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… initial public offerings have also helped boost their markets.
Hong Kong's IPO market is the largest in the world this year, led by flotations from battery giant <a href="/company/catl">Contemporary Amperex Technology</a> (CATL) and miner <a href="https://asia.nikkei.com/business/markets/zijin-gold-soars-over-68-in-world-s-second-largest-ipo-this-year" target="_blank" rel="noopener">Zijin Gold</a>. Hong Kong's dramatic recovery from a prolonged slump has been driven by a mix of secondary listings by Chinese companies pulling out of US markets, geopolitical uncertainty and strong investor appetite for China's emerging technology companies.
In May, the Hong Kong Exchange launched the "Technology Enterprise Channel" (TECH), a scheme designed to facilitate new listings by specialist technology and <a href="/industry/biotech">biotech</a> companies. It also offers a confidential filing option, where early-stage companies can mitigate risks arising from premature and prolonged disclosure of information on business strategies or proprietary technologies.
In September, India's market regulator instituted a range of reforms across multiple asset markets as the country works to attract investment while also strengthening protections for retail investors.
The Securities and Exchange Board of India (SEBI), meanwhile, has simplified rules for sovereign-backed funds and overseas retail funds. Investors seen as low risk will now have to provide fewer documents and meet lower compliance requirements to participate in India's equity and debt markets.
Such funds make up almost two-thirds of foreign investors in these markets, and the changes show that "the regulator is removing key hurdles and showing a clear intent to bring in long-term capital," said Feroze Azeez, joint CEO of wealth manager Anand Rathi Wealth. But they "will not flip the switch overnight," Azeez said. This point was underscored as foreign investors have withdrawn about USD 12 billion from the Indian stock market so far this year.
Despite booming IPO markets in certain countries, some Asian bourses are at risk of losing out to the world's largest equity market. "Singapore and other Asian bourses, by implementing market reforms, hope to encourage startups, including unicorns, to pursue IPOs in their home countries rather than listing in the US," said Nomura's Kitano.
The US is still the dominant market for startups, especially for bigger companies. While there are more than 1,600 unicorn companies globally, the US is home to around half of these. China, with the next largest share, has just 17%, followed by India with 5%, according to data from Crunchbase.
"As an investor, choice is something you want from the equity market. The more you can choose from, typically, the happier you are as an active investor," according to JP Morgan's Treves.
However, bourses are likely to face a challenging balancing act between improving the quality of listings and increasing their quantity. Moves to encourage IPOs by loosening governance standards could spell trouble.
This article first appeared on <a href="https://asia.nikkei.com/business/markets/trading-asia/asian-stock-markets-take-on-wall-street-with-slate-of-reforms">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Asian stock markets take on Wall Street with slate of reforms

