Geely Automobile Hldgs Stock (OTC: GELYF)

Dernières nouvelles pour Geely Automobile Hldgs (OTC:GELYF) Stock

Based in Hangzhou, Zhejiang province, Geely Auto 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. Including Lynk, Geely sold about 2.2 million cars in 2024. The domestic market accounts for more than 75% of Geely's revenue, with the rest coming from other parts of the world.

GEELY AUTOMBLE HLDGS LTD by Geely Automobile Holdings Ltd.

Geely Automobile Holdings Ltd

Chinese EV companies Zeekr Intelligent Technology Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZK#NYSE">ZK</a>), owned by Geely Automobile Holdings Ltd. (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 Neta Auto, reportedly inflated sales data to hit aggressive sales targets.
What Happened: The companies used China's insurance scheme by booking cars for insurance before they were sold to buyers, with Neta using this method on over 64,719 units from January 2023 to March 2024, Reuters reported on Sunday.
Neta reported 117,000 units sold during those 15 months, while Zeekr adopted the same method in 2024 through state-owned dealer Xiamen C&amp;D Automobile, in the city of Xiamen, the report suggested.
Vehicles being reported as sold by insuring them before they reach the customers are known as "zero-mileage used cars," and the practice has emerged following cutthroat competition due to China's EV price war.
Neta dealers were informed by the company that the cars were insured beforehand and therefore &#8220;counted as sold,&#8221; a dealer cited in the report said. &#8220;We had to explain to buyers that the traffic insurance was complementary and remind them it would expire earlier and should be renewed on time,&#8221; the dealer said. However, Neta customers interviewed in the report said they weren&#8217;t informed by the dealers.
Zeekr and Neta did not immediately respond to <a href="http://pro.benzinga.com">Benzinga&#8217;s</a> request for comment. 
On the other hand, Zeekr's methods were reported by Chinese state media, which the Reuters report says is a first instance of specific manufacturers being named by the CCP amid aggressive competition in the domestic automobile market dubbed the &#8220;EV price war.&#8221;
"Geely firmly rejects the report put forward by the China Securities Journal," a spokesperson for the company said in the report after the China Securities Journal, a major state-run financial publication, interviewed Zeekr owners who were refused refunds after finding their cars already had insurance before being sold to them.
The China Securities Journal also reported that Zeekr sold 2,737 units in December in Xiamen, 14 times more than the monthly average sales for Zeekr. The report also suggests Zeekr registered 271 units sold to individual customers out of the 2,737, while the rest were sold to companies.
"The Zeekr salesman said the car would be 3,000 yuan ($420) less than a car I would get from the store and I would also get a charging coupon worth 10,000 yuan," a customer cited in the report said.
Why It Matters: The news comes as the Chinese EV price war has invited new criticism from Beijing, with the government vowing to <a href="https://www.benzinga.com/markets/tech/25/07/46460051/china-says-it-will-regulate-phenomenon-of-irrational-competition-amid-ev-price-war-report">regulate the "irrational" competition</a> currently taking the domestic auto industry by storm.
The government had previously <a href="https://www.benzinga.com/news/topics/25/06/45715047/byds-aggressive-pricing-triggers-ev-rat-race-stock-tumbles-authorities-voice-concern">raised concerns</a> about the fierce competition in the industry, urging companies to also <a href="https://www.benzinga.com/markets/tech/25/06/45878086/tesla-rivals-byd-xpeng-pledge-faster-supplier-payments-amid-ev-price-war-in-china-report">clear dues to the suppliers</a> within 60 days by introducing a regulation in March, which came into effect in June.
Elsewhere, amid the EV price war, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has reported a <a href="https://www.benzinga.com/markets/tech/25/07/46409821/tesla-rebounds-in-china-with-12-3k-weekly-registrations-highest-2nd-week-ever">rebound in Chinese sales</a> during the second week of July after the company experienced lackluster sales figures when the month began.
Check out more of Benzinga's Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>
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News

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Tesla Rival Geely's Zeekr, Neta Inflated Sales Data In China Through Insurance Scheme Amid 'Zero-Mileage' Used Cars Row: Report

China announced Tuesday that Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) will attend its flagship China International Supply Chain Expo for the first time in July, marking a significant development as U.S.-China tech tensions reach new heights over semiconductor trade restrictions.
What Happened: Yu Jianlong, deputy director of the China Council for the Promotion of International Trade, called the participation of over 100 U.S. and European exhibitors a &#8220;vote of confidence&#8221; in China&#8217;s supply chain amid a &#8220;complex and volatile&#8221; global trade landscape, <a href="https://www.scmp.com/economy/china-economy/article/3314715/nvidia-hands-china-symbolic-victory-attendance-beijing-expo?module=perpetual_scroll_0&amp;pgtype=article">reported</a> the South China Morning Post. 
The artificial intelligence chipmaker&#8217;s Beijing appearance comes despite escalating export controls that cost Nvidia $2.5 billion in first-quarter revenue. CEO Jensen Huang recently said that the <a href="https://www.benzinga.com/markets/equities/25/06/45918580/nvidia-drops-china-from-guidance-after-2-5-billion-q1-revenue-hit-ceo-jensen-huang-says-hes-not-">company no longer includes China in revenue forecasts</a>, stating, &#8220;I&#8217;m not counting on it, but if it happens, then it will be a great bonus.&#8221;
See Also: <a href="https://www.benzinga.com/news/politics/25/06/45965629/trump-exits-g7-summit-early-citing-obvious-reasons-amid-escalating-iran-israel-conflict-gold-oil-etfs-spike-in-after-hours-trading">Trump Exits G7 Summit Early Citing &#8216;Obvious Reasons&#8217; Amid Escalating Iran-Israel Conflict: Gold, Oil ETFs Spike In After-Hours Trading</a>
Why It Matters: The timing highlights mounting pressure on China&#8217;s semiconductor independence. Chinese automakers, including 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>), Geely Automobile Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>), and Li Auto Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) are accelerating plans to eliminate foreign chips by 2027, targeting 100% <a href="https://www.benzinga.com/markets/equities/25/06/45966176/after-nvidia-pauses-china-outlook-top-chinese-automakers-race-to-ditch-foreign-chips-aim-for-100-domestic-supply-by-2027-report">domestic semiconductor supply chains</a>.
This represents a dramatic shift from Beijing&#8217;s previous 25% domestic chip usage goal for this year. Major automakers currently rely heavily on Nvidia&#8217;s AI processors for autonomous driving and Qualcomm Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) <a href="https://www.benzinga.com/markets/equities/25/06/45966176/after-nvidia-pauses-china-outlook-top-chinese-automakers-race-to-ditch-foreign-chips-aim-for-100-domestic-supply-by-2027-report">smart cockpit solutions</a>.
Washington&#8217;s export controls have blocked Nvidia&#8217;s <a href="https://www.benzinga.com/tech/25/05/45309175/nvidia-modifies-h20-chip-for-china-after-us-restrictions-block-sales-aims-to-deliver-new-version-by-july-report">China-specific H20 AI chip shipments</a>, requiring special licenses. 
The restrictions aim to limit China&#8217;s access to advanced semiconductor technology critical for <a href="https://www.benzinga.com/tech/25/05/45309175/nvidia-modifies-h20-chip-for-china-after-us-restrictions-block-sales-aims-to-deliver-new-version-by-july-report">AI development and military applications</a>.
Benzinga Edge Stock Rankings indicate Nvidia continues to show strong upward momentum across short-, medium-, and long-term timeframes. Full <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">performance insights are available here</a>.
<figure class="wp-block-image aligncenter size-full is-resized"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="886" height="648" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17030137/image-253.png" alt="" class="wp-image-951718" style="width:461px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17030137/image-253.png 886w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17030137/image-253-300x219.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17030137/image-253-768x562.png 768w" sizes="(max-width: 886px) 100vw, 886px" /></a></figure>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Evolf on Shutterstock.com

