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Tesla Faces Competition In China

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Business Insider reports that Tesla is beginning an aggressive push into China's electronic vehicle market. Model 3s on the way and a factory under construction in Shanghai. China is the biggest market for EVs in the world. Making things complicated for Tesla? A weak Chinese economy, and an end to consumer subsidies. A Chinese Consulting firm, Sino Auto Insights, told Business Insider Tesla is "preparing for battle."

Added on the 14/02/2019 07:23:34 - Copyright : Wochit

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  • Tesla To Expand Model 3 Market

    Tesla Inc. has yet to obtain approval from authorities in Europe to begin selling the Model 3 in the region, though this is not expected to impede the automaker from starting deliveries next month, according to a person familiar with the matter. And Tesla said on Friday it plans to start delivering Model 3s to China customers in March. The company has been working in close collaboration with authorities and expects to receive certification after some personnel return from the holidays, said the person, who asked not to be identified because the deliberations are not public. This timing is in line with what Tesla has been targeting for months, the person said. Starting Model 3 deliveries in Europe is a key priority for CEO Elon Musk. He has pointed to sales of the sedan in Europe and China as a main reason he is not concerned about any potential setback caused by the U.S. federal tax credit toward Tesla purchases halving to $3,750 as of Jan. 1. Tesla is targeting the BMW 3 series and VW Golf with its Model 3. While pickup trucks and SUVs account for about 70 percent of U.S. vehicle sales, Europeans still favor cars. “We’re excited to bring Model 3 to Europe and China early next year, given that the market for midsize premium sedans in those regions is even larger than in North America,” Musk said during the October earnings call. Tesla previously obtained approval for safety, noise, environmental and production requirements through the Dutch regulator known as RDW. Under European Union rules, once an automaker’s new vehicle has been certified by one national authority, the approval is applicable across the trade bloc. The company has started receiving systems-type approval for components of the vehicle and is awaiting whole-vehicle-type approval, which is expected to be imminent, the person said. Therese de Vroomen, a spokeswoman for RDW, said the vehicle authority does not provide information about its type approval process. Concerns about the shrinking U.S. tax credit and Tesla’s decision to cut prices by $2,000 to partially offset the lower incentive sent the automaker’s shares plunging 9.7 percent during the first two trading days of the year. The company also reported fourth-quarter deliveries Wednesday that fell just short of analysts’ estimates. China plans March deliveries in China would cement a time frame that Musk signaled late last year. Tesla, which aims to accelerate Chinese sales that have been hit hard by the impact of trade tension between Washington and Beijing, said in a statement the starting price for a Model 3 in China would be 499,000 yuan ($72,000). Tesla cut prices for its Model 3 last month, the third time in the last two months for the firm to adjust prices in China. In November, Tesla cut the prices of its Model X and Model S in China by 12 to 26 percent. Gigafactory Tesla has opened a tender process to build a $2 billion plant in Shanghai -- dubbed a Gigafactory -- and at least one contractor has started buying materials, Reuters reported earlier last month. The automaker has said it aims to initially produce about 3,000 Model 3 vehicles per week at the plant and localize its manufacturing and supply chain. The factory, Tesla's first in China, marks a major bet by the EV maker as it looks to bolster its presence in the world's biggest auto market where it faces rising competition from a swathe of domestic rivals, while its earnings have been hit by increased tariffs on U.S. imports. Reuters contributed to this report.

    04/01/2019 - Wochit
  • China faces up to new payment technology

    China's mobile payment infrastructure is already among the most advanced in the world, but the latest technology being rolled out across the digitally-savvy country means paying by scanning your phone will soon be old hat.

    04/09/2019 - AFP EN
  • Beyond Meat Faces Stiff Competition

    The FDA will allow Impossible Foods to sell its burgers in American groceries. Impossible Meats uses a protein-based color additive to make its burgers look and "bleed" like real meat. It's called leghemoglobin. The FDA sys it's safe. This means Impossible is now a direct competitor to Beyond Meat. In premarket trading Beyond was down 6%, set to wipe over $700 million off its market capitalization.

    01/08/2019 - Wochit
  • Uber Eats Faces Massive Competition

    Uber Eats, Uber's food-delivery arm, has major competition in Europe. Business Insider reports that two massive rivals agreed to an £8.2 billion, or $10 billion, merger. The Dutch firm Takeaway.com has agreed to acquire the UK's Just Eat. The deal makes what could be the biggest food-delivery company in the world. Neither firm operates in the US. Both have strong market share in the UK, Germany, the Netherlands, and Canada.

    29/07/2019 - Wochit
  • Tesla Makes Big Rally Ahead Of Annual Meeting

    On Monday, Tesla surged after logging its best week since October. Some analysts are optimistic over the demand picture for Tesla's cars after fears over demand drove shares lower by 46% this year. On Monday, one Tesla analyst upgraded the stock. The upgrade came after the analyst met with electric-car makers in China who are more optimistic about Tesla. The rally comes as Tesla is scheduled to host its annual shareholder meeting on Tuesday.

    11/06/2019 - Wochit
  • China Just Put Tesla On Notice

    According to Business Insider, Tesla recently said in a Weibo post from its official account that it would provide 0% financing and a license plate rental service for customers in Beijing. Tu Le, the founder of Sino Auto Insights, a Beijing-based consultancy, told Business Insider, said that renting out license plates in the region is "technically illegal.

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