newsletter &#8220;Ark Disrupt.&#8221; She noted that Waymo said last week that its sixth-gen robotaxi developed by Geely Automobile Holdings Limited&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>) Zeekr will cut the number of onboard cameras from 29 to 13 and lidar sensors from five to four compared to the hardware on Waymo&#8217;s Jaguar I-PACE.
The Ark Invest analyst expects the cost of the new vehicle to be much lower than the rumored $100,000+ for the current model. This is a critical step toward scaling operations, she added.
Waymo has ramped up autonomous rides per week to more than 100,000, Kenney noted. The analyst said she tested Waymo&#8217;s service in Los Angeles and was impressed by the smooth ride.
China&#8217;s Baidu, which has a thriving robotaxi operation in China, said during the second quarter earnings call that its autonomous ride-hail platform, named Apollo Go, averaged 75,000 rides per week, Kenney noted. This is despite the company currently operating 100% of its fleet in Wuhan, with a small fleet of about 400 vehicles, she said. 
The Baidu management signaled that it would take years for it to roll out nationally and gain a significant share of the ride-hail market, she added.
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best EV Stocks</a>
Tesla&#8217;s USP: Waymo and Baidu may have the first-mover advantage in robotaxi operations, but Tesla is training its autonomous system with about 70 times more data, Kenney said. 
&#8220;As will be the case with most AI (artificial intelligence) projects, Tesla's data scale advantage is likely to lead to commercial dominance in this "winner-takes-most&#8221; opportunity,&#8221; she said.
Black Weighs In: Tesla bull and fund manager Gary Black has a different take. He took potshots at Tesla bulls, who keep on bashing Baidu and Google&#8217;s Waymo despite both completing 7 million and 2 million rides, respectively. In contrast, Tesla hasn&#8217;t completed a single unsupervised robotaxi ride yet, he noted.
 &#8220;TSLA bulls should be cheering for BIDU and GOOG for the greater good of autonomous driving,&#8221; Black said.
The fund manager said Tesla&#8217;s generalized &#8220;works anywhere&#8221; autonomous solution is by far the better, more scalable and more profitable strategy. That said, Baidu and Google robotaxi networks are &#8220;already up and running with millions of drives and miles of data and now need to scale across their respective markets to be profitable,&#8221; he said. 
&#8220;All three companies will be there in the end.&#8221;
Why It&#8217;s Important: Tesla has scheduled a robotaxi unveil event on Oct. 10, and more details could be announced at the event. Ark&#8217;s valuation framework suggests <a href="https://www.benzinga.com/etfs/specialty-etfs/24/06/39294523/cathie-wood-ark-invest-set-new-2-600-price-target-for-tesla-every-car-becomes-an-ai-powered-c" target="_blank" rel="noreferrer noopener">Tesla will hit a stock price of $2,600 by 2029, </a>with the bulk of the value added by the yet-to-be-launched robotaxi service.
For a successful robotaxi operation, full self-driving is the key. Tesla is currently marketing its FSD as Fully Supervised. 
In premarket trading, Tesla shares rose 0.23% to $213.70, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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Image via Shutterstock

BIDU

GOOG

GOOGL

Why Tesla Is Likely To Dominate Robotaxi Market Despite Google's Waymo And Baidu Holding First-Mover Advantage, Explains Ark Analyst

Editor&#8217;s Note: The story has been corrected to remove Lucid Motors from the article which was erroneously added as a Chinese EV stock
Chinese electric vehicle stocks soared after China slammed the European Union import tariffs on the EV industry and assured support for the industry.
NIO Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>), XPeng Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>), Li Auto Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>), and ZEEKR Intelligent Technology Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZK#NYSE">ZK</a>) traded up on Wednesday.
The EU slapped the additional tariffs on the existing duties of 10% on BEV imports, CNBC <a target="_blank" href="https://www.cnbc.com/2024/08/21/china-calls-eu-tariffs-on-evs-unfair-says-it-will-defend-industry.html" rel="noreferrer noopener">reports</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40480619/chinese-luxury-ev-company-zeekr-clocks-100-growth-in-q2-deliveries-margin-boost-amid-domestic-price" rel="noreferrer noopener">Chinese Luxury EV Company Zeekr Clocks 100% Growth in Q2 Deliveries, Margin Boost Amid Domestic Price War, Tariffs</a>
Interestingly, the EU&nbsp;slashed import duties on major electric automakers, including&nbsp;Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and China&#8217;s BYD Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>),&nbsp;SAIC Motor Corp, and&nbsp;Geely Automobile Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>).
China challenged the EU&#8217;s view that the Chinese EV industry was distorting European competition.
The Chinese EV industry has been battling weak domestic demand and protectionist tariffs. Lately, the industry has received a boost from China&#8217;s plan to <a target="_blank" href="https://www.benzinga.com/government/24/07/39968313/nio-xpeng-li-auto-benefit-from-chinas-increased-vehicle-subsidies" rel="noreferrer noopener">boost its stimulus program</a> to subsidize passenger vehicle purchases.
Reports indicating <a target="_blank" href="https://www.benzinga.com/government/24/08/40441110/whats-going-on-with-chinese-ev-stocks-nio-xpeng-and-li-auto-on-monday" rel="noreferrer noopener">China&#8217;s&nbsp;cash-for-clunkers</a> trade-in program&#8217;s potential to boost EV sales have also positively impacted Chinese EV stocks.
According to <a href="https://www.counterpointresearch.com/insights/global-electric-vehicle-market-share/" target="_blank" rel="noreferrer noopener">Counterpoint Research</a>, China accounted for 52% of the global Battery Electric Vehicle sales after the U.S. during the first quarter of 2024.
Price Actions: NIO stock traded higher by 2.21 % at $3.94 at the last check Wednesday. XPEV is up 2.82% at $6.96, LI is up 3.66% at $21.06.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/08/40457601/xpeng-q2-earnings-30-2-deliveries-growth-margin-boost-from-volkswagen-partnership-q3-outlook-and-mo" target="_blank" rel="noreferrer noopener">XPeng Q2 Earnings: 30.2% Deliveries Growth, Margin Boost From Volkswagen Partnership, Q3 Outlook And More</a></li>
</ul>
Photo via Shutterstock

Government

Regulations

Emerging Markets

Movers

What's Going On With Chinese EV Stocks Like Nio, XPeng, Li Auto On Wednesday? (CORRECTED)

