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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>.

Tesla, Hyundai, Nissan offer cheaper EVs as China price war goes global

Tesla

East Asia

Japan

Nissan

China

Transportation

Electric Vehicles

Mobility

… https://console.kr-asia.com/wp-content/uploads/2025/10/Road-to-Empress-Bianji-Gaoyang-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/10/Road-to-Empress-Bianji-Gaoyang-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/10/Road-to-Empress-Bianji-Gaoyang-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/10/Road-to-Empress-Bianji-Gaoyang-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/10/Road-to-Empress-Bianji-Gaoyang-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-157881" class="wp-caption-text">A cutscene from Road to Empress showing monk Bianji carrying princess Gaoyang to safety from a burning building. Image source: New One Studio.</figcaption></figure>
Still, some players say Road to Empress offers limited freedom of choice. Numerous branching paths reportedly end in the protagonist’s death, leading to complaints that most alternate endings result in failure. This restriction may stem from the genre’s high production costs. Unlike traditional television shoots, interactive film games require multiple versions of each scene with corresponding changes in performance and styling, significantly raising expenses. Industry insiders told 36Kr that Road to Empress likely cost tens of millions of RMB to produce.
<h3>A nuanced strategy</h3>
Beyond its creative strengths, Road to Empress also reflects a mature approach to marketing and commercialization. Promotional campaigns have appeared across <a href="/company/xiaohongshu">Xiaohongshu</a>, Weibo, WeChat, Tencent Video, and <a href="/company/bilibili">Bilibili</a>. Users who engage with related content often encounter targeted ads featuring sped-up walkthroughs of the game.
On its official Weibo account, the marketing strategy mirrors that of mainstream TV dramas: lead actors interact directly with fans, while brand partnerships roll out steadily. Since launch, Road to Empress has collaborated with Luoyang Culture and Tourism Investment Group and Lenovo, among others.
<a href="/company/tencent">Tencent’s</a> ecosystem has played a dominant role in the game’s distribution. New One Studio is supported by Tencent subsidiary TiMi Studio Group, and multiple TiMi titles—including Honor of Kings, Delta Force, Yuan Meng Star, and Craz3 Match—have held cross-promotional events with Road to Empress. Meanwhile, Tencent Video continues to feature the game prominently on its homepage carousel.
This multi-platform push helped Road to Empress trend repeatedly on social media, reportedly generating more than 1.2 billion mentions across platforms. Strong content combined with an aggressive marketing strategy has solidified its success. Yet the game also highlights the high cost of quality production and sustained promotion, factors that make comparable success stories difficult to reproduce.
Producer Demi noted that Road to Empress has yet to turn a profit, and its sales have not changed broader market perceptions of the genre’s revenue potential. Still, the title carries substantial commercial expectations. According to Shanghai Observer, four of the top 15 Chinese titles on Steam in the first half of this year were interactive film games. With the breakout success of Road to Empress, the category’s future looks increasingly promising.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3503329057971076">article</a> was written by Lan Jie for 36Kr.

Road to Empress tops one million sales, revives China’s interactive film genre

Entertainment

Gaming

Video

Creative

Content

… approximately 98,300 units, an increase of about 693%. Seyond, meanwhile, shipped only 5,000 units during the same period, despite securing orders from Zelos and Tongdy, well behind its competitors in scale.
Leading LiDAR manufacturers are now pursuing a two-pronged strategy. For Hesai, the advanced driver assistance systems (ADAS) segment remains the core business, contributing most of its revenue and gross profit. Meanwhile, the robotics segment, though smaller in scale, helps lift margins and enhance valuation potential.
In this environment, Seyond faces a difficult position. Its ADAS business is under intense competitive and pricing pressure, while its robotics offerings are still far from commercial maturity. Even with a SPAC listing, Seyond’s uphill battle is only beginning.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3514017849678723">article</a> was written by Song Wanxin for 36Kr.

