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This expansion is timely as demand for Tesla's energy products surged dramatically over the last year, suggesting that Tesla recognizes the need for quick scalability in response to increasing demand in the energy storage market. Tesla also aims to streamline production operations by co-locating certain manufacturing processes within existing facilities.
Toyota’s Competitive EV Offering in China
Japanese automotive giant Toyota has introduced its B 3x SUV, an EV priced aggressively at about $15,000. This pricing is notably competitive, especially in the Chinese market. The B 3x has reportedly gained over 10,000 orders in the opening hour of its launch, indicating a strong consumer demand.