Tesla sales slumped 40% across Europe in July compared with a year earlier as Elon Musk’s electric car company faces increasingly tough competition from its Chinese rival BYD. There were 8,837 sales of Tesla cars last month across the EU, the European Free Trade Association and the UK, according to figures from the European Automobile Manufacturers’ Association (ACEA). That compared with 14,769 at the same point last year. New car registrations for BYD across Europe rose to 13,503 last month, compared with 4,151 a year earlier. BYD now has 1.2%…
Tag: Tesla
Chinese carmakers led by BYD report big rises in UK sales in July
Chinese carmakers led by BYD reported big jumps in UK sales last month, despite a declining overall car market, including a 59% slump in sales from their electric vehicle rival Tesla. BYD sales quadrupled year on year to reach 3,200 in July, even as overall sales of all types of car declined by 5% to 140,000, according to data published on Tuesday by the Society of Motor Manufacturers and Traders (SMMT), a lobby group. The car industry has said it is struggling with a weak economy, which is holding back…
BYD launches cheapest UK model in bid to overtake Tesla as biggest electric carmaker
The Chinese manufacturer BYD has launched its cheapest model in the UK, in the latest stage of its efforts to overtake Tesla as the world’s biggest electric carmaker. The Dolphin Surf will start at £18,650, a price that puts it among the cheapest new vehicles on sale in Britain. BYD is vying with American rival Tesla, run by Elon Musk, for the crown of world’s biggest battery carmaker, although BYD already beats Tesla when including figures for hybrid cars, which combine a battery with a petrol engine. The Chinese carmaker…
Tech shares climb after strong Nvidia results despite warning over rise of Chinese rivals
Technology shares climbed on Thursday, buoyed by strong results from Nvidia, despite the AI chip company’s boss issuing a warning about the rise of Chinese rivals. The Stoxx Europe tech index rose by 0.8% on Thursday following Nvidia’s financial report, with the Dutch semiconductor equipment maker ASML rallying by 2.4%. In the US, futures for the tech-focused Nasdaq climbed 2%, and shares in Nvidia itself jumped 6% in pre-market trading. The boost to tech and artificial intelligence stocks came hours after Nvidia beat Wall Street forecasts, with quarterly revenues jumping…
Tesla recalls 1.6m cars in China over Autopilot and steering defects
Tesla is recalling more than 1.6m Model S, X, 3 and Y electric vehicles exported to China for problems with their automatic assisted steering and door latch controls. The recall, Tesla’s largest ever in China, affects the majority of the cars it has sold in the country, according to Bloomberg and the Wall Street Journal. China’s state administration for market regulation announced the recall on Friday. The agency said Tesla in Beijing and Shanghai would use remote upgrades to fix the problems, so in most cases car owners would not…
China’s BYD overtakes Tesla as top-selling electric car seller
Elon Musk’s Tesla has been overtaken by its Chinese rival, BYD, as the world’s top selling electric carmaker. BYD, which has been backed by the US investment billionaire Warren Buffett since 2008, has beaten Tesla’s production for a second consecutive year. BYD, which stands for Build Your Dreams, said it produced 3.02m new energy vehicles in 2023. The American multinational Tesla announced on Tuesday that it made 1.84m cars. However, BYD’s sales figures include 1.6m battery-only cars, and 1.4m hybrids, which means Tesla is still the leader in the production…
When Elon Musk’s ‘flying sofas’ give Ukraine internet access, we can’t sit comfortably | John Naughton
In February 2022, as Russian tanks rumbled into Ukraine, a cyber-attack took down the satellite system run by Viasat that was providing high-speed communications for Ukrainian military forces, rendering them instantly blind, deaf and dumb. With his forces knocked offline, the Ukrainian digital minister sent a plea to an American billionaire, one Elon Musk, for help. Within hours, Musk responded that his Starlink system had been activated in Ukraine. Days later Starlink terminals began to arrive. Pause for context update. Musk is the founder and Supreme Leader of SpaceX, an…
Battery power: how China could take charge of the electric vehicle market
If you bought an electric vehicle in the UK this year, there’s a good chance it was an MG4. The fully electric hatchback, which launched in 2022, sold 5,200 units in the first three months of this year, the second-best selling EV behind Tesla’s Model Y. With prices starting at about £27,000, it is also substantially cheaper than the Tesla at £45,000. And while MG is one of Britain’s most famous car brands – with a century of carmaking in Birmingham until MG Rover’s 2005 collapse – the secret to…
Twitter and Tesla’s interests at odds in Elon Musk’s quiet China visit
Followers of Elon Musk didn’t know what to expect from his trip to China. Would he speak about Tesla, a company with a large market and manufacturing footprint there? Or SpaceX, with its symbiotic relationship with the American state? Or even Twitter, the social network he bought because “free speech is the bedrock of a functioning democracy”? The one thing no one expected: silence. Musk sent his last tweet late on Monday night. The uncharacteristic hiatus was broken only on Thursday morning when he returned to the US and wrote…
Job cuts and falling shares: how did it all go so wrong for the US tech sector?
Amazon announced 18,000 job cuts, Apple’s share price fell below $2tn (£1.7tn) and there was more bad news from Tesla: it has been another tough week for big US tech firms. But this has not been a one-off. The ongoing drama at Twitter since its takeover by Elon Musk in October has taken place against a backdrop of global economic uncertainty, retrenchment from aggressive expansion plans and China’s disruptive transition from Covid lockdowns to rocketing case numbers as restrictions ease. In fact this week’s events have been a continuation of…