Tesla Inc (NASDAQ:TSLA) CEO Elon Musk created a stir this week on social media platform X (formerly Twitter) by expressing discomfort with expanding Tesla’s involvement in artificial intelligence and robotics without securing at least 25% voting control. Musk, who currently holds 13% of Tesla’s stock, emphasized his desire for influence rather than absolute control. He hinted at the possibility of adopting a dual-class share structure but faces obstacles following Tesla’s IPO.
In a significant move, Musk divested billions in Tesla shares in 2022 to fund his $44 billion Twitter acquisition, adding complexity to his quest for increased control. Beyond Tesla, Musk hinted at exploring ventures outside the company if he cannot attain the desired stake.
In response to new U.S. government regulations, Tesla adjusted its electric vehicle driving-range estimates. The updates on Tesla’s website reflect changes across various models to align with the government’s push for accurate real-world performance representation. These modifications vary from minor tweaks to more substantial adjustments, such as the Model S Plaid’s estimated range decreasing from 396 miles to 359 miles.
Tesla’s China division announced plans for a nationwide tour to showcase the Cybertruck pickup. While specific dates were not disclosed, Musk mentioned on the X platform the potential display of Cybertruck prototypes in China, recognizing the challenges of ensuring the vehicle’s compliance with local road regulations.
TSLA shares concluded trading on Friday with a 5.15% decline for the week.
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China’s BYD Co Ltd Class A (SZ:002594), now the world’s leading electric vehicle manufacturer, is targeting Southeast Asia for expansion.
Surpassing Tesla in the fourth quarter, BYD achieved an impressive 3.02 million electric vehicle sales in 2023, primarily focused on the Chinese market. The company’s success in Southeast Asia is attributed to its affordable models and strategic partnerships with local distributors.
BYD introduced three new battery electric vehicle models in Indonesia, aiming to establish a dominant presence in the largest economy in Southeast Asia. The Dolphin hatchback, Atto 3 SUV, and Seal sedan complement BYD’s existing lineup, which includes electric buses and taxis provided through Indonesian partners.
In a strategic move to strengthen its position in Thailand, BYD’s Thai distributor, Rever Automotive, plans to triple its number of dealerships over the next two years. This expansion includes the addition of 200 dealerships by the end of 2025 and an increased focus on commercial vehicles and new passenger car segments.
Thailand, which accounted for 20% of BYD’s international sales in Q3, remains the company’s largest overseas market. BYD’s $504 million investment in a new factory in Thailand, scheduled to commence operations this year, underscores its commitment to the thriving Thai market.
Vietnamese electric vehicle manufacturer VinFast Auto (NASDAQ:VFS) encountered challenges in meeting its target of delivering 40,000 cars in 2023. Factors contributing to the shortfall included slow EV adoption in certain regions, intense competition, and an uncertain economic environment.
Despite falling short of the target, VinFast witnessed a notable increase in deliveries during the final quarter of 2023, with a 35% rise to 13,513 units compared to the third quarter. Deputy CEO of Sales, Tran Mai Hoa, acknowledged the tough market conditions but highlighted the significant uptick in vehicle deliveries during the fourth quarter.
While specific market-specific sales breakdowns were not provided by VinFast, approximately 60% of deliveries in the second and third quarters were directed to Green SM (GSM), an affiliate of VinFast. GSM, a Vietnam-based taxi operator and leasing provider, is predominantly owned by VinFast’s CEO, Pham Nhat Vuong.
Despite the delivery challenges, VinFast remains ambitious, unveiling plans to establish manufacturing and battery facilities in India. The company also aims to expand into additional markets in the Middle East, Latin America, and Asia, including Indonesia.
VFS shares concluded trading on Friday with a 6.66% increase for the week.