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Nvidia To Appear At China's Top Supply Chain Expo Despite Escalating US-China Chip War: Beijing Calls Participation 'A Vote Of Confidence'

Chinese automakers are accelerating plans to eliminate foreign semiconductors from their vehicles by 2027, with at least two brands preparing mass production of cars using 100% domestic chips by 2026.
What Happened: Major Chinese automakers, including SAIC Motor, BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), Geely Automobile Holdings (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>), Great Wall Motor Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GWLLY#OTC">GWLLY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GWLLF#OTC">GWLLF</a>), Li Auto (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) and Changan are developing models with entirely homemade semiconductors, <a href="https://asia.nikkei.com/Business/Technology/China-s-automakers-aim-for-cars-with-100-domestic-chips-from-2026">reported</a> Nikkei Asia, citing sources. 
China&#8217;s Ministry of Industry and Information Technology is shepherding the initiative, regularly requiring self-assessments of domestic chip adoption rates.
The push comes as Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) <a href="https://www.benzinga.com/markets/equities/25/06/45918580/nvidia-drops-china-from-guidance-after-2-5-billion-q1-revenue-hit-ceo-jensen-huang-says-hes-not-">announced it will exclude China from future revenue</a> guidance after U.S. export controls cost the chipmaker $2.5 billion in first-quarter revenue. CEO Jensen Huang told CNN the company won&#8217;t count on China sales, saying, &#8220;if it happens, then it will be a great bonus.&#8221;
Automakers mentioned in the report did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/markets/tech/25/06/45965638/amid-trumps-anti-ev-push-senate-republicans-propose-tax-bill-to-axe-7500-ev-credit">Amid Trump&#8217;s Anti-EV Push, Senate Republicans Propose Tax Bill To Axe $7500 EV Credit</a>
Why It Matters: The 2027 target represents a dramatic acceleration from Beijing&#8217;s previous goal of 25% domestic chip usage this year. While not mandatory, the framework incentivizes companies to demonstrate progress toward technological self-reliance.
Chinese electric vehicle makers currently rely heavily on foreign chips, particularly Nvidia&#8217;s AI processors for autonomous driving and Qualcomm Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) solutions for smart cockpits. Progressive U.S. restrictions have raised concerns about component access.
GAC Group is collaborating with domestic contract manufacturers Semiconductor Manufacturing International Corp. and CanSemi Technology to review supply chains and verify local alternatives, according to the report.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Jack Hong / Shutterstock.com

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After Nvidia Pauses China Outlook, Top Chinese Automakers Race To Ditch Foreign Chips, Aim For 100% Domestic Supply By 2027: Report

