While broader markets rejoice over first-quarter 2024 gains, EV maker Tesla (TSLA) has had a rather dour year so far, the once tech stock favorite falling nearly 30% year-to-date. Pricing competition from Chinese automakers — particularly Xiaomi's (1810.HK) SU7 model — has placed further strain on the demand for Tesla vehicles in international markets. Oppenheimer Managing Director and Senior Research Analyst Colin Rusch — whose firm remains cautious on Tesla stock — comments on Tesla's seasonal and supply chain weaknesses. "One of the things that this company has been really great at is making ongoing cost optimization choices, so they have continued to drive costs out of other vehicles on an ongoing basis over a number of years," Rusch tells Yahoo Finance. "We think [if] they continue to do that, they've got some benefits from materials on the lithium side that are still yet to fully roll through. We think they're continuing to beat up their suppliers on components, and they continue to be in the Western world still the largest EV OEM [original equipment manufacturer]." For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. Editor's note: This article was written by Luke Carberry Mogan.
(Bloomberg) -- Xiaomi Corp. is kicking off sales of its first electric vehicles with aggressive pricing, betting the Chinese smartphone maker can succeed in a cutthroat market where Apple Inc. faltered.Most Read from BloombergLondon Insurers Face Baltimore Bridge Payouts Worth BillionsDubai Is Losing Its Allure for Wealthy RussiansBiden Gains Ground Against Trump in Six Key States, Poll ShowsChina Property Crisis Is Rippling Through Its Biggest BanksUBS Banker’s Frustration Exposes Cracks in Wor
Chinese smartphone maker Xiaomi launched a sporty electric car on Thursday with styling cues drawn from Porsche and priced below Tesla's Model 3, highlighting the stiff competition from new entrants in an already crowded EV market in China. During the two hour-long event, Xiaomi CEO and founder Lei Jun told a packed room whose attendees including the bosses of Chinese EV makers Nio and Xpeng that the standard SU7 EV model will be priced at 215,900 yuan ($29,872.02), while the Pro and Max versions will cost 245,900 yuan and 299,900 yuan respectively.