Investment

Singapore

Vietnam

Indonesia

Philippines

Japan

South Korea

Hong Kong

Southeast Asia

China

India

<a href="https://www.buttonsair.com/">Buttons</a>, a luxury tech brand, has launched its latest product, the Solemate smart audiovisual robot, marking its first hardware device powered by Hali, an <a href="/industry/ai">artificial intelligence</a> agent developed by Terminus.
First introduced in November last year, Hali has evolved from a digital assistant into what the company calls a “life collaborator,” equipped with spatial awareness and physical interaction capabilities.
<figure id="attachment_157930" aria-describedby="caption-attachment-157930" style="width: 1280px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-157930" src="https://console.kr-asia.com/wp-content/uploads/2025/10/Buttons-Solemate.jpg" alt="Image of Buttons’ new Solemate robot." width="1280" height="720" srcset="https://console.kr-asia.com/wp-content/uploads/2025/10/Buttons-Solemate.jpg 1280w, https://console.kr-asia.com/wp-content/uploads/2025/10/Buttons-Solemate-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/10/Buttons-Solemate-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/10/Buttons-Solemate-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/10/Buttons-Solemate-480x270.jpg 480w" sizes="(max-width: 1280px) 100vw, 1280px" /><figcaption id="caption-attachment-157930" class="wp-caption-text">Image of Buttons’ new Solemate robot. Image and header image courtesy of the company.</figcaption></figure>
Hali is built on a three-dimensional semantic memory model that links information such as object locations, events, and retrieval tasks to spatial coordinates and environmental context. This design reportedly enhances the intuitiveness and accuracy of information recall while enabling the AI to reason through an internal world model.
As the core of user interaction, Hali can perceive and process user requests in real time. Unlike legacy systems that rely on wake words or app-based triggers, Hali interprets a user’s position, intent, and surroundings as contextual cues for engagement. In practice, intelligent services no longer need to be summoned, activating proactively and seamlessly through spatial understanding.
Operationally, Hali first uses its edge model to analyze user intent and decompose tasks. At the planning level, it coordinates resources, devices, and actions across space and time. It recognizes home layouts, user movement patterns, and environmental changes, then preprocesses and encrypts data locally through its edge chips. The system collaborates with multiple domain-specific agents via cloud scheduling to complete complex tasks.
A GPU server cluster at Terminus’ Xuzhou computing center handles large-scale collaborative computation, powered by a hybrid intelligent computing engine that dynamically manages task distribution. Meanwhile, Terminus’s cloud-based large model performs path planning to help the robot avoid obstacles and navigate accurately. Vision-language models identify targets, while large language models generate execution strategies that are sent back to the device for decision-making and response.
Supported by Terminus’s Xuzhou computing resources, these processes are completed within seconds. To address the challenges of integrating different chip architectures, the company’s AIoT (<a href="/industry/ai">artificial intelligence</a>-of-things) computing platform has created a unified abstraction layer that connects multiple operator libraries across architectures. It also provides an end-to-end toolchain compatible with various inference and training frameworks, allowing models to run efficiently on heterogeneous computing infrastructure and significantly improving both inference and training performance.
Shao Ling, chief AI officer and global president of Terminus, noted that specialized AI agents remain limited to their respective domains. “They lack the ability to transfer learning across fields or handle new types of problems. Most operate purely in the digital world, without spatial perception or direct interaction with the physical environment,” he said.
According to Shao, the next key step is to achieve a closed loop of perception, reasoning, and action in the physical world. “A truly general intelligent agent must perceive the geometric structure and dynamic changes of the three-dimensional world, reason about spatial relationships, physical laws, and causal chains of actions, and ultimately act safely and effectively to influence the real world,” he said.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3517360668204167">article</a> was written by Huang Nan for 36Kr.

Buttons launches Solemate, a luxury robot powered by Terminus’ Hali AI agent

Artificial Intelligence

Robotics

Deep Tech

Embodied Intelligence

… sizes="(max-width: 1280px) 100vw, 1280px" /><figcaption id="caption-attachment-157928" class="wp-caption-text">Photo source: Yanhe Solar.</figcaption></figure>
<h3>Expanding globally</h3>
Perovskite industrialization has accelerated this year, with leading firms scaling from megawatt to gigawatt capacity in a short span. In August, Yanhe’s Changde production line began full operations, capable of continuous 24-hour production. The company said it completed integration of the entire line within 23 days of startup.
“This line is one of the world’s few automated facilities built specifically for consumer-grade perovskite,” Feng said. “We’ve stabilized the yield rate at about 90%, and we’re working toward 98%. Our cost-performance ratio already surpasses traditional amorphous silicon, which is why customers choose us. They can afford it, and it performs well.”
As competition intensifies, Yanhe aims to position itself as a manufacturing service provider, believing that technological innovation must ultimately translate into scalable, market-ready products. This focus offers three advantages: deep expertise in consumer-grade product development, close collaboration with core clients to co-develop technologies and avoid R&amp;D detours, and strong industrial synergies in Changde that accelerate learning and resource accumulation.
Investors such as Chaoxi Capital recognized early the potential of new-generation photovoltaic modules and backed Yanhe’s roadmap, Feng said. The company’s ability to earn the trust of both investors and customers, he added, has enabled it to reinforce its consumer strategy and sharpen its competitive edge through rapid iteration. “Our moat is shaped by customer pull and production capability, and it manifests in the production line, in design, in our technical innovations, and in how customers choose us.”
Yanhe’s current order book totals in the tens of millions of RMB. The company is now delivering products such as pet trackers, smoke detectors, and solar-powered remote controls co-developed with leading clients in the smart home and 3C segments. Some new prototypes are expected to launch next year, with deliveries to follow.
Technologically, Yanhe’s current products mainly adopt single-junction architectures with lifespans that could extend beyond ten years. The rigid single-junction version targets indoor applications, while the flexible version, due to its lightweight design, supports use cases such as balcony photovoltaics and portable energy packs. The company is also working with universities and leading firms to explore tandem perovskite technologies and plans to build a pilot demonstration plant within the next three to five years.
Yanhe’s near-term goal is to steadily increase production capacity and enhance delivery reliability. Next year, it plans to expand internationally with new subsidiaries in Europe and North America to connect overseas clients with its domestic supply base. An automated flexible production line with a capacity of 500 MW is scheduled to come online next year, alongside expanded consumer-grade production facilities, further scaling its operations and revenue.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3512685689052035">article</a> was written by Zhang Bingbing for 36Kr.

