US and EU are challenging China's dominance in EV battery manufacturing as concerns arise over Chinese overproduction flooding European markets. Tesla faces challenges in China with shipments from its Shanghai factory declining, while facing increased competition from Chinese EV makers like BYD. EU considers tariffs on Chinese EVs to prevent market flooding. Tesla cuts jobs amid sales slowdown and regulatory probes.
$TSLA TESLA ESCALATES CHINA JOB CUTS WITH MORE LAYOFFS THIS WEEK
Tesla’s job cuts are escalating in China, sources say, as Elon Musk contends with growing pressure to win back share in the world’s biggest auto market https://t.co/o9RlXqNigx
$TSLA | Tesla Ramps Up Job Cuts In China As Sales Slowdown Bites - BBG https://t.co/cFEZFPOKYk
This week EU leaders, who are threatening tariffs on electric cars, were the latest to scold China about overcapacity. But there’s no sign Beijing is ready for fixes that might backfire on its vulnerable economy. @RChoongWilkins reports https://t.co/fxiwGchhmy https://t.co/UikeQVNLbj
Tesla cuts all but three of its 3,400 listed jobs in North America https://t.co/jdGENbk05N
Volkswagen Warns Brussels Against Raising Tariffs on Chinese Electric Cars Welcome to the art of German self-flagellation https://t.co/0lQ7AstpUY
“Top executives at BMW and VW…warned against imposing EU import duties on EVs from Chinese automakers, saying it could upend the bloc's Green Deal plan and harm automakers that import cars made in China.” More concerned about profits than lost jobs. 🤔 https://t.co/25fKbM1RjX
As the EU hardens its line on Chinese overcapacity, helpful context from @JDMayger on what Beijing is willing to do to address the glut- in short, not much. That's because high-tech industries like EVs and solar are key to Xi's economic revival blueprint https://t.co/hRdkWplmkI https://t.co/5U3ZZk22cZ
$TSLA ’s competition in #China absolutely crushing them … $BYD #EV https://t.co/Q6FmNFOXL1
Toyota, Hyundai, Mercedes-Benz and a host of other global automakers are increasingly turning to Chinese tech giants in a bid to claw back market share in one of the world’s largest and fastest-changing markets. @ivy_jiahuihuang https://t.co/PUTNc2jniR https://t.co/PUTNc2jniR
Stellantis is walking a regulatory tightrope to fulfill its ambitions in China, writes @davidfickling. Its EV partner could drag it into a trade war https://t.co/8g01zOic0P via @opinion
The move comes after reports that the company laid off its entire Supercharger team and rescinded summer internship offers. https://t.co/oCyNtt28WL
"For decades, European carmakers were investing in #China by partnering w/local companies to access the market. Now the tide has turned as Chinese EV makers seek to make EVs in Europe for European customers. "The student has overcome the teacher" https://t.co/LwmZ9tNkjW
Tesla Quietly Removes All U.S. Job Postings https://t.co/JFJl4Cu1AS https://t.co/fw4purI9mF
Stellantis is walking a regulatory tightrope to fulfill its ambitions in China, writes @davidfickling. Its EV partner could drag it into a trade war https://t.co/Nj8urz2X3S
Global #car giants seek #tech allies in #China's cutthroat #EV market https://t.co/xAwmHiEKjp
China’s dealers ditch foreign-branded petrol cars for homegrown EVs https://t.co/AJ5DDpt78o via @FT
🚨 Tesla quietly took down all its open U.S. job postings - @qz
Tesla quietly took down all its open U.S. job postings https://t.co/4EEQXhjAZK
EU tariffs on Chinese EVs could backfire, German car bosses warn https://t.co/LSbIzWRjBE
BMW says EU probe into China EV subsidies against free trade https://t.co/2BzyvcF13A
Volkswagen warns Brussels against raising tariffs on Chinese electric cars https://t.co/mWqMN4wwf7
Tesla has reportedly removed all job openings across the company’s Career page #MacroEdge
"#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
The chief executive of German luxury carmaker BMW on Wednesday warned the European Union's investigation into Chinese electric car subsidies runs counter to free trade. https://t.co/M0jk9hWCZi
EU tariffs on Chinese EVs could backfire, hobble Green Deal, BMW CEO says https://t.co/aRkK5mpGmy https://t.co/dQhZFK2dOQ
EU's von der Leyen: China must be stopped from flooding EV market - Reuters https://t.co/n111ORa1EA
From @breakingviews: Deliberations over whether Chinese electric-car makers benefit from unfair subsidies are getting harder to navigate. If Europe imposes tariffs following Xi Jinping's visit, they would have to clear a very high bar to be effective, says @katrinahamlin https://t.co/y9cFZw8fUJ
