The past week in the EV industry has been a rollercoaster ride, with significant developments from China to the U.K. The Chinese EV market is grappling with overcapacity and a price war, while Ford has decided to pull back on its EV incentives.
Meanwhile, Tesla’s Model S has been recognized as one of the greatest inventions of the last 25 years, and BYD is making strides in the U.K. market.
China’s EV Market Faces Challenges
The rapid transition towards electric vehicles in China has left car dealers struggling to make profits amid a fierce price war and overcapacity. Cui Dongshu, the secretary general of the China Passenger Car Association, has called for more support for dealers in the form of funding and flexibility from financial institutions.
Ford Pulls Back EV Incentive Extension
Following in the footsteps of General Motors Co., Ford Motor Co. has reportedly rolled back the EV incentives it planned to offer beyond President Donald Trump’s Sept. 30 deadline. The company will instead continue to offer 0% financing for 72 months and other incentives.
Tesla’s Model S Recognized By TIME
Tesla Inc. has been honored by Time Magazine with the induction of the Model S into the company’s invention Hall of Fame. Time credits Tesla as a leading force in the development of electric vehicles, with the 2012 debut of the Model S marking a significant moment.
BYD Expands In The UK
Chinese EV giant BYD Co. Ltd. has made the UK its largest international market, with sales in September reaching 11,271 vehicles. The company aims to become the UK’s biggest EV and PHEV company.
GM Unveils Affordable Chevrolet Bolt EV
General Motors Co. has revealed its most affordable electric vehicle, the Chevrolet Bolt EV, which offers a new battery and a $29k price tag.
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This story was generated using Benzinga Neuro and edited by Ananya Gairola
Image via Shutterstock