Yanhe eyes global rollout of perovskite solar tech after Series A funding

Energy

Sustainability

Xense Robotics, a Chinese <a href="/industry/ai">embodied intelligence</a> startup, has completed a pre-Series A funding round, raising a nine-figure RMB sum. The round was led by Fortera Capital, with participation from <a href="/company/li-auto">Li Auto</a>, BeFor Capital, and Capital for Science &amp; Industry, alongside existing investors GL Ventures, Oriza Seed, and Gobi China.
The proceeds will go toward R&amp;D, product iteration, team expansion, and market development to strengthen the company’s end-to-end capabilities. This marks Xense’s third funding round in 2025, following prior investments from GL Ventures, Agibot, Oriza Seed, Gobi China, Plug and Play China, Jiaotong University Hanyuan Venture Capital, and Xiaomiao Langcheng.
The involvement of Fortera Capital and Li Auto is expected to accelerate Xense’s commercial rollout of tactile sensing technology in industrial settings.
Founded in May 2024 and headquartered in Shanghai, Xense develops multimodal tactile sensing systems for intelligent manipulation. By enhancing robots’ ability to perceive and interact with their surroundings, the company aims to advance embodied intelligence from fine-grained manipulation toward generalized perception.
<h3>A tactile path toward embodied intelligence</h3>
Founder Ma Daolin, who holds a PhD from Peking University, studied under <a href="/industry/robotics">robotics</a> researcher Alberto Rodriguez and focused on integrating vision and tactile sensing into robotic perception. Ma is said to be among the first to propose spatial perception through touch, demonstrating high-precision motion tracking of grasped objects purely via tactile input. Other core members come from the Massachusetts Institute of Technology, Peking University, Shanghai Jiao Tong University, and University College London.
While technologies such as LiDAR (light detection and ranging) and 3D cameras have matured, manufacturing environments still involve many precision and flexible tasks where visual sensing alone is insufficient. As demand for adaptive and fine manipulation grows, tactile sensing has become critical for embodied systems. It enhances perception, improves adaptability, and enables more human-like feedback and interaction.
According to <a href="https://www.verifiedmarketresearch.com/product/tactile-sensor-market/">Verified Market Research</a>, the global tactile sensor market was valued at USD 15.3 billion in 2024 and is projected to reach nearly USD 35.6 billion by 2031.
<h3>Building an ecosystem</h3>
The performance of embodied manipulation models relies on high-quality tactile data, which can be technically challenging to collect. Traditional tactile sensors often struggle with low resolution, limited multimodal input, poor durability, and high costs, limiting their use in automation.
To address these limitations, Xense Robotics has developed a complete product chain that spans core hardware and system-level platforms, including tactile sensors, data acquisition systems, tactile simulators, actuators, and control systems.
Xense’s multimodal vision-tactile sensors overcome these shortcomings with higher resolution, improved resistance to interference, multimodal fusion, and dynamic response. The technology supports dexterous manipulation, precision assembly, flexible logistics, and human-robot interaction.
The company’s sensors can reportedly detect micron-level shifts and force changes during assembly, helping prevent part jamming and wear. After millions of compression tests, they maintain reliability in high-speed industrial operations. Built-in self-calibration algorithms preserve lifetime accuracy while reducing maintenance frequency and cost. Compact at just four cubic centimeters, the sensors integrate easily into robotic arms and grippers, enabling precision wire insertion and miniature bearing assembly.
In addition, Xense’s solutions can reportedly reduce data collection costs by up to 95%, depending on scale and use case.
By combining proprietary sensors, control systems, and perception algorithms, Xense delivers integrated solutions that have been validated in industrial environments. Its systems can detect subtle force variations and adjust motion in real time, enabling high-precision insertions that legacy robots are unable to perform.
According to Xense, its technologies are already deployed in dexterous manipulation, precision assembly, tactile testing, flexible logistics, and home robotics. Clients include Agibot, Google, X Square Robot, Galbot, and EngineAI. The company has also initiated pilot collaborations with <a href="/company/catl">Contemporary Amperex Technology</a> (CATL), Li Auto, and Haier.
As deployment expands, Xense plans to develop a tactile cloud platform that integrates sensors, data acquisition systems, simulators, and real-world applications. The platform aims to provide high-quality tactile data to enterprises and developers, reducing innovation costs and accelerating the broader adoption of embodied intelligence.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3510172974766979">article</a> was written by Huang Nan for 36Kr.