EU's von der Leyen: China must be stopped from flooding EV market https://t.co/ftGBuiidiO https://t.co/kLurKjYCAN
"Chinese car dealers are ditching foreign brands slow to respond to the EV transition, while turning to homegrown EV firms gobbling up mkt share at a blistering pace. “We’re transforming lossmaking dealerships into outlets for EV brands we deem promising” https://t.co/FOhdxBnc8T
⚠️ EU TARIFFS ON CHINESE EVS COULD BACKFIRE, HOBBLE GREEN DEAL, BMW CEO SAYS Full Story → https://t.co/F2EgNUFDAc BMW's CEO on Wednesday warned against imposing EU import duties on electric vehicles from Chinese automakers, saying it could upend the bloc's Green Deal… https://t.co/d62j9Xcn8M
For decades, China was the only major car market dominated by overseas brands, mainly from the EU. But as of 2022, China produced about 60% of the world's EVs. What should European automakers do about China's rising EV prowess? https://t.co/McqJLBqhWz https://t.co/dAkdddJNhe
EU'S VON DER LEYEN: WE MUST WORK TO PREVENT CHINA FLOODING EU MARKET WITH SUBSIDISED E-CARS
Europe faces a dilemma over China trade tariffs as investment and export needs weigh against cheap EV fears. https://t.co/ivzQBVJBku
From @breakingviews: Deliberations over whether Chinese electric-car makers benefit from unfair subsidies are getting harder to navigate. If Europe imposes tariffs following Xi Jinping's visit, they would have to clear a very high bar to be effective, says @KatrinaHamlin https://t.co/Rsu97TS9g0
China's booming EV companies eye U.S. competitors they see as 'not ready' - NBC https://t.co/QBBhalu7s6 via @nbcnews
From @breakingviews: Brussels' probe into whether Chinese electric-car makers benefit from unfair subsidies is becoming harder to navigate. The investigation could lead to tariffs, but they would have to clear a very high bar to be effective, says @KatrinaHamlin https://t.co/GM6vGWXUrF
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
Global car giants seek tech allies in China’s cutthroat EV market https://t.co/LXQZDNP9Su
Interesting article. While Beijing officially denies it has a problem of excess capacity, prominent Chinese economists warn about its domestic consequences and propose ways of addressing or reducing it. https://t.co/PLd6yXvase via @scmpnews
China’s dealers ditch foreign-branded petrol cars for homegrown EVs https://t.co/p8PbjkoDJ6
Tesla China April delivery -18% y/y and -30.2% m/m. #China #Tesla $TSLA https://t.co/KXez6s3JLv
#Indian #techie gets laid off from #Telsa after getting promoted a month ago; Brother shares 'cold email' from #ElonMusk https://t.co/l4DdifElwB
Chinese EV makers' plans to make cars in Europe https://t.co/d7dp26TO8D
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
$TSLA cutting costs aggressively, but will it be enough to avoid failure. Sharply losing share to competitors in a market facing headwinds with the potential of a sharp economic downturn (e.g., Buffet Index, Yield-Curve inversion, credit defaults, etc.).
In late April, Tesla CEO Elon Musk announced the company would cut 10% of its workforce after reporting lower-than-expected sales figures. Industry watchers expect the company to let go more than that 10%. https://t.co/OzrGurvP2P
Europe faces up to China's EV dominance as carbon-zero targets loom https://t.co/oHxqGctUOM
Chinese companies are forcing Western automakers to change their approach to electric vehicles if they want to remain competitive in a growing global industry. https://t.co/jqiCNdp9AS
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
$TSLA has continued to lay off staff, even after cutting 10% of their entire workforce Here is the email some of them received 🧵
"The EU has restated its readiness to launch a trade war w/#China over imports of cheap EVs, steel & solar & wind technology, w/Ursula von der Leyen saying the bloc will “not waver” from protecting industries & jobs after a meeting w/Pres Xi" https://t.co/iGV9OlJn6r
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
Concerns about the #Chinese overproduction of goods through state support led to an #EU anti-subsidies investigation into #China’s electric vehicles industry that was flooding #European markets and stifling local production, notes @MalhotraShairee https://t.co/b3pDOAUx27
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
US, EU making inroads into China's EV battery manufacturing dominance https://t.co/bNzBdHvZRB