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Electric Cars

Elon Musk’s fortune and Tesla shares both fell due to a sharp drop in the popularity of the company’s electric vehicles in China

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According to several sources, the volume of orders for Tesla electric vehicles in China fell to 9,800 cars in May, while more than 18,000 vehicles were ordered in April.

After that, the value of Tesla shares in China fell by 5.3%, and the fortune of the founders and the leader of the company Elon Musk (Elon Musk) fell by almost 7 billion dollars.

Tesla has faced a number of challenges in China lately. Specifically, customer complaints about a brake pedal have led the Chinese media to accuse Tesla of arrogance, price hikes, customer dissatisfaction with product quality, and so on. In addition, Tesla faces increasing competition from local Chinese manufacturers.

On May 11, Tesla abandoned the expansion of its Shanghai plant to become a global export hub amid uncertainties in US-China relations. This plant allows the production of about half a million electric vehicles per year for the market of China and other countries in Asia and Europe.

Over the year, Tesla shares in China fell about 15%, and compared with the high on January 29, they are down more than 35%.

Elon Musk yesterday announced the cancellation of the fastest car Tesla Model S Plaid Plus.

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Electric Cars

Li Auto L9 has become a super hit in China. $68,720 large hybrid crossover gets more than 30,000 orders in just three days

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Li Auto L9 has become a super hit in China

The Chinese response to the Mercedes-Benz GLS and BMW X7 was very successful: the Li Auto L9, introduced in China earlier in the week, was a hit. In 72 hours, more than 30,000 orders were placed for the car. This, of course, is not the level of Cybertruck, but Li Auto is not Tesla either. However, the car is very warmly received in the home market. Pre-orders with a $750 deposit will be accepted until July 15th.

Li Auto L9 has become a super hit in China.  $68,720 large hybrid crossover gets more than 30,000 orders in just three days

Recall, Li Auto L9 is a large hybrid crossover, its length is 5218 mm, and the wheelbase is 3105 mm. As part of the power plant of the car – two electric motors with a total power of 449 hp. and a conventional 1.5-liter turbocharged internal combustion engine that charges the traction battery. In purely electric mode, the Li Auto L9 is capable of driving up to 215 km, the power reserve on a full tank is 1315 km. The car is luxuriously decorated inside, and they ask for the equivalent of $68,720 in China.

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Electric Cars

Tesla is demanding refunds for its vehicles from corporate customers in China. But this is not extortion – it is written in the contract

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Tesla is demanding refunds for its vehicles from corporate customers

According to a source citing Chinese media, Tesla China is demanding a refund (in the amount of a state subsidy for the purchase of an electric car) from those of its customers who purchased a car but did not drive 20,000 km in 2 years. Where did such strange demands come from?

Tesla is demanding refunds for its vehicles from corporate customers in China.  But this is not extortion - it is written in the contract

It’s all about Chinese government measures to encourage the purchase of electric vehicles. The corresponding state subsidies program was introduced in 2010, and in 2012 a big plan was adopted, which assumed an increase in sales of electric vehicles in the country from 2012 to 2020 to five million units. In China, a boom in sales of cars with state subsidies began, but not all manufacturers and sellers of electric vehicles turned out to be honest. Many cheated – illegally registering cars, installing batteries of the minimum capacity, just to guarantee a discount, some misled buyers, and others created a division that allegedly sold electric cars to the parent company.

Naturally, all these machinations did not go unnoticed. In 2016, the government adjusted the policy and introduced a mileage requirement for electric vehicles purchased for commercial purposes: 30,000 km in 2 years. This was done on purpose – to cut off “purchases”, which were then sent to idle time (in reality or on paper). A little later, the requirement was adjusted – up to 20,000 km in 2 years of run. And that’s exactly what Tesla refers to its non-fulfillment.

On June 21, an official Tesla letter addressed to corporate customers appeared on the Web. The company demanded a refund of money equivalent to a government subsidy from them. Naturally, the requirement applies only to those companies that have not met the mileage limit established by law. The company points out that since the corresponding mileage on the car was not achieved, the company was unable to apply for compensation for the cost of the car in the amount of the subsidy. One could call it extortion, but no: the corresponding clause of the contract is present in the contract for the sale of an electric car. So everything is fair.

I must say that Tesla is not alone: ​​other local companies like Asiastar Bus and Ankai Automobile are also demanding a corresponding refund. At the same time, local EV flagships NIO, XPeng and BYD do not demand anything from corporate customers if they fail to meet EV mileage requirements.

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Electric Cars

Tesla produces “the most American cars”. Ford, Chevrolet and General Motors didn’t even make the top 10

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Tesla produces the most American cars Ford Chevrolet and General

The Tesla Model Y and Model 3 electric vehicles topped Cars.com’s “Most American Cars” ranking.

When compiling the rating, the following are taken into account:

  • Place of manufacture of the car
  • Place of production of parts
  • American jobs created by its production

Tesla produces

Tesla dominates the top ten, with four of its EVs in the top six. Here are the “most American cars” according to Cars.com:

  1. Tesla Model Y
  2. Tesla Model 3
  3. Lincoln Corsair
  4. Honda Passport
  5. Tesla Model X
  6. Tesla Model S
  7. Jeep Cherokee
  8. Honda Ridgeline
  9. Honda Odyssey
  10. Honda Pilot

Tesla is the only major automaker to claim 100% domestic production of all the vehicles it sells in the US, well above the industry average of around 52%.

Cars.com

Interestingly, American brands such as Ford, Chevrolet and General Motors did not make it into the top ten.

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