EV Daily | Tesla Faces Cybertruck Challenges; BYD Expands; Hyundai, Polestar, Xiaomi, and Ford Update

【Tesla】

Tesla is offering ready-to-deliver Cybertrucks from its inventory, indicating a depletion of the reservation backlog. Over one million reservations had cast doubt on the seriousness of potential buyers, especially after a reduced deposit requirement. The production model's increased cost and decreased range have affected demand. Now available in the US, Mexico, and Canada, Tesla might face challenges hitting its annual target of 250,000 units and may introduce discounts soon. Tesla also issued a recall due to inverter problems in over 2,000 Cybertrucks, with replacements planned for December 2024. Despite these issues, Tesla reported positive gross margins in Q3.



【BYD】

BYD plans to enter South Korea with affordable EVs like the Seagull, Dolphin, and Atto 3 SUV, aiming to compete with local automakers like Hyundai and Kia. BYD's Dolphin Mini costs under $10,000 in China, and around $20,000 overseas, challenging the market with its low-cost offerings. Meanwhile, BYD anticipates growth in sales and local production despite other automakers reducing output.



【Others】

Hyundai is set to debut its IONIQ 9 electric SUV at the LA Auto Show, featuring a lounge-like interior and flat floor design. It incorporates a Tesla NACS charging port, aligning with its previous models IONIQ 5 and 6. Hyundai's IONIQ 5 model has extended range and new features, with prices starting at $43,975.

Polestar introduced the 2025 Long Range Polestar 3 RWD trim, offering a single motor with 350 miles of range, priced under $70,000. This new model is cheaper and has a longer range than its dual-motor predecessor. Polestar began US production at its South Carolina plant in August.

Xiaomi, a newcomer in the EV market, has produced 100,000 units of its flagship SU7 model within 230 days, surpassing initial targets and planning to reach 120,000 units by year-end. Xiaomi's SU7 has gained significant market traction, with orders quickly translating into deliveries.

Ford is slowing EV production due to deteriorating market conditions, affecting its Cologne plant in Germany. The company, which invested $2 billion in the facility, faces challenges with models like the Electric Explorer and Capri. Despite global EV sales growth, Ford's EV unit is struggling with losses.