Li Auto surged ahead of Nio and XPeng in November EV deliveries, reporting a significant increase year-over-year. XPeng also saw strong growth, driven by the success of its Mona M03, while Nio’s deliveries increased despite a slight month-on-month dip.
U.S. light vehicle sales in October are projected to remain on par with the ongoing trend, with S&P Global Mobility expecting a year-over-year increase of 11% based on a volume estimate of 1.315 million units. This growth, attributed to two additional selling days compared to last year, translates to a seasonally adjusted annual rate (SAAR) of 15.9 million units. The report highlights the potential for automakers to offer consumer support amidst high interest rates and persistent vehicle price pressures, while an inventory surge also signals potential for further sales growth.
Tesla announced plans to cut 400 jobs at its German gigafactory near Berlin. The company cited a weakened electric car sales market and intends to implement the cuts through a voluntary program. Tesla’s Gruenheide site currently employs over 12,000 staff, and the carmaker had previously parted ways with around 300 temporary workers as part of plans for global cuts of around 10%. The move comes ahead of Tesla’s first-quarter results announcement later on Tuesday, with investors anticipating the group’s lowest gross profit margin in more than six years due to declining demand for electric vehicles.