The European Union has decided to slash <a href="https://www.benzinga.com/news/24/07/39635158/eu-imposes-provisional-duties-of-as-much-as-37-6-on-chinese-ev-imports">tariffs on electric cars</a> made by Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) in China, a move that could potentially reshape the electric car market in the region.
What Happened: The EU has <a href="https://ec.europa.eu/commission/presscorner/detail/en/ip_24_4301">lowered</a> the tariffs on Tesla&#8217;s China-made electric vehicles, setting them significantly lower than those imposed on other electric car manufacturers.
The European Commission&#8217;s decision comes two months after the EU raised tariffs on electric cars imported from China, citing unfair state subsidies.
Initially set at 20.8%, the tariff on Tesla&#8217;s China-made vehicles has now been reduced to 9% by the European Commission, the EU&#8217;s executive arm. This is in addition to the existing EU duty of 10% on all electric vehicle imports, but it still remains considerably lower than the additional tariffs imposed on other Chinese automakers, ranging from 17% to 36.3%.
The European Commission stated that the new tariff reflects the level of subsidies Tesla receives in China. This decision could potentially give Tesla a competitive edge in the European market.
The Chinese state-owned carmaker SAIC Motor, owner of the iconic MG brand, has been slapped with an additional 36.3% tariff, designated for "non-cooperating companies," according to the European Commission. 
Geely Automobile (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYY#OTC">GELYY</a>), which owns Volvo, faces an extra 19.3% tariff, while cars produced by BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>), currently competing with Tesla for the title of the world&#8217;s top battery EV seller, are now subject to an additional 17% duty.
See Also: <a href="https://www.benzinga.com/news/24/08/40306075/tesla-cybertruck-lead-engineer-confirms-rear-wheel-drive-variant-of-stainless-steel-truck-has-not-be?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Cybertruck Lead Engineer Confirms Rear-Wheel Drive Variant Of Stainless Steel Truck Has Not Been Canceled</a>
Why It Matters: The reduction in tariffs for Tesla vehicles comes amid a broader context of trade tensions between the EU and China. In June, Chinese carmakers reportedly <a href="https://www.benzinga.com/news/24/06/39397202/chinese-carmakers-urge-beijing-to-increase-tariffs-on-eu-gasoline-cars-in-retaliation-for-ev-tariffs">urged Beijing to increase tariffs</a> on European gasoline-powered cars in retaliation for the EU&#8217;s tariffs on Chinese EVs. 
The European Union has proposed tariffs of up to 38.1% on Chinese electric vehicles, which EU leaders framed as a <a href="https://www.benzinga.com/news/24/06/39434833/europes-ev-tariffs-seen-as-minor-speed-bump-for-byd">measure to counter unfair competition</a>. However, investors see these additional costs as a minor hurdle for China&#8217;s leading EV manufacturers.
In July, Chinese EV makers began pivoting to alternative markets such as Africa, Southeast Asia, and South America, amid the tariff hurdles imposed by the EU and the U.S. This strategic shift was seen as a way to mitigate the <a href="https://www.benzinga.com/news/24/07/39662998/chinese-ev-makers-pivot-to-africa-amid-eu-and-us-tariff-hurdles">impact of protectionist policies</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/government/24/08/40441110/whats-going-on-with-chinese-ev-stocks-nio-xpeng-and-li-auto-on-monday?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">What&#8217;s Going On With Chinese EV Stocks, Nio, XPeng And Li Auto On Monday?</a></li>
</ul>
Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

GELYY

Elon Musk's Tesla Gets A Breather As EU Slashes Tariffs On Its China-Made EVs Even As SAIC, Geely, And BYD Face Hefty Duties

Conversations are <a href="https://www.benzinga.com/news/24/06/39448914/china-agrees-to-discuss-ev-tariffs-with-eu-germany-welcomes-it-as-first-step-but-says-many-more-will">moving forward between China and the European Union</a> on a deal that could benefit electric vehicle (EV) companies from both economic powerhouses.
Willingness from both sides to de-escalate a looming tariff war for the car industry can be read as an oasis of mutual trust within the growing trend of protectionism and economic decoupling that has marked relations between China and the West in recent months.
<h3 class="wp-block-heading">New Tariffs On EVs Threaten Carmakers In China, EU</h3>
Germany is fearful of the effects of a recent EU decision to slap an extra tax of up to 38% on some Chinese EV brands, on top of an already-existing tariff of 10%.&nbsp;
For some Chinese EV makers, like SAIC Motor Corp., this could mean a 48% tax on all units sent to the EU. Geely Automobile Holdings Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>) could have its cars face a 30% tax and BYD Company ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), 27%.
According <a href="https://www.bloomberg.com/news/articles/2024-06-24/china-floats-perks-for-german-carmakers-in-bid-to-stop-ev-levies?srnd=homepage-europe&amp;sref=TBDibEcD">to</a> Bloomberg, Beijing has suggested that Germany could benefit if the EU were to drop the announced raise.
An agreement would primarily benefit luxury German brands like Mercedes Benz Group ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MBGYY#OTC">MBGYY</a>), DR ING H C F PORSCHE ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/DRPRY#OTC">DRPRY</a>) and Bayerische Motoren Werke ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMWYY#OTC">BMWYY</a>), whose units are in risk of receiving extra tariffs in China.
If the EU were to move forward with its decision, launching the new tariffs by July, China could retaliate with higher tariffs on EU-made cars.
Read Also: <a href="https://www.benzinga.com//node/39444946">Tesla Analysts Temper Expectations, Fisker Shuts Down Shop, Nikola&#8217;s 30-for-1 Reverse Split And More: Biggest EV Stories Of The Week</a>
In May, Beijing said it could take its 15% tariff on EU-made cars to up to 25% for large-engine vehicles, in a move that is putting pressure on Germany to act. Large-engine vehicles are considered those with 2.5 liter engines and above, a hallmark of German luxury car brands, which enjoy a healthy market in China.
In the U.S., Chinese EVs have had difficulty gaining market share given high tariffs,<a href="https://www.benzinga.com/news/24/05/38758049/biden-plans-new-tariffs-on-china-targets-electric-vehicles-and-other-strategic-sectors-report"> which are due to climb above 102% for Chinese electric cars</a> this year.
The decision was announced last month by the Biden administration, quadrupling tariffs on China-made EVs and EV components in an effort to protect the domestic car industry and avoid a flood of Chinese cars in U.S. soil.&nbsp;
U.S. carmakers like Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Rivian Automotive Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>), General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) and Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) welcomed the decision.
<h3 class="wp-block-heading">Can Germany Push The EU To A Halt?</h3>
During conversations held over the weekend between Robert Habeck, Vice-Chancellor of Germany and his Chinese counterpart Wang Wentao, China proposed lowering existing tariffs of 15% on large-engine cars in exchange for dropping the announced tariff hikes by the EU.
Habeck, who performs as Germany's economy minister, has been on an official visit to the Asian nation.
Yet Germany has to convince the bloc that the planned hike isn't worth pursuing, and pressure by the bloc's largest economy could stir conflict within the bloc.&nbsp;
The EU's decision came as a way to level the playing field after a probe concluded that Chinese government subsidies left European car companies at a disadvantage.
The new tariffs were described as a legal action stemming from a months-long probe, while any change to that decision would be politically and economically motivated.
Germany has declared itself against the EU tariffs and Chancellor Olaf Scholz said Monday that he expects a negotiation to result favorable before the EU tariffs begin being collected.
For now, the EU's tax is provisional and would be set definitely in November unless changed.
Now Read: <a href="https://www.benzinga.com//node/39430780">Chinese EV Maker Xpeng Offers Test Drive Of Its ADAS To Tesla CEO Elon Musk After He Xiaopeng Tries FSD</a>
Shuterstock image.