Sen.&nbsp;Elizabeth Warren&nbsp;(D-Mass.) requested answers from&nbsp;Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) CEO&nbsp;Tim Cook, citing a&nbsp;pattern of &#8220;influence-peddling&#8221;&nbsp;between the&nbsp;iPhone-maker and the&nbsp;Donald Trump&nbsp;administration over the <a href="https://www.benzinga.com/tech/25/04/44970168/elizabeth-warren-slams-tim-cook-over-alleged-backdoor-deal-with-trump-to-shield-apple-from-crushing-china-tariffs-creates-the-appearance-of-impropriety" target="_blank" rel="noreferrer noopener">trade negotiations with China</a>.
Amid escalating trade tensions between the U.S. and China, tech bull&nbsp;Dan Ives thinks the time is &#8220;ticking&#8221; for trade deals as Wall Street reels from the aftermath of a tug-of-war <a target="_blank" href="https://www.benzinga.com/25/04/44891715/tech-bull-says-time-ticking-for-trade-deals-as-earnings-season-gathers-steam-calls-nvidias-china-disclosure-a-game-of-who-blinks-first" rel="noreferrer noopener">between the world&#8217;s top two economies</a>.
Earnings
STMicroelectronics N.V.&#8216; (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STM#NYSE">STM</a>) first-quarter FY25 net revenues of $2.52 billion represented a 27.3% year-over-year decline, beating the&nbsp;analyst consensus estimate of $2.51 billion. EPS of $0.06&nbsp;beat&nbsp;the&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/25/04/44978860/stmicro-calls-out-bottom-in-q1-forecasts-q2-rebound-focusing-on-cost-cuts" rel="noreferrer noopener">analyst consensus estimate&nbsp;of $0.04</a>.
Alphabet Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) reported first-quarter revenue of $90.23 billion, up 12% year-over-year, beating a Street consensus estimate of $89.2 billion and EPS of $2.81, beating a Street <a target="_blank" href="https://www.benzinga.com/25/04/44995955/alphabet-q1-earnings-highlights-google-search-youtube-cloud-show-robust-momentum" rel="noreferrer noopener">consensus estimate of $2.01</a>.
T-Mobile (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) reported first-quarter EPS of&nbsp;$2.58, which beat the analyst consensus estimate of&nbsp;$2.44, and revenue of&nbsp;$20.89 billion, beating the analyst <a target="_blank" href="https://www.benzinga.com/news/earnings/25/04/44995935/t-mobile-shares-drop-despite-better-than-expected-q1-report-details" rel="noreferrer noopener">consensus estimate of&nbsp;$20.62 billion</a>.
VinFast Auto (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>) reported&nbsp;quarterly&nbsp;earnings per share of 54 cents loss, missing the street view&nbsp;of 23 cents loss and, revenues of $677.89 million missed the&nbsp;analyst <a target="_blank" href="https://www.benzinga.com/news/earnings/25/04/44989420/vinfast-auto-maintains-ev-delivery-outlook-amid-macro-uncertainty-despite-q4-margin-drag" rel="noreferrer noopener">consensus estimate of $859.08 million</a>.
International Business Machines Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) reported quarterly earnings of $1.60 per share, which beat the analyst consensus estimate of $1.40 and revenue of $14.54 billion beat the analyst <a target="_blank" href="https://www.benzinga.com/news/earnings/25/04/44966124/ibm-shares-slide-despite-better-than-expected-q1-details" rel="noreferrer noopener">consensus estimate of $14.4 billion</a>.
Texas Instruments Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>) reported first-quarter revenue of&nbsp;$4.07 billion, versus&nbsp;estimates&nbsp;of $3.91 billion, and EPS of&nbsp;$1.28, <a target="_blank" href="https://www.benzinga.com/news/earnings/25/04/44966804/texas-instruments-q1-earnings-revenue-beat-eps-beat-strong-guidance-prepared-to-navigate-the-evolving-supply-chain-dynamics" rel="noreferrer noopener">versus estimates of $1.07</a>.
Lam Research (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>) reported quarterly earnings of&nbsp;$1.04&nbsp;per share, which beat the analyst consensus estimate of&nbsp;98 cents, and, revenue of $4.72 billion,&nbsp;which beat the analyst <a target="_blank" href="https://www.benzinga.com/news/earnings/25/04/44965339/lam-research-stock-climbs-after-strong-q3-results-q4-guidance-above-estimates" rel="noreferrer noopener">consensus estimate of&nbsp;$4.59 billion</a>.
Check Point Software Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) reported quarterly revenue growth of 7% year over year to $637.8 million, topping the&nbsp;analyst consensus estimate of $636.2 million and adjusted EPS of $2.21, beat the&nbsp;analyst <a target="_blank" href="https://www.benzinga.com/25/04/44962682/check-point-q1-earnings-revenue-beats-expectations-ceo-highlights-strong-demand-for-quantum-force-and-ai-platform" rel="noreferrer noopener">consensus estimate of $2.19.</a>
AT&amp;T Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) reported operating revenues of $30.63 billion beating the&nbsp;analyst consensus estimate of $30.35 billion and adjusted EPS of $0.51 also beat&nbsp;the&nbsp;analyst<a target="_blank" href="https://www.benzinga.com/news/earnings/25/04/44947739/att-adds-324-thousand-postpaid-subscribers-in-q1-outpaces-verizons-289-thousand-loss" rel="noreferrer noopener"> consensus estimate of $0.49</a>.
SAP SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAP#NYSE">SAP</a>) reported quarterly revenue of 9.01 billion euros ($9.48 billion), beating analyst estimates and earnings of 1.44 euros ($1.54) per share <a target="_blank" href="https://www.benzinga.com/news/earnings/25/04/44938879/sap-shares-climb-on-better-than-expected-q1-results" rel="noreferrer noopener">also came in ahead of estimates</a>.
