Foreign EV makers pile pressure on Tesla as U.S. backs off
Plus, BP's dire earnings lift chances of major reorg soon
In today’s edition:
— BYD and Ferrari piled the pressure on Tesla with new EV offerings as U.S. falls behind
— BP’s earnings were as bad as expected. Now comes the reorg.
— Warming ocean in Pacific appears to defy La Nina cooling effect
— Proximity to oil and gas sites raised Covid risk, research finds, as bird flu looms
— Top 10 Google data centers in terms of water usage, by location
It didn’t take long for Tesla’s TSLA 0.00%↑ international competitors to pile the pressure on the leading EV maker as the new Trump administration backs off investing in electric vehicles.
Chinese EV leader BYD unveiled a “God’s Eye” driver assistance system on Tuesday, helped with technology from AI company DeekSeek, that will directly compete with Tesla’s automated driving technology, which is still waiting approval in China. At the same time, Italian sports car maker Ferrari unveiled plans to introduce its first electric vehicle later this year and start making electric batteries.
As BYD’s shares surged in Hong Kong, Tesla’s slipped in the U.S. After surging following November’s election, the shares are now down more than 17% so far this year, in part because of investor outrage in Europe and the U.S. about Elon Musk’s new political activism.
The announcements are an important reminder for investors that international markets and foreign competitors intend to take advantage of the new U.S. isolationism in any way they can. BYD, whose least expensive model sells for under $10,000, is expanding in South America and Europe and has become the dominant model in its home China.
Whether driverless technology will become a major force in future years remains to be seen. But the addition of DeepSeek technology adds an entire new line of opportunities, as well as challenges.
Don’t forget to contact me directly if you have suggestions or ideas dcallaway@callawayclimateinsights.com.
Follow us . . . .
Twitter | LinkedIn | Facebook | Instagram
Tuesday’s subscriber insights
BP promises new direction after earnings fall by a third
Keep reading with a 7-day free trial
Subscribe to Callaway Climate Insights to keep reading this post and get 7 days of free access to the full post archives.