Xense Robotics bets on touch as the next frontier of embodied intelligence

As Singles’ Day nears, what’s expected of Taobao Shangou?

Taobao

East Asia

On-demand Services

E-commerce

Consumer Economy

… million. The investment will be used for team expansion, R&amp;D, equipment procurement, and early market development. —<a href="https://36kr.com/p/3516133630303365">36Kr</a></li>
<li aria-level="1">Riltide Medicines, an AI-driven pharmaceutical startup, has raised an eight-figure RMB sum in seed funding. NRL Capital led the round, with participation from Qingtan Investment. The proceeds will advance preclinical development of its core pipeline and AI-assisted molecular design platform targeting autoimmune diseases. —<a href="https://36kr.com/p/3514369080548230">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Ryder, Verta, Xendit, and more made recent headlines:</h3>
<ul>
<li aria-level="1">Ryder, a crypto technology company, has raised USD 3.2 million in a seed funding round led by Tim Draper, founder of Draper Associates and an early investor in Facebook, Tesla, and SpaceX. The round also saw participation from Anatoly Yakovenko, founder of Solana; Joe McCann of Asymmetric; and venture capital firms Borderless, Semantic, Smape, and VeryEarly.</li>
<li aria-level="1"><a href="https://www.vertabioenergy.com/">Verta Bioenergy</a>, a Singapore-headquartered climate tech startup, secured SGD 1.1 million in seed funding from various investors including Engine Factory, Wright Partners, AlphaGen VC, Auravia Capital, and Jun Umali (Manila Angel Investors Network).</li>
<li aria-level="1">Xendit, a payments infrastructure company, has acquired and integrated Payex, a Bank Negara Malaysia-licensed payment gateway.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
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Deals in brief: Accel backs Pave Bank, Endowus raises over USD 70 million, Hangry completes Series A5 round, and more