Verizon Communications (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>) reported&nbsp;fiscal&nbsp;first-quarter revenue growth was 1.5% year-over-year, reaching $33.49 billion, topping the&nbsp;analyst consensus estimate of $33.24 billion. Adjusted EPS of $1.19 topped the&nbsp;<a target="_blank" href="https://www.benzinga.com/25/04/44920917/verizon-struggles-with-subscriber-losses-from-price-increases-competition-and-lower-government-support" rel="noreferrer noopener">analyst&nbsp;consensus estimate of $1.15</a>.
Smartphones &amp; Technology
The&nbsp;iPhone 17 series, the latest smartphone line-up from&nbsp;Apple, is reportedly facing significant stock shortages, and CEO&nbsp;Tim Cook&nbsp;is worried about it. The scarcity of Low CTE fiberglass cloth is reportedly causing a strain <a href="https://www.benzinga.com/25/04/44917129/apple-ceo-tim-cook-gets-anxious-over-this-issue-threatening-the-inventory-of-iphone-17-he-is-pushing-suppliers-every-day" target="_blank" rel="noreferrer noopener">on the&nbsp;stock of the iPhone 17&nbsp;series.</a>
Elon Musk&nbsp;says that&nbsp;Neuralink, which specializes in creating Brain-Computer Interfaces (BCI), will help <a target="_blank" href="https://www.benzinga.com/general/biotech/25/04/44892867/elon-musk-says-neuralink-will-help-blind-people-see-again-will-exceed-the-best-human-eyes" rel="noreferrer noopener">‘completely blind&#8217; people see again</a>.
Elon Musk&#8216;s BCI (Brain-Chip Interface) company&nbsp;Neuralink&nbsp;is reportedly eyeing an $8.5 billion pre-money valuation<a target="_blank" href="https://www.benzinga.com/general/biotech/25/04/44972585/elon-musks-neuralink-eyes-8-5-billion-pre-money-valuation-in-latest-funding-round-report" rel="noreferrer noopener"> amid talks with potential investors</a>.
Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) introduced a newly redesigned version of <a target="_blank" href="https://www.benzinga.com/25/04/44973292/satya-nadella-calls-it-scaffolding-for-my-workday-introduces-microsoft-365-copilots-ai-glow-up-to-reshape-how-we-work" rel="noreferrer noopener">its Microsoft 365 Copilot app</a>.
Automotive
Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has reportedly pivoted its marketing for the Cybertruck as CEO&nbsp;Elon Musk&#8216;s EV giant rebrands the vehicle <a href="https://www.benzinga.com/markets/25/04/44919745/cybertruck-gets-a-down-to-earth-redesign-as-tesla-shifts-to-traditional-pickup-marketing-amid-poor-sales" target="_blank" rel="noreferrer noopener">to showcase its utilitarian quotient</a>.
Tesla plans to ramp up production of its&nbsp;humanoid robot&nbsp;Optimus&nbsp;are facing significant roadblocks due to supply chain constraints and China&#8217;s new export <a target="_blank" href="https://www.benzinga.com/25/04/44941025/tesla-optimus-robot-hit-by-chinas-rare-earth-magnet-crackdown-elon-musk-says-thousands-may-be-ready-by-year-end-but-no-guarantees-when-you-have-a-complex-manufactured-product" rel="noreferrer noopener">restrictions on rare earth materials</a>.
Elon Musk&nbsp;shared a comprehensive list of updates on the company&#8217;s FSD (Full Self-Driving) technology, crucial <a href="https://www.benzinga.com/news/earnings/25/04/44943387/elon-musk-shares-fsd-update-at-tesla-earnings-call-10-to-20-model-ys-will-offer-paid-robotaxi-rides-in-june" target="_blank" rel="noreferrer noopener">for Tesla&#8217;s Cybercab ambitions</a>.
Tesla has revealed that the company is running its autonomous ride-hailing service in Austin, as well as<a target="_blank" href="https://www.benzinga.com/tech/25/04/44972108/tesla-quietly-launched-robotaxi-service-for-employees-before-june-debut-now-reports-1500-completed-trips" rel="noreferrer noopener"> the San Francisco Bay Area</a>.
Chinese battery manufacturer&nbsp;CATL&nbsp;(Contemporary Amperex Technology Co. Limited) has launched the second-generation <a target="_blank" href="https://www.benzinga.com/markets/25/04/44894382/tesla-battery-supplier-catl-unveils-new-fast-charging-battery-with-323-mile-range-in-five-minutes" rel="noreferrer noopener">‘Shenxing&#8217; fast-charging battery</a>.
Nio Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) has announced it will delay the launch of its Firefly EV in Europe to the third quarter after it claimed to launch <a target="_blank" href="https://www.benzinga.com/25/04/44915240/tesla-rival-nio-delays-the-european-launch-of-firefly-ev-report" rel="noreferrer noopener">the product in the first half of 2025</a>.
General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) will continue to produce its Ultium architecture-based EVs like the Chevrolet Equinox at its production <a target="_blank" href="https://www.benzinga.com/markets/25/04/44916042/general-motors-has-no-plans-to-move-ev-production-away-from-mexico-despite-tariff-uncertainty" rel="noreferrer noopener">facility in Ramos Arizpe, Mexico</a>.
Geely Automobile Holdings&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>) announced that the company will share its battery safety <a target="_blank" href="https://www.benzinga.com/25/04/44945220/chinas-geely-announces-it-will-share-battery-safety-patents-safety-lab-with-the-auto-industry" rel="noreferrer noopener">patents at the Shanghai Auto Show</a>.
BYD Co., Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) is pivoting its European strategy as the Chinese EV manufacturer looks <a href="https://www.benzinga.com/25/04/44946809/byd-rejigs-european-strategy-amid-lack-of-market-knowledge-and-modest-dealer-network-report" target="_blank" rel="noreferrer noopener">to expand into the market</a>.
Image: Shutterstock