Asia

Politics

BMWYY

DR ING H C F PRSCHE U/ADR by DR ING H C F PORSCHE AG

DRPRY

MERCEDES-BENZ UNSP / ADR by Mercedes Benz Group AG

MBGYY

Deal Between Germany, China Could Stop Looming Tit-For-Tat On EV Tariffs

<ul>
<li>ST&#39;s third generation SiC MOSFETs help increase the powertrain efficiency for Geely Auto Group battery electric vehicles.</li>
<li>Innovation Joint Lab set up to support the development of smart, electrified and connected cars.</li>
</ul>

Geely Auto And STMicroelectronics Signed A Long-Term SiC Partnership For NEV Transformation And Innovation

ZEEKR Intelligent Technology Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZK#NYSE">ZK</a>) shares rose <a href="https://www.benzinga.com/premarket">in premarket trading</a> on Monday, signaling that the Chinese electric vehicle manufacturer could add to gains from Friday&#8217;s splendid market debut.
Geely Automobile Holdings Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>)-backed Zeekr, a manufacturer of premium EVs, had a <a href="https://www.benzinga.com/markets/equities/24/05/38774344/chinese-tesla-rival-zeekr-soars-35-on-nyse-debut-valuation-hits-6-8b">strong debut on NYSE on Friday.</a> Through an initial public offering, the company offered 21,000,000 ADRs, each representing 10 ordinary shares, at $21 per ADS, the higher end of the estimated range.
As of Friday&#8217;s close, the company&#8217;s valuation was at $64.03 billion. 
After opening the debut session at $26 per ADS, the stock moved in a range of $25.52-$29.36 before ending up 34.57% at $28.26, according to<a href="https://benzinga.grsm.io/lxquj26b2sag"> Benzinga Pro data.</a>
In premarket, the stock rose an incremental 3.86% to $29.35.
&nbsp;Incorporated in&nbsp;March 2021, Zeekr now sells
<ul>
<li>ZEEKR 001, a five-seater, cross-over hatchback</li>
<li>ZEEKR 001 FR, the latest cross-over hatchback</li>
<li>ZEEKR 009, a luxury six-seater MPV,</li>
<li>ZEEKR X, a compact SUV</li>
<li> upscale sedan model</li>
</ul>
In the Form F-1 filing, Zeekr said it intends to use the net proceeds to develop more advanced BEV technologies, expand selling and marketing, as well as its service and charging network, and meet general corporate purposes.
Zeekr&#8217;s U.S. stock market debut comes at a time when the Biden administration is planning to increase tariffs on Chinese EV imports.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
See Also:<a href="https://www.benzinga.com/money/best-electric-vehicle-stocks"> Best EV Stocks</a>
Photo via Shutterstock

Trading Ideas

Geely-Backed Chinese EV Startup Zeekr's Stock Looks To Extend Gains After Strong New York Market Debut