LiDAR maker Seyond pursues SPAC listing after losing ground to rivals

Hong Kong

… such sensitive data in-house, they create high entry barriers for external AI vendors, leaving limited room for independent firms like Nova Insight.
<h3>Why pursue an independent IPO?</h3>
As insurers expand in-house AI capabilities, Nova Insight’s decision to go public raises questions. For one, why did ZhongAn invest in an external AI company rather than develop solutions internally? Two factors may explain this.
First, while large insurers can afford proprietary AI systems, smaller and mid-sized firms still rely on external vendors for digital transformation. This leaves market space for independent firms like Nova Insight.
Second, ZhongAn’s own financial performance has been volatile, suggesting possible capital recycling motives.
Currently, three shareholders each hold stakes of 10% or more: ZhongAn Insurance with 31.65%, Nova Insight’s chairman and CEO Lu Min with 28.76%, and HongShan with 15.9%.
According to Wind data, ZhongAn’s net profit over the past five years was RMB 554 million (USD 77.6 million), RMB 1.17 billion (USD 164 million), a loss of RMB 1.36 billion (USD 190.4 million), RMB 4.08 billion (USD 571 million), and RMB 603 million (USD 84 million). Operating profit fluctuated similarly. By mid-2025, ZhongAn recorded a net cash outflow of RMB 373 million (USD 52.2 million).
If Nova Insight’s IPO succeeds, ZhongAn could benefit from a valuation uplift and potential partial exit, improving its balance sheet optics.
Market conditions have also turned more favorable. Hong Kong’s average daily turnover rose 118% year-on-year in the first half of 2025, with IPO fundraising surpassing all of 2024 and reclaiming the global top spot.
ZhongAn’s share price has risen more than 40% year-to-date as of October 15, while other major insurers—Ping An, China Pacific, China Life, PICC, and New China Life—have also gained significantly.
Regulatory reforms, including dynamic adjustments to assumed interest rates and unified reporting standards, have reduced liability costs and improved insurers’ balance sheets.
Meanwhile, stable bond yields, a “slow bull” equity market, and looser liquidity under expected US rate cuts have drawn more capital into Hong Kong. Sector valuations remain below historical averages, leading analysts to project continued upside for insurance stocks.
Against this backdrop, if Nova Insight’s IPO proceeds, it could turn ZhongAn’s long-term strategic bet into a well-timed market opportunity.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3512743785159811">article</a> was written by Wang Hanyu for 36Kr.

ZhongAn’s Nova Insight files for Hong Kong IPO amid mounting losses

Insurance

<a href="/company/nvidia">Nvidia</a> is reportedly developing an internal robotaxi project, according to 36Kr. The plan was announced at a recent company meeting and will be led by senior director Ruchi Bhargava.
People familiar with the matter said the new initiative will follow a single-stage “end-to-end” technology route, in which one neural network is trained and reinforced through simulation-generated world models. This approach is likely similar to <a href="/company/tesla">Tesla’s</a> “Full Self-Driving” (FSD) system.
In January, Nvidia introduced Cosmos, its world foundation model. The platform integrates text, image, video, and sensor data to generate synthetic video that conforms to physical laws. The model has already been pretrained on more than 20 million hours of data.
Cosmos’ main advantage lies in its ability to create complex driving scenarios that are difficult to reproduce in the real world, expanding the boundaries of autonomous driving capabilities. The direction is already gaining traction in the industry, with Chinese automakers Li Auto and Xpeng developing their own world models.
Nvidia has also partnered with General Motors, Mercedes-Benz, and Toyota to co-develop or deploy autonomous fleets powered by its technology. In May, CEO Jensen Huang said that the Level 4 autonomous fleet built with Mercedes-Benz would launch this year.
However, the new robotaxi effort is a separate project. “The company plans to invest USD 3 billion and launch operations in the US,” one person close to the project told 36Kr, adding that budget allocations and objectives are becoming clearer in team discussions.
<h3>Not late to the robotaxi race</h3>
Huang has repeatedly said that autonomous vehicles represent not only the first major commercial application of robotics but also a sector with significant economic potential. The US robotaxi market appears to support that view, showing signs of acceleration in 2025. Waymo, a leading player, expanded commercial operations to two additional cities, including Austin, and is preparing pilot programs with safety drivers in six more, such as Denver. As of April, Waymo provided more than 250,000 paid rides per week in the US.
Tesla launched its robotaxi service in Austin, Texas, and the San Francisco Bay Area in September. Investors noted that Tesla’s robotaxi app downloads on launch day exceeded Uber’s by roughly 40% and were six times higher than Waymo’s historical peak.
Regulatory changes are also paving the way for growth. The US National Highway Traffic Safety Administration (NHTSA) plans to propose amendments in 2026 that would remove existing rules requiring human drivers and manual controls, enabling robotaxis to adopt vehicle designs without steering wheels. The NHTSA also pledged to shorten the review period for autonomous vehicle exemptions from years to months to speed up deployment.
Despite these developments, the industry remains early in its commercialization phase. Waymo operates about 700 vehicles in the US, while Tesla’s initial fleet in Austin consists of only a few dozen. The debate between Waymo’s and Tesla’s differing technological paths, and how Level 4 autonomy will mature, remains unresolved. The current momentum represents a phase of intensive validation rather than a fully developed market.
For Nvidia, its core strength remains in chips and computing ecosystems, not in fleet operations. “You can think of the robotaxi project as Nvidia’s training ground,” a person close to the team told 36Kr. “In <a href="/industry/embodied-intelligence">embodied intelligence</a>, large models are widely accepted as the core technology. But in practice, deploying and fine-tuning them in autonomous vehicles is still challenging. Nvidia wants to strengthen that engineering capability.”
<h3>Catching up through experimentation</h3>
Nvidia began developing autonomous driving software in 2015, but it has yet to release a high-level driving system for mass market vehicles. In 2020, it partnered with Mercedes-Benz to provide <a href="/industry/ai">artificial intelligence</a> architecture, including an autonomous driving solution and an intelligent cockpit for the automaker’s next-generation vehicles.
According to 36Kr, Mercedes-Benz executives drove from Los Angeles to San Francisco in June 2024 to test Nvidia’s and Momenta’s driver assistance systems over a thousand kilometers. After four years of Nvidia’s work, Momenta’s software, which was tuned in just one month, reportedly performed better. As a result, Mercedes replaced Nvidia with Momenta for assisted driving in several of its models in China.
whereRelatedArticle
Nvidia’s challenges extend to Level 4 autonomy. “Nvidia has been benchmarking against Tesla’s FSD internally,” one insider said. “The company conducted multiple comparison tests this year and was surprised by Tesla’s results. On routes between 500–600 kilometers, Tesla’s FSD required only one or two driver interventions. Nvidia still has a sizable gap to close.”
Bhargava, who leads the project, has maintained a low profile. Available records show she has co-authored several of Nvidia’s academic papers on autonomous driving.
From a broader perspective, Nvidia still trails Waymo and Tesla in several areas, including talent depth, production-grade algorithm engineering, complex data accumulation, and on-road testing experience. However, as a core chip supplier, Nvidia has unique advantages in developing robotaxi systems. Its Drive Thor chip, with 2,000 TOPS (tera operations per second) of computing power, could significantly improve end-to-end model inference. Combined with Nvidia’s extensive experience in AI training clusters and software toolchains, this foundation supports rapid model iteration.
Perhaps most importantly, Nvidia has the financial capacity that few autonomous driving companies can match. In the second quarter of 2025, it reported a net profit of USD 26.4 billion, while Waymo’s total investment to reach its current scale is about USD 12 billion. In an AI sector that demands deep capital reserves, Nvidia’s chip business provides the financial cushion for long-term experimentation in the robotaxi space.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3459164474922630">article</a> was written by Xu Caiyu for 36Kr.

