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Hybrid Vehicle Sales in China Soar and Apple Performs Better than Expected
China’s new-energy vehicle company, LI Auto, reported record sales in July due to its new lower-cost hybrid SUV, L6. The new cheaper model has an added fuel tank to help extend the battery’s driving range. The manufacturer delivered 51,000 units, beating December 2023’s record of 50,000. The SUV is the cheapest in its EV range. This comes as consumers are returning to hybrid vehicles. Hybrid and EV giant BYD reported sales of over 340,000 units, of which over 60% were plug-in hybrids. This marks a 44% increase in sales over just 14% for electric. Are consumers returning to a hybrid model, and what does it mean for electric vehicles? Perhaps the driving range of EVs is still a challenge for consumers who want more mileage.
Despite a decline in iPhone sales, Apple reported better-than-expected sales figures, especially in China, after recent struggles to beat competitor Huawei. iPhone sales hit $39.6 billion vs the expected $38.9 billion, predicting an improvement in the region, especially with an increase in upgrades. Apple is up 18.6% this year thanks to the launch of its Apple intelligence software earlier this year. This just proves that Apple is still a force to be reckoned with and will continue to be for many years as it innovates and offers new technology.
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