Venture Capital

Private Equity

Merger &amp; Acquisition

Alpharithm Investments has announced the global launch of <a href="http://ai-wk.com">AI Work</a>, a platform comprising seven domain-specific artificial intelligence models designed to enhance white-collar workflows across industries. The release marks the firm’s entry into enterprise-grade AI applications for finance, compliance, research, and operations.
The launch comes amid growing debate over how automation will reshape global labor markets. According to the <a href="https://www.imf.org/en/Publications/fandd/issues/2025/03/a-place-for-human-talent-in-the-ai-age-marina-tavares">International Monetary Fund</a>, up to 40% of jobs worldwide could be affected by AI, with higher exposure in advanced economies. The International Labour Organization (ILO) has urged policymakers and businesses to prioritize reskilling and inclusion over inevitability. “We know that many jobs will be, and are already being, lost because of artificial intelligence,” said Gilbert Houngbo, director-general of ILO, in an <a href="https://www.hcamag.com/us/specialization/hr-technology/ai-should-not-be-seen-in-negative-way-ilo-chief/504013">interview</a> with Human Resources Director. However, he added that “many, many millions of new jobs will be created… in the short, medium term, the delta will remain positive.”
<h3>Seven AI models for a hybrid workforce</h3>
Developed by Alpharithm’s engineering teams, AI Work integrates seven purpose-built models that automate specialized professional tasks once considered resistant to machine learning. Each model is designed to operate as a “digital teammate,” performing defined roles that complement human judgment and creativity.
The seven models include:
<ul>
<li aria-level="1">Yumi, a multilingual customer service concierge managing calls, chats, and emails across timezones and languages.</li>
<li aria-level="1">Freddie, a recruitment automation engine that handles candidate screening, document verification, and contract generation.</li>
<li aria-level="1">Luca, an accounting and financial reporting model that complies with IFRS (international financial reporting standards) and GAAP (generally accepted accounting principles), available free of charge for small businesses.</li>
<li aria-level="1">Saras, a professional-grade content generator that drafts consultant-, banker-, and lawyer-level reports and presentations.</li>
<li aria-level="1">Orion, a research automation model producing equity analysis on US and Hong Kong stocks in English and Chinese.</li>
<li aria-level="1">Hermes, a real-time intelligence feed delivering market-moving news alerts and historical archives for financial professionals.</li>
<li aria-level="1">Olympus, a simulation engine that models multi-agent market behavior for strategy testing and scenario analysis.</li>
</ul>
Together, these models aim to extend automation beyond repetitive tasks to higher-order cognitive work, redefining the boundaries of professional productivity.
<h3>Balancing automation with human insight</h3>
Alpharithm’s launch aligns with the growing view that AI serves as an amplifier of productivity. Research from <a href="https://www.goldmansachs.com/insights/articles/generative-ai-could-raise-global-gdp-by-7-percent">Goldman Sachs</a> estimates that widespread AI adoption could raise global GDP by roughly 7% over the next decade, a scale comparable to the personal computer revolution.
To promote inclusive adoption, Alpharithm has pledged to make its accounting model, Luca, free for small businesses. The initiative reflects its commitment to social responsibility and its belief that access to advanced financial automation should not be limited to large enterprises. The pledge also supports the ILO’s call for inclusive digital transformation, emphasizing that training and access to AI tools improve employment resilience and wage growth.
While AI systems increasingly manage formatting, analytics, and procedural tasks, Alpharithm maintains that human judgment remains essential. Professionals still interpret complex data, negotiate terms, and make value-based decisions, areas that define leadership and creativity in a digital workplace. The company views AI Work as a foundation for a hybrid model in which algorithms provide analysis and humans deliver synthesis.
<h3>About AI Work</h3>
AI Work is a global enterprise platform developed by Alpharithm Investments. It offers task-specific AI models designed to enhance productivity across white-collar functions. The suite includes models that automate customer engagement, recruitment, accounting, financial reporting, market intelligence, and research generation. AI Work’s modular architecture enables seamless integration into enterprise systems, supporting firms in building hybrid, data-driven workflows.
This press release was published in partnership with <a href="https://alpharithminv.com/">Alpharithm Investments</a>.

Alpharithm launches AI Work platform to augment white-collar productivity

… “Commission rates dropped eight to nine percentage points, while our listings gained search weight and fast delivery tags,” Chen said. “That created a positive loop: the more we sold, the more visible we became. We’re maintaining third-party fulfillment alongside in-platform warehousing to keep inventory flexible.”
<h3>Targeting Southeast Asia’s high-end parenting market</h3>
As early as August, Goodbaby began preparations for Shopee’s September 9 sales event, coordinating inventory, marketing, and pre-event promotions. On the day, the company said sales surged tenfold compared with normal levels, outpacing the overall market growth rate.
Goodbaby’s team reportedly used predictive models for sales and traffic to guide stock planning, ensuring main SKUs were in local warehouses by late July. It bundled its pocket stroller with accessories such as storage bags at discounted combo prices to protect margins, while adding essentials like bottles and cleaning agents to encourage one-stop shopping and raise average order value.
Marketing efforts started three weeks in advance, securing top banner slots, flash sale placements, and platform vouchers. In the final week, the team said it boosted exposure through Shopee Video and in-store broadcasts. “Our goal was simple,” Chen said. “We wanted premium strollers to go mainstream across Southeast Asia on September 9.”
Looking ahead, Goodbaby plans to deepen its presence in the region’s evolving mom-and-baby market.
“The segment is following China’s premiumization path, but at a faster pace,” Zhan said. “We’re playing three cards early: quality, scenarios, and content.”
Consumers, she added, increasingly value design and safety and are willing to pay for higher-quality materials and technology. Goodbaby’s follow-up to this is the introduction of both European and Chinese safety certifications to bolster its branding in that regard.
Next, the company aims to refine its product strategy around specific use cases while exploring multifunctional designs. On the sales front, content-driven e-commerce is set to feature heavily, with short videos, live streams, and community engagement becoming key channels. Goodbaby is investing early to secure its position.
By combining strong design, high safety standards, and localized operations, Goodbaby is positioning itself to ride Southeast Asia’s premium parenting wave, opening new growth avenues while reinforcing its global resilience.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3501402530749320">article</a> was written by 36Kr Chuhai.

