Both firms have seen their market shares squeezed by local rivals such as smartphone-maker Huawei and electric vehicle giant BYD, while a larger economic slowdown shadows China

The world’s two biggest EV-makers have been locked in a drawn-out and brutal price war in China since the beginning of last year

Exports have helped drive subsidised Chinese automakers' growth but they are now seeing pushback from US and European governments

"Our observation is generally that the Chinese car companies are the most competitive car companies in the world," the Tesla chief said at a post-earnings call

The Chinese EV-maker's bumper sales suggest car buyers are looking for cheaper models in a high-interest-rate economy

The new requirements, issued in December, seek to reduce US reliance on China in its electric-vehicle supply chain

Tesla paid 222.42 million yuan ($31.13 million) for use rights to a 19.7-hectare (48.7 acres) plot in Shanghai for $31.13 million

The US carmaker sold 82,432 of its Shanghai gigafactory-produced vehicles last month as rival BYD set a new sales record

Nio has announced plans to cut its workforce by 10% as buyers shun pure electrics for more economical plug-in hybrids

Despite some of China’s electric vehicle makers, such as BYD and Nio, being household names, hundreds more now face an uncertain future

Among major backers of the chip designer is smartphone giant Xiaomi, which won approval last month from China's state planner to manufacture electric vehicles

French automaker Renault is to hack back costs by 40% while Peugeot-Fiat carmaker Stellantis described the competition with China as “brutal”