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Business Standard
2 days ago
- Automotive
- Business Standard
BYD runs India remotely as tensions with China shut out top brass
China's BYD Co. is forging ahead with its attempts to expand in India despite roadblocks from the government that are preventing the electric vehicle maker from conducting key business dealings there. Like most Chinese companies, BYD has been unable to obtain visas for executives after a deadly clash between Indian and Chinese soldiers along a Himalayan border in 2020 sparked a major deterioration in political ties. That's seen the EV giant resort to holding board meetings and high-level business interactions in Colombo in Sri Lanka and Kathmandu in Nepal, and even as far away as Singapore, according to people familiar with the matter. Ketsu Zhang, BYD's managing director for India, has been unable to obtain a work permit since he left the EV maker's local base in Chennai, despite government efforts to facilitate his travel, said the people, who asked not to be identified because they're not authorised to speak publicly. Zhang worked from the carmaker's headquarters in Shenzhen in 2021 before moving to Tokyo this year, they said. From Japan, he oversees Asian markets including India, the people said. An on-the-ground presence is particularly important for manufacturers, given the need for quick decision making, addressing productivity issues and establishing community ties. Cold Shoulder The cold shoulder is mutual. As recently as March, travel restrictions were still being wielded in the political spat. That month, an Indian contingent wanting to visit a major meeting of BYD car dealers in Shenzhen had to be scaled down after the majority of participants, including the company's employees based in India, were unable to obtain visas, a person familiar with the matter said. A representative for BYD in India declined to comment. Despite the operational difficulties, BYD has proved popular with Indian drivers — sales in the first half of this year are nearly touching the total units sold in 2024. Indian officials have been clear they won't welcome investment from the carmaker — Commerce Minister Piyush Goyal said earlier this year that it's a 'no' to BYD due to caution around the nation's strategic interests. India has already rejected BYD's $1 billion plan to build a plant in partnership with a local company. This leaves the Chinese firm unable to qualify for reduced tariffs on imported EVs in exchange for establishing a substantial manufacturing presence in India. The freeze contrasts with the experience of Tesla Inc. Its Chief Executive Officer Elon Musk met with India's Prime Minister Narendra Modi in the US earlier this year. The US carmaker opened its first showrooms in India this month, with deliveries set to begin as early as August. Tesla doesn't have plans to establish local manufacturing, meaning it faces import taxes of as much as 110 per cent for fully-assembled vehicles. Expanding overseas is critical for BYD, which risks missing its target to sell 5.5 million cars this year as demand in China stagnates and it draws the ire of Beijing following rounds of heavy price discounting. But without the ability to invest in manufacturing in India, BYD relies on its assembly plant in the southern city of Chennai, which has annual capacity of 10,000 to 15,000 units, to meet Indian demand. The company also imports most cars it sells in India, but hefty duties — aimed at shielding domestic firms — effectively double the cost of a vehicle and India restricts volumes unless a model has received a local roadworthiness certificate. While tensions between China and India are thawing, it's unclear whether curbs on professional visas will be lifted or if BYD will ever be welcomed with open arms. Still, there are tentative signs of progress. Earlier this month, India allowed Chinese nationals to apply for tourist visas again.
Bloomberg
2 days ago
- Automotive
- Bloomberg
Toyota's Internal Inertia Stifles Digital Transformation Effort
Inside Toyota Motor Corp., a group of employees are worried about the company's future in an era when a car's software matters just as much as its sheet metal. The world's biggest automaker is known for churning out reliable cars like clockwork, but it's been struggling to keep up with Elon Musk's Tesla Inc., China's BYD Co. and other frontrunners in the industry's shift toward electric vehicles with sophisticated software.
