Shares jump 12% on news Tesla will make 'more affordable' EVs on its manufacturing lines, despite its first-quarter profit plunging by 55% amid protracted price-war and pressure from hybrids

Chinese electric vehicle-makers have rushed to take on Tesla, despite increasing competition, slowing demand and looming oversupply

Chinese EV sales totalled 1.03 million in the first quarter of the year but it was the slowest quarterly growth since the second quarter of 2023

The US treasury secretary held talks with the Chinese premier during an 80-minute-long meeting in Beijing as part of her week-long trip to China

The now-defunct entry-level vehicle, sometimes described as the Model 2, was expected to start at about $25,000

The drop in numbers comes despite steep discounts BYD has handed out on its vehicles, signalling that Tesla's global clout will not be easily challenged

Sources claim state-owned SAIC Motor plans to cut 30% of workers at its JV with General Motors, 10% at its unit with Germany's Volkswagen, plus half the staff at its Rising Auto EV unit

Xiaomi co-founder and CEO, Lei Jun, believes his newly launched electric sedan is a direct competitor of Tesla — both in price and capabilities

Huawei remained relatively muted about its achievement, doing away with the press conference and launch event it has held every year at least since the US restrictions began

BYD has set back plans for an EV factory in Vietnam, while CATL has said solid-state batteries are problematic and have safety issues

Chinese EV battery-maker is in talks with Tesla and other automakers to licence its battery technology in the United States, new report says

Chinese carmakers are turning to Nvidia for advanced technology in an effort to compensate for what they currently lack in global brand recognition