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These startups wanted to be the next Tesla. Will they survive the EV slowdown?

Livemint

Livemint · 1y ago

These startups wanted to be the next Tesla. Will they survive the EV slowdown?

Several electric vehicle (EV) startups, including Rivian Automotive, Lucid Group, Fisker, Polestar Automotive, and VinFast Auto, are facing financial challenges as they struggle to compete in the EV market. These companies have been burning through cash reserves, losing money on every vehicle sold, and experiencing weaker-than-expected sales. While they initially garnered attention and investor support, their future viability is now uncertain. Factors such as high sticker prices, limited charging infrastructure, and consumer concerns about EV reliability have contributed to a slowdown in demand. These companies are now focused on conserving cash and stabilizing operations to survive.

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EV startups attract investments, talent as others struggle

Economic Times

Economic Times · 1y ago

EV startups attract investments, talent as others struggle

Electric vehicle (EV) startups in India are defying the broader economic slowdown and attracting investments to fund their growth plans. With India's focus on sustainability and clean energy, these companies have aggressive hiring and funding strategies in place. Despite the overall slowdown in the startup sector, experts believe that EV startups are an outlier in terms of hiring and funding prospects.

Tesla warns of slower volume growth in 2024 after margin falls

Reuters · 1y ago

Tesla warns of slower volume growth in 2024 after margin falls

Tesla has warned of a notable slowdown in vehicle sales growth and reported a decline in fourth-quarter gross margin. The company attributed the slowdown to teams working on the launch of the next-generation vehicle at Gigafactory Texas. Tesla did not reiterate its goal of achieving a 50% annual growth rate. The automaker is facing increasing competition in the EV market as demand softens and rivals like BYD offer more affordable and varied model lineups. Tesla's gross margin for the fourth quarter was 17.6%, down from 23.8% in the same period last year.

Now, Rajasthan Joins The Race To Attract Tesla India Plant

Inc42 · 1y ago

Now, Rajasthan Joins The Race To Attract Tesla India Plant

Tesla executives have reportedly met with the government of Rajasthan, India, as they search for a suitable location to set up manufacturing facilities in the country. Other states, including Gujarat, Tamil Nadu, and Maharashtra, are also in the running. Tesla CEO Elon Musk is visiting India on 21-22 April, where he is expected to meet with Prime Minister Narendra Modi and make major announcements regarding Tesla and Starlink. Additionally, Musk will meet with spacetech startups during his visit. India recently introduced a policy to incentivize EV manufacturers to establish manufacturing plants in the country.

Xpeng to launch cheaper EV brand amid fierce China price competition

Economic Times

Economic Times · 1y ago

Chinese EV manufacturer Xpeng plans to launch a more affordable brand of electric vehicles, entering the fiercely competitive segment as the industry faces intense price competition. The new brand's models, set to launch within the next month, will be priced between 100,000 and 150,000 yuan ($14,000 - $21,000), compared to the 200,000-300,000 yuan range typically seen in the premium EV market. Xpeng aims to introduce different models with varying levels of intelligent driving capabilities under the new brand, catering to younger customers. This move comes as China's EV market experiences a slowdown in sales.

Watch: Why little EVs from Rivian and Telo could thaw the EV winter

TechCrunch · 1y ago

Watch: Why little EVs from Rivian and Telo could thaw the EV winter

Despite a slight slowdown in the electric vehicle (EV) industry, it should not be a cause for concern when considering the long-term perspective. Tesla anticipates slower growth in car sales this year, and other companies may also be scaling back their EV plans. However, there are promising signs for the future of EVs. Upcoming models, such as Rivian's R3 and Telo's developments, showcase innovative designs that deviate from traditional gas-powered vehicles. This disruption in design is a positive step forward as it allows for innovations in other aspects of the vehicle.

Startups turned to venture debt amid funding winter. Now they’re facing the heat

Livemint

Livemint · 1y ago

Startups turned to venture debt amid funding winter. Now they’re facing the heat

Indian startups, including the Good Glamm Group, Reshamandi, and Arzooo, are negotiating extensions with venture debt backers, as they struggle to repay loans amid a challenging macroeconomic environment. The requests for extended repayment timelines highlight the difficulties faced by startups in securing funding during the funding winter. Venture debt is a financing option used by early and growth stage companies to support liquidity concerns until their next fundraising round. Lenders must decide which startups are likely to survive and may offer concessions based on potential for recovery and support from equity investors.

Tesla files trademark infringement case in Delhi High Court

Livemint

Livemint · 1y ago

Tesla files trademark infringement case in Delhi High Court

Tesla Inc. has filed a lawsuit against Tesla Power India Pvt. Ltd, a battery seller based in Gurgaon, for trademark infringement. The Delhi High Court issued a notice and instructed Tesla Power to refrain from using the Tesla trademark in promotional advertisements. Tesla argued that the use of the similar trademark by Tesla Power was causing confusion among consumers and harming their business. However, the court criticized Tesla for lack of urgency and stated that Tesla Power should be given the chance to present their case. Tesla Power clarified that they are selling lead acid batteries, not EV batteries.

Tesla tumbles after CEO Elon Musk warns of slower growth in 2024

Reuters · 1y ago

Tesla tumbles after CEO Elon Musk warns of slower growth in 2024

Tesla's stock tumbled 7% after CEO Elon Musk warned of slower sales growth this year, despite recent price cuts. Musk stated that growth would be "notably lower" as Tesla focuses on a new electric vehicle to be produced in Texas. This announcement has raised concerns among investors, causing Tesla's market value to potentially decrease by $50 billion. The EV industry has been experiencing a slowdown in demand, and Tesla's price cuts are expected to add further pressure on the industry.

Tesla's V4 superchargers begin operation in China

Economic Times

Economic Times · 17d ago

Tesla's V4 superchargers begin operation in China

Tesla has introduced its first V4 superchargers in China, now operational in locations like Shanghai, Chongqing, Gansu, and Zhejiang. The automaker plans to expand these chargers to additional regions such as Beijing and Guangdong. These superchargers are unique as they will be accessible to other electric vehicle brands, not just Tesla vehicles. This move is part of Tesla's strategy to increase the availability and functionality of charging infrastructure across China.

Top Indian unicorns continue to add talent despite funding, growth challenges

Economic Times

Economic Times · 1y ago

Top Indian unicorns continue to add talent despite funding, growth challenges

Despite facing funding challenges and a slowdown in the startup sector, top Indian unicorn startups have continued to hire talent. Data from the top 15 unicorns showed that although they let go of 33,000 employees over the past year, they also hired 58,000, resulting in a net headcount growth of 25,000. This reflects the resilience and attractiveness of these startups among talent. Furthermore, the analysis revealed that there was a significant lateral exchange of talent within the top 15 unicorns. Despite the challenging environment, these startups have managed to retain and attract talent, showcasing their ability to navigate through tough times.

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