Tesla's net profit fell by 45% YoY in the second quarter of 2024 to US$1.48 billion, which may indicate that the company is facing challenges with its transformation, according to market sources.
The European Union finds itself at a crossroads as it considers implementing anti-subsidy provisional tariffs on Chinese electric vehicle (EV) imports by the end of November. This move highlights the EU's complex relationship with China, balancing the need to protect domestic industries while maintaining crucial economic ties.
As Tesla CEO Elon Musk hints at delays in Tesla's Robotaxi plans, Baidu's Apollo Go (known as "Luobo Kuaipao" in Chinese) has already launched paid passenger services in 11 Chinese cities, including Beijing, Shanghai, Wuhan, Guangzhou, Shenzhen, and Chongqing.
Tesla Inc. is postponing its planned robotaxi unveiling to October to allow teams working on the project more time to build additional prototypes, according to people familiar with the decision.
Beijing will support the introduction of robotaxis in ride-hailing and car rental fleets in the city as advanced driver assistance systems become more commonplace in China.
China unveiled a list of cities nationwide for smart connected car pilot projects to promote large-scale applications of multi-scenario autonomous driving.
Chinese EV makers continue to enhance smart vehicle technology. As an emerging automotive tier-1 supplier, Huawei's car business profited in the first quarter of 2024. However, concerns about Huawei threatening automakers' authority are also growing.
Several China-based EV makers have used Nvidia's car chips in their vehicles. As Chinese automakers' reliance on US companies increases, the question of how US-China tension will affect the dynamic is drawing attention.
BYD founder and chairman Wang Chuanfu said EVs are still gaining momentum in replacing internal combustion engine vehicles. He also announced that BYD will invest CNY100 billion (US$13 billion) in smart vehicle technology development.
The Chinese Ministry of Industry and Information Technology (MIIT) has approved nine local carmakers to conduct public trials on Level 3 and Level 4 vehicle autonomy. Tesla and other foreign automakers developing the technology did not make the list for a while.
Nvidia CEO Jensen Huang said at a pre-Computex speech that Mercedes-Benz will adopt Nivida's Drive AV system in 2025 and other major carmakers will follow suit in 2026. While maintaining a leading self-driving chips and solutions provider, Nvidia is expected to face tough challenges in the coming years.
Software has become the core of automotive innovation as the era of Software-Defined Vehicles (SDV) arrives. Dr. Zhang Rixin, CEO of Vector China, said the architecture of automotive software will grow more complex. Moreover, SDVs will break the linear automotive supply chain and turn it into a network.
LG Innotek and Hyundai Mobis have jointly applied for patents for LiDARs used in self-driving cars as LG Group and Hyundai Motor Group expand their collaboration on automotive electronics. LG Innotek plans to begin mass production of solid-state LiDARs in the second half of 2024.
Tesla is said to proceed with a plan to launch its Full Self-Driving (FSD) software in China. The EV company is on track to register the technology and aims to activate the service later this year.
Tesla no longer emphasizes a sales target of 20 million vehicles by the end of this decade as the company accelerates the development of autonomous driving, its 2023 impact report showed.
After Tesla reported weaker-than-expected sales in the first quarter of 2024, CEO Elon Musk has taken several measures to maintain the company's leadership in the EV sector. However, these approaches seem to have achieved limited success and caused an unexpected setback.
Following reports of Apple's withdrawal from the development of self-driving electric vehicles, Samsung Electronics is reportedly discontinuing its preliminary research on software algorithms for autonomous vehicles. The company will shift its focus to research and development in robotics due to uncertain commercialization prospects for self-driving technology.
Hesai Technology Co., a developer of sensor technologies used in self-driving cars, is suing the US Department of Defense for including it on a list of companies accused of aiding China's military.
The US-China trade relationship will likely exacerbate as the US might take "extreme action" on Chinese-made connected cars. The Biden administration is also considering new tariffs on several sectors China dominates, including EVs.
