Chinese electric vehicle maker Nio has entered into a strategic partnership with its larger rival BYD to source batteries for its new, lower-priced EV brand named Onvo, set to launch on May 15. This collaboration is aimed at strengthening Nio's competitive edge against Tesla, particularly in the mass-market segment. The new brand, along with a second sub-brand Firefly, will be priced competitively and is targeted to roll out in Europe next year for under $30,000. Meanwhile, Tesla has been experiencing a decline in its China market performance, with April deliveries from its Shanghai factory down 18% year-over-year and 30% month-over-month, despite the overall growth in the new-energy vehicle sector in China. BYD's battery supply to Nio underlines the increasing competition Tesla faces from Chinese manufacturers like BYD.
$TSLA ’s #China competition keeps rolling out new models. #Tesla is done in #China, it’s house of cards leaning. #Chinese #EV maker #Nio to launch its lower-priced brand Onvo on May 15 @CNBC https://t.co/kLRTvOyEBt
Chinese EV maker Nio to launch its lower-priced brand Onvo on May 15 https://t.co/PV6N6LvAVN
$TSLA ’s competition in #China absolutely crushing them … $BYD #EV https://t.co/Q6FmNFOXL1
"#Tesla's shipments from its Shanghai factory dropped year-on-year in April despite growth in the overall market for EVs, another sign of the pressure Elon Musk’s company is under in #China’s hyper competitive automobile sector" https://t.co/sQTLH0A6X1
Global News | China April prelim retail car sales down 2% YoY vs +6% in March: Agencies https://t.co/jx8AtJ8Q2V
Tesla clearly having an increasingly hard time competing against local brands in China. In April deliveries of NEVs overall were up 33% year on year in China but Tesla was down 18%. A key reason why you hear about "overcapacity": the West knows that if China starts exporting… https://t.co/lWhWa5QnHI https://t.co/loSxl3UEjx
Tesla China April delivery -18% y/y and -30.2% m/m. #China #Tesla $TSLA https://t.co/KXez6s3JLv
While Tesla still dominates the U.S. EV market, overall sales of its vehicles have slowed and competition has toughened up. Overseas competition especially has increased, with Chinese EV maker BYD producing cheaper and more available models. https://t.co/OzrGurvP2P
Tesla Inc. shipments from its Shanghai factory dropped year-on-year in April despite growth in the overall market for new-energy cars, another sign of the pressure Elon Musk’s company is under https://t.co/XKFtMehHsA
Expect $TSLA China wholesale to decline ~15% MoM in May as GF3 enjoyed 5-days labor day holiday, a first time ever that $TSLA complied with Chinese Labor Law, as capacity utilization dwindles. https://t.co/ELOewoJfac
W $TSLA history has yet to rhyme. Apparently it will be the first electronics manufacturer that survives cheaper foreign competition. TSLA delivs = 62k, -18% YoY, -30% MoM $BYD = 312k (5x as big!) and went *up* 49% YoY, +3.5% MoM.\ https://t.co/OOWzBXs5hn
Plethora of bad news for Tesla this AM: 1. Deliveries from its Shanghai factory are down 18.4% YOY. 2. National Highway Traffic Safety Administration (NHTSA) has ramped up its probe of Tesla’s auto pilot. July 1 deadline to furnish crash data. Stock down about 2%. $tsla
$TSLA (-1.5% pre) Tesla China Shipments Sink in April Amid Broader Sector Growth - BBG https://t.co/qE8ytSdJW0
In today’s pre-mkt summary for Subscribers: $TSLA China April wholesale shipments and weekly insured registrations retreat; $LCID reports worse than expected 1Q Ebitda and YoY sales decline ex-sales to Saudi Arabia govt; why Buffett is highly unlikely to buy shares in TSLA.
$TSLA $NIO | Tesla Rival Nio To Roll Out Mass-Market EV Brand In May: Report Nio to launch a smaller EV to be marketed in Europe next year for under $30,000. Onvo and a second sub-brand, code-named Firefly, are both directed at European sales. https://t.co/zIFLnpcN52
Tesla shipments from its Shanghai factory dropped year-on-year in April even as the overall market for new-energy cars grew https://t.co/6RBkDxdxcW
$TSLA | Tesla’s China April Delivery Down 30% M/M, PCA Preliminary Data Shows
$TSLA China reported 10.9K insured registrations for the week of 4/29 - 5/5. After 5 weeks, 2nd Qtr is -15.2% QiQ and -6.1% YoY. Source: @piloly https://t.co/KHotz9xNCc
⚡Based on the preliminary data, China's automakers delivered around 800,000 NEVs in April +33% y/y or -2% m/m. #Tesla $TSLA $BYD $NIO $LI $XPEV https://t.co/dAQbA7mznZ
Exclusive: China's Nio turns to rival BYD to power new EV brand https://t.co/PujtTqINF1
Nio has struck a deal with larger rival BYD to source batteries for ONVO, which aims to compete with Tesla, Reuters cites sources. $NIO $BYD https://t.co/QR3s41FlbA https://t.co/OlV9ZL7hEO
Exclusive: China electric vehicle maker Nio has struck a deal with larger rival BYD to source batteries for an EV brand priced at a lower range that aims to compete with Tesla https://t.co/nsh0xAXKTb
Exclusive: China electric vehicle maker Nio has struck a deal with larger rival BYD to source batteries for an EV brand priced at a lower range that aims to compete with Tesla. More here - https://t.co/t1UUKPwn1B