Sentiment toward electric vehicle stocks was mixed in the week that ended on March 15, impacted by the worsening outlook for market leader Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and the <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37713349/stocks-fall-as-hot-inflation-data-derails-fed-cut-bets-bonds-tumble-vix-rallies-oil-tops-8">broader market weakness caused by hotter-than-expected inflation data.</a>
Here are the key events that happened in the EV space during the week:
Tesla Estimates Take Hit, India Cheer And More: As warned by Future Fund&#8217;s Gary Black, Wall Street analysts began lowering their deliveries estimates for Tesla, reasoning that the near-term outlook does not evoke confidence. Deutsche Bank set the ball rolling by lowering its March quarter deliveries estimate from 476,000 units to 427,000 units, citing slow production ramp-ups of the Model 3 refresh and the Cybertruck as well as slowing global EV adoption. The firm reduced the price target for the stock from $250 to $218, even as it maintained a &#8220;Buy&#8221; rating.
Wells Fargo&#8217;s Colin Langan downgraded the stock from &#8220;Hold&#8221; to &#8220;Sell&#8221; and cut the price target from $200 to $125, calling Tesla a &#8220;growth company&#8221; with no growth. UBS, meanwhile, reduced its price target from $225 to $165, attributing the tempered expectations to slower EV demand in Western countries, competitive pressure in China and a muted outlook for Model 2 volume in 2025. 
On a positive note, Tesla could finally make headway in India as the government rolled out a new EV policy to attract investments into the country. The country is considering an import duty cut for EVs, provided that automakers make a commitment to invest at least $500 million and look to start domestic manufacturing within three years. Reuters reported that the new EV policy will allow eligible companies to annually import up to 8,000 EVs that cost $35,000 or more at a reduced tax rate of 15%, down markedly from the 100% duty that prevailed previously.
Tesla is going all out with its quarter-end push by hinting at a potential $1,000 price hike for all variants of its Model Y vehicles, effective April 1. 
Fisker Rumored To Be Close To Bankruptcy Filing: Shares of struggling EV market Fisker, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSR#NYSE">FSR</a>) slumped over 50% this week as rumors suggested that the company is close to filing for bankruptcy. The Wall Street Journal <a href="https://www.wsj.com/business/autos/electric-vehicle-startup-fisker-prepares-for-possible-bankruptcy-filing-26e63d32">reported</a> that Fisker hired FTI Consulting and law firm Davis Polk to work on a potential filing. Following the release of fourth-quarter results, the company warned of a &#8220;going concern.&#8221;
Reacting to the report, the company said it would not comment on market rumors and speculation. It also said it is focused on raising additional capital and engaging in a strategic partnership with a large automaker. Previously, separate rumors said Japanese automaker Nissan Motor Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) was in talks to invest in the beleaguered EV startup.
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best Electric Vehicle Stocks</a>
Rivian Upgraded By Piper Sandler: Late Thursday, Piper Sandler analyst Alexander Potter upgraded Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) from &#8220;Neutral&#8221; to &#8220;Overweight&#8221; and upped the price target from $15 to $21. 
&#8220;After watching last week&#8217;s live stream, re-assessing our capex outlook, and considering the post-Q4 selloff, we feel compelled to upgrade RIVN,&#8221; the analyst said. 
While flagging the risk of a midyear retooling effort that would potentially impact deliveries, the analyst said he was positive about the strong reception to the newly-unveiled R2 SUV. 
&#8220;The R3, could be one of the most compelling designs on the market when it is released,&#8221; he added.
&#8220;This excitement around new products, coupled with a plan to delay capex and build R2 in an existing plant, should prompt investors to adopt a more bullish stance.&#8221;
Ex-Ford Executive Says EV Transition Will Take Longer: Former Ford CEO Mark Fields <a href="https://www.cnbc.com/video/2024/03/15/former-ford-ceo-mainstream-consumers-will-adopt-electric-vehicles-when-theyre-more-convenient.html">said</a> in an interview with CNBC that an EV transition will happen but will also take time. Even when EVs become mainstream, there will be a niche market for internal combustion engines that caters to collectors and enthusiasts, he said. Fields also said early EV adopters will be motivated by its innovation and environmental impact while the average consumer will prioritize cost and convenience. 
The auto industry veteran flagged EVs' premium pricing, insufficient charging infrastructure and the time required for charging as major deterrents for EV adoption. He sees the current landscape favoring hybrid vehicles, which are a compromise between traditional ICE vehicles and fully electric vehicles.<a href="https://www.linkedin.com/shareArticle?title=Former%20Ford%20CEO%20Mark%20Fields%20Warns%20of%20Potential%20Slowdown%20in%20EV%20Adoption,%20Citing%20Cost%20and%20Convenience%20Concerns&amp;url=https://www.webpronews.com/former-ford-ceo-mark-fields-warns-of-potential-slowdown-in-ev-adoption-citing-cost-and-convenience-concerns/"></a>
<a href="https://ientry.nui.media/pipeline/1457274/0/cc?z=ientry" target="_blank" rel="noreferrer noopener"></a>Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Polestar Cuts Yet-To-Be Launched SUV Prices: Swedish EV maker Polestar Automotive Holding UK PLC (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PSNY#OTC">PSNY</a>), which is now supervised by China&#8217;s Geely Automobile Holdings Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>), said its third EV, the Polestar 3, an SUV due to be launched in the U.S. later this year,<a href="https://www.benzinga.com/news/24/03/37683070/polestar-undercuts-teslas-model-x-rivians-r1s-with-lower-starting-price-for-latest-suv-heres-how-muc"> will have a starting price of $73,400,</a> down from the $84,000 price point it had signaled when it announced the vehicle in October 2022. The company said all Polestar 3 variants will come standard with its Pilot pack, which includes driver-assistance features like adaptive cruise control, lane-keep assist, automated lane changes and a heads-up display.
The KraneShares Electric Vehicles and Future Mobility&nbsp;Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) ended Friday&#8217;s session up 0.27% at $22.52, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a> For the week, the ETF rose 1.08%.
Read Next:<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37572324/rivians-stock-grossly-undervalued-fund-manager-predicts-tesla-like-turnaround-follo"> </a><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37738244/cracks-in-teslas-armor-bearish-analyst-shares-value-investors-take-on-why-wall-stre">Cracks In Tesla&#8217;s Armor? Bearish Analyst Shares Value Investor&#8217;s Take On Why Wall Street&#8217;s &#8216;More-Than-A-Car-Company&#8217; Thesis Is Flawed</a>
EV Stock Performances For Week:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Performances (+/-)</td>
</tr>
<tr>
<td>Tesla</td>
<td>-6.71%</td>
</tr>
<tr>
<td>Nio, Inc.(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>)</td>
<td>-3.79%</td>
</tr>
<tr>
<td>XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>)</td>
<td>+1.26%</td>
</tr>
<tr>
<td>Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)</td>
<td>+3.94%</td>
</tr>
<tr>
<td>Fisker</td>
<td>-54.80%</td>
</tr>
<tr>
<td>Workhorse Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>)</td>
<td>-14.19%</td>
</tr>
<tr>
<td>Hyzon Motors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>)</td>
<td>+13.98%</td>
</tr>
<tr>
<td>Canoo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOEV#NASDAQ">GOEV</a>)</td>
<td>-8.92%</td>
</tr>
<tr>
<td>Rivian</td>
<td>-13.62%</td>
</tr>
<tr>
<td>Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>)</td>
<td>-12.90%</td>
</tr>
<tr>
<td>Faraday Future Intelligent Electric, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NASDAQ">FFIE</a>)</td>
<td>-27.07%</td>
</tr>
<tr>
<td>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>)</td>
<td>-3.88%</td>
</tr>
<tr>
<td>VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>)</td>
<td>-4.38%</td>
</tr>
</tbody>
</table>
</figure>
Photo: Shutterstock

NSANY

PSNY

Tesla's India Entry Hurdle Lifts, Fisker Hurtling Toward Bankruptcy, Rivian Gets Wall Street's Love And More: Biggest EV Stories Of The Week

