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☆ Trump's Mexican tariffs threaten to make life more difficult for automakers — including Tesla and BYD
▼ + stars: | 2024-11-26 | by ( Tom Carter | ) www.businessinsider.com time to read: +7 min

AdvertisementDonald Trump has vowed to hit Mexico with a 25% tariff, which would affect automakers including Tesla. The threat of tariffs on Mexico has also put a $10 billion new factory proposed by Elon Musk in limbo. Musk backed Trump's election campaign and has been given a role to target wasteful government spending. The world's richest person praised Trump's proposed tariffs on Mexico and China in an X post on Monday, saying they would be "highly effective." Analysts told BI that the tariffs floated by Trump would deter automakers such as Tesla from investing south of the border.

Persons: Donald Trump, Tesla, Trump, Elon Musk, Donald Trump's, Alex Brandon, Musk, Trump's, Sam Fiorani, Fiorani, Ford, Stellantis, David Whiston, Scott Olson, BYD, Stella Li, Stephanie Brinley, Alanis King, Brinley Organizations: Truth, Elon, AP, Investment, UBS, Trump, AutoForecast Solutions, General Motors, GM, Ford, Getty, Toyota, Tacoma, Nissan, Volkswagen, EV, BYD, SAIC, Reuters, Street Journal, Chrysler, BMW, P Global, Toyota Tacoma Locations: Mexico, Monterrey, China, Detroit, United States, Cuautitlan, Toluca, San Luis Potosí

☆ 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

☆ 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

☆ 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

☆ 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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