Nvidia is reportedly planning a robotaxi project to challenge Tesla, Waymo

Nvidia

Autonomous Vehicles

… though it has not yet turned a profit. The company plans to list on Shanghai's STAR Market, often seen as China's equivalent of the US Nasdaq, this year.
Eswin said in its prospectus that it controlled about 7% of global capacity for 12-inch silicon wafers as of the end of last year and is the "leading wafer supplier" for most new chip plants in China. In total, China now accounts for around 15% of global production capacity, Bernstein's Dai estimated. But by 2026, that figure could rise to one-third, with Eswin alone capturing more than a 10% share globally, according to the company.
The company counts China's top chipmakers like SMIC and Hua Hong as key clients, and also serves international players such as UMC, GlobalFoundries, and Powerchip, all makers of mature chips. Eswin logged a net loss of RMB 737.6 million (USD 103.2 million) in 2024, on revenue of RMB 2.12 billion (USD 296.8 million), an increase in the latter of 43.9% compared to RMB 1.47 billion (USD 205.8 million) in 2023.
Eswin says wafer-making requires significant investment and typically takes several years to reach the breakeven point. The company also acknowledged geopolitical risks and says it is striving to use as many locally sourced raw materials and manufacturing equipment as possible.
Other notable Chinese silicon wafer makers include National Silicon Industry Group, which holds more than 6% of the global market, Zhonghuan Advanced, and Hangzhou Lion Microelectronics. National Silicon Industry Group and Hangzhou Lion, like Eswin, reported net losses in 2024. Zhonghuan Advanced is not a publicly traded company. 
Clark Tseng, senior director of market intelligence at Semiconductor Equipment and Materials International (SEMI), said Chinese chipmakers have strong incentives to use more local materials suppliers like wafers. It is believed that non-Chinese chipmakers purchasing these wafers generally use them for test runs, rather than for mass production, he added, but that could soon change.
"It is only a matter of time before Chinese wafer suppliers catch up with global rivals … and they have many Chinese customers to hone their capabilities," Tseng said.
The chip analyst said smaller wafer suppliers may feel the pressure from Chinese competition sooner than the global top three players. "If Chinese chip suppliers can provide a large volume with a certain quality in a particular segment, then the existing suppliers must move up their value chain, developing higher-end solutions to stay in the competition," he said.
Gokul Hariharan, co-head of Asia Pacific technology, media and telecom equity research with JP Morgan, said the trend of Chinese semiconductor companies trying to use more local wafers as they expand capacity is set to continue.
But this does not mean Chinese wafer makers are quickly penetrating the global market, he added. While newcomers can compete relatively easily in wafers used for older chipmaking processes, when it comes to cutting-edge chips, the expertise required is very different. "It's not an apples-to-apples comparison," the chip industry veteran said.
Bernstein's Dai sounded more downbeat about the global market outlook amid an intensifying competitive environment. "The only way to avoid being edged out as competition intensifies is to focus on the most advanced wafers, differentiate and pursue new technologies or applications that can drive fresh demand for silicon."
For Hu, the silicon wafer distributor representative shaken by Chinese price-cutting, China's business environment is already ruthless. "Most players sell products as long as it generates free cash flow, not based on production cost," he said. "They have their own rules of the jungle. To be honest, an elimination race may be coming, and everyone needs to fasten their seat belts."
This article first appeared on <a href="https://asia.nikkei.com/business/technology/tech-asia/in-silicon-wafers-china-s-emerging-local-stars-rattle-global-giants">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>.

