#1952 – BMW Says Tesla Playing Catch-up, $25k Tesla Built In Berlin and Volvo EV Success
Nov 4, 2023
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BMW confident in sales outlook, Tesla's affordable EV to be manufactured in Berlin, Volvo unveils new electric models, BMW positions next-gen EV batteries to surpass Tesla, Nio reduces staff by 10%, Lucid Air adjusts pricing, essential online courses for EV education.
BMW positions next-gen EV batteries to surpass Tesla in the market.
NEO plans to reduce staff by 10% in response to heightened competition in China's EV market, reflecting the competitiveness in the industry.
Deep dives
Shopify: A Platform for Selling at Every Stage of Your Business
Shopify is a global commerce platform that supports businesses at every stage of their growth. Whether you're launching an online shop or expanding to physical stores, Shopify provides the tools and support to help you sell everywhere. Their all-in-one e-commerce platform and in-person POS system cover all your selling needs. Shopify's best-in-class checkout converts browsers into buyers, and their AI-powered features make selling more efficient. With Shopify powering 10% of US e-commerce and supporting millions of entrepreneurs worldwide, their 24/7 help ensures success every step of the way.
NEO faces Staff Reduction amidst Increasing Competition in China's EV Market
NEO, a Chinese EV company, plans to reduce staff by 10% in response to heightened competition in China's growing EV market. The company aims for greater efficiency to manage expenses effectively. Increased consumer preference for plug-in models has impacted EV sales. While NEO has rebounded recently, the layoff decision reflects the competitiveness in the Chinese EV market.
Lucid Air Adjusts Pricing with Holiday Season Reduction
Lucid Air, an electric vehicle manufacturer, announces a price reduction across its lineup, offering a holiday season reduction to enhance affordability. The average cost of EVs in the US has been decreasing. Lucid Air adjusts prices for its touring and grand touring models, making them more accessible to customers. The company's financial stability, backed by significant investment, contributes to its ability to offer lower prices.
BMW Focuses on Growth rather than Price Reductions
BMW maintains a focus on growth without resorting to price reductions like other EV industry players. The company is confident in its Q3 results and robust demand for its EVs worldwide, including China. BMW's strategic approach prioritizes margin protection instead of market share expansion through lower pricing. The brand expects strong sales in the upcoming quarter without the need for price cuts.