From stroller maker to global parenting brand: Goodbaby’s Southeast Asia expansion

Retail

The <a href="/industry/ev">electric vehicle</a> price war is expanding beyond China and into the rest of the world as weakening demand pushes automakers like Tesla and Nissan Motor to slash prices.
On October 7, <a href="/company/tesla">Tesla</a> announced new versions of two flagship models in the US <a href="https://asia.nikkei.com/business/automobiles/tesla-debuts-affordable-model-y-and-3" target="_blank" rel="noopener">priced about 10% lower</a> than the cheapest existing options, with reduced driving range and more basic interiors. The new Model Y sport utility vehicle starts at USD 39,990, USD 5,000 less than the lowest-priced current version.
The move comes after the climate-skeptic administration of US President Donald Trump scrapped a USD 7,500 tax break on EVs introduced under predecessor Joe Biden at the end of September, effectively making the existing Model Y and other popular models around 20% more expensive. Tesla is rushing to roll out more affordable options to avoid losing customers.
Tesla, which controlled more than 80% of the US EV market five years ago, now sits below 50%, and many investors see its latest move as too little for an effective comeback. CEO Elon Musk has long talked about introducing models priced below USD 30,000.
Although Tesla handles steps from battery production to car assembly in the US for cars for the American market, it has a global supply chain for parts and materials. In particular, it relies on imports from China for rare earth metals needed for batteries and motors.
Beijing has tightened control over rare earth production to secure an edge in trade negotiations with the US. Even for Tesla, a major buyer of the minerals, finding alternative sources is not easy. Protracted trade tensions between the US and China limit the automaker's options for cutting costs.
General Motors and Ford Motor have been gradually lowering EV prices, with both companies planning to roll out models below the USD 30,000 mark.
Hyundai Motor is slashing prices for new EV models in the US by up to 20% compared with its existing lineup. CEO Jose Munoz has said the South Korean automaker looks to launch more affordable, competitive EVs in Europe, India, and China.
Price cuts are also cropping up in Japan, which has the lowest EV adoption rate among advanced economies. On October 8, Nissan announced a suggested retail price of about JPY 5.19 million (USD 34,200) for the standard version of <a href="https://asia.nikkei.com/business/automobiles/electric-vehicles/nissan-takes-on-foreign-ev-makers-in-japan-with-cheaper-new-leaf" target="_blank" rel="noopener">its revamped Leaf</a>, around JPY 60,000 (USD 395) cheaper than the current equivalent.
That decision comes amid mounting competitive pressure from <a href="/company/byd">BYD</a> and other Chinese automakers, which are using low prices to make inroads in nearby Japan as growth in the Chinese EV market slows. Last month, BYD temporarily discounted popular electric models in Japan by as much as JPY 1.17 million (USD 7,710).
The decline in EV prices owes in large part to efforts by Chinese automotive battery manufacturers to expand worldwide. <a href="/company/catl">Contemporary Amperex Technology</a> (CATL), the top global supplier, is investing in a battery factory with <a href="https://asia.nikkei.com/business/automobiles/electric-vehicles/chinese-auto-parts-makers-and-tech-suppliers-gain-european-foothold" target="_blank" rel="noopener">European automaker</a> Stellantis.
Goldman Sachs forecasts that while EVs will account for only 15% of global automotive sales this year, growth will start accelerating around 2030, bringing the figure to 52% in 2040. In Europe, EV adoption stalled temporarily with the end of government subsidies, but companies like Volkswagen have recently been going back on the offensive with compact models.
"Over the long term, EV prices will decline worldwide," said Sanshiro Fukao, executive fellow at the Itochu Research Institute. "There'll be a shift from the phase in which the market is shaped by early adopters to a second phase where it's shaped by affordable EVs becoming the mainstream."
Many European and US automakers besides Tesla are losing money on EV operations. The end of purchase subsidies in the US will hit the profitability of companies that relied on government support, making winners and losers clearer and potentially leading to industry restructuring.
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/electric-vehicles/tesla-hyundai-nissan-offer-cheaper-evs-as-china-price-war-goes-global">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

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