General Market News

Tesla abandons the cheapest variants of X and S models, and downgrades its entire range

Tesla (NASDAQ: TSLA ) Inc has eliminated the most affordable variants of the X and S models from its product line and has adjusted prices throughout its collection, in an attempt to boost sales days after it The US electric car manufacturer announces record deliveries.

To simplify its offer, Tesla limited on Tuesday the variants of its sporty all-rounder X and the sedan S to “Long Range” and “Performance”, the latter the most expensive. It also cut the price of the basic variants of the “Long Range” series.

However, the discontinuation of cheaper variants means an increase in the entrance prices to acquire these Tesla models, which now start at $ 84,990 in Model X and $ 79,990 for Model S, excluding possible incentives shopping.

Tesla also lowered the initial price of its Model 3 for the general market to $ 38,990.

Earlier this month, Tesla said global deliveries of its three models in the second quarter rose 51% from the previous quarter with a record 95,200 vehicles. Model 3 represented around 80% of the total, underlining the vehicle’s role as the axis of Tesla’s growth strategy.

The automaker said it expects production and deliveries to continue growing in the third quarter.

General Market News

Toyota and China’s BYD team up to develop electric vehicles

Toyota Motor has announced it will develop electric vehicles together with Chinese electric components company BYD, in a sign that it wants to establish partnerships with Chinese firms to build cars with more affordable electric batteries for the world’s main market.

In a joint statement, Toyota and Chinese automaker said they would develop sport utility vehicles and sedans, which will then be sold under the Toyota brand in China by 2025.

Earlier this week, Toyota announced it was going to partner with China’s Contemporary Amerex Technology to supply and develop batteries for low-emission vehicles.

Considered one of the longest adopters of electric vehicle-related technologies compared to rivals, including Nissan, Toyota said in June that it aimed to get half of its global sales from this segment, including gasoline hybrids. , by 2025, five years ahead of schedule.

But to meet this accelerated schedule, Toyota, Japan’s largest automaker, will need more batteries than expected, forcing it to look beyond Panasonic Corp, its long-time partner in this area, to ensure the supply.

In China, Toyota plans to launch its first electric vehicle, a version of its compact crossover C-HR / IZOA, next year.