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An email from a china electric vehicle manufacturer leaked: Will the price war intensify?
Recently, a leaked email from BYD, the largest electric vehicle manufacturer in china, requested suppliers to reduce prices by 10%. In response, the company clarified that annual price negotiations with suppliers are an industry practice, and that the proposed price reduction target is not mandatory and can be negotiated.
Express News | Bernstein: China's electric vehicle sales are expected to maintain strong growth in 2025.
Express News | The "Low Altitude Economic Development Trend Report": By 2030, there will be 0.1 million eVTOLs entering households or becoming airborne taxis.
US stocks closed | The three major indices rose together, with Dow Jones and S&P hitting new highs; tariff threats dragged down auto stocks, general motors fell 9%
Waiting for PCE inflation, the Fed's November minutes support gradual rate cuts, temporarily suppressing US bond yields and the dollar while gold rallies. The Dow turns higher at the end of the day, hitting new highs for three consecutive days, while small cap stocks fall from the highest level in six days, with chip stocks down more than 1%, but nvidia rebounds by 0.7%. Tesla reverses its decline, Nio falls by 7.7%, Amgen's weight loss drug once fell by more than 12%, and Dell falls more than 9% after hours.
U.S. stocks closed: The Dow and S&P reached all-time highs, while general motors plunged nearly 9%.
① Most technology giants rose, only Tesla fell; ② Eli Lilly and Co rose by 4.5%, as Biden proposed health insurance coverage for weight loss drugs; ③ The Chinese concept stock Jinlong Index fell by 0.8%, Nio fell by 7.7%; ④ Apple proposed to increase investment by 0.1 billion US dollars to seek to lift the sales ban, but was rejected by the Indonesian government.
U.S. stocks are moving differently | Chinese auto stocks are declining before the market opens, with Xpeng Motors down over 2%.
On November 26, Glonghui reported that Xiaopeng autos fell over 2% before trading, while NIO dropped over 1%. In terms of news, Bernd Lange, the chairman of the European Parliament's Trade Committee, said in an interview with German media last Friday that the EU and china are close to reaching an agreement on changes to tariffs on imported electric vehicles from china, and china may commit to establishing a minimum price mechanism for electric vehicles exported to the EU. However, a Reuters report on Monday quoted an unnamed EU Commission official stating that this claim is incorrect, and negotiations are still ongoing, but there are obstacles preventing both sides from reaching an agreement. (Glonghui)