Tesla's China-Made EV sales drop 8.4% in July amid rising competition
China-made electric vehicles
fell 8.4 per cent in July from a year earlier, reversing a small increase in June, amid rising competition from rivals offering lower-priced new models.
Deliveries of China-made Model 3 and Model Y vehicles, including exports to Europe and other markets, reached 67,886 cars last month, down 5.2 per cent from June, data from the China Passenger Car Association showed on Monday.
Top Chinese rival BYD, with its Ocean and Dynasty lineups of EVs and plug-in hybrids, delivered almost flat global passenger car sales at 341,300 vehicles in July. Tesla's July reading followed a 0.8 per cent rise year-on-year in sales of its China-made EVs in June, which ended an eight-month losing streak, but fell short of stopping quarterly declines.
Elon Musk's EV company, grappling with weak demand and a backlash among some consumers against his political views, posted its biggest quarterly sales decline globally in over a decade in the second quarter. Reuters
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Indian Express
26 minutes ago
- Indian Express
Trump doubles tariffs on India to 50%, but offers 21 days window for negotiations
Ramping up pressure on India before US negotiators are expected to reach India on August 25, US President Donald Trump on Wednesday doubled the tariffs on India to 50 per cent, but there is a 21-day window before the additional tariff of 25 per cent comes into effect, offering India a window to strike a trade deal. A White House statement said that the US will impose 'additional 25 percent ad valorem duty' above the 25 per cent reciprocal tariffs announced on August 1 to 'deal with the national emergency stemming from Russia's actions in Ukraine'. This tariff is deemed necessary and appropriate due to India's 'direct or indirect import of Russian Federation oil', which the President judges will more effectively address the national emergency, the executive order said. The additional tariffs dramatically raises pressure on India as most of its competitors such as Vietnam, Bangladesh and now China are not at lower tariffs. However, exporters said that US tariffs related uncertainty is already disrupting trade and that Indian exporters have grown wary of exporting to the US. About half of India's total exports of $80 billion are, however, in the exemption list that include products such as pharma and electronics goods. While the fresh order takes the total US tariffs to its highest on any country globally, it also offers a fresh window for discussion. The Indian Express had reported on Saturday that key economic ministries have been asked for inputs to sweeten the US trade deal stuck on India's resistance to US demand for access in the Indian agri market. 'This 25 percent ad valorem duty will be effective for goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time 21 days after the date of the order. There are exceptions for goods that were loaded onto a vessel and in transit before this effective date and are entered for consumption or withdrawn from warehouse for consumption before 12:01 a.m. eastern daylight time on September 17, 2025,' the order read. NEW: President Donald J. Trump just signed an Executive Order imposing an additional 25% tariff on India in response to its continued purchase of Russian oil. Here is the text of the Order: By the authority vested in me as President by the Constitution and the laws of the… — Rapid Response 47 (@RapidResponse47) August 6, 2025 While New Delhi has called the targeting of India over the purchase of Russian oil 'unjustified and unreasonable' and vowed to take 'all necessary measures' to safeguard its 'national interests and economic security', Indian exporters are in a fix, scrambling to retain access to the US — their most valuable export market, accounting for nearly 20 per cent of India's total outbound shipments. Incidentally, China is the largest buyer of Russian oil, at about 2 million barrels per day, followed by India (just under 2 million a day) and Turkey. The US had agreed to lower tariffs on Chinese goods to 30 per cent from 145 per cent in May. The executive order does not make a mention of China, but instead stipulates a mechanism wherein the US Secretary of Commerce, in coordination with other senior officials, 'will monitor if any other country (beyond India) is directly or indirectly importing Russian Federation oil and recommend further action'. Indian officials have indicated that the US is unwilling to negotiate sectoral tariffs — such as those on steel and automobiles — which have already impacted nearly $5 billion worth of Indian exports. Evan A. Feigenbaum, Vice President for Studies at the Carnegie Endowment for International Peace, said on Monday that US-India relations may now become a political football, especially in New Delhi. He warned that the core understandings that enabled closer ties may be at serious risk, as New Delhi had largely assumed Washington would take political risks to strengthen the relationship — something Trump has not done and clearly will not do. Feigenbaum added that the split in relations is further underscored by Trump's effusive praise for Islamabad and recent engagement with Pakistan's army and government — developments that raise obvious concerns in New Delhi. 'The United States was roiled by India's ties to Iran, Myanmar, and later Russia. Trump and his administration are now moving to sanction and tariff India over its oil trade with Russia. This significantly shifts the bar for bilateral relations,' he said. Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, covering policy issues related to trade, commerce, and banking. He has over five years of experience and has previously worked with Mint, CNBC-TV18, and other news outlets. ... Read More
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Business Standard
32 minutes ago
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Prime Minister Narendra Modi is set to travel to China at the end of this month — his first visit to the country in seven years — to attend the annual summit of the Shanghai Cooperation Organisation (SCO), government sources said on Wednesday. Ahead of his arrival in China, Modi is slated to visit Japan on August 29. A bilateral meeting with Chinese President Xi Jinping on the sidelines of the SCO summit is also being planned, the sources said. While the government has yet to confirm such a meeting, it would likely attract global attention amid heightened tensions in both India–US and US–China relations, following the imposition of tariffs by American President Donald Trump. Ahead of Modi's trip, Chinese Foreign Minister Wang Yi is expected to visit India for the latest round of the Special Representatives dialogue on the boundary question, according to officials. On Wednesday, Trump followed through on his warning to impose an additional 25 per cent tariff on Indian goods, citing New Delhi's continued purchase of Russian oil. The move raises the total US tariff on Indian imports to 50 per cent. Meanwhile, Russian President Vladimir Putin is also expected to attend the SCO summit, which is due to take place in the Chinese city of Tianjin from August 31 to September 1. India, China and Russia are not only members of the SCO but also of BRICS, which held its latest summit in Rio de Janeiro in July. Both Xi and Putin were absent from that gathering, sending deputies in their place. Sources in New Delhi have not ruled out a possible Modi–Putin meeting on the sidelines of the Tianjin summit. Ahead of the SCO, National Security Adviser Ajit Doval and External Affairs Minister S Jaishankar are scheduled to travel to Moscow. At the Rio summit, BRICS nations voiced concern over the rise in unilateral tariff and non-tariff measures that distort global trade and run counter to World Trade Organization rules, though the US was not named directly. In March, as Washington escalated tariffs on Chinese imports, Wang Yi called for stronger cooperation between New Delhi and Beijing to push back against 'hegemonism and power politics', stating that 'making the dragon and elephant dance is the only choice'. On April 1, marking the 75th anniversary of India–China diplomatic ties, Xi sent a message to President Droupadi Murmu, saying the two nations should aim for 'a cooperative pas de deux of the dragon and the elephant'. Modi and Xi last met on October 23, 2024, on the sidelines of the BRICS summit in Kazan, Russia. The encounter marked a thaw in relations after the severe deterioration triggered by the Galwan Valley clash between Indian and Chinese troops in June 2020. The Kazan meeting led to disengagement at two key friction points along the Line of Actual Control, completed by November 2024. It also paved the way for the resumption of the Mansarovar Yatra, tourist visas for Chinese citizens, and discussions on reviving direct flights. Nevertheless, relations between the two countries have remained bumpy in recent months. In April, India raised concerns over Chinese restrictions on the supply of rare earth elements. A month later, it said Beijing provided military assistance to Pakistan during 'Operation Sindoor', India's offensive to dismantle terrorist infrastructure across the border. According to Indian officials, Pakistan deployed Chinese weapons and drones, and benefited from Chinese intelligence during the conflict. India has also been working to deepen ties with several of China's neighbours. On Tuesday, India and the Philippines signed agreements aimed at enhancing military cooperation. Their navies also conducted joint exercises near Scarborough Shoal, an atoll in the South China Sea that is the focal point of a maritime dispute between Beijing and Manila. Modi last visited China in June 2018 for the SCO summit, while Xi last visited India in October 2019. In the run-up to the Tianjin summit, Defence Minister Rajnath Singh, Jaishankar, and Doval had all visited China for preparatory SCO meetings. The two sides have also revived the Special Representatives dialogue and other engagement mechanisms. Pakistan, too, is a member of the SCO. In June, Singh refused to endorse a draft joint statement by the bloc's defence ministers, citing its failure to mention the Pahalgam terror attack and omission of references to Pakistan-backed cross-border terrorism.
Time of India
36 minutes ago
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Ant Group to exit Eternal, sell shares worth $612mn
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