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China's BYD launches 3 EV models in Indonesia

Reuters · 1y ago

China's BYD launches 3 EV models in Indonesia

China's BYD, the world's largest electric vehicle manufacturer, has introduced three battery EV models in Indonesia in an effort to expand its presence in Southeast Asia. BYD overtook Tesla in Q4 2023 as the top EV maker, with the majority of its sales in the Chinese market. In Southeast Asia, BYD has been outperforming competitors in EV sales due to affordable models and partnerships with local distributors. The company will now sell the Dolphin hatchback, Atto 3 SUV, and Seal sedan in Indonesia.

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Tesla launches restyled Model 3 in North America

Reuters · 1y ago

Tesla launches restyled Model 3 in North America

Tesla has launched a restyled version of its Model 3 sedan in North America, with pricing remaining unchanged. The "performance" variant has been removed from the company's North American websites, leaving only the rear-wheel drive and long-range variants. The restyled models feature new additions such as a rear display for backseat passengers, two new color options, and updated wheels. The long-range variant now boasts an increased range of 341 miles. Tesla delivered a record number of electric vehicles in Q4 2023, but lost the top EV sales spot to China's BYD.

Chinese EV giant BYD to launch cars in Indonesia next week

Reuters · 1y ago

Chinese EV giant BYD to launch cars in Indonesia next week

Chinese EV giant BYD will be introducing its electric cars in Indonesia next week, in response to the country's push to increase electric vehicle adoption and reduce emissions. BYD, known as the world's top seller of battery electric vehicles (BEVs), aims to tap into the growing Indonesian market for green vehicles.

BYD slows production, delays capacity expansion at China factories, sources say

Economic Times

Economic Times · 7d ago

BYD slows production, delays capacity expansion at China factories, sources say

BYD, China's leading electric vehicle manufacturer, has reduced production and postponed expansion at several factories due to rising inventory and slower sales growth. The company, which overtook Tesla as the top EV producer, has cut shifts and output by at least a third at some locations. Despite aggressive price cuts, sales fell short of targets, prompting cost-saving measures. These moves highlight challenges in China's competitive auto market, leading BYD to explore overseas opportunities to bolster sales.

Chinese automaker BYD inches closer to global EV dominance as Tesla sales dip

Economic Times

Economic Times · 1y ago

Chinese automaker BYD inches closer to global EV dominance as Tesla sales dip

BYD, the Chinese automaker, is closing in on Tesla as the world's largest electric vehicle (EV) seller. In the last quarter, BYD nearly surpassed Tesla in sales, driven partly by Tesla's delivery decline due to factory downtime. BYD sold 431,603 fully-electric vehicles in the quarter, a 23% increase, compared to Tesla's 435,059. BYD's growth includes hybrid models, and it is expanding its appeal with luxury and budget-friendly EVs. The company's export sales are also increasing, making up 9% of its third-quarter sales, contributing to its dominance in the EV market.

China EV giant BYD reboots Europe operations after strategic stumbles

Economic Times

Economic Times · 2m ago

China EV giant BYD reboots Europe operations after strategic stumbles

China's EV leader BYD is restructuring its European operations after strategic missteps including inadequate dealer sign-ups and poor local market knowledge. To address these issues and expand its market presence, BYD is rapidly hiring local talent, including key executives from European automakers like Stellantis. It plans to introduce plug-in hybrids, acknowledging their appeal in various European markets. BYD's quick response to previous shortcomings shows early signs of success, with European sales tripling in early 2025.

Tesla's October China-made EV sales fall 2.6%; rival BYD sales up 5%

Economic Times

Economic Times · 1y ago

Tesla's October China-made EV sales fall 2.6%; rival BYD sales up 5%

According to the China Passenger Car Association (CPCA), Tesla's China-made electric vehicle sales dipped 2.6% in October, with 72,115 units delivered. In contrast, Chinese rival BYD experienced a 5% increase in passenger vehicle deliveries, reaching 301,095 units. Tesla's market share in China's EV segment decreased to 9.89% in Q3 from 12.98% in Q2, despite the company prioritizing sales over earnings in the country. Other domestic automakers, including BYD and Huawei-backed Aito, have made significant progress in the Chinese auto market.

Why a Chinese gadget company can make an electric car and Apple can't

Economic Times

Economic Times · 4m ago

Why a Chinese gadget company can make an electric car and Apple can't

After nearly a decade of attempts, Apple abandoned its electric car project, which cost $10 billion. Meanwhile, China's Xiaomi successfully launched its first electric car after just three years, delivering 135,000 units, with plans to double production by 2025. Xiaomi leveraged China's robust electric vehicle supply chain, offering affordable, feature-rich cars like the SU7. Chinese EV companies, backed by government support, now dominate global battery production, exemplified by BYD and CATL's success.

German dealership Sternauto opens BYD store in Berlin

Reuters · 1y ago

German dealership Sternauto opens BYD store in Berlin

Chinese EV giant BYD is showcasing its five models on sale in Germany at a new BYD-only store in Berlin, operated by dealership Sternauto. The move demonstrates BYD's growing presence in Europe and its aim to compete with European automakers. Sternauto opened the store to cater to the increasing demand for affordable electric vehicles among German customers. BYD's brand awareness is rapidly growing in the country due to heavy marketing investments. The company is also expanding its manufacturing capacity in Hungary, Brazil, and Thailand, targeting global markets. However, Chinese EV brands face challenges, including regulatory scrutiny and supply chain bottlenecks.

Chinese EV maker BYD targets 20% jump in annual sales

Economic Times

Economic Times · 1y ago

Chinese EV maker BYD targets 20% jump in annual sales

Chinese electric vehicle manufacturer BYD has set a sales target of 3.6 million units for 2024, a 20% increase from last year's record-breaking sales. The company aims to sell 500,000 vehicles overseas this year, double last year's total, and one million units by 2025. Chairman Wang Chuanfu announced the targets to investors after BYD reported its slowest quarterly profit growth in two years. Despite facing challenges in the Chinese market, BYD became the world's largest EV seller in 2020, surpassing Tesla. The company plans to launch a new plug-in hybrid system in May and introduce models with advanced driving-assistance systems in the second half of 2021.

Exclusive: China commerce minister to head to Europe to make EV case

Reuters · 1y ago

Exclusive: China commerce minister to head to Europe to make EV case

China's Commerce Minister, Wang Wentao, is set to travel to Europe in April to discuss the European Commission's investigation into China's electric vehicle industry. The investigation aims to determine whether the industry has benefited from unfair subsidies and may result in tariffs being imposed on exports. Wang will visit France and will be accompanied by representatives from companies such as BYD, SAIC, and Geely. China has disputed the claim that its EV industry has boomed due to subsidies and considers the EU inquiry to be protectionist. China overtook Japan last year as the largest car exporter.

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