Large Cap

Mid Cap

AAPL

CHKP

GOOG

LRCX

MSFT

TMUS

Consumer Tech News (Apr 21-Apr 25): Microsoft's Copilot Gets a Sleek New Look, Apple Under Fire For 'Influence-Peddling' In US-China Trade & More

Geely Automobile Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>) announced that the company will share its battery safety patents at the Shanghai Auto Show.
What Happened: The Chinese automaker revealed on Wednesday the &#8220;Geely Global Safety Center,&#8221; which the company says is the world's largest standalone safety lab. It also unveiled a new battery brand dubbed the &#8220;Geely Golden Short Blade Battery.&#8221;
The company says that it will make the Geely Global Safety Center accessible to the automotive industry, as well as share its patent for a battery pack bottom impact testing device &#8220;to support the adoption of critical EV safety standards.&#8221;
Why It Matters: Geely's announcement follows a host of developments made by Chinese EV and battery manufacturers. Recently, Tesla Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) battery supplier CATL unveiled <a href="https://www.benzinga.com/markets/25/04/44894382/tesla-battery-supplier-catl-unveils-new-fast-charging-battery-with-323-mile-range-in-five-minutes">a new battery</a>, which could provide 323 miles of range on a 5-minute charge.
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>) also showcased its advancements in the EV space as it revealed a <a href="https://www.benzinga.com/trading-ideas/movers/25/04/44630091/teslas-ev-crown-at-risk-as-byd-closes-in-with-breakthrough-charging-tech">fast-charging technology</a> that could help EVs get a 250-mile range in just over 5 minutes.
Interestingly, Tesla also shared statistics for its <a href="https://www.benzinga.com/25/04/44943086/tesla-announces-more-than-double-the-energy-products-deployed-in-q1-2025-report">energy storage deployments</a> following Tuesday's earnings call, where the company says it deployed more than double the amount of energy storage products in Q1 2025 compared to the same time last year.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/04/44942792/tesla-q1-earnings-call-company-says-more-affordable-models-launching-this-year">Tesla Says More Affordable Models Launching This Year: &#8216;They Will Be Affordable And You&#8217;ll Be Able To Buy One&#8217;</a></li>
</ul>
Image Via Shutterstock

Asia

General

China's Geely To Share Battery Safety Patents, Unveils World's Largest EV Safety Lab At Shanghai Auto Show

