Breaking news

Tesla Sets Record Sales in China Amid Global Decline in 2024

by THEFUTURE.TEAM

January 3, 2025

Tesla’s performance in China reached new heights in 2024, with sales climbing 8.8% to surpass 657,000 vehicles, marking a record-breaking year in the world’s largest auto market. This growth came despite the company experiencing its first annual global delivery decline, down by 1.1%.

China as Tesla’s Growth Engine

China accounted for 36.7% of Tesla’s total deliveries in 2024, solidifying its position as the automaker’s second-largest market. In December alone, Tesla China achieved record monthly sales of 83,000 units, a 12.8% increase from November.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

John Zeng, market forecast head at GlobalData, noted that Tesla’s success in China underscores the country’s pivotal role in the global EV market. “China is the only major market showing consistent EV growth, while other regions face stagnation or decline,” he explained.

Indeed, 70% of global EV and hybrid sales in the first 11 months of 2024 came from China, contributing to over 90% of the worldwide growth in the sector during that period.

Global Challenges for Tesla

While China thrived, Tesla faced significant headwinds in other markets:

Reduced subsidies in Europe hampered demand.
A U.S. shift toward more affordable hybrid models diverted buyers.
Increasing competition from Chinese automakers, notably BYD, weighed on global sales.

Despite these challenges, Tesla managed 1.79 million global deliveries, narrowly maintaining its lead over BYD, which sold 1.76 million EVs globally, marking a 12.1% growth.

China’s Competitive EV Market

China’s ongoing EV price war, now entering its third year, has driven Tesla to implement aggressive promotional strategies. The automaker extended a 10,000 yuan ($1,370) discount on loans for its popular Model Y and offered zero-interest financing for some Model 3 and Model Y vehicles. These offers will continue through the end of January.

Meanwhile, BYD continues to dominate with its cost-effective Dynasty and Ocean series. The company exceeded expectations with 4.25 million passenger vehicle sales, a 41% increase from the previous year. However, BYD’s overseas growth faced hurdles, including a 17% EU tariff and investigations in Brazil regarding the treatment of Chinese workers at a factory construction site.

Tesla and BYD in Global EV Leadership

Tesla and BYD remain locked in a fierce battle for EV market dominance. Tesla’s ability to harness China’s surging demand while grappling with global challenges demonstrates its strategic reliance on the Chinese market. However, as competition intensifies and global dynamics shift, Tesla’s adaptability will be key to sustaining its leadership position.

For 2025, all eyes will be on Tesla’s ability to leverage its Chinese success while addressing weaknesses in other regions.

The Decline Of Smartwatches: A Turning Point In The Wearable Tech Industry

by THEFUTURE.TEAM

March 13, 2025

For the first time in history, the smartwatch market is facing a significant downturn. Shipments are expected to drop by 7% in 2024, marking a major shift in a segment that has been growing steadily for over a decade. A report by Counterpoint reveals that while Apple still holds the top spot, its dominance is being challenged by a surge from Chinese brands like Huawei, Xiaomi, and BBK. Even as the overall market struggles, some companies are thriving.

The Big Picture: Why Smartwatches Are Slowing Down

Apple’s flagship products have long been the driving force in the smartwatch market, but even the tech giant is feeling the pressure. The company’s shipments are projected to fall by 19% this year, though it will remain the market leader. Meanwhile, brands from China are capitalizing on the shift, with Huawei showing an impressive 35% growth in sales, driven by the booming domestic market and a broad range of offerings, including smartwatches for kids.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Xiaomi, too, is experiencing remarkable success, with a staggering 135% increase in sales. In contrast, Samsung is seeing more modest growth, up 3%, thanks to its latest Galaxy Watch 7 and Galaxy Watch Ultra series.

While some companies are succeeding, the broader market is facing headwinds. The biggest factor behind the overall decline is the slowdown in India, where consumer demand for smartwatches has stagnated. The segment is suffering from a lack of innovation and fresh updates, leaving many consumers with little incentive to upgrade their devices. Add to that market saturation, and it’s clear why many users are content with their current models. The Chinese market, however, is bucking the trend, showing 6% growth in 2024.

A Glimpse Into The Future

Looking ahead, the smartwatch market may begin to recover in 2025, driven by the increasing integration of AI and advanced health monitoring tools. As these technologies evolve, the industry could see a resurgence in demand.

Huawei’s Remarkable Comeback

Huawei’s impressive performance in the smartwatch space signals a broader recovery for the company, which has been hit hard by US sanctions. Once the world’s largest smartphone maker, Huawei’s business was decimated when it lost access to advanced chips and Google’s Android operating system in 2019. But in China, Huawei has maintained its dominance, with its market share growing to 17% in 2024.

This resurgence was partly driven by the launch of the Mate 60 Pro, a smartphone featuring a 7-nanometer chip developed in China. Despite US sanctions, the device surprised many with its capabilities, a testament to China’s rising investment in domestic semiconductor production.

In February, Huawei also unveiled its Mate XT foldable smartphone, the world’s first device to fold in three directions. Running on HarmonyOS 4.2, Huawei’s proprietary operating system, the phone further demonstrates the company’s resilience and ability to innovate despite international challenges.

Huawei’s smartwatch offerings are also catching attention, particularly the Huawei Watch GT 5 Pro, which launched in September of last year. With a premium titanium alloy design, a high-resolution AMOLED display, and impressive health tracking features, the GT 5 Pro has become a standout in the market, available to both Android and iOS users.

A Brief History Of The Smartwatch Revolution

The smartwatch market has had its fair share of milestones, but the real breakthrough came in 2012 with the Pebble, a Kickstarter-funded project that raised over $10 million. Pebble introduced the world to smartphone integration, app downloads, and long battery life, becoming the first truly mass-market smartwatch.

In 2013, Samsung entered the game with the Galaxy Gear, marking its first attempt at wearable tech. But it was Apple’s entry in 2014 that truly set the industry on fire. The Apple Watch’s sleek design, integration with iOS, and emphasis on health and fitness catapulted it to the top of the market, establishing a standard that many other brands would try to follow.

By 2021, the smartwatch industry had grown to over $30 billion in revenue, with annual growth reaching 20%. Yet now, it finds itself at a crossroads, with innovation stagnating and market saturation taking a toll.