China's EV slowdown drags down Nvidia's ‘next billion-dollar business'

📆 2023-08-25 10:21:00
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Chipmaker Nvidia this week soundly beat analysts’ expectations for major revenue lines — except in automotive — as Chinese demand for electric cars moderates.

Nvidia jumped into the automotive opportunity relatively recently.

In an annual report in late February 2022, the company claimed it had $11 billion worth of automotive projects lined up over the next six years. A year later, Nvidia said in its annual report that automotive project pipeline was now worth $14 billion over the next six years. But in May, Nvidia said quarter-on-quarter automotive revenue growth"moderated as some NEV customers in China are adjusting their production schedules to reflect slower-than expected demand growth."In July, retail sales of new energy passenger cars fell by 3.6% from June to 641,000 vehicles, according to the China Passenger Car Association. It said sales for the first seven months of the year are up by about 36% from a year ago.

The slowdown in the fast-growing segment comes as penetration of new energy vehicles, which include hybrid and battery-powered cars, this year reached about one-third of new passenger cars sold in China, according to trade association data.

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