In response to reduced U.S. electric vehicle incentives, Tesla has released more budget-friendly versions of its two most popular models. The updated standard trims of the Model 3 sedan and Model Y SUV are now priced at US$36,990 and US$39,990, respectively. These new starting prices represent a 13% decrease for the Model 3 and an 11% reduction for the Model Y compared to their longer-range versions.
The US electric vehicle (EV) market is approaching a key inflection point. On September 30, federal tax credits under the Inflation Reduction Act (IRA) — up to US$7,500 for new EVs and US$4,000 for used — are set to expire. While the change is unlikely to trigger a sharp collapse in demand, analysts say it will mark a shift toward a more fundamentals-driven market.
At the recently concluded IAA Mobility auto show in Munich, BYD, China's electric vehicle giant, outlined its roadmap for solidifying its position as the world's top EV manufacturer. With a three-pronged approach — global-scale sales, localized supply chains, and rapid-charging technology — BYD is accelerating its international expansion and distancing itself from rivals, including Tesla.
While North American consumers have yet to feel the full force of the shift, a seismic transformation is quietly rippling through the global auto industry—one that originates not in Detroit, Tokyo, or Munich, but in China. Over the past five years, Chinese electric vehicles (EVs) have surged from the fringes to the forefront of the automotive world, triggering what experts increasingly describe as a market "tsunami" that threatens to upend the status quo.
Germany's once-dominant automotive sector is facing its most profound reckoning in decades, shedding over 52,000 jobs — a 6.7% decline — in the past year alone, according to fresh data released by Destatis. Since the onset of the Covid-19 pandemic in 2019, the broader industrial sector has cut a total of 245,000 positions, with nearly half of those losses concentrated in the auto industry, according to estimates by the auditing and consulting firm EY.
South Korea is moving to dramatically expand its "MyData" initiative—a personal data portability policy—beyond its current scope in healthcare and telecommunications. The government aims to include ten major sectors by 2027, including energy, transportation, education, and retail. Under the policy, individuals will have the right to transfer their personal data collected by one company to another, reinforcing consumer control over personal information.
Hesai Group, the world's top LiDAR maker, has filed with China's securities regulator to pursue a secondary listing in Hong Kong. The move comes months after rival RoboSense Technology's Hong Kong debut in January 2024, setting the stage for another major LiDAR player to tap Asian capital markets.
China's fiercely competitive auto market is entering a new phase of high-stakes rivalry, with two private-sector titans — Geely Automobile and BYD — locked in an increasingly intense battle for dominance.
As part of its broader effort to strengthen competitiveness in the next generation of vehicles, Hyundai Motor Group is accelerating its transformation toward software-defined vehicles (SDVs)—a shift that includes not only the development of in-car software platforms but also a strategic move toward in-house automotive semiconductor development.
