FT News Briefing The race for electric vehicle supremacy
Jul 6, 2022
Political upheaval shakes the UK as key ministers resign, putting Boris Johnson's leadership to the test. In the electric vehicle race, BYD, a Chinese manufacturer, surpasses Tesla in sales, highlighting a shift in market dynamics. China's aggressive fundraising for EV batteries signifies its ambition for tech supremacy, prompting a global response from automotive giants. The implications are widespread as the electric vehicle landscape transforms, revealing challenges and opportunities in this high-stakes industry.
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Cabinet Resignations
- UK Health Secretary Sajid Javid and Chancellor Rishi Sunak resigned, signaling potential trouble for Prime Minister Boris Johnson.
- Their resignations, seemingly coordinated, reflect disapproval of Johnson's leadership and economic policies.
Oil Price Drop
- Recession fears caused a significant drop in oil prices, with Brent crude falling almost 10%.
- This decline impacted oil company stocks, with ExxonMobil and Shell experiencing losses.
BYD Outsells Tesla
- BYD, a Chinese electric vehicle maker backed by Berkshire Hathaway, outsold Tesla in the first half of 2023.
- Chinese EV battery companies are raising substantial funds to solidify their global dominance in the industry.