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☆ China’s booming electric vehicle companies eye U.S. competitors they see as ‘not ready’
▼ + stars: | 2024-05-07 | by ( Janis Mackey Frayer | Jennifer Jett | ) www.cnbc.com time to read: +8 min

Despite lower price tags, Chinese EVs often have more powerful batteries and more advanced technology. The competition among hundreds of Chinese EV makers has spurred rapid innovation. Even Tesla CEO Elon Musk, who made a surprise visit to Beijing last week, has said that without trade barriers Chinese EV makers would "demolish" their competitors. Chinese EVs tend to be smaller, cheaper and more accessible to the masses — BYD's Seagull, a small all-electric hatchback, starts at less than $10,000. It would take time to set up a sales and distribution network, Fields said, and Chinese EV makers could face a perception issue among American consumers.

Persons: They're, Stella Li, America's Tesla, Tesla, BYD, Mark Fields, Elon Musk, Musk, Fields, they've, Li, Biden, Musk's, That's Organizations: Alliance for American Manufacturing, U.S, BYD, NBC News, Western, Communist Party, Ford, International Energy Agency, Western automakers, United States, Lawmakers, World Trade Organization, European, Rhodium Group, EV, China Association of Automobile Manufacturers Locations: China, EVs, U.S, BYD Americas, BYD, Shenzhen, United States, Beijing, Europe, United, Union, Chinese, Mexico, South Korea, Japan

STR | AFP | Getty ImagesIn the race against Tesla for the global electric car market, Chinese automaker BYD is pushing hard overseas despite rising barriers to the U.S. market. Given policy uncertainty around Chinese EV exports to major markets like the U.S. and Europe, BYD is seeking to bolster overseas sales by moving production to regions perceived as more friendly. The U.S. has tried to support adoption of electric cars domestically, but sales penetration is well below that of China. EY predicts the electric car market in the region will grow exponentially to at least $80 billion a year in sales in the next decade. The rapid growth of BYD and other Chinese electric car companies has other automakers worried.

Persons: Tesla, BYD, Xiao Feng, Biden, it's, EY, Alvin Liu, Liu, BYD's, Sime Darby, Stella Li, Reuters BYD, Bill Russo, CNBC's, Li Organizations: AFP, Getty, Toyota, Counterpoint Research, Tesla, Sime, Americas, Reuters, Alliance for American Manufacturing, U.S Locations: Taicang Port, Suzhou, China's, Jiangsu, U.S, Shenzhen, Europe, Thailand, Brazil, Indonesia, Hungary, Uzbekistan, China, Marklines, Southeast Asia, Singapore, Philippines, Malaysia, Mexico, Americas, North America, United States, Canada, Washington

☆ China's BYD is the world's biggest electric car maker — but it's not coming to America anytime soon
▼ + stars: | 2024-03-09 | by ( George Glover | ) www.businessinsider.com time to read: +6 min

Read previewJapanese and Korean carmakers cracked the US market long ago — but don't expect Chinese EV seller BYD to repeat that feat. Advertisement"It'd be very difficult for a Chinese EV maker to enter the US market," Seth Goldstein, an equity strategist at Morningstar, told Business Insider. The bill, a key part of US President Joe Biden's economic agenda, offers tax credits worth up to $7,500 for EV makers, excluding any "Foreign Entity of Concern." BYD isn't the only company turning its back on the US EV market. Given that EV sales growth is stalling in US, it's perhaps little wonder companies like BYD are not too bothered.

Persons: —, There's, Tesla, We're, Stella Li, BYD, Seth Goldstein, I'm, Suzuki, Jim Farley, Will Roberts, Goldstein, Roberts, Joe Biden's, Joe Biden, Demetrius Freeman, Rho Motion's Roberts, you'd, Li, carmakers Organizations: Service, Yahoo Finance, Business, Morningstar, Toyota, Motors, Nissan, Mazda, Lexus, Honda, Mitsubishi, Korea's Hyundai, Kia, North, Ford, EV, Rho, Energy, Treasury, Washington Post, Cox Automotive, Apple Locations: Korean, North America, —, China, North American, Russia, Iran, North Korea, Brazil, Thailand, Americas, Asia, South America

☆ BYD fires the latest shot in China's EV price war with 12% price cut
▼ + stars: | 2024-03-05 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +2 min

BYD, the world's top-selling EV seller, has launched a cheaper version of its Yuan Plus car. Rivals such as Xpeng and Tesla have also initiated price drops and incentives to entice buyersIt comes as EV sales have dropped in China. The price cut, which comes amid an accelerating EV price war and slowing sales in the world's biggest car market, was first reported by Reuters. As well as cornering the affordable EV market, it's also dabbling in the other end of the market with a $233,000 electric supercar. As a result, Shenzhen-based BYD is "not planning to come to the US," BYD Americas CEO Stella Li told Yahoo Finance last week.