Shares of Chinese carmakers XPeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) and Geely Automobiles (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>) fell on Tuesday after Chinese EV giant BYD Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) launched smart driving features on vehicles priced as low as $10,000.
What Happened: BYD on Monday rolled out an advanced driver-assist system called &#8220;God&#8217;s Eye&#8221; that it intends to install on a range of cars, including its low-cost Seagull hatchback priced under $10,000, for no added cost. The company began sales of 21 models equipped with the technology soon after the event.
BYD founder Wang Chuanfu said at the event that the company sees smart driving features becoming an essential part of cars like seatbelts or airbags.
The company also said that <a href="https://www.benzinga.com/markets/25/02/43614807/byd-teams-up-with-deepseek-to-outpace-tesla-in-budget-friendly-ai-driven-tech-for-chinese-cars-amid-regulatory-roadblocks">is integrating DeepSeek&#8217;s artificial intelligence</a> into at least the most advanced version of the new driver-assistance system.
Why It Matters: Driver assistance features are usually reserved for more premium EVs. Tesla, BYD&#8217;s American rival, also charges additionally for its driver assistance technology called Full self-driving (FSD) in the U.S. FSD, however, is <a href="https://www.benzinga.com/markets/equities/25/02/43615191/byds-gods-eye-and-huaweis-autonomous-driving-progress-spark-concerns-for-tesla-ross-gerber-points-out-all-use-lidar">not available in China.</a> 
Chinese EV startup Xpeng&#8217;s Hong Kong-listed shares are down 9% at HK$61.65. Its NYSE-listed shares also dropped 6.1% in pre-market trading in fear of heightened competition.
Xpeng offers advanced drive assistance features on its vehicles but not on vehicles as affordable as BYD&#8217;s Seagull hatchback. 
Hong Kong-listed shares of Geely Automobile also fell 10.3% to HK$15.9.
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:
<ul>
<li><a href="https://www.benzinga.com/tech/25/02/43615392/rivian-to-hike-r1t-r1s-prices-in-canada-by-nearly-10-from-feb-25-amid-exchange-rate-shift">Rivian To Hike R1T, R1S Prices In Canada By Nearly 10% From Feb 25 Amid Exchange Rate Shift</a></li>
</ul>
Photo courtesy: Shutterstock

XPEV

Xpeng, Geely Shares Fall After BYD Launches Advanced Driver Assistance Features On Car Priced Below $10,000

Three <a href="https://www.benzinga.com/topic/chinese-ev-stocks" target="_blank" rel="noreferrer noopener">Chinese electric vehicle makers</a> contested the <a href="https://www.benzinga.com/markets/equities/24/10/41182675/tesla-byd-and-other-ev-stocks-to-watch-as-eu-votes-to-approve-tariffs-on-chinese-ev-imports" target="_blank" rel="noreferrer noopener">EU&#8217;s import duties</a> at the union&#8217;s Court of Justice. 
According to Reuters, BYD Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), Geely Automobile Holdings (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>), and SAIC Motor (Shanghai Automotive Industry Corporation) oppose EU-<a href="https://www.benzinga.com/news/24/10/41311787/tesla-rival-byd-slams-eu-tariffs-on-chinese-evs-needs-more-positive-education-trust-is-low" target="_blank" rel="noreferrer noopener">imposed taxes</a>. BYD has a 17% tariff, Greely 18.8%, and SAIC, 35.3% (in addition to its car import duty of 10%).
After an anti-subsidy investigation, the EU imposed a tax&nbsp;on China-made EVs in October.
Also Read: <a href="https://www.benzinga.com/government/regulations/25/01/43155691/amazon-to-shut-7-quebec-fulfillment-centers-axe-around-2000-jobs" target="_blank" rel="noreferrer noopener">Amazon To Shut 7 Quebec Fulfillment Centers, Axe Around 2,000 Jobs</a>
China-based EV makers flagged the exclusion of leading EV exporter Tesla Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) from the additional tariffs.
Tesla bagged the lowest extra tariff of 7.8%.
<a target="_blank" href="https://www.benzinga.com/tech/25/01/43187706/teslas-chinese-rivals-xpeng-li-auto-nio-rise-in-premarket-trading-after-trumps-friendly-conversation-with-xi-jinping-we-have-one-very-big-power-over-chinaid-rather-not" rel="noreferrer noopener">U.S.-listed Chinese EV stocks</a>&nbsp;Li Auto Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>),&nbsp;Nio Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>), and&nbsp;Xpeng Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) surged Friday after President&nbsp;Donald Trump&nbsp;hinted in an interview that he would instead not use tariffs against China.
<a href="https://www.benzinga.com/markets/25/01/43091254/teslas-chinese-rivals-li-xpeng-nio-surge-while-rivian-declines-in-pre-market-as-trump-revokes-bidens-ev-target" target="_blank" rel="noreferrer noopener">Also this week</a>, Trump repealed former President Joe Biden&#8216;s order ensuring that 50% of new vehicles sold in the U.S. by 2030 are electric. Trump also weighed ending the $7,500 federal tax credit available on EV purchases.
<a href="https://www.benzinga.com/markets/emerging-markets/24/12/42700628/chinas-ev-price-wars-hit-auto-profits-smaller-players-struggle-as-margins-shrink" target="_blank" rel="noreferrer noopener">China's car market</a>, particularly the EV sector, has faced fierce competition over the past two years, sparking a price war. Projections suggest China will lead global EV adoption by 2025, with EV sales expected to outpace traditional cars for the first time. The country will likely sell over 12 million EVs in 2025, doubling 2022 figures, while traditional car sales may fall below 11 million. Reports also reveal plans for China to issue 3 trillion yuan ($411 billion) in special treasury bonds in 2025 to boost consumption through subsidies, equipment upgrades, and investments in the EV sector.
Investors can gain exposure to stocks of companies that are domiciled in China through iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) and KraneShares Trust KraneShares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>).
Also Read:
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<li><a href="https://www.benzinga.com/25/01/43139681/himax-to-gain-big-as-tsmc-nvidia-and-amd-advance-silicon-photonics-and-coupe-tech-analyst" target="_blank" rel="noreferrer noopener">Himax To Gain Big As TSMC, Nvidia and AMD Advance Silicon Photonics and COUPE Tech: Analyst</a></li>
</ul>
Image: Shutterstock