In silicon wafers, China's emerging local stars rattle global giants

Deep Tech

Semiconductors

… by this expanding base.
Ultimately, Tesla’s long-term vision depends on continued sales growth. As long as investors accept the tradeoff between margins and expansion, Tesla can justify short-term profit sacrifices as part of its strategy to cement long-term leadership.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3504242004860041">article</a> was written by Ding Mao for 36Kr.

Tesla unveils new budget cars to take aim at China’s EV challengers

Europe

… When Twinkle Twinkle’s “Savor the Moment” series launched on September 29, its plush keychains sold out almost immediately, reportedly fetching resale premiums of up to 15 times on the Dewu app. On Popop’s mini program, Twinkle Twinkle-themed silver jewelry is priced above standard silver pieces.
Since 2024, market expectations for both Pop Mart and Laopu Gold have been driven largely by the global appeal of their products. As the brands and IPs lose some of their luster, investors are reassessing valuations in what analysts describe as a healthy correction that could help eliminate speculative excess and support long-term growth.
Ultimately, both companies need to strengthen their brand identities to sustain high valuations and price premiums. Only by doing so can they seize new opportunities amid record gold prices and secure fresh momentum for growth. For Pop Mart, breaking into the jewelry segment and reshaping the gold market may prove as challenging as its earlier ventures into film and theme parks.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3504229737733253">article</a> was written by Xie Yunzi for 36Kr.

As gold prices soar, Pop Mart and Laopu Gold take opposite bets on sparkle

Retail

Consumer Economy

… aria-level="1">Traditional drug developers are adopting AI tools without building foundational models. They rely on open-source AI and strong lab capabilities to accelerate programs where they already have expertise in targets and indications.</li>
</ol>
Ma said the key metric for evaluating players is their ability to understand and evolve models. While fine-tuned open-source models may achieve strong results, solving real-world discovery problems often requires breakthroughs at the algorithmic level.
Another expert noted that few firms can afford the cost of training foundational models. Compared with language models, biological data is more expensive to generate. One China-based AI firm, backed by a major tech company, reportedly spent tens of millions of RMB synthesizing and testing thousands of AI-generated antibodies, but still lacked the data volume to reach efficiency thresholds.
Wang agreed, saying that firms able to rapidly generate high-quality experimental data will have the strongest models:
<blockquote>“In the past, automation and high-throughput experiments were about improving screening efficiency. In the AI era, they are also about producing structured, iterative datasets that directly feed model training and optimization.”</blockquote>
Algorithms and data remain the twin pillars of AI drug discovery. Commercialization, however, converges on one goal: producing molecules with real therapeutic value and winning buyer recognition through BD deals.
“As things stand, every new drug company will use AI to some degree. For AI-driven pharma firms, building models alone isn’t enough. They must deliver viable molecules to earn value,” Ma said.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3443394736051590">article</a> was written by Hai Ruojing for 36Kr.

AI-driven drugmakers fuel wave of cross-border deals in China

Biotechnology