Bad tidings from electric vehicle startups Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) and Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) cast a pall of gloom on the EV space this week. The weakness came despite the <a href="https://www.benzinga.com/markets/equities/24/02/37293714/nvidias-stellar-earnings-push-stock-market-to-record-highs-fed-curbs-rate-cut-excitement-this-we">broader market finishing the week at a record high.</a>
Here are the key events that happened in the EV space during the week:
Tesla Bearish Sentiment Abounds, Price Tinkering: Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares have been languishing at depressed levels ever since the company reported a double miss in the third quarter of 2023. Fundamentals of the Elon Musk-led company have faltered due to an inclement economy, slowing EV adoption and some of its own strategies. 
Morgan Stanley analyst Adam Jonas said in a report released this week that, out of the 84 investors responding to the firm&#8217;s investor survey, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37204975/tesla-bull-adam-jonas-investor-survey-reveals-overwhelming-negativity-towards-ev-gi">three-quarters believe the stock has yet to bottom.</a> Investors were particularly worried about the slowing EV demand narrative.
Tesla went on to hike the price of the Model 3 Long Range SUV in the U.S. by $250, with the variant now having a starting price of $47,740. The price of the base rear-wheel-drive variant remains unchanged at $38,990. The company also increased the price of the white interior Model 3 by $500. Commenting on the price changes, Troy Teslike, a social media user known for predicting Tesla deliveries, said the company could be discouraging customers from ordering a Model 3 version it can&#8217;t produce and pushing sales of Model Y, which is seeing bloated inventory levels. 
Rivian, Lucid, Nikola Earnings Disappoint: The earnings season did not pan out well for startups as well, with Lucid, Rivian and Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>) all reporting disappointing quarterly performances.
Rivian beat revenue expectations but missed production targets, as it guided for 57,000 units in 2024, significantly lower than analysts' estimates, CNBC reported. Despite working on its new R2 platform, the company also announced a 10% workforce reduction.
Lucid missed revenue expectations and offered a weak 2024 delivery guidance of 9,000 units, reflecting production challenges. Struggling truck maker Nikola also reported below-consensus revenue as the company delivered only 20 battery EV trucks despite producing 133 units.
Looking ahead, Nikola said it expects to deliver between 250 and 350 BEV trucks and 125 to 150 of its upcoming fuel-cell trucks in 2024.
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best Electric Vehicle Stocks</a>
Ford Pauses F-150 Lightning Shipments: After slowing production of its F-150 Lightning pickup trucks, Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) has paused shipments of its 2024 model years of the truck, citing longer-than-expected quality check process, Detroit News <a href="https://www.detroitnews.com/story/business/autos/ford/2024/02/23/ford-pauses-f-150-lightning-shipments-lengthened-quality-check/72717996007/">reported.</a>
A Ford spokesperson said the pause in shipments went into effect on Feb. 9 and that production of the EV continued at the Rouge Electric Vehicle Center in Dearborn.<a href="https://adclick.g.doubleclick.net/pcs/click?xai=AKAOjsv87EIaeWvrY0nV1nNUCGU7VwWya6KBi0dMf2vz9Lk_kvKwHAy8Dx8P0WmNhw1UwjcwmwCycFQomy8A_7mUq9kho_iDm7OR7DhmpTeb71Gp1xJP1muQDLcMtBOUDmQmVMuoaQvk2QWz3Rlpx3AtIblfF2ctfBOUNHQoTxKNwqu5BO9NDJfhh3Lpdv9FUWKDxyv70nm4iASqxjtl6HzBqZ4O7WbxOSI_sxs7Ku_T2ELbzl-WjtiXD9gPYEl0Q8IMAsaQeut7lejJ0Ay3Cy5hupfzmqHJ1qS7BuSynD7mv7VuaYW-vPGljg6Kq0_P48HOtHdotpMR1bm9JokXudJeaICvLby1kIVPPhMpLheOzeLAoYmulWEsNAUasIfmrKhb4NlNSXhFfrBL0e_EWGk3j-IJYFibxyPSgb5bEPe2RMCmf8bpHCVwlMnSPUQQYjZiskT3Ug&amp;sai=AMfl-YTA_NnQgy4L6yrdLwetdM6Fl1xPtsxEaVfEg9rzNwnCJJNz-Vrt1I5uoZ00OBH-GnYAWs0OaZssMAkh0mKe1ZixI1ioWwtIeizUg7T7x8a8q75dQZPjR4QLt0mfKfOgOUacpi7PD0Wgufp4R1W6SDg&amp;sig=Cg0ArKJSzGFzvsLOopX5EAE&amp;fbs_aeid=%5Bgw_fbsaeid%5D&amp;urlfix=1&amp;adurl=https%3A%2F%2Fwww.detroitnews.com%2Fstory%2Fsponsor-story%2Fven-johnson-law-trial-attorneys%2F2024%2F02%2F01%2Fgovernmental-immunity-on-the-ballot-across-america-in-2024%2F72424304007%2F%3Fmvt%3Di%26mvn%3D53fa3d2c6d3343a78c95ac9a3559a49e%26mvp%3DNA-GANNLOCASITEMANA-11238693%26mvl%3DKey-tangent-tile%2520%255BTangent%2520Desktop%2520Tile%255D%26utm_campaign%3D268a5da6d9dd46269b7f39e6bcbe43ae%26utm_source%3Dpolar%26utm_medium%3Dcpc"></a>
Nio Tests Humanoid Robot Usage For Factory Line: Chinese EV startup Nio, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) is apparently achieving production efficiency. A CnEVPost report <a href="https://cnevpost.com/2024/02/23/nio-testing-use-of-humanoid-robots-in-plant/">said </a>the Shanghai-based company is testing the usage of humanoid robots in its assembly lines at one of its factories. The report said Hong Kong-listed humanoid robot maker UBTech Robotics recently shared a video on Weibo showing its Walker S robot working in Nio&#8217;s assembly line.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Volvo To Cut Polestar Stake: Sweden&#8217;s Volvo Car AB (publ.) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VLVOF#OTC">VLVOF</a>), owned by China&#8217;s Geely Automobile Holdings Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>), said its board has resolved to distribute 62.7% of its stake in loss-making EV manufacturer Polestar Automotive Holding UK PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSNY#NASDAQ">PSNY</a>) to its shareholders, contingent on approval by shareholders at its 2024 annual general meeting. The proposed move will reduce its stake in Polestar to 18%.
&#8220;After the distribution, Geely Holding will continue to provide operational and financial support to Polestar going forward. The distribution will enable Volvo Cars to concentrate its resources on the next phase of the Volvo Cars' transformation, and Volvo Cars will therefore not provide further funding to Polestar,&#8221; Volvo Cars said.
The KraneShares Electric Vehicles and Future Mobility&nbsp;Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) ended Friday&#8217;s session down 0.05% at $21.64, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a> For the week, the ETF fell 2.30%.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37291020/tesla-investor-shows-love-for-battered-rivian-4-reasons-why-he-is-positive-about-th">Tesla Investor Shows Love For Battered Rivian: 4 Reasons Why He Is Positive About The EV Maker</a>
EV Stock Performances For Week:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Performances (+/-)</td>
</tr>
<tr>
<td>Tesla</td>
<td>-3.99%</td>
</tr>
<tr>
<td>Nio</td>
<td>-12.05%</td>
</tr>
<tr>
<td>XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>)</td>
<td>-9.35%%</td>
</tr>
<tr>
<td>Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)</td>
<td>+9.99%%</td>
</tr>
<tr>
<td>Fisker, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSR#NYSE">FSR</a>)</td>
<td>-19.13%</td>
</tr>
<tr>
<td>Workhorse Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>)</td>
<td>-2.45%</td>
</tr>
<tr>
<td>Hyzon Motors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>)</td>
<td>-12.56%</td>
</tr>
<tr>
<td>Canoo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOEV#NASDAQ">GOEV</a>)</td>
<td>-17.89%</td>
</tr>
<tr>
<td>Rivian </td>
<td>-38.22%</td>
</tr>
<tr>
<td>Lucid </td>
<td>-18.60%</td>
</tr>
<tr>
<td>Faraday Future Intelligent Electric, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NASDAQ">FFIE</a>)</td>
<td>-8.22%</td>
</tr>
<tr>
<td>Nikola</td>
<td>+3.30%</td>
</tr>
<tr>
<td>VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>)</td>
<td>-7.33%</td>
</tr>
</tbody>
</table>
</figure>
Photo: Shutterstock

VLVOF

Bearish Sentiment Engulfs Tesla, Rivian Stock Craters On Production Woes, Ford Pauses F-150 Lightning Shipments And More: Biggest EV Stories Of The Week

