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New Indian Express
7 days ago
- Automotive
- New Indian Express
Tesla's India play: Niche appeal now, bigger potential later
Tesla's entry into the Indian market is unlikely to disrupt the existing electric passenger vehicle (PV) segment in the near term, but the American automaker has strong potential to emerge as a key player in the coming years. "While the premium electric car segment remains niche, it is growing rapidly, driven by India's rising millionaire population and their appetite for high-tech vehicles," said Puneet Gupta, Director of India & ASEAN Auto Market at S&P Global Mobility. Industry data shows luxury EV sales surged 66% year-on-year between January and May 2025. These vehicles now account for 11% of total luxury car sales, up from 7% in the same period last year. Gupta suggests Tesla could explore setting up a manufacturing plant in India within 2-3 years, as rising passenger vehicle exports and shifting domestic demand may incentivize the automaker to develop India-specific models. He also highlighted the timing of Tesla's strategy to initially sell cars as completely built units (CBUs) and potential benefits from ongoing India-US trade negotiations. "If the trade agreement reduces import taxes on American cars, Tesla could see a major price advantage, boosting its sales significantly," Gupta added. Vinay Raghunath, Partner, Automotive and Mobility Sector Leader at EY India, said that while the initial impact of Tesla's entry may be more symbolic, it will undoubtedly elevate consumer awareness, spark greater interest in EVs and set new benchmarks in connected and autonomous mobility.
Yahoo
11-07-2025
- Automotive
- Yahoo
Tesla registrations plummet 67% in Canada in first half of 2025
Tesla registrations fell 67 per cent in Canada in the first half of 2025, as the brand stumbled over a series of self-inflicted and external setbacks. Buyers across the country registered just over 9,000 Teslas from January through June, far short of the more than 26,000 new to Canadian roads in the first two quarters of 2024 according to data from S&P Global Mobility. The wider zero-emission vehicle market also got walloped, with registrations down 32 per cent in the first half of 2025, compared to the same period of 2024. The end of the federal Incentives for Zero-Emission Vehicles (iZEV) program in mid-January and major changes to Quebec's Roulez Vert rebate program, including a hiatus for February and March, were key contributors to the decline. Sign up for Automotive News Canada Breaking Alerts and be the first to know when big news breaks in the Canadian auto industry. But significant price hikes and political backlash took an added toll on Tesla, said James Hearn, associate director and product manager of Canada industry performance with S&P Global Mobility. 'It's very scary numbers for them.' Tesla raised prices on much of its vehicle lineup in Canada, including its best-selling Model Y and Model 3, Feb. 1. It hiked costs further in April in response to Canada's 25-per-cent retaliatory tariffs imposed on U.S. vehicle imports, which affect all Tesla models sold in Canada. While the starting price for the Model Y spiked to as high as $84,990 after the April increase, Tesla slashed the starting price for the model to $64,990 July 10, after the close of the second quarter. That's up from $59,990 to start the year. Newly ordered Model 3s start at $79,990, up from $54,990 in January. Tesla CEO Elon Musk's close political affiliation with U.S. President Donald Trump compounded the negative pressure of the price hikes. Trump has repeatedly floated annexing Canada as the 51st U.S. state since taking office in January. Musk piled on Trump's rhetoric in a February post on X, formerly Twitter, writing, 'Canada is not a real country.' The post was later deleted. Tesla faced determined protests at its showrooms across Canada this spring. The company's vehicles were also removed from a series of EV incentive programs across the country in response to Musk's hostility. One notable exception is Quebec, where the Model Y and 3 remain eligible for rebates. According to provincial rebate data running through the end of May, Tesla has accounted for 7.7 per cent of all rebates awarded in the province this year. That's roughly half the 14.9 per cent of provincial incentives the company secured throughout calendar year 2024. Consumer sentiment toward the brand has soured considerably over the past year. In a recent J.D. Power study, just 13 per cent of Canadian consumers in the market for an EV would consider purchasing a Tesla. That's down from 29 per cent who would have put the brand on their shopping lists in 2024. The dramatic drop off in Tesla's Canadian sales in the first half corresponds with its declines in other markets. In Europe, for instance, Tesla registrations dropped 37 per cent for the first five months of the year. Globally, Tesla said July 2 that it delivered 720,803 vehicles in the first half, down 13 per cent from a year earlier. The company does not break out sales by country and did not return a request for comment about its performance in Canada. While Canada's overall ZEV market was down heavily during the first six months of 2025, S&P's Hearn said General Motors bucked the trend, capturing significant market share from Tesla. Strong sales of the Chevrolet Equinox and new Cadillac Optiq were key contributors for the company. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mint
07-07-2025
- Automotive
- Mint
Rush to buy rare earth magnets at a premium cushioned blow from China curbs
Manufacturers using permanent magnets in automobiles and electronics products rushed to secure the supplies of magnets in March and April by paying more, just as trade tensions spiked between the US and China. Mint's analysis of the country's trade data showed that the quantity of imports of such magnets saw a jump in March and April, with a 20% and 87% respective increases compared to a year ago. In value terms, the imports increased by 37% and 19% during these two months. Imports at such a premium are in contrast to the low prices of such imports in 2024-25 during which, while the quantity of imports of these magnets nearly doubled, the value of these imports increased by only 3%. India imported 53,740 tonnes of permanent magnets in FY25, a rise of 88%. However, in terms of value, the imports totalled $206 million, an increase of just 3%. By contrast, total import volume rose 21% year-on-year to 2,674 tonnes in March, with value jumping 38% to $16.87 million. Similarly, for April, volume stood at 3,064 tonnes, rising 87%, while value rose 17% to $17.64 million. The sudden jump in value in March and April, along with a surge in quantity, suggests that suppliers rushed to secure the supplies by paying more, anticipating disruptions. 'Since the start of the year, traders have been bracing for the impact of trade uncertainty after (US President) Donald Trump came to power. More suppliers rushed to secure the supplies, which is reflected in March and April's numbers," said Puneet Gupta, director at market intelligence firm S&P Global Mobility. Permanent magnets category reported by the government have both ferrite and rare earth magnets. However, industry experts suggest that due to the performance advantage of the rare earth magnets, it's rare earth magnets that are mostly imported. "The sudden rise in the value of permanent magnet imports is something that China's export control order aimed for. This is a phenomenon that countries across the world will be facing," Sharif Qamar, associate director-transport and urban governance at TERI, a non-profit think tank. As per data compiled by Axis Securities, rare earth magnet prices have increased by 13-17% since Trump took over the US presidency in January. In March, Trump announced the imposition of 25% tariffs on automobile imports into the country, triggering panic among sellers in countries like China, South Korea and Japan that have a significant exposure to the market. In April, the Trump administration doubled down and imposed reciprocal tariffs on all countries. In response to tensions over trade with the US, China imposed a restriction on the export of rare earth magnets starting 4 April. What was initially thought to be a move aimed at the US soon engulfed Indian suppliers as well. 'Chinese vendors started warning Indian motor makers like us to stockpile as restrictions could come into effect," a motor manufacturer told Mint on the condition of anonymity. The stocking of such magnets has ensured that production at India's top automakers has not been disrupted, and they still have some stockpile left. However, the clock is now ticking as China has not approved any applications so far. More than three fourths of such imports happened directly with China. Companies like Bajaj Auto had already flagged earlier that the supply crunch of rare earth magnets will lead to production cuts. 'There is no short-term solution. Alternatives exist, but they will take time to develop," Rakesh Sharma, executive director at Bajaj Auto, said at the company's earnings call on 29 May. Sharma had warned that the shortage of rare earth magnets could lead to production cuts starting July. During a press conference held late last month, Tata Motors management said that some supplies had come through and there was enough stockpile to manage the situation for Mint reported on 7 July that automakers have formally asked the government to cut duties on imports of motors which are made using rare earth magnets, suggesting that shortage of the critical component is now threatening the production lines. The auto industry has been consulting the government and has already sent 30 applications to the Chinese government for the export of rare earth magnets. A delegation consisting of representatives from Society of Indian Automobile Manufacturers (Siam) and Automotive Component Manufacturers Association of India (ACMA) has requested a meeting with the Chinese commerce ministry. However, there has been no progress on the issue so far and the companies are still waiting for clarity on whether the supplies of such magnets will come through.
Egypt Independent
05-07-2025
- Automotive
- Egypt Independent
Why Tesla's Cybertruck has been such a flop
New York CNN — Despite Elon Musk's bold predictions, the Cybertruck is, officially, a flop. Tesla is deliberately opaque about its sales numbers on specific models, so you have to squint to get a sense of just how badly the company's unique pickup truck is performing in the real world. But we definitely have some idea. Here's what we know, based on Tesla's deliveries (a proxy for sales) released this week: The EV maker delivered about 384,000 vehicles in total, world-wide, between April and June this year — a record 13.5 percent decline from a year earlier. Zoom in, and it gets uglier for Tesla. Tesla doesn't break out sales of the Cybertruck, one of its premium models that Musk says was inspired by the dystopian movie 'Blade Runner.' It discloses just two categories — the Model 3 and Y in one category and, in the second, 'other models,' which is almost entirely the company's legacy Model S sedan, the Model X SUV and the Cybertruck. The company said it delivered about 10,400 'other' models in the second quarter, which itself is a huge problem for Tesla. In the same quarter last year, Tesla sold more than 21,500 'other' models. It's hard to think of another word for a 52 percent decline other than a collapse. How many of those 'others' are Cybertrucks, and how many are the Model S or X? That's not entirely clear. But let's look at the first three months of this year. Tesla sold about 12,900 'other' models, of which 7,100 were Cybertrucks, according to registration data from S&P Global Mobility. So a bit more than half. It'd be safe to estimate, then, that Tesla likely sold something in the ballpark of 5,000-6,000 Cybertrucks in the second quarter if consumer trends held steady. It might even be getting marginally outsold by the F-150 Lightning and GM's electric pickups, rivals whose sales are also falling but weren't nearly as hyped as Musk's brainchild. The company didn't respond to a request for comment. But even in a hypothetical world where all of those 10,400 deliveries in the second quarter were Cybertrucks, Tesla would still be massively underperforming the expectations set by Musk, who told investors two years ago that he expected Tesla to be churning out 250,000 a year by 2025. We're halfway through the year, and Tesla has barely hit a fraction of that. Cybertruck sales have faced a number of challenges: Its $80,000-$100,000 price tag. The imminent erasure of EV tax credits. Its oddball design. Repeated recalls, including one for an exterior steel panel falling off while the truck is moving. The roughly 200-mile real-world range reported by owners, rather than the 500-mile range that was initially promised. The lack of the initially-promised range extender, which quietly disappeared. The vehicle's intractable affiliation with the world's wealthiest wannabe-oligarch. The 7,000-pound car has become a symbol of the MAGA right wing and a target of vandalism. Will the Cybertruck's shortcomings sink Tesla? Probably not. But the stumble has become a reflection of the company's broader turmoil. The electric truck faces serious competition from the likes of Rivian, Ford and GM. Chinese rivals are eating into Tesla's market share in key markets overseas, particularly Europe and China. Tesla is on the verge of losing its title as the world's largest EV maker by annual sales to Chinese automaker BYD. This week, BYD — which isn't allowed in the US market — reported 1 million electric vehicles sold in the first half of this year, putting it far ahead of Tesla's year-to-date total of about 721,000. The Tesla faithful on Wall Street are still all-in on Musk, whom they see as a visionary and, perhaps more to the point, a showman who has made them rich. Tesla's stock (TSLA) is down about 17 percent this year, but it's up nearly 300 percent over the last five years. For the ride-or-die bulls, it may not matter that Musk's MAGA turn has clobbered the company's core business of selling cars because he has convinced them that Tesla's future lies in an AI-powered, driverless utopia. And it's Musk's history of promises that have driven that meteoric share price increase, and, accordingly, Musk's personal wealth. But Musk's promises and predictions routinely come up short. His Cybertruck is only the latest example. This story has been updated from the version that was published in the Nightcap newsletter with additional context.
CNN
04-07-2025
- Automotive
- CNN
Behold, the epic flop that is the Cybertruck
It might not come as a shock if you have eyes, but the Cybertruck is, officially, a flop. Tesla is deliberately opaque about its sales numbers on specific models, so you have to squint to get a sense of just how badly the company's dystopian dumpster on wheels is performing in the real world. But we definitely have some idea. Here's what we know, based on Tesla's deliveries (a proxy for sales) released this week: The EV maker delivered about 384,000 vehicles in total, world-wide, between April and June this year — a record 13.5% decline from a year earlier. Zoom in, and it gets uglier. Tesla doesn't break out sales of the Cybertruck, one of its 'premium' models that was plucked straight from CEO Elon Musk's internet-addled brain. It discloses just two categories — the Model 3 and Y in one category and, in the second, 'other models,' which is almost entirely the company's legacy Model S sedan, the Model X SUV and the Cybertruck. The company said it delivered about 10,400 'other' models in the second quarter, which itself is a huge problem. In the same quarter last year, Tesla sold more than 21,500 'other' models. It's hard to think of another word for a 52% decline other than a collapse. How many of those 'others' are Cybertrucks, and how many are the Model S or X? That's not entirely clear. But let's look at the first three months of this year. Tesla sold about 12,900 'other' models, of which 7,100 were Cybertrucks, according to registration data from S&P Global Mobility. So a bit more than half. It'd be safe to estimate, then, that Tesla likely sold something in the ballpark of 5,000-6,000 Cybertrucks in the second quarter if consumer trends held steady. It might even be getting marginally outsold by the F-150 Lightning and GM's electric pickups, rivals whose sales are also falling but weren't nearly as hyped as Musk's brainchild. The company didn't respond to a request for comment. But even in a hypothetical world where all of those 10,400 deliveries in the second quarter were Cybertrucks, Tesla would still be massively underperforming the expectations set by Musk, who told investors two years ago that he expected Tesla to be churning out 250,000 a year by 2025. We're halfway through the year, and Tesla has barely hit a fraction of that. What could possibly be holding Cybertruck sales back, apart from its $80,000-$100,000 price tag and the imminent erasure of EV tax credits? Perhaps it's the oddball design. Or the repeated recalls, including one for an exterior steel panel falling off while the truck is moving. Or the roughly 200-mile real-world range reported by owners, rather than the 500-mile range that was initially promised. Or the lack of the also initially-promised range extender, which quietly disappeared. Or the vehicle's intractable affiliation with the world's wealthiest wannabe-oligarch. Or maybe people fear dropping six figures on a 7,000-pound car that has become a symbol of the MAGA right wing and a target of vandalism. Will the Cybertruck's shortcomings sink Tesla? Probably not. But the stumble has become a reflection of the company's broader turmoil. The electric truck faces serious competition from the likes of Rivian, Ford and GM. Chinese rivals are eating into Tesla's market share in key markets overseas, particularly Europe and China. Tesla is on the verge of losing its title as the world's largest EV maker by annual sales to Chinese automaker BYD. This week, BYD — which isn't allowed in the US market — reported 1 million electric vehicles sold in the first half of this year, putting it far ahead of Tesla's year-to-date total of about 721,000. The Tesla faithful on Wall Street are still all-in on Musk, whom they see as a visionary and, perhaps more to the point, a showman who has made them rich. Tesla's stock (TSLA) is down about 17% this year, but it's up nearly 300% over the last five years. For the ride-or-die bulls, it may not matter that Musk's MAGA turn has clobbered the company's core business of selling cars because he has convinced them that Tesla's future lies in an AI-powered, driverless utopia. And it's Musk's history of promises that have driven that meteoric share price increase, and, accordingly, Musk's personal wealth. But the longer Musk is at the helm, the more his promises and predictions seem to come up short.
