Elon Musk’s electric car company is facing intensifying competition from newer Chinese automakers and established Western car companies.
The intense competition among the country’s huge number of start-up carmakers has unsettled what had been a pillar of the economy in the last few years.
The electric car company’s decision to slash prices appears to have paid off in reviving demand.
BYD is a powerhouse in China and sells the most electric vehicles of any company in the world. Now it has a plan to attract buyers in Europe’s largest economy.
BYD is a powerhouse in China and sells the most electric vehicles of any company in the world. Now it has a plan to attract buyers in Europe’s largest economy.
Shares in the electric carmaker continued to rally after the company reported strong profits, even amid growing competition and economic pressures.
Worry about the carmaker’s sales in the world’s largest car market is one reason the shares have plunged.
More electric cars will be sold in the country this year than in the rest of the world combined, as its domestic market accelerates ahead of the global competition.
Beijing gave CATL lavish subsidies, a captive market of buyers and soft regulatory treatment, helping it to control a crucial technology of the future.
By selling battery-powered S.U.V.s and luxury sedans in places like Germany and Norway, China is striving to become a force in the global auto industry.