Nvidia Corp.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/02/37247922/nvidia-q4-earnings-highlights-revenue-beat-eps-beat-q1-guidance-and-more" rel="noreferrer noopener">delivered impressive quarterly results</a>&nbsp;after the bell on Wednesday, exceeding analyst expectations across most segments. However, one area of concern was the 4% year-over-year decline in automotive revenue, raising questions about the adoption of self-driving technology in electric vehicles (EVs).
What Happened: Gene Munster, fund manager at&nbsp;Deepwater Asset Management,&nbsp;weighed in on the segment&#8217;s performance and its implications for EVs.&nbsp;
&#8220;I'm a huge believer in autonomy, and I'm disappointed that the segment is down 4% YoY,&#8221; he said. He saw the performance as a leading indicator for the adoption of self-driving tech. &#8220;Self-driving cars will take time and have a GPT momentum.&#8221;
Despite the decline, Nvidia&#8217;s Automotive segment reached an annual revenue run-rate of $1 billion in fiscal year 2024, according to Munster, indicating continued interest from some automakers, even with the slower-than-expected growth.&nbsp;
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/best-electric-vehicle-stocks" rel="noreferrer noopener">Best Electric Vehicle Stocks</a>
Why It&#8217;s Important:&nbsp;Self-driving technology offers potentially higher margins through a software-as-a-service model, appealing to EV manufacturers seeking to improve profitability.
However, concerns remain regarding safety and regulatory hurdles. Public apprehension and lack of clear regulations could significantly impact the timeline for widespread adoption.&nbsp;
Nvidia on the post-earnings conference call talked about the continued adoption of its &#8220;DRIVE&#8221; platform and said the next-generation &#8220;Drive Thor&#8221; would offer advanced AI capabilities &#8220;including autonomous driving and parking, driver and passenger monitoring and AI cockpit functionality.&#8221;
Currently, Nvidia supplies self-driving chips to several Chinese automakers like Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>), Great Wall Motor, Geely Automobile Holdings Limited&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>) Zeekr premium subsidiary, and Xiaomi Corporation (OTC:<a class="ticker" href="https://www.benzinga.com/stock/XIACY#OTC">XIACY</a>). Their progress and commitment to the technology will be crucial indicators for the future of self-driving EVs.
Tesla, also an Nvidia customer, is working towards&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/08/34081492/tesla-ceo-elon-musk-reiterates-continued-dependence-on-both-nvidia-and-dojo-for-ai-processing" rel="noreferrer noopener">reducing its reliance on the chipmaker</a>&nbsp;by developing an in-house supercomputer named Dojo. CEO&nbsp;Elon Musk&nbsp;said on the second-quarter earnings call last year that Tesla is using a lot of Nvidia hardware, which processes massive data collected from its fleet of EVs to perfect its self-driving technology.
The&nbsp;KraneShares Electric Vehicles and Future Mobility Index ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) closed Wednesday up 0.51%, according to&nbsp;<a target="_blank" href="https://benzinga.grsm.io/lxquj26b2sag" rel="noreferrer noopener">Benzinga Pro data</a>, suggesting broader EV market optimism.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/government/24/02/36973767/california-judge-urges-gms-cruise-to-raise-settlement-offer-by-1-5x-in-robotaxi-accident-case">California Judge Urges GM&#8217;s Cruise To Raise Settlement Offer By 1.5x In Robotaxi Accident Case</a>

NVDA

XIACY

'Self-Driving Cars Will Take Time:' Munster Explains What Nvidia's Q4 Automotive Revenue Slide Means For Future Of EVs

In a recent development, Polestar Automotive Holding UK PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSNY#NASDAQ">PSNY</a>) has announced that Geely Sweden Holding is potentially becoming a new shareholder. This move is part of a broader strategy that could see a shift in Polestar&#8217;s ownership structure.
What Happened: In a recent press note, Geely Sweden Holding, a subsidiary of Geely Holding Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYY#OTC">GELYY</a>), is set to become a direct shareholder in Polestar, a Swedish electric performance car brand. The potential change in Polestar&#8217;s ownership structure is being evaluated by Volvo Cars (OTC: VLVLY), which could result in a redistribution of shares to its shareholders, with Geely Sweden Holding as the primary recipient.
Volvo Cars will remain a strategic partner in various areas, including research and development, manufacturing, after-sales, and commercial operations. This development is a significant step for Polestar, which has been making strides in its electric model lineup, global sales and service network, and diversified manufacturing footprint.
See Also: <a href="https://www.benzinga.com/news/24/01/36819947/uaw-president-says-cant-fathom-teamsters-backing-trump-who-cycled-through-white-house-staff-like-toi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">UAW President Says &#8216;Can&#8217;t Fathom&#8217; Teamsters Backing Trump, Who &#8216;Cycled Through White House Staff Like Toilet Paper&#8217;</a>
CEO Thomas Ingenlath expressed optimism about the future, stating, &#8220;With our growing line-up of exclusive, performance cars, Polestar is in one of the most promising phases of its development.&#8221;
Why It Matters: This potential change in ownership comes at a crucial time for Polestar. The company has been <a href="https://www.benzinga.com/news/24/01/36705331/polestar-ceo-remains-positive-about-ev-sales-in-2024-despite-challenges">navigating a challenging market</a>, with competitors resorting to discounts to drive sales. Despite this, Ingenlath remained positive about the company&#8217;s sales outlook for 2024.
However, amid these challenges, Bernstein analyst Daniel Roeska suggested that Polestar might be more beneficial <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36754031/bernstein-analyst-thinks-ev-maker-polestar-should-go-private">to go private</a>. The potential entry of Geely Sweden Holding as a new shareholder could potentially impact the company&#8217;s future direction.
Geely has also been making significant moves in the EV market. Its EV arm, Zeekr, aims to <a href="https://www.benzinga.com/markets/equities/24/01/36528591/geelys-ev-arm-zeekr-sets-sights-on-doubling-car-deliveries-in-2024-report">double its car deliveries in 2024</a>, indicating a strong push in the EV sector. This aligns with Polestar&#8217;s focus on electric performance cars, potentially signaling a strategic alignment between the two companies.
Read Next: <a href="https://www.benzinga.com/news/24/01/36841799/obviously-real-spacex-ceo-elon-musk-says-its-insane-how-many-people-have-asked-him-if-moon-landings?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Obviously Real:&#8217; SpaceX CEO Elon Musk Says It&#8217;s &#8216;Insane&#8217; How Many People Have Asked Him If Moon Landings</a>
Image via Shutterstock
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Press Releases

Polestar Welcomes Geely Affiliate As Potential Shareholder, Partnership With Volvo Continues