Persons: Tesla, —, Xpeng, Elon, Warren Buffett, BYD, it's, EVs, Stella Li Organizations: Service, Reuters, China Morning Post, Auto, L6, Yahoo Finance, EV Locations: China, Weibo, America, Shenzhen, West

☆ The Apple car is the latest casualty in the brutal EV market
▼ + stars: | 2024-02-28 | by ( Hayley Peterson | Nora Naughton | ) www.businessinsider.com time to read: +2 min

Read previewThe Apple car is dead (apparently). The scrapped plans would be a grim sign for the EV market in the US, which has suffered from flagging demand. As BI reported earlier this month, car companies are rethinking EV plans in response to softening demand for pure electric cars. Apple's "Project Titan" car was also supposed to be an autonomous, expensive technology that most car companies have already put on the back burner. Automakers shift EV plansLike Apple, US auto companies have been shifting plans to account for softer EV demand.

Persons: —, Apple's, BYD, We're, Stella Li, Li, Mary Barra, Elon Musk's Tesla, Musk, Harald Wilhelm, Mercedes Organizations: Service, EV, Apple, Bloomberg, Business, Yahoo Finance, General, Volvo, Polestar, Benz Locations: North America

☆ The Apple car's apparent death is another grim sign for EVs
▼ + stars: | 2024-02-28 | by ( Hayley Peterson | Nora Naughton | ) www.businessinsider.com time to read: +3 min

Apple appears to be tapping out as car companies scramble to adjust EV plans. AdvertisementThe Apple car is dead (apparently). The scrapped plans would be a grim sign for the EV market in the US, which has suffered from flagging demand. As BI reported earlier this month, car companies are rethinking EV plans in response to softening demand for pure electric cars. Automakers shift EV plansLike Apple, US auto companies have been shifting plans to account for softer EV demand.

Persons: —, Apple's, BYD, We're, Stella Li, Li, Mary Barra, Elon Musk's Tesla, Musk, Harald Wilhelm, Mercedes Organizations: Apple, Service, EV, Bloomberg, Yahoo Finance, General, Volvo, Polestar, Benz Locations: North America

☆ BYD: Why Hungary and Mexico could be key to the Chinese carmaker’s global domination
▼ + stars: | 2024-01-19 | by ( Michelle Toh | ) edition.cnn.com time to read: +9 min

The cars come from BYD, the Chinese carmaker that is backed by Warren Buffett and has surpassed Tesla as the world’s biggest seller of electric vehicles (EVs). 1," a shipping carrier vessel intended to export BYD vehicles, at Yantai port in eastern China's Shandong province in January. BYD Mexico did not respond to a request for comment. “The US government is not going to like that Mexico is creating a back door.”A BYD electric vehicle, operated by Vemo taxi, in Mexico City in November. But as it continues to grow overseas, BYD will have to take a more localized approach, analysts say.

Persons: Warren Buffett, Tesla, BYD, Viktor Orbán’s, Yucatán, what’s, Elon Musk, Tu Le, carmaker, Hungary —, Matthias Schmidt, ”, “, Schmidt, Bill Russo, it’s, Le, Mariceu Ethrall, It’s, “ It’s, ‘ We’re, ’ ”, Stella Li, México, ” Li, Wang Chuanfu, BYD “, Russo, they’ve, ” Russo Organizations: Hong Kong CNN, Xinhua, Getty, CNN, Tesla, BMW, Audi, European Union, Schmidt Automotive Research, EV, European Commission, Bloomberg, BYD, El Locations: Hong Kong, China, Europe, BYD, Shenzhen, Germany, Netherlands, Hungary, Mexico, North America, China's Shandong, Szeged, Komárom, France, Shanghai, Hungarian, United States, Canada, Mexico City, Mexican, Dutch, Rotterdam, California, Brazil, Indonesia, Thailand, Uzbekistan, Macao, Taiwan, Japan, what’s

☆ Chinese social media mourns Charlie Munger, who said BYD was his best investment
▼ + stars: | 2023-11-28 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Chinese social media users are mourning the death of billionaire investor Charlie Munger. The vice chairman of Berkshire Hathaway passed away “peacefully” on Tuesday morning in a California hospital, according to a press release by the investment firm. According to a recent filing by Berkshire Hathaway to the Hong Kong stock exchange, the firm held about 7.98% of BYD by late October. Berkshire Hathaway has sold more than 137 million shares of BYD since the middle of 2022, according to its previous statements. He praised the country despite its crackdown on Chinese tech giant Alibaba, which was a top Munger investment at Daily Journal, a Los Angeles-based newspaper publisher and investment firm Munger headed from 1977 through 2022.

Persons: Charlie Munger, Berkshire Hathaway, “, ”, Warren Buffett, Tim Cook, Munger, Tesla, “ Munger, ” Stella Li, Hathaway, ” Munger, Wang Chuanfu Organizations: Hong Kong CNN, Berkshire, Apple, BYD, Hong Kong, Tesla, Elon, Daily Journal Locations: Hong Kong, ”, California, China, Weibo, American, BYD Americas, Berkshire, BYD, Tesla, Munger, Los Angeles

☆ Chinese electric car maker BYD is about to steal Tesla's crown. Here's why it's winning the race.
▼ + stars: | 2023-11-18 | by ( Nathan Rennolds | George Glover | ) www.businessinsider.com time to read: +6 min

China is the world's electric vehicle leader, with 64% of total production and 59% of global EV sales in 2022, according to the World Economic Forum. One of its biggest EV producers, BYD , looks set to topple Tesla's position as the world's top seller of electric cars. AdvertisementCheaper EVsTesla sells just four cars – the Model S and Model 3 sedans, and the Model X and Model Y SUVs. Advertisement"2023 is set to be another banner year for China in terms of EV sales," the data company said. Seeing BYD overtake Tesla in the EV race may not bring any festive cheer for Elon Musk this holiday season.

Persons: Tesla, —, Tesla's, BYD, Elon, John Keeble, Seth Goldstein, that's, Goldstein, Teslas, Musk, Morgan Stanley, Lin Shanchuan, China's, Mazzocco, Morningstar's Goldstein, Stella Li Organizations: Service, Economic, EV, Elon Musk's, Yuan, Battery, Center for Strategic, International Studies, Getty, Tesla Beijing, Rho, Reuters, Bloomberg Locations: China, Shanghai, Washington ,, Fujian, Xinhua, Norway, America

☆ The founder of Tesla's biggest China rival reportedly drank a glass of battery fluid to impress one of Warren Buffett's lieutenants
▼ + stars: | 2023-10-04 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Its founder, Wang Chuanfu, once drank battery fluid to impress big-name investors, the Wall Street Journal reported. AdvertisementAdvertisementThe founder of Chinese automaker BYD, Tesla's biggest global EV rival, once drank battery fluid in front of a big-name investor to show just how serious he was about his company, the Wall Street Journal reported Wednesday. David Sokol, a lieutenant of Warren Buffett's Berkshire Hathaway, noticed BYD's momentum and visited the company in Shenzhen as early as 2008, according to the Wall Street Journal. BYD saw some hiccups as other Chinese EV makers entered the market and Tesla shored up its Chinese operations. Aside from BYD's unique business achievements, its two head executives also have a noteworthy and fascinating dynamic, the Wall Street Journal reported.

Persons: Elon Musk, Wang Chuanfu, BYD, —, Stella Li, Tesla, David Sokol, Warren Buffett's Berkshire Hathaway, Sokol, Wang Organizations: Elon, Wall Street Journal, Service, EV, Wall Street, Sony, Wall, Motorola, Nokia, Toyota Corolla Locations: China, Shenzhen, Berkshire, BYD, Europe, Southeast Asia, Munich

☆ McDonald's sued for 'severe burns' from spilled hot coffee — again
▼ + stars: | 2023-09-20 | by ( Alex Portée | ) www.cnbc.com time to read: +2 min

A San Francisco McDonald's is being sued after a woman in her 80s allegedly sustained "severe burns" from a scalding cup of coffee and was refused help by store employees. Childress alleges that the incident caused her to suffer severe burns, scarring, emotional distress, as well as hospital and medical expenses. Peter Ou, the owner and operator of the San Francisco franchise in question, responded to TODAY.com's request for comment via email. According to NBC News, in 1992, 79-year-old Stella Liebeck sustained third-degree burns when a hot coffee from a New Mexico-based McDonald's spilled onto her lap. In a statement to local outlet SFGate, her lawyer, Dylan Hackett, said the coffee cup had not been "properly" covered and the coffee itself was "scalding."

Persons: Francisco McDonald's, Mable Childress, Childress, Peter Ou, McDonald's, Stella Liebeck, Dylan Hackett, Hackett, SFGate, … Nobody Organizations: NBC News, San Francisco Superior, San Francisco Locations: Francisco, San Francisco, New Mexico

☆ Woman sues McDonald's over hot coffee spill nearly thirty years after the original infamous coffee lawsuit
▼ + stars: | 2023-09-19 | by ( Nancy Luna | Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +2 min

A San Francisco woman is suing McDonald's over a hot coffee that spilled and burned her. The coffee spilled and gave her severe burns in her groin area, the court filing said. The most famous scalding incident came in 1994 when 79-year-old Stella Liebeck sued McDonald's for a hot coffee burn. Liebeck initially received a $2.9 million jury award after receiving third-degree burns from spilled McDonald's coffee. Years later in 2014, a Los Angeles woman sued McDonald's for allegedly serving her a hot coffee drink that badly burned her.

Persons: McDonald's, Mable Childress, San Francisco McDonald's, Childress, Peter Ou, Stella Liebeck, Liebeck Organizations: Service, San Locations: Francisco, Wall, Silicon, San Francisco, Los Angeles

☆ Tesla's top China rival is exploring a faster method for lithium mining in Latin America — and offering free patents to build the industry
▼ + stars: | 2023-07-04 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Tesla rival BYD is exploring a new method of lithium mining in Chile, Bloomberg reported Tuesday. The Chinese firm aims to use a more direct way to extract lithium from Chilean salt flats. A BYD exec said the company plans to offer local patents and build up the industry in Chile. The goal would be for the company to establish in Chile the same direct lithium extraction, or DLE, method used in China, Li said. "BYD is ready to bring advanced DLE technology to Chile, and also we will develop R&D patents locally and offer free patents to the Chilean government to help Chile build up this industry," Li told Bloomberg.

Persons: —, BYD, Stella Li, Li, Elon Musk's Tesla, Tesla Organizations: Bloomberg, Service, Benchmark Mineral Intelligence, Elon, Wall Locations: Chile, China

☆ China's BYD beefs up autonomous driving credentials with new unit, hiring spree
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

Current BYD recruiting advertisements for engineers specialising in autonomous driving that target top Chinese universities such as Zhejiang University, indicate that the hiring is ongoing. BYD set up an intelligent driving research division in Shanghai last year, according to three sources with direct knowledge of the matter. The automaker, which is 9.87% owned by Warren Buffett's Berkshire Hathaway Inc (BRKa.N) and had some 660,000 employees as of April, declined to elaborate on its autonomous driving strategy. BYD has also this year teamed up with autonomous driving chip technology firms Nvidia (NVDA.O) and Horizon Robotics (RBOT.TO), saying it wanted to develop more intelligent vehicles. Both are high-volume models and further advances in BYD autonomous driving features would popularise the technology within China.

☆ China's BYD expands electric vehicle operation in Brazil
▼ + stars: | 2022-11-17 | by ( Alberto Alerigi | ) www.reuters.com time to read: +3 min

[1/3] Executive Vice President of BYD and the President of BYD Americas, Stella Li poses for a picture during an interview with Reuters in Sao Paulo, Brazil November 16, 2022. REUTERS/Alberto Alerigi Jr.SAO PAULO, Nov 17 (Reuters) - Chinese automaker BYD Co Ltd (002594.SZ) will start selling two new electric vehicle models in Brazil this month, betting on favorable political and environmental developments in Latin America's largest vehicle market, the company said. They will be imported until new factories to make them in the northeastern state of Bahia start operations. BYD expects that 10% of all vehicle sales in Brazil will be electric and hybrid models by 2025, compared to the current 2.4%, and the EV market share could jump to 30% by 2030. Li pointed to the tax burden as one of the main factors behind the high prices of electric and hybrid vehicles in Brazil compared to other markets.

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