Government

Regulations

Legal

Media

KWEB

BYD, Geely, SAIC Contest EU's High EV Tariffs In Court

Acute competition posed a bummer for <a target="_blank" href="https://www.benzinga.com/topic/chinese-ev-makers" rel="noreferrer noopener">China&#8217;s automotive industry</a> profit margins in 2024, taking a toll on weaker electric vehicle makers like Baidu Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) and Geely Automobile Holdings (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>)-backed Jiyue and&nbsp;Human Horizons Group Inc.
Car industry margins in China averaged 4.4% from January through November, down from 5.0% in 2023, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-12-27/chinese-carmakers-profits-squeezed-further-as-rivalry-ramps-up?srnd=phx-industries&amp;sref=TBDibEcD" rel="noreferrer noopener">cited</a> data from China&#8217;s Passenger Car Association on Friday.
The margins still trailed the average profit margin of 6.1% of downstream industrial enterprises, Bloomberg cites PCA.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/regulations/24/12/42686698/meta-settles-israeli-job-ad-discrimination-case-for-1-million-report" rel="noreferrer noopener">Meta Settles Israeli Job Ad Discrimination Case For $1 Million: Report</a>
The EV industry revenue for the first 11 months of 2024 rose by 3% to 9.5 trillion yuan ($1.3 trillion), Bloomberg cites PCA. Profits declined by 7.3% to 413.2 billion yuan.
Bloomberg cites&nbsp;Cui Dongshu, the PCA secretary general, as saying that the industry must slash costs and boost efficiency due to the dwindling margins.
China&#8217;s car market, especially its EV sector, has experienced intense rivalry for at least the last two years, prompting a price war.
BYD Co&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) consolidation wiped out the smaller players.
Reportedly, China is on <a target="_blank" href="https://www.benzinga.com/24/12/42690974/whats-going-on-with-chinese-ev-stocks-nio-li-auto-xpeng-thursday" rel="noreferrer noopener">track to lead</a> global EV adoption by 2025, with electric vehicle sales projected to surpass traditional cars for the first time. The country will likely sell over 12 million EVs in 2025, doubling 2022 figures, while traditional car sales may drop below 11 million.
China&#8217;s EV industry progress stems from advancements in domestic technology, securing a global supply chain for lithium and cobalt, and leveraging its large-scale manufacturing to make EVs more affordable for consumers.
<a target="_blank" href="https://www.benzinga.com/24/12/42671739/chinese-stocks-surge-on-stimulus-plans-to-counter-us-tariff-risks" rel="noreferrer noopener">Also this week</a>, reports indicated China eying&nbsp;3 trillion yuan ($411 billion) in special treasury bonds in 2025 to drive consumption through subsidies, equipment upgrades, funding investments in electric vehicle sectors, and more.
Price Actions: At the last check on Friday, NIO is down 0.43% at $4.68. LI is up 1.70%, XPEV is down 3.70%, and ZK is up 0.46%.
Also Read:
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<li><a href="https://www.benzinga.com/24/12/42684772/jpmorgan-bank-of-america-citigroup-challenge-feds-stress-test-rules" target="_blank" rel="noreferrer noopener">Banks And Business Groups Challenge Fed&#8217;s Stress Test Rules</a></li>
</ul>

Emerging Markets

BIDU

China's EV Price Wars Hit Auto Profits, Smaller Players Struggle as Margins Shrink

The KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) has just hit a significant milestone, making a Golden Cross that has investors' attention piqued <a href="https://www.benzinga.com/electric-vehicles">and driving optimism</a>.
The ETF, which tracks the global transition to electric vehicles (EVs) and future mobility, is experiencing a surge, with its price moving above its five, 20 and 50-day exponential moving averages, signaling strong bullish momentum. 
The ETF is benefitting from its top-tier holdings, which include a mix of the EV sector&#8217;s biggest names: BYD Co Ltd (OTCPK: BYDDF), Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Geely Automobile Holdings Ltd (OTCPK: GELYF). It includes emerging players as well: Li Auto Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>), XPeng Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NASDAQ">XPEV</a>) and Arcadium Lithium PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALTM#NYSE">ALTM</a>).
Read Also: <a href="https://www.benzinga.com/news/24/01/36508540/what-does-gms-electric-future-look-like-after-chevrolet-bolts-exit-last-years-delivery-numbers-could">What Does GM&#8217;s Electric Future Look Like After Chevrolet Bolt&#8217;s Exit? Last Year&#8217;s Delivery Numbers Could Give A Hint</a>
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110824&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="627" height="452" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/08091326/Screenshot-2024-11-08-at-5.32.55-PM.png" alt="" class="wp-image-637717" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/08091326/Screenshot-2024-11-08-at-5.32.55-PM.png 627w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/08091326/Screenshot-2024-11-08-at-5.32.55-PM-300x216.png 300w" sizes="(max-width: 627px) 100vw, 627px" /></a></figure>
<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110824&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>
<h2 class="wp-block-heading">KARS ETF Drives Up A Golden Cross</h2>
With a share price of $23.30, KARS is in the sweet spot for technical analysts. The 50-day simple moving average (SMA) has crossed over the 200-day SMA, triggering the Golden Cross. The ETF's eight-day SMA is at $22.52, the 20-day at $22.17 and the 50-day at $21.35. All these indicators show bullish signals, reinforcing the bullish sentiment surrounding the ETF.
It's currently trading at a price above its 200-day SMA of $21.08, further solidifying the case for upside potential.
The ETF is up 5% over the past five days and its 52-week high of $26.10 is well within reach. Despite a year-to-date decline of 7.32%, the recent uptick signals that KARS may be bouncing back, driven largely by the outperformance of its key holdings.
<h2 class="wp-block-heading">KARS Top Holdings Driving The Charge</h2>
KraneShares' KARS ETF is led by major EV players. BYD, the Chinese electric vehicle titan, is its top holding, making up 4.15% of the fund. Tesla (TSLA), a staple in the EV world, follows closely behind at 4.13%, while Geely, Xpeng and Li Auto continue to support the ETF's forward momentum. 
Tesla and BYD have been standouts this year, with BYD up 36.61% year-to-date and Tesla climbing 19.52%. 
Meanwhile, Li Auto has faced some struggles, down 25.96% this year, but the market is still hungry for electric vehicle exposure.
<h2 class="wp-block-heading">A Bullish Outlook, But Some Caution</h2>
While the Golden Cross signals bullish movement, KARS&#8217; Relative Strength Index (RSI) is currently at 58.9, suggesting the ETF is nearing overbought territory. With a MACD indicator of 0.33, there's still potential for more upside, but cautious optimism remains prudent as the market watches for any signs of cooling.
Read Next: 
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<li><a href="https://www.benzinga.com/news/earnings/24/11/41825787/rivian-q3-earnings-highlights-revenue-eps-miss-ceo-confident-in-q4-gross-profit-r2-being-fundamenta">Rivian Q3 Earnings Highlights: Revenue, EPS Miss, CEO Confident In Q4 Gross Profit, R2 Being &#8216;Fundamental Driver&#8217; Of Growth</a></li>
</ul>
Image: Shutterstock