The European Commission is set to conduct inspections of several Chinese automakers, including BYD Company (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), Geely Automobile Holding (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYY#OTC">GELYY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>), and SAIC, as part of a probe into potential punitive tariffs to protect European <a href="https://www.benzinga.com/electric-vehicles">electric vehicle (EV) manufacturers</a>. 
This investigation aims to evaluate whether Chinese-made EVs are gaining an unfair advantage from state subsidies.
Launched in October and expected to last 13 months, the probe will not include non-Chinese brands produced in China, such as Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Renault SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RNLSY#OTC">RNLSY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RNSDF#OTC">RNSDF</a>), and BMW (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMWYY#OTC">BMWYY</a>), reported Reuters. 
The inspection, described as protectionist by China, has heightened tensions between Beijing and the European Union.
The European Commission&#8217;s investigative team, currently in China or scheduled to arrive soon, will conduct on-site verification checks. 
The process involves assessing the automakers&#8217; responses to previously issued questionnaires. The Commission aims to complete these verification visits by April 11 as part of its initiation stage of the investigation.
Chinese EVs have seen a considerable rise in the European market, currently holding an 8% share, with projections of reaching 15% by 2025. 
These vehicles generally retail at prices 20% lower than those made in the EU. This poses a competitive threat to European automakers.
The investigation comes amidst broader tensions between the EU and China, exacerbated by Beijing&#8217;s relationship with Moscow after the invasion of Ukraine. 
EU&#8217;s is taking efforts to reduce dependency on Chinese imports for its green transition. In retaliation, China recently initiated an anti-dumping investigation into European brandy imports.
Chinese EV makers like BYD, Xpeng Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) and Nio Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) are increasingly focusing on international expansion, especially in Europe.
China&#8217;s prominence in the global auto export market is growing. It surpassed Japan as the world&#8217;s largest auto exporter last year, shipping 5.26 million vehicles valued at about $102 billion.
Price Action: BYDDY shares are trading higher by 0.20% at $54.28 in premarket on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock

 BYDDY

RNLSY

RNSDF

Chinese EV Makers, BYD, Geely Under EU Scrutiny: Report

Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) may have been caught in a rut amid <a href="https://www.benzinga.com/markets/equities/24/01/36599836/exclusive-cpi-increase-just-a-hiccup-says-cme-economist-inflation-is-well-under-control" target="_blank" rel="noreferrer noopener">economic uncertainty</a> and an industry-wide slowdown. Still, it boasts a robust sales track record in the U.S. over the past eight years compared to traditional legacy automakers. On Thursday, Elon Musk, CEO of the electric vehicle giant, acknowledged and credited the performance.
What Happened: A Tesla influencer shared a graphic on X, formerly Twitter, illustrating volume growth among automakers from 2015 to 2023. Highlighting a 2 million decrease in U.S. light vehicle sales during this period, the influencer showcased a chart indicating that Tesla&#8217;s U.S. sales surged by 632,088 between 2015 and 2018. 
Notably, Hyundai Motor Company&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) Kia subsidiary, Volkswagen AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>), Geely Automobile Holdings Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>), Subaru (owned by Fuji Heavy Industries), and Mazda Motor Corporation (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MZDAY#OTC">MZDAY</a>) were the only automakers reporting positive growth.
In contrast, Detroit&#8217;s big three —&nbsp;General Motors Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>),&nbsp;Ford Motor Co.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), and&nbsp;Stellantis AG&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) — experienced sales declines of 504,718, 621,750, and 730,638 units, respectively.&nbsp;Toyota Motor Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>), the world&#8217;s largest automaker by volume, recorded a drop of 250,836 units between 2015 and 2023. In response to the post, Musk said: &#8221;Credit to the Tesla team.&#8221;&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Credit to the Tesla team <a href="https://t.co/GTzn8DWBOu">https://t.co/GTzn8DWBOu</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1745464332538753309?ref_src=twsrc%5Etfw">January 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/everything-you-need-to-know-about-tesla-stock" rel="noreferrer noopener">Everything You Need To Know About Tesla Stock</a>
Why It&#8217;s Important:&nbsp;Tesla recently announced&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36456191/tesla-analysts-call-deliveries-beat-a-major-achievement-but-one-bear-points-out-red" rel="noreferrer noopener">record fourth-quarter deliveries</a>&nbsp;totaling 484,507 units, including models such as the Model 3, Y, S, and X, as well as the Semi and Cybertruck. The company reported annual deliveries of 1.81 million units.
Tesla&#8217;s sales achievements are attributed to factors such as production efficiency, diversified production bases, and product appeal. The company&#8217;s Gigafactories are strategically located in the U.S., China, and Germany, with one under construction in Mexico. Plans are also in place for Tesla to enter the Indian market. Notably, Tesla&#8217;s production processes are more automated compared to traditional legacy counterparts.
Despite ambitious electric vehicle (EV) transitioning plans by U.S. automakers, they have struggled to meet their initial goals. The big three U.S. legacy automakers have scaled back their EV ambitions, with Toyota, for instance, maintaining a focus on hybrid EVs despite entering the pure-play battery EV market.
While Tesla&#8217;s dominance in the EV market may face challenges in the long term due to increasing competition from both legacy automakers and EV startups, its established scale over the years serves as a unique selling proposition. The recent surge in sales by China&#8217;s&nbsp;BYD Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) has positioned it as the biggest battery EV manufacturer, surpassing Tesla in the fourth quarter.
The scale Tesla has built up over the years can be its unique selling proposition if it can execute its strategy.
Tesla ended Thursday&#8217;s session down 2.87% at $227.22, according to<a href="https://benzinga.grsm.io/lxquj26b2sag"> Benzinga Pro data.</a>
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36588749/teslas-dominance-to-continue-in-2024-but-traditional-automakers-move-to-slow-down-e">Tesla&#8217;s Dominance To Continue In 2024, But Traditional Automakers&#8217; Move To Slow Down EV Game &#8216;Will Come Back To Haunt Them:&#8217; Munster</a>
(Image created with artificial intelligence on MidJourney and Jonathan Weiss on Shutterstock)

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'Credits To The Tesla Team:' Elon Musk Applauds His Workers As EV Giant Eclipses Legacy Automakers' Sales Growth Over 8 Years

Geely&nbsp;Automobile Holding Ltd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/gelyy#OTC">GELYY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gelyf#OTC">GELYF</a>), a Chinese automaker, has reportedly indicated that its electric vehicle (EV) sales could be affected due to ongoing hostilities in the Red Sea, where Yemeni militants are targeting vessels, compelling shippers to opt for longer, costlier routes.
The company said that the majority of its shipping partners that export cars to Europe plan to reroute around the Cape of Good Hope instead of using the Suez Canal, traditionally the quickest passage from Asia to Europe.
If these Red Sea tensions persist, shipping firms are likely to revise freight rates, leading to increased transportation costs, reported Reuters.
The report cited a logistics industry source who shared that this rerouting could quintuple shipping costs and predicted a vessel shortage by the second half of January due to extended travel times.
China has exported 1.63 million vehicles to Europe in the first ten months of this year, marking a 147% increase from the previous year, as per the report quoting the China Passenger Car Association (CPCA).&nbsp;
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/12/36254136/chinese-automaker-geelys-ev-brand-zeekr-launches-rapid-charge-batteries-report" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Chinese Automaker Geely&#39;s EV Brand Zeekr Launches Rapid-Charge Batteries: Report</a>
The surge in Chinese car sales in Europe has reportedly raised concerns among European regulators, prompting investigations into possible tariffs to protect EU automakers.
In response to the potential shipping disruptions in the Red Sea,&nbsp;Stellantis N.V.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stla#NYSE">STLA</a>), the parent company of Chrysler, stated that it is closely monitoring the situation and will adapt its strategy accordingly to manage these new shipping challenges, as per the report.
Price Action: GELYY shares closed higher by 1.61% at $20.22 on Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Penny Stocks

