Tag: BYD Co Ltd

Tesla’s Profit Rose in the Second Quarter as Price Cuts Spurred Demand

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Tesla reported a rise in profit for the second quarter after the company led by Elon Musk cut prices in response to increased competition and higher borrowing costs for car buyers. The company said on Wednesday that it earned $2.7 billion from April through June, compared with $2.5 billion in the first quarter of this year and $2.3 billion in the second quarter of 2022. Sales rose 7 percent, to $25 billion, from last quarter. Lower average sales prices, as well as the cost to produce a new pickup truck,…

Price War Over Electric Cars Erupts in China

Chin@Strategy

A cutthroat price war has erupted in the world’s largest automobile market. Within the span of a week in March, Volkswagen’s Chinese joint venture slashed prices on its ID.3 electric cars by 18 percent. Changan Automobile, one of China’s state-owned car manufacturers, offered $3,000 cash rebates, free charging credits and other incentives for its electric vehicles. BYD, the country’s biggest E.V. maker, unveiled a second round of markdowns in a month for some of its older models. Amid slumping auto sales, car brands are going to extremes to stay competitive,…

Tesla Offers a New ‘Master Plan’ but Few Big Revelations

Chin@Strategy

Tesla said on Wednesday that it would build a factory in Mexico to manufacture an electric vehicle that would be significantly more affordable than any of the cars it sold now. But the company disappointed investors who were expecting it to make big announcements about new products and strategies. Shareholders and analysts had expected Tesla to reveal information that would clarify how the company would retain its crown as the world’s dominant maker of electric vehicles in the face of energetic competition from established carmakers and relatively younger Chinese manufacturers.…

China’s Leading Electric Carmaker Has Arrived in Germany

Chin@Strategy

Germans take huge pride in their automotive industry, and have never been eager to abandon their Audis, BMWs or Mercedes-Benzes for foreign makes. But with a goal to change that, a Chinese automaker that sells the most electric cars in the world has begun offering three of its models in Germany. BYD, founded in 1995 under the name “Build Your Dreams,” has become a behemoth in China, the world’s largest auto market, by focusing on electric vehicles. Last year it sold a total of 1.86 million battery-powered cars, including plug-in…

Tesla Sales in China Slump as Competition Intensifies

Chin@Strategy

Tesla sales in China, the world’s largest car market, rose in 2022 but slumped in December as domestic manufacturers gained ground, according to data published Thursday. The company sold around 56,000 cars in China last month, a decline of more than 20 percent from a year earlier, and nearly 45 percent from the previous month. For the full year, Tesla’s Chinese sales rose 50 percent, according to data published by the China Passenger Car Association. China accounts for roughly 40 percent of Tesla’s sales. Concern about the carmaker’s performance there…

For China’s Auto Market, Electric Isn’t the Future. It’s the Present.

Chin@Strategy

Zhang Youping, a Chinese retiree, purchased an all-electric, small sport-utility vehicle from BYD — China’s largest electric vehicle maker — at an auto show for around $20,000 last month. Her family has bought three gas-powered cars in the last decade, but she recently grew concerned about gas prices and decided to go electric “to save money.” A few months earlier, her son had also bought an E.V. It was a $10,000 hatchback from Leapmotor, another Chinese manufacturer. This year, a quarter of all new cars purchased in China will be…

How China’s CATL Became the Top Electric Car Battery Maker

Chin@Strategy

CATL’s initial public offering in 2018 made Mr. Zeng and two CATL vice chairmen, who together own a 40 percent stake, rich. Other early investors, some with deep political connections, did well, too. The company’s success was never assured, but China had let the world know that it planned to dominate the electric vehicle industry. It said in a sweeping announcement in 2016 that a “third industrial revolution” focusing on digitization and “new energy” would allow China to take the lead in autos. CATL invited a few outside investors to…

China’s Popular Electric Vehicles Have Put Europe’s Automakers on Notice

Chin@Strategy

FRANKFURT — The name MG used to be synonymous with spirited but finicky sports cars from Britain. Nowadays the iconic octagonal badge serves a different kind of motoring ambition: China’s push to become a big player in the global auto market. SAIC Motor, one of China’s Big Four automakers, bought the MG brand in 2007 and is stamping it on a line of electric sport utility vehicles on sale in Germany and other European markets. MG is an example of how Chinese carmakers are exploiting the shift to electric cars…