Specialty ETFs

Technicals

Signals

Trading Ideas

ETFs

ALTM

KARS

KARS ETF Hits Golden Cross Powered By Tesla, Geely, Xpeng, Li

The European Union is set to <a href="https://www.france24.com/en/live-news/20240930-eu-states-plan-friday-vote-on-chinese-ev-tariffs">vote on Friday</a> on whether to back final tariffs on China's electric vehicle (EV) makers.&nbsp;
The EU <a href="https://europeancapitalinsights.substack.com/p/european-tariffs-on-chinas-ev-makers?r=3nmatg">wants to protect its automobile makers</a> against the increasing number of less expensive Chinese EVs entering the market. Of the total <a href="https://think.ing.com/articles/what-the-eus-tariffs-on-chinese-electric-vehicles-could-mean-for-energy-transition/">EV imports to the EU in 2023</a>, 54%&nbsp;originate from China.
But the 27-member bloc's protectionist stance could cause a wider trade war with China. That could hurt the EU's export-dependent companies, its EV targets and threaten critical raw material supplies.&nbsp;
The European Commission (EC)<a href="https://www.nytimes.com/2024/07/04/business/european-union-china-ev-tariffs.html"> imposed provisional tariffs on China's EVs</a> in July <a href="https://asia.nikkei.com/Economy/Trade/China-Europe-in-EV-tariff-stare-down-as-Beijing-drops-retaliation-hints">despite Beijing's previous warning</a> that it would retaliate.
Beijing has denied that it improperly subsidizes EV companies, arguing that its leading role in EVs results from efficient manufacturing.
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="805" height="448" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/02142904/ING_chart.png" alt="" class="wp-image-1771" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/02142904/ING_chart.png 805w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/02142904/ING_chart-300x167.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/02142904/ING_chart-768x427.png 768w" sizes="(max-width: 805px) 100vw, 805px" /></figure>
<a href="https://think.ing.com/articles/what-the-eus-tariffs-on-chinese-electric-vehicles-could-mean-for-energy-transition/">Source</a>: JATO Dynamics, BNEF, ING Research
<h3 class="wp-block-heading">Europe-China EV Talks Stall</h3>
So far, both sides have been unable to compromise on their EV trade differences.&nbsp;
The EU's Commissioner for Trade, Valdis Dombrovskis, and China's Minister of Commerce, Wang Wentao, <a href="https://policy.trade.ec.europa.eu/news/readout-meeting-between-evp-dombrovskis-and-chinese-commerce-minister-wang-2024-09-20_en">held unsuccessful talks</a> on September 19.&nbsp;
"Both sides <a href="https://x.com/VDombrovskis/status/1836795726308708712">agreed to intensify efforts</a> to find an effective, enforceable and WTO compatible solution," Dombrovskis said.&nbsp;
The EC then told EU member countries t<a href="https://www.reuters.com/business/autos-transportation/eu-continue-china-electric-vehicle-talks-even-after-final-vote-say-sources-2024-09-30/#:~:text=BRUSSELS%2C%20Sept%2030%20(Reuters),EU%20official%20said%20on%20Monday.">hat it would continue negotiations with China</a> after the October vote, Reuters reported.&nbsp;
 EU members are split on whether to levy European tariffs for the next five years, adding a further complication. Spain has called on th<a href="https://www.france24.com/en/live-news/20240911-spain-pm-urges-eu-to-reconsider-china-ev-tariffs-plan">e EU to &#8220;rethink&#8221; the duties, aligning</a> with Germany, while France supports them.&nbsp;
<h3 class="wp-block-heading">Automakers Warn Against European Tariffs</h3>
Automobile industry leaders in Europe have pushed back against the tariffs.&nbsp;
Executives from BMW AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMWYY#OTC">BMWYY</a>) and Volkswagen AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) have warned that imposing tariffs on Chinese EVs was a bad idea.
&#8220;Protectionism risks starting a spiral," <a href="https://europe.autonews.com/automakers/german-automakers-slam-eus-high-tariffs-chinese-ev-exports">BMW CEO Oliver Zipse said</a> in June. "Tariffs lead to new tariffs, to isolation rather than cooperation."&nbsp;
<a href="http://www.bmw-brilliance.cn/cn/en/news/news/2024-1-09.html#:~:text=Munich%2FBeijing.,mainland%20market%20(%2B4.2%25).">China is a core sales market for BMW</a>. It delivered 824,932 BMW and MINI vehicles in the Chinese mainland market in 2023.
<a href="https://europeancapitalinsights.substack.com/p/volkswagen-considers-first-ever-closure?r=3nmatg">Former Volkswagen AG CEO</a> Herbert Diess reiterated a similar message. "An <a href="https://x.com/economics/status/1799352437800612022">escalating trade spat</a> between China and the West would fuel inflation," he said in June.&nbsp;
Would European tariffs actually slow China's EV expansion into the region? The Rhodium Group, a New York-based independent research provider, doubts their impact.&nbsp;
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="855" height="431" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/02142956/ing2.png" alt="" class="wp-image-1772" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/02142956/ing2.png 855w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/02142956/ing2-300x151.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/02142956/ing2-768x387.png 768w" sizes="(max-width: 855px) 100vw, 855px" /></figure>
<a href="https://think.ing.com/articles/what-the-eus-tariffs-on-chinese-electric-vehicles-could-mean-for-energy-transition/">Source</a>: ITC Trade Map, BNEF, ING Research
"<a href="https://rhg.com/research/aint-no-duty-high-enough/">Duties in the 40-50% range</a> would probably be necessary to make the European market unattractive for Chinese EV exporters," it said in April.
<h3 class="wp-block-heading">Provisional European Tariffs On China</h3>
The EC launched its <a href="https://ec.europa.eu/commission/presscorner/detail/en/ip_24_3231">anti-subsidy investigation against Chinese EVs</a> last year.
The investigation concluded that China's value chain of battery electric vehicles (BEV) benefited from unfair subsidization. This caused a "threat of economic injury to EU BEV producers," the EC said.
The <a href="https://www.bloomberg.com/news/articles/2024-08-21/saic-motor-blames-impending-eu-duties-for-slumping-sales">highest tariffs were imposed</a> on Chinese state-owned automobile manufacturer SAIC Motor (Shanghai:<a href="https://finance.yahoo.com/quote/600104.SS/">600104.SS</a>) at 36.3%. BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) and Volvo's (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VOLAF#OTC">VOLAF</a>) parent, Geely (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>), received lower tariffs of 17.4% and 19.9%.
The EC then cut<a href="https://ec.europa.eu/commission/presscorner/detail/en/qanda_24_4302"> European tariffs marginally</a> at the end of August. It considered submissions and technical corrections by EV companies operating in China.
<h3 class="wp-block-heading">European Tariff Trade Spat With China</h3>
In response to the threat of tariffs, China has accused the EU of violating World Trade Organization (WTO) rules.&nbsp;
"Judgment in the EU's provisional conclusion lacks factual and legal foundation," a Chinese ministry spokesperson said on August 9.&nbsp; "It severely<a href="https://www.bloomberg.com/news/articles/2024-08-09/china-takes-europe-s-ev-tariffs-to-wto-as-trade-tensions-rise?utm_medium=cpc_search&amp;utm_campaign=NB_ENG_DSAXX_DSAXXXXXXXXXX_EVG_XXXX_XXX_COUSA_EN_EN_X_BLOM_GO_SE_XXX_XXXXXXXXXX&amp;gad_source=1&amp;gclid=Cj0KCQjwo8S3BhDeARIsAFRmkOMKaKYs36uGBlOIi64HxfnrIRqjbZv_QwFuVa65JaDuGzVZtWJDcKYaAmA4EALw_wcB&amp;gclsrc=aw.ds"> violated WTO rules</a>."
It then brought the case to the <a href="https://www.wto.org/english/news_e/news24_e/ds626rfc_14aug24_e.htm#:~:text=WTO%20%7C%202024%20News%20items%20%2D%20China,subsidy%20duties%20on%20electric%20vehicles">WTO's rules dispute settlement mechanism</a> on August 14 to "safeguard the development rights and interests" of the EV industry.
A week later, China initiated an anti-subsidy investigation targeting EU milk, cream, and cheese products.
The <a href="https://ec.europa.eu/commission/presscorner/detail/en/ip_24_4821">EC challenged China</a> in September at the WTO against China&#8217;s investigation into EU dairy products. <a href="https://x.com/VDombrovskis">China's investigation</a> "is based on questionable allegations and insufficient evidence," Valdis said on <a href="https://x.com/VDombrovskis">X</a>.&nbsp;&nbsp;
<h3 class="wp-block-heading">Europe Depends On China For Raw Materials</h3>
But a trade war with China would likely hurt European companies and the broader economy.
China imports 22% of its <a href="https://www.reuters.com/breakingviews/eus-china-trade-weak-spots-hide-plain-sight-2024-07-09/#:~:text=Methodological%20complexities%20and%20statistical%20revisions,the%20world's%20second%2Dlargest%20economy">consumer goods from Europe</a>. This puts <a href="https://europeancapitalinsights.substack.com/p/european-luxury-brands-feel-pinch?r=3nmatg">luxury groups</a> like LVMH (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMHA#OTC">LVMHA</a>) and Kering (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PPRUY#OTC">PPRUY</a>) at risk.
European tariffs could increase the cost of EVs for consumers as Europe moves to phase out n<a href="https://think.ing.com/articles/what-the-eus-tariffs-on-chinese-electric-vehicles-could-mean-for-energy-transition/">ew gasoline and diesel cars by 2035</a>, according to ING.
The bloc remains highly <a href="https://commission.europa.eu/strategy-and-policy/priorities-2019-2024/european-green-deal/green-deal-industrial-plan/european-critical-raw-materials-act_en#:~:text=The%20EU%20is%20heavily%20dependent%20on%20imports%20of,is%20extracted%20in%20the%20Democratic%20Republic%20of%20Congo">dependent on China</a> for critical raw materials. It sources 97% of its magnesium and 100% of its rare earths for permanent magnets from China.
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="830" height="418" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/02143051/ing3.png" alt="" class="wp-image-1774" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/02143051/ing3.png 830w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/02143051/ing3-300x151.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/02143051/ing3-768x387.png 768w" sizes="(max-width: 830px) 100vw, 830px" /></figure>
"Europe will not be self-sufficient in EV production or the EV supply chain any time soon," ING wrote on June 19. "It needs to act carefully, considering any further retaliation from China."
Disclaimer:
Any opinions expressed in this article are not to be considered investment advice and are solely those of the authors. European Capital Insights is not responsible for any financial decisions made based on the contents of this article. Readers may use this article for information and educational purposes only.
This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content or accuracy.

Eurozone

BMWYY

LVMHA

PPRUY

VOLAF

VWAGY

European Tariffs On China's EV Makers Could Backfire

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.

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

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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</ul>
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>

Global

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

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>

Analyst Color

FFIE

GOEV

HYZN

LCID

NKLA

RIVN

VLVCY

WKHS

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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<li><a href="https://www.benzinga.com/news/24/09/40705974/uber-rival-lyft-to-lay-off-1-of-employees-sell-assets-to-reduce-costs">Uber Rival Lyft To Lay Off 1% Of Employees, Sell Assets To Reduce Costs</a></li>
</ul>
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>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39709053/baidus-market-value-propels-as-robotaxi-apollo-go-soars-in-popularity">Baidu&#8217;s Market Value Propels As Robotaxi Apollo Go Soars In Popularity</a></li>
</ul>
Image via Shutterstock

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

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>

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.

Politics

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

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