Geely's EV Exports Hit Choppy Waters: Red Sea Attacks Reportedly Threatens To Drive Up Costs And Delivery Delays

Zeekr, Chinese automaker&nbsp;Geely&#39;s&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/gelyf#OTC">GELYF</a>) premium electric vehicle&nbsp;brand, has reportedly introduced its own lithium iron phosphate batteries, capable of rapid charging.
During an event at Geely Holding Group&#39;s battery plant in Zhejiang province, Zeekr revealed that the&nbsp;batteries could be sufficiently charged in just 15 minutes to deliver a range of 500 km (300 miles), reported Reuters.
The upcoming 007 sedan will be the first model to incorporate this technology, along with an 800-voltage electric system.
Zeekr&#39;s announcement comes amid&nbsp;growing efforts by Chinese EV manufacturers to develop and utilize their own battery technologies.
For instance, Nio Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>), a rival in the Chinese market, is reportedly considering spinning off its battery unit to reduce costs, highlighting the strategic<a href="https://www.benzinga.com/markets/equities/23/12/36107946/why-ev-giant-nio-stock-is-gaining-today"> importance of battery technology in the EV sector.</a>
As per the report, Zeekr has utilized nickel-manganese-cobalt (NMC) batteries from CATL&nbsp;for its 001 crossover and 009 multipurpose vehicles (MPV).
CATL has also launched its fast-charging batteries, which can be fully charged in 12 minutes to provide a similar driving range of 500 km (300 miles), and are being used in Li Auto Inc&#39;s (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/li#NASDAQ">LI</a>)&nbsp;first pure electric MPV MEGA, the report noted.
Price Action: GELYY shares traded lower by 0.98% at $20.66 on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Chinese Automaker Geely's EV Brand Zeekr Launches Rapid-Charge Batteries: Report

Geely Automobile Holdings Ltd&#8216;s (OTCPK:GELYF) (OTCPK:GELYY) premium EV brand Zeekr has reportedly postponed its U.S. IPO plans. 
What Happened: The decision was made in light of valuation discrepancies and increasing market instability, Reuters reported, citing multiple unnamed sources. 
Zeekr, for its end, however, told Reuters that it has submitted a public filing to the Securities and Exchange Commission (SEC) and continues with the preparatory work. 
Why It Matters: It was<a href="https://www.benzinga.com/news/22/12/30036934/geelys-ev-brand-zeekr-pursues-1b-in-us-ipo-report"> reported </a>in Dec. 2022 that Zeekr has filed for an IPO and expects to raise over $1 billion through its market debut. As per the updated paperwork filed by the company for its IPO earlier this month, its loss from operations increased from 2.86 billion yuan in the six months ending June 30, 2022, to 3.72 billion yuan in the first six months of 2023.
Geely launched the EV brand in April 2021 to cater to China&#8217;s demand for premium EVs. Since the start of this year till the end of October, the company has delivered over 92,000 vehicles. 
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Image Credits &#8211; Shutterstock
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/23/11/36016091/waymo-hits-700k-driverless-rides-as-product-chief-admits-more-work-left-for-safe-scaling-of-autonomo">Waymo Hits 700K Driverless Rides As Product Chief Admits More Work Left For Safe Scaling Of Autonomous Tech</a>

IPOs

Zeekr Puts U.S. IPO On Pause Due To Market Instability: Report

In a significant development, China&#8217;s premier automotive technology group, Zhejiang Geely Holding Group (Geely) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>), has joined hands with the renowned electric vehicle maker, NIO Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>), to form a strategic alliance that aims at enhancing battery-swapping technology.
What Happened: According to Geely&#8217;s official statement, the partnership will focus on different facets of battery technology, including standards for battery swapping, network expansion, swappable model development, and battery asset management.
The pact was signed by Geely Holding&#8217;s Yiyi Power CEO, Jack LIU, and NIO&#8217;s Senior Vice President, Fei SHEN. Key officials from both corporations, Eric Li, the&nbsp;Founder and Chairman of Geely&nbsp;Holding, and William Li, the Founder, Chairman, and CEO of NIO, were present during the signing.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/equities/23/11/35988551/tesla-cybertruck-event-preview-what-investors-should-know-about-vehicle-thats-blade-runner-meets?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Cybertruck Event Preview: What Investors Should Know About Vehicle That&#8217;s &#8216;Blade Runner&#8217; Meets James Bond</a>
In the scope of this alliance, the two firms will work together to create two unique battery-swapping standards for personal and commercial vehicles. The collaboration will also concentrate on the advancement of battery swapping technology, its operational scale expansion, and providing safer and more convenient services to consumers.
As per Eric Li, this partnership is in line with China&#8217;s developmental agenda focusing on new infrastructure and renewable energy. The primary objective is to&nbsp;further standardize battery swapping technology,&nbsp;enlarge the battery swap network&#8217;s size, and expedite the automotive industry&#8217;s transition towards low carbon.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/equities/23/11/35954202/tesla-owner-advises-ev-drivers-to-save-unspent-gas-money-for-unexpected-sting-after-19k-battery-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Owner Advises EV Drivers To Save Unspent Gas Money For Unexpected Sting After $19K Battery Replacement Bill: &#8216;Beware!&#8217;</a>
Photo by viewimage on Shutterstock
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China's Auto Giants Geely And NIO Team Up To Strengthen Battery Swapping Network

Electric vehicle adoption: A disappointment or still on track to reach a critical mass?

Thailand has always been a battleground for global auto giants. In recent years, with the rapid development of China's automotive industry, more and more Chinese car companies have turned their attention to this promising market.

The Battle In Thailand: Chinese EVs Break Through In Southeast Asia

Geely Automobile Holdings (HK:0175) has released an update. Geely Automobile Holdings Limited reported an impressive 21% year-on-year increase in v...

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NIO: No Need To Buy More Before Q2 Release

EV Company News For The Month Of August 2024

Geely Automobile Holdings Ltd. ($HK:0175)-owned Volvo Cars has dropped its target of selling only electric vehicles (EVs) by 2030. This move comes ...

Geely-Owned Volvo Drops Electric-Only Target for 2030

Chinese automakers add more market share despite heavy investments by foreign companies

Electric vehicles are still taking over the auto industry, but many legacy players are missing out

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Geely Automobile Holdings (HK:0175) has released an update. Geely Automobile Holdings Limited has announced a revised date for the distribution of ...

Geely Updates Shareholders on ADS Distribution Date

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Global Electric Vehicle (EV) Market Outlook Report 2023-2028

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Geely Automobile Hldgs (OTC:GELYF) Stock, Quote.Headers.trade-ideas