Latest news with #ChineseRivals
Bloomberg
10 hours ago
- Business
- Bloomberg
India Earnings Set to Outperform China on Domestic Growth and Tariff Edge
Indian companies are inspiring more optimism than their Chinese rivals for next earnings season. Helped by a more favorable domestic economy and bets the country will better navigate global trade tension, Indian earnings estimates have been revised up 3.8% since March, while those for China are down 3.4%, according to Bloomberg Intelligence data.
Telegraph
2 days ago
- Automotive
- Telegraph
Skoda electric car sales overtake Tesla in Europe after Musk backlash
Skoda has overtaken Tesla for electric vehicle (EV) sales in Europe as motorists continue to shun Elon Musk's carmaker in protest against his support for Donald Trump. Tesla's total sales across the Continent fell by 28pc to 14,055 in May, according to market research firm DataForce, which were lower than Skoda's EV monthly tally of 14,920. The shift was fuelled largely by the ongoing boycott against Tesla in Europe, although Skoda's popularity also surged after the launch of its electric Elroq SUV model, which accounted for 9,250 sales in May. Tesla's declining popularity could also be seen in separate figures from the European Automobile Manufacturers Association, which revealed that the company's sales in the UK and Europe fell for the fifth successive month in May. It found that just 8,729 new Teslas were registered last month, down 40.5pc year-on-year. That was despite overall EV sales in Europe rising by 27.2pc over the period, accounting for 193,493 vehicles in total. This increase was also reflected in the UK, where electric car sales were up by 25.8pc in May. Chinese threat As well as coping with the political backlash, Mr Musk's company has also been battling mounting competition from Chinese rivals attempting to flood Europe with cheaper cars. This led to Tesla posting a 13pc drop in global sales during the first three months of 2025, reflecting its worst quarter since 2022. Investors have grown increasingly concerned over the impact of Mr Musk's politics in recent months, as his support for Right-wing political leaders scared off swathes of potential buyers. Earlier this month, a group of French drivers went as far as suing Tesla over claims that Mr Musk has turned their cars into totems of the 'extreme-Right'. In the UK, Tesla's sales also dropped by 36pc in May, according to data from the Society of Motor Manufacturers and Traders. That was in stark contrast to BYD, the Chinese carmaker behind the cut-price Dolphin Surf, which saw monthly sales rise by more than 400pc to hit 3,025 cars sold. Tesla's share price has fallen by 10pc so far this year, although it has erased some of its losses after Mr Musk stepped down from a role in the White House last month and vowed to refocus on Tesla. Mr Musk has increasingly pinned Tesla's future on self-driving technology, launching a driverless robotaxi service in Austin, Texas on Sunday. The company is also developing a humanoid robot called Optimus.
