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Tesla s China orders fall by nearly half in May, report says

BLOOMBERG In April, one Tesla Inc. analyst speculated after its blowout first quarter of vehicle deliveries that the company might build a second car plant in China. Just six weeks later, the view is far less effusive. Months of local media attention on the safety of Tesla’s vehicles and the company’s data gathering and storage practices have raised concerns about demand. After the tech website The Information reported that net orders fell nearly by half last month, a Credit Suisse analyst said the carmaker may end up exporting more cars from China to Europe. If that shift plays out, it will mark a swift reversal of fortunes for Tesla.

Tesla s China Narrative Swiftly Shifts From Expansion to Exports

Bloomberg News, Bloomberg News Visitors look at a China-made Tesla Inc. Model Y electric vehicle at the Auto Shanghai 2021 show in Shanghai, China, on Tuesday, April 27, 2021. The Shanghai International Automobile Industry Exhibition kicked off on April 19 in China s financial hub, a multiday event aimed at showcasing the best and brightest car innovations in the worlds biggest vehicle market. Photographer: Qilai Shen/Bloomberg , Bloomberg (Bloomberg) In April, one Tesla Inc. analyst speculated after its blowout first quarter of vehicle deliveries that the company might build a second car plant in China. Just six weeks later, the view is far less effusive.

The Day - Hyundai s $900 million recall shows EV glory is no one-way road - News from southeastern Connecticut

A Hyundai Kona electric SUV shown in 2020. (SeongJoon Cho/Bloomberg) Published February 25. 2021 4:49PM  By Kyunghee Park, Bloomberg Hyundai Motor Co. s recall of nearly 82,000 electric vehicles highlights how costly the shift to the industry s new frontier can be for all the automakers piling in, to both their balance sheets and their brands. The recall mostly affects Hyundai s best-selling electric Kona crossover and stems from fire risks in battery cells produced in China by LG Energy Solution Co. It is expected to cost about $900 million (1 trillion won) and will be reflected in fourth-quarter results, though the final figure will be based on negotiations with LG Energy, the South Korean automaker said Wednesday.

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