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China's Baidu, Geely say 'huge changes' in EV landscape behind cuts
Economic Times
·
7m ago
Medial
Chinese tech giant Baidu and car manufacturer Geely have announced staffing and operational cuts at their joint electric auto venture, Jiyue, attributing the changes to significant transformations in the EV industry. The companies stated that the previously established business plan could not be implemented due to changes in the competitive landscape. The number of affected employees is unclear, but Baidu and Geely assured that they would address payment issues promptly. This development highlights the challenges faced by Chinese EV companies in a highly competitive market, with potential ramifications for other brands in the future.
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Apple can’t do cars. Meet the Chinese tech giants that can
Livemint
·
9m ago
Medial
Chinese tech firms such as Baidu, Huawei, and Xiaomi are making their mark in the car industry, leveraging their expertise in software, hardware, and autonomous driving technology. These companies are targeting the Chinese market, where young consumers value software and entertainment systems in cars. Baidu has partnered with Geely to establish JIDU, focusing on providing technology for voice recognition and autonomous driving software. Huawei assists carmakers like Seres with software and hardware in exchange for a percentage of sales. Xiaomi, on the other hand, recently received permission to produce its own vehicles. However, profitability remains a challenge due to regulatory hurdles and intense price competition in China's EV industry.
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BYD slows production, delays capacity expansion at China factories, sources say
Economic Times
·
1m ago
Medial
BYD, China's leading electric vehicle manufacturer, has reduced production and postponed expansion at several factories due to rising inventory and slower sales growth. The company, which overtook Tesla as the top EV producer, has cut shifts and output by at least a third at some locations. Despite aggressive price cuts, sales fell short of targets, prompting cost-saving measures. These moves highlight challenges in China's competitive auto market, leading BYD to explore overseas opportunities to bolster sales.
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Exclusive: China commerce minister to head to Europe to make EV case
Reuters
·
1y ago
Medial
China's Commerce Minister, Wang Wentao, is set to travel to Europe in April to discuss the European Commission's investigation into China's electric vehicle industry. The investigation aims to determine whether the industry has benefited from unfair subsidies and may result in tariffs being imposed on exports. Wang will visit France and will be accompanied by representatives from companies such as BYD, SAIC, and Geely. China has disputed the claim that its EV industry has boomed due to subsidies and considers the EU inquiry to be protectionist. China overtook Japan last year as the largest car exporter.
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Chinese firms stockpile high-end Samsung chips as they await new US curbs, say sources
Economic Times
·
1y ago
Medial
Chinese tech companies, including Huawei and Baidu, are reportedly stockpiling high bandwidth memory (HBM) semiconductors from Samsung due to potential US export curbs. These firms have increased their purchases of HBM chips since early this year, making China account for around 30% of Samsung's HBM chip revenue in H1 2024. The move reflects China's desire to maintain its technology ambitions amid escalating trade tensions with the US and others, showing the impact of these tensions on the global semiconductor supply chain. The US is expected to introduce export restrictions on HBM chips as part of a new package.
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Tesla's global job cuts hit China sales team, sources say
Economic Times
·
1y ago
Medial
Tesla is laying off staff in China, its biggest market after the US, as part of its global job cuts. Falling sales and intense competition in the electric vehicle market are said to be the reasons behind Tesla's decision. The company is facing a price war with rivals like BYD and is investing in new models and artificial intelligence. Tesla's global vehicle deliveries in Q1 2019 fell for the first time in almost four years.
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EV maker Polestar secures $450 million loan facility, delays quarterly results
Economic Times
·
5m ago
Medial
Electric vehicle manufacturer Polestar has obtained a $450 million loan facility for 12 months. The company announced a delay in releasing its fourth-quarter results and annual filing for fiscal 2024, now set for April. Supported by China's Geely, Polestar is facing challenges in generating demand due to a less favorable purchasing climate and intense competition from other carmakers like Tesla.
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Baidu revenue grows 6% in Q4 as AI and advertising boost business
Economic Times
·
1y ago
Medial
Baidu, China's largest internet search engine, reported a 6% increase in fourth-quarter revenue, driven by its artificial intelligence applications and advertising business. The company's adjusted net income soared by 44% compared to the same period last year, surpassing analysts' expectations. Baidu has been investing in AI as a strategy to counter the slowing Chinese economy, with its Ernie Bot and other AI services starting to contribute to its revenue. The company's online marketing revenue also grew by 6%. Baidu's shares rose by 0.4% following the announcement.
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Tesla faces second straight year of falling sales after another bad quarter | TechCrunch
TechCrunch
·
1m ago
Medial
Tesla experienced a 13.5% drop in vehicle deliveries in Q2 2025 compared to Q2 2022, marking two consecutive years of declining sales. Despite Musk attributing past sales issues to production changes, no such disruptions occurred in Q2. Tesla's attempt to boost sales included price cuts, promotions, and minor upgrades. Meanwhile, other automakers like Ford and Hyundai also faced EV sales declines, though GM increased U.S. EV sales through new models. Tesla's financial impact will be detailed in its July earnings report.
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Chinese internet giant Baidu posts flat revenue as consumption slumps
Economic Times
·
11m ago
Medial
Baidu, the Chinese internet giant, reported flat second-quarter revenue of ¥33.93 billion ($4.67 billion), citing an uncertain economic outlook in the country. The company, known for operating China's top search engine, derives significant sales from advertising, which is susceptible to fluctuations in consumer and business spending. Despite the challenges, Baidu's net profit for the quarter increased by five percent to ¥5.5 billion ($770 million). Baidu competes with other Chinese internet giants such as Tencent and ByteDance and has been exploring opportunities in artificial intelligence and autonomous driving to diversify its revenue streams.
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Baidu's Apollo autonomous vehicles granted licence to test in Hong Kong
Economic Times
·
8m ago
Medial
China's Baidu has been granted a license to test autonomous vehicles in Hong Kong for its Apollo robotaxi service. Baidu Apollo International Ltd will conduct trials for 10 autonomous vehicles in North Lantau, with the license valid from December 2024 to December 2029. During the trials, a backup operator will be present on board to take control if necessary. This marks Baidu's first permit for autonomous vehicle testing outside mainland China and aligns with its plans to expand its robotaxi service to other regions, including Hong Kong, Singapore, and the Middle East.
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