Li Auto Second-Quarter Sales Set to Disappoint Amid EV Price War
Carmakers in China have slashed sticker prices to kick start sluggish consumer demand, including market leader BYD Co., which last week cut prices by as much as 34%.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New York Post
an hour ago
- New York Post
TikTok will go dark in US if China doesn't OK sale before Trump's deadline: Lutnik
Commerce Secretary Howard Lutnick said Thursday that TikTok will have to stop operating in the United States if China does not approve a deal for the sale of the Chinese-owned short video app that is used by some 170 million Americans. Lutnick, speaking on CNBC, also said the US must control the algorithm that makes the social media platform work. Last month, President Trump extended by 90 days to Sept. 17, a deadline for China-based ByteDance to divest the US assets of TikTok. Trump's action took place despite a 2024 law that mandated a sale or shutdown by Jan. 19 of this year if there had not been significant progress. Commerce Secretary Howard Lutnick warned TikTok will go dark in the US if China doesn't approve a sale to American investors. REUTERS 'China can have a little piece or ByteDance, the current owner, can keep a little piece. But basically, Americans will have control. Americans will own the technology, and Americans will control the algorithm,' Lutnick said. 'If that deal gets approved, by the Chinese, then that deal will happen. If they don't approve it, then TikTok is going to go dark, and those decisions are coming very soon.' TikTok did not immediately comment. A deal had been in the works this spring that would spin off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors. This stalled after China indicated it would not approve it following Trump's announcements of steep tariffs on Chinese goods. Trump has three times granted reprieves from federal enforcement of the law that mandated the sale or shutdown of TikTok that was supposed to take effect in January. A deal had been in the works this spring that would spin off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors. REUTERS Attorney General Pam Bondi sent letters to Apple, Google and other companies that provide services or host the TikTok app that were made public this month. The letters said the Justice Department was irrevocably relinquishing any claims against the companies for potential violations of the law, citing Trump's determination that an abrupt shutdown would interfere with his overseeing national security and foreign affairs. Some Democratic lawmakers argue Trump has no legal authority to extend the deadline and suggest the deal under consideration would not meet legal requirements.
Yahoo
3 hours ago
- Yahoo
BYD to start first car assembly in Pakistan by mid-2026
China's BYD has announced plans to commence the assembly of its first electric car in Pakistan by July or August 2026, aiming to meet the increasing electric and plug-in hybrid vehicle demand in the region, a company executive said, according to Reuters. This development comes as part of BYD's strategic expansion in the Asia-Pacific market and follows the company's plan to initiate vehicle sales in Pakistan last year. Switch Auto Insurance and Save Today! Affordable Auto Insurance, Customized for You Great Rates and Award-Winning Service The Insurance Savings You Expect BYD Pakistan sales and strategy vice president, Danish Khaliq, revealed to Reuters that the new assembly plant, currently under construction since April near Karachi, represents a collaboration between BYD and Mega Motor Company, a subsidiary of Pakistani utility Hub Power. The facility is expected to have an initial production capacity of 25,000 units annually on a double shift schedule. However, he did not provide details on when the plant would reach full capacity or when mass production would start. Khaliq further explained that the plant would begin by assembling imported parts and locally producing non-electric components. The initial focus will be on supplying the domestic market, with the possibility of exporting to other right-hand drive countries in the region if it makes economic sense. BYD has already commenced delivering imported EVs in the country since March, with sales surpassing internal targets by 30%, although exact numbers were not disclosed. The market for EVs and plug-in hybrid cars in Pakistan is expected to grow significantly, with Khaliq anticipating a three to fourfold increase by 2025 from around 1,000 units last year. Khaliq noted that BYD is aiming for a 30-35% market share in this segment. According to a HUBCO filing, BYD Pakistan reported a profit of around PKR444m ($1.56m) in the March quarter of this year. The Pakistani market is set to welcome the upcoming launch of BYD's Shark 6 plug-in hybrid pickup truck. The Pakistani government is promoting EV adoption by reducing power tariffs for chargers by 45% in January and encouraging the establishment of private charging stations, addressing the current lack of infrastructure for all-electric vehicles. "BYD to start first car assembly in Pakistan by mid-2026 – report" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
New York Post
3 hours ago
- New York Post
Nvidia AI chips worth $1B smuggled into China after Trump imposed US export controls: report
At least $1 billion in Nvidia computer chips were smuggled into China in the three-months span after President Trump imposed export controls on the cutting-edge chips, according to a bombshell report Thursday. Nvidia's powerful B200 chip – favored by US tech giants like OpenAI and Google to power their artificial intelligence models – are banned for sale to China due to government rules limiting shipments for chips that exceed certain performance thresholds. However, the chip was still being sold in May by Chinese suppliers to data center operators that support China-based tech firms, the Financial Times reported, citing an analysis of sales contracts, company filings and interviews with sources with direct knowledge of the deals. Advertisement 3 Nvidia's most powerful chips are banned for sale to China. REUTERS 'Export controls will not prevent the most advanced Nvidia products from entering China,' a Chinese data center operator told the FT. 'What it creates is just inefficiency and huge profits for the risk-taking middle men.' In May, the Trump administration had banned Nvidia from selling less-powerful H20 chips that were specifically built by the company to adhere to previous export controls imposed on their more powerful chips during the Biden administration. Advertisement However, Nvidia boss Jensen Huang revealed last week that Trump had reversed course and would allow H20 chips to be sold in China. Critics have argued that China-based companies were circumventing the export controls to acquire Nvidia's hardware. That speculation surged earlier this year after reports that China-based AI firm DeepSeek had a greater supply of Nvidia chips than it publicly admitted. 3 Nvidia CEO Jensen Huang recently revealed that Trump had lifted restrictions on H20 sales to China. Getty Images The FT said it reviewed evidence that Chinese distributors in the Guangdong, Zhejiang and Anhui provinces had sold Nvidia's B200 and other restricted chips such as the H100 and H200. Advertisement The FT said there was no evidence that Nvidia had any involvement or knowledge of illicit chip sales to Chinese entities. The company has long said that it complies with all US laws on chip technology. 3 Nvidia CEO Jensen Huang is pictured. REUTERS 'Trying to cobble together data centers from smuggled products is a losing proposition, both technically and economically,' Nvidia said in a statement. 'Data centers require service and support, which we provide only to authorized Nvidia products.' Advertisement Last month, the chip supplier became the first public company in history to surpass a $4 trillion market valuation.
