Chinese EV makers sink tracking disappointing Tesla Q3 earnings

  • 📰 Investingcom
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 53%

Business News News

Business Business Latest News,Business Business Headlines

Chinese EV makers sink tracking disappointing Tesla Q3 earnings

, as a string of price cuts weighed on the firm’s gross margin. Deliveries also weakened in the third quarter, although this was attributed to production disruptions from upgrade work at various factories.

His comments marked a shift in tone from last year, where Musk had assured investors that Tesla was “recession resilient.” Tesla’s cuts had also triggered a price war among Chinese manufacturers- a trend that is expected to almost unanimously dent profit margins for regional players. Tesla’s weak third-quarter showing likely heralds a similar trend for most Chinese EV makers.

China was a bright spot for global EV sales this year, seeing strong growth even as broader automobile sales slowed and local economic conditions deteriorated. But a bulk of this was also driven by local players, who logged record sales as the country reemerged from three years of COVID-related lockdowns.for the third quarter on higher sales and better margins. BYD shares also logged the smallest declines among their peers on Thursday.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 450. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tesla Earnings Preview: Price Cuts to Hurt Margins or Drive Market Share Growth?Stocks Analysis by Investing.com (Günay Caymaz) covering: Tesla Inc, Tesla Motors Inc, COMMERZBANK AG ZT TESLA MOTORS INC 31Dec99, Banca IMI SpA ZT Tesla 10Jun20. Read Investing.com (Günay Caymaz)'s latest article on Investing.com
Source: Investingcom - 🏆 450. / 53 Read more »