Discounts affect Mercedes' share value

Mercedes-Benz said it had cut prices on some of its EQE and EQS models in China due to changing market demand for top-end electric vehicles. It triggered a 6.7 percent fall in the premium carmaker's share price on Wednesday. Europe's automobile and parts slid 4.06 percent on the move, which highlights the challenges for foreign automakers struggling to break into China's growing EV market. Sales of EVs in China are up 110 percent year-to-date. A Goldman Sachs report said incentives like tax breaks have kicked in to motivate consumers to move away from internal combustion cars.

Shorter waiting time for Tesla buyers

Tesla has cut the delivery waiting time for all Model 3 and Model Y vehicles to a minimum of one week, it said on its website on Tuesday. The United States electric vehicle maker added to its electric vehicle inventory in Shanghai at its fastest pace ever in October, data from China Merchants Bank showed. It comes at a time when automakers and investors are bracing for a downturn in the world's largest car market. Tesla cut prices for its Model 3 and Model Y cars in China in October to boost sales. The company offered an additional rebate for buyers who take delivery in November and who buy insurance from one of Tesla's partners.

BYD scraps plan to list semiconductor wing

BYD said on Tuesday it had scrapped plans to list its semiconductor unit in China. It said a move to increase investments in wafer production would significantly affect the unit's asset structure. "BYD Semiconductor intends to seize the time window to make large-scale investment in wafer production capacity," BYD said in a filing to the Shenzhen Stock Exchange. It added that current wafer supplies were far from enough to meet demand amid rapid growth in electric vehicle manufacturing. Scrapping the planned initial public offering will not have a material adverse effect on the company's operations or the future development strategies of the group, the automaker added. According to the IPO prospectus, the chip unit aimed to raise 2 billion yuan ($281 million).

Major European countries sign up to eco pledge

France and Spain on Thursday joined a pledge to stop sales of gasoline vehicles by 2035. This is five years earlier than planned, as part of efforts to accelerate the transition to a low-carbon economy. The countries made their pledges at the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change in Sharm el-Sheikh, Egypt. They are among a group of new signatories to the Zero Emission Vehicles Declaration, launched at 2021's conference in Glasgow. Signatories, including countries, municipalities and companies, have pledged to shift to 100 percent sales of zero-emission vehicles by 2035 in leading markets and by 2040 across the globe.

Financial deal paves way for Faraday production

Faraday Future said last week it had signed a deal to raise up to $350 million as the electric vehicle startup looked to roll out its FF 91 luxury SUV. The California-based company said that financing from an affiliate of Yorkville Advisors at an initial commitment of $200 million gives it financial flexibility to help start production and deliver its car to customers. Faraday Future settled a governance dispute in September and raised $100 million after it said a "misinformation campaign" and threats against some board members had affected its fundraising efforts.

Polestar issues caution for fourth-quarter results

Polestar reported a smaller third-quarter operating loss as revenue more than doubled and the company cut spending, which sent shares soaring 25 percent in early trading. However, the electric vehicle maker warned that higher raw material costs would start to hurt later in the year. The Swedish carmaker, founded by China's Geely and Volvo Cars, posted an operating loss of $196.4 million, down from $292.9 million in 2021. Revenue rose to $435.4 million from $212.9 million. Polestar, which listed on the Nasdaq exchange in June via a merger with a special-purpose acquisition company, said rising costs for raw materials used to make its batteries had not yet fully hit because of set contracts.

GM says NEVs to be profitable by 2025

General Motors says it expects its portfolio of electric vehicles to turn a profit in North America by 2025 as it boosts battery and assembly plant capacity to build more than 1 million EVs per year. CEO Mary Barra said the profit figure includes vehicle sales revenue, benefits from emissions tax credits and revenue from software and parts sales on Thursday. She added that the company's EV portfolio appeals to a broader range of customers than the competition. GM's EV lineup includes plans to sell a small SUV for around $30,000, a luxury SUV, pickup trucks and Hummer SUVs in the next two years. The automaker has a goal of selling only electric passenger vehicles by 2035.