Musk pays visit to Shanghai plant

Tesla CEO Elon Musk departed Shanghai on Thursday, wrapping up a two-day trip to China during which he met senior government officials, including the highest-ranking vice premier. Musk visited Tesla's Shanghai factory — the carmaker's largest production hub — late Wednesday. A video released by Tesla showed Musk praising employees for "overcoming so many difficulties and challenges".He had earlier met with China's foreign, commerce and industry ministers in Beijing and dined with the chairman of battery supplier CATL. This was Musk's first visit to China in more than three years.

Geely exploring possible Thailand venture

Major Chinese automaker Geely is in the early stages of planning an entry to Thailand's electric vehicle market, including weighing models for import and local manufacturing, Reuters reported on Wednesday. According to the news agency, Geely's considerations include whether to market an entry-level electric car in Thailand in addition to an electric pickup truck from its new Radar brand. Narit Therdsteerasukdi, secretary-general of Thailand Board of Investment, confirmed discussions with five major Chinese EV makers were held during a visit to China in April. Along with Geely, the others were BYD, Changan Automobile, JAC Motors and Jiangling Motors.

Mitsubishi remaining on hold in China

Mitsubishi Motors will extend a suspension of its production in China beyond May, Japan's Yomiuri newspaper reported on Tuesday, highlighting struggles the Japanese manufacturer faces in the world's largest auto market. Mitsubishi is discussing when to resume production in China with its local partner, a company spokesperson said. The Japanese company said last month it had halted production of its Outlander SUV in China until the end of May and would take a $78 million charge for slowing sales at its joint venture with State-owned GAC Group.

Ford's Farley predicts cost drop coming

The production cost of electric vehicles might not drop to that of gas-powered cars until after 2030 when the process becomes simpler and less labor intensive, Ford CEO Jim Farley said on Wednesday. Farley said at an investor conference that EVs would remain more costly than their internal combustion engine counterparts until the second- and third-generation models go into production later this decade. Some analysts have predicted EV cost parity could come as soon as 2025. While Farley said between 2030 and 2035 much of the industry's EV cost savings will come from "dramatically lower labor content "because the vehicles will be simpler to build and will be fitted with smaller batteries that use cheaper materials.

April sales lift Toyota's global totals

Toyota's global sales in April rose by nearly 5 percent over the same period last year, boosted by strong demand for hybrids and gasoline-powered cars in Japan and China. The Japanese automaker also reported increased overseas sales of battery electric vehicles, lifting the number of its battery-powered units sold in the first four months of the year above the 2022 level. Toyota sold 800,863 vehicles globally in April, including its luxury Lexus brand — a 4.9 percent increase compared to the same month last year. In China, the company saw sales jump 46.3 percent year-on-year to 162,554 units in April.