China's premium electric vehicle (EV) sales are thriving with Li Auto, Xpeng, Nio, and Zeekr reporting strong performances in July. However, a price war led by BYD has squeezed profits, cutting prices significantly.
China's dominance in the EV market is evident as the country accounts for around 60% of global EV sales, with an adoption rate of 48.4% in June. Meanwhile, Malaysia has launched the Proton e.MAS7 EV as Chinese EV manufacturers target the market, driving Southeast Asia's EV sales up.
Additionally, Uber and BYD have formed a partnership to deploy 100,000 EVs in Europe and Latin America, expanding BYD's global presence. The collaboration includes favorable pricing and financing for drivers, as BYD continues its global expansion with plans for autonomous-capable EVs.
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