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☆ China's BYD H1 profit rises 204.7% as deliveries break record
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: 1 min

FILE PHOTO-Security guards stand at the BYD booth at the Auto Shanghai show, in Shanghai, China April 19, 2023. REUTERS/Aly Song/file photo Acquire Licensing RightsBEIJING, Aug 28 (Reuters) - China's BYD Co Ltd (002594.SZ), on Monday said first-half profit jumped 204.7% as the new energy vehicle maker broke its delivery record and retained its crown as China's biggest-selling auto brand. January-June net earnings reached 10.95 billion yuan ($1.50 billion), up 204.7% from 3.6 billion yuan a year earlier, on a 72.7% rise in revenue at 260.12 billion yuan, BYD said in a stock market filing. ($1 = 7.2928 Chinese yuan renminbi)Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Christopher Cushing and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, BYD, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Louise Heavens Organizations: Security, Auto, REUTERS, Rights, Thomson Locations: Auto Shanghai, Shanghai, China, Rights BEIJING

☆ China's BYD H1 profit triples as deliveries break record
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +3 min

Net earnings for the six-months ending June 30 reached 10.95 billion yuan ($1.50 billion), up 204.7% from 3.6 billion yuan a year earlier, on a 72.7% rise in revenue to 260.12 billion yuan, BYD said in a stock market filing. The company posted a 6.82 billion yuan net profit for the April-June quarter, up 144.7%, a Reuters calculation showed. The Q2 earnings, the second highest quarterly number, was within BYD's net profit forecast of between 6.37 billion yuan and 7.57 billion yuan. Buoyed by its Dynasty and Ocean series of plug-in petrol-electric hybrids cars and battery-only electric vehicles (EV), BYD set a monthly sales record in July after deliveries hit 700,244 vehicles in the second quarter. Tesla recorded a decline in quarterly automotive gross margin in the second quarter, prioritising sales over earnings.

Persons: Aly, BYD, Warren Buffett's Berkshire Hathaway, Tesla, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Mike Harrison Organizations: Security, Auto, REUTERS, Rights, Volkswagen, Inc, U.S, EV, Tesla, BYD, China Association of Automobile Manufