Chinese automotive giant BYD has experienced a decline in profits amid a slowdown in electric vehicle (EV) demand and a price war in the largest car market globally. The company reported earnings of $630 million (£502 million) for the first quarter, a drop of over 47% from the previous quarter.Read More →
The company intends to reduce its global workforce by over 10%, amounting to roughly 14,000 employees As of December, Tesla had a total of 140,473 employees worldwide. This decision is believed to be a response to the obstacles Tesla is encountering with slowing growth and operational effectiveness and cheaper competition. In anRead More →
The EV named ‘Seagull’ sub $10,000 price tag. This vehicle will likely take-off! Global automakers are becoming increasingly concerned that Chinese competitors, such as the Warren Buffett-endorsed BYD, might saturate their EV market with cheaper EVs, potentially undermining local production and reducing vehicle prices. Concerns have been raised that thisRead More →
The tyre industry is marked by fierce competition, static growth, and slim profit margins. But that is about to change. In recent years, the total market value has consistently hovered around $50 billion, with an annual growth rate of approximately 2%, according to research. However, the advent of electric vehiclesRead More →