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China EVs rising, Tesla loses profit ground and Lyft preps for deep cuts

Variety

24-04-2023 | 07:57

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China EVs rising, Tesla loses profit ground and Lyft preps for deep cuts

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If there was any doubt that China is a leader in EVs, the Shanghai Auto Show should have erased those thoughts. China is developing and producing compelling EVs and reaping the sales as a result. (Eight of the top 10 best selling EV models in China are from Chinese automakers).

And unlike the US market, these are not just premium and luxury brands that only a slice of society can afford. BYD, the Warren Buffet-backed Chinese automaker, unveiled its Seagull EV during the show and the unassuming vehicle attracted some of the largest crowds at the show. Industry watchers believe that this vehicle , which starts 78,000 yuan ($11,300) , is poised to become the top-selling EV in the country.

China is already the world’s biggest market for EVs. But as the Financial Times noted in its coverage of the auto show, China is also set to push Japan out of the top spot for global car export volume this year after overtaking Germany in 2022.

China

EV

Electric Vehicle

Rising

Tesla

Loses

Profits

Lyft

Preps

Deep

Cuts

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