Mint
3 days ago
- Automotive
- Mint
Tesla Engineering VP Moravy Says Company in ‘Big Swing Moment'
(Bloomberg) -- Tesla Inc. engineering executive Lars Moravy said the company is in a 'big swing moment' with its forthcoming products as he gave a wide ranging talk at a San Francisco Bay area gathering of customers and retail investors Saturday. Moravy, Tesla's vice president of vehicle engineering, said he's personally most excited about Semi truck — built at the company's factory near Reno, Nevada — and called it key to the company's mission. He spoke at the 'X Takeover,' a day-long event in San Mateo. 'We take big swings, and sometimes that risk can come with a lot of downside,' said Moravy, who has been with Tesla for over 15 years. 'We're in a big swing moment right now with autonomy, Robotaxis, with Optimus and with Semi.' Optimus is the company's humanoid robot. Previous 'Tesla Takeover' events, sponsored by the Tesla Owners of Silicon Valley club, focused on the electric vehicle maker. This year's gathering, which drew scores of longtime Elon Musk fans, expanded to encompass SpaceX and the other companies in Musk's overlapping business empire. Musk also spoke via video conference late in the afternoon. Moravy's appearance and remarks served as a rallying cry for fans of Tesla and Musk in the face of severe challenges across the core automotive business. Tesla is losing market share as sales of its aging lineup fall in key markets around the world. That includes California, its former home where sales have declined for the last seven quarters. President Donald Trump's signature tax plan ends the $7,500 tax credit for EV buyers that have helped support the market for years. It also makes key regulatory changes that Tesla executives have acknowledged will hurt revenue and profit. On Tesla's earnings call Wednesday, executives said the company started producing a more affordable EV in June, but it won't be widely available until later this year so Tesla can prioritize making and selling as many of its current cars before the tax credit expires at the end of September. The new model, which Musk said would resemble the Model Y, is seen as crucial to buoying sales. Tesla makes five consumer vehicles: the Model S, X, 3, Y and the Cybertruck. Moravy oversees a team of nearly 6,000 engineers who are working on several programs. He joined the company from Honda Motor Co. in 2010, the year that Tesla went public. He's since been deeply involved in engineering every Tesla vehicle, and works closely with chief designer Franz von Holzhausen. On display at the event was Tesla's forthcoming 'Cybercab,' a two-seat autonomous vehicle designed without a steering wheel, as well as Optimus. Musk has made it clear that robotics, artificial intelligence and autonomous driving represent Tesla's future. The company is offering limited rides in Austin with Model Y vehicles that are not fully self-driving, and is expected to expand to the Bay Area sometime this weekend. In California, Tesla has a permit to offer rides in a non-autonomous vehicle that has a driver. The company does not have permits to deploy autonomous vehicles in the state. More stories like this are available on
Bloomberg
3 days ago
- Automotive
- Bloomberg
Tesla Engineering VP Moravy Says Company in ‘Big Swing Moment'
Tesla Inc. engineering executive Lars Moravy said the company is in a 'big swing moment' with its forthcoming products as he gave a wide ranging talk at a San Francisco Bay area gathering of customers and retail investors Saturday. Moravy, Tesla's vice president of vehicle engineering, said he's personally most excited about Semi truck — built at the company's factory near Reno, Nevada — and called it key to the company's mission. He spoke at the 'X Takeover,' a day-long event in San Mateo.
Yahoo
5 days ago
- Business
- Yahoo
Trump Denies Wanting to Destroy Elon Musk's Firms
(Bloomberg) -- Donald Trump denied he was seeking to ruin the business empire of his onetime ally Elon Musk as retribution for their dispute over the US president's signature tax law. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom 'Everyone is stating that I will destroy Elon's companies by taking away some, if not all, of the large scale subsidies he receives from the U.S. Government. This is not so! I want Elon, and all businesses within our Country, to THRIVE,' Trump posted Thursday on social media, though it was unclear exactly what comments he was responding to. 'The better they do, the better the USA does, and that's good for all of us. We are setting records every day, and I want to keep it that way!' the president added. Shares of Tesla Inc. closed 8.2% lower in New York on Thursday after the company reported a steep drop in revenue and Musk warned of difficult times ahead for his electric vehicle maker. The stock has declined more than 24% this year through Thursday's close. 'The 'subsidies' he's talking about simply do not exist,' Musk said in a post on X on Thursday. 'DJT has already removed or put an expiry date on all sustainable energy support while leaving massive oil & gas subsidies untouched.' The comments mark the latest twist in the tumultuous relationship between two of the world's most powerful figures, after a falling out that has led Musk to unleash a barrage of attacks on Trump and float the creation of a new political party. The US president in response threatened to terminate Musk's government contracts and subsidies. Both men subsequently moved to make amends, but the damage was done to Musk's business interests. In a quarterly earnings statement Wednesday, Tesla cited the loss of electric vehicle subsidies and increased tariffs — both Trump policies — as two headwinds for its car-making and energy businesses. Musk on Wednesday warned the EV maker would be in transition for the next year after losing tax incentives in the US and needing time to roll out autonomous vehicles. 'We probably could have a few rough quarters,' Musk said. Tesla Chief Financial Officer Vaibhav Taneja also said Wednesday that Trump's fiscal package has 'certain adverse impacts' on its energy business, most notably on residential storage because of the early expiration of consumer tax credits. 'The challenges of the storage business, therefore, remain both from the bill and from tariffs, and we're doing our best to try and manage through this. But it will — we will see shifts in demand and profitability,' Taneja said on an earnings call. Tariffs increased costs by around $300 million to the company's automotive and energy businesses in the second quarter, Taneja added, with costs expected to increase in the coming quarters. Earlier: Musk Pledges to Remain Trump Adviser After Washington Exit Musk in May left his government post, in which he oversaw the Trump's government cost-cutting initiative to return to his companies, which have many links to the US government. SpaceX is a key government contractor with both the National Aeronautics and Space Administration and the US military. Tesla, which accounts for the bulk of Musk's wealth, for years has benefited from a $7,500 tax credit for EV purchasers, as well as the sale of regulatory credits that rival carmakers purchase to comply with federal tailpipe emissions and fuel economy standards. Tump's fiscal package signed into law on July 4 undercut both of those support mechanisms. It eliminated civil penalties that automakers had been required to pay US regulators that oversee US fuel economy requirements. During their dispute, Musk threatened to decommission SpaceX's Dragon spacecraft, a vital capsule that NASA uses to send astronauts and supplies to the International Space Station. Musk later walked back the threat and SpaceX continues to launch Dragon vehicles. In his latest post on Thursday, Musk clarified that 'SpaceX won the NASA contracts by doing a better job for less money.' The Trump-Musk feud became intensely personal at its peak, with the world's wealthiest man posting (then deleting) a claim on X that Trump's name appeared in files related to the late, disgraced financier and sex offender Jeffrey Epstein and that the White House had covered it up. Those accusations have taken on a new significance as Trump has become embroiled in a controversy over his handling of the Epstein documents, which has provoked the wrath of some of his own supporters who say the president's team has gone back on its vow for transparency. A Republican-led House committee subpoenaed Epstein's convicted accomplice, Ghislaine Maxwell on Wednesday to testify next month, while the Wall Street Journal reported that Attorney General Pam Bondi 'informed the president at a meeting in the White House that his name was in the Epstein files' along with 'many other high-profile figures.' 'This is nothing more than a continuation of the fake news stories concocted by the Democrats and the liberal media,' White House Communications Director Steven Cheung said in a statement in response to the Journal report. --With assistance from Loren Grush, Gregory Korte, Ryan Beene and Kara Carlson. (Updates shares, adds Musk's comments via social media in the fifth and 18th paragraphs.) Burning Man Is Burning Through Cash Elon Musk's Empire Is Creaking Under the Strain of Elon Musk It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme A Rebel Army Is Building a Rare-Earth Empire on China's Border ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
