By Free Republic | Created at 2024-10-30 03:20:53 | Updated at 2024-10-30 11:35:40
8 hours ago
GM CEO Mary Barra says there's so much EV competition in China that it's driving a price war that isn't sustainable
business insider via msn ^ | 10.29.24 | Story by lloydlee@insider.com (Lloyd Lee,Erin Snodgrass)
Posted on 10/29/2024 7:47:07 PM PDT by RomanSoldier19
General Motors CEO Mary Barra said there are so many companies trying to sell EVs in China right now that it's driving a price war that isn't sustainable.
Barra made the comments at the TechCrunch Disrupt conference in San Francisco on Tuesday, responding to a question about the explosion of EV sales in China. More than 120 brands sold EVs in China in 2023 compared to around 60 in the US — putting into perspective just how much competition there is for GM and other manufacturers.
The EV market in the country is oversaturated, Barra said Tuesday, echoing comments she's made recently. She said the EV business in the country was "shifting dramatically" — and that "lower and lower" prices being driven by such competition will become untenable.
"From a China perspective, EV adoption has been heavily regulatory-driven," Barra said, referring to the Chinese government's push for EV adoption. "But what also has occurred is there are over a hundred Chinese OEMs right now, primarily focused on EVs," she said. OEMs are "original equipment manufacturers" that create parts for other businesses to use in their products.
(Excerpt) Read more at msn.com ...
TOPICS: News/Current Events
KEYWORDS: duh; dumping
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In July 2024, 51% of vehicles sold in China were battery electric or plug-in hybrid (DWS Group, 2024). Emergence of China as a Global EV Player
EU slaps tariffs on Chinese EVs, risking Beijing backlash
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To: RomanSoldier19
In other words, the coal-charged electric vehicle market was based on mandates allowing obscene markups to rip off consumers.
"Since they can make junk electric cars in China to compete with the junk electric cars we make, we can't sell ours."
2 posted on 10/29/2024 7:51:00 PM PDT by T.B. Yoits
To: T.B. Yoits
It is time for GM to slash their prices on their vehicles here.
3 posted on 10/29/2024 7:53:33 PM PDT by cgbg ("Our democracy" = Their Kleptocracy)
To: RomanSoldier19
American voters could have told her this.
Instead she listened to Biden and her DEI HR dept.
4 posted on 10/29/2024 7:56:45 PM PDT by Zathras
To: RomanSoldier19
I think she was also one of two or three female ceos that also said profit margins in Covid times were so good she planned to keep inventory artifically low
5 posted on 10/29/2024 7:57:36 PM PDT by Sequoyah101 (More important than why there was nobody protecting the AGR roof, how did Crooks know that?)
To: RomanSoldier19
They can eat the hem for all I care
6 posted on 10/29/2024 8:00:23 PM PDT by Sequoyah101 (More important than why there was nobody protecting the AGR roof, how did Crooks know that?)
To: RomanSoldier19
I keep hearing that brand new EVs are piling up because not many Chinese want them. Somebody’s lying or exaggerating.
7 posted on 10/29/2024 8:10:37 PM PDT by lee martell
To: RomanSoldier19
8 posted on 10/29/2024 8:15:51 PM PDT by philman_36 (Pride breakfasted with plenty, dined with poverty and supped with infamy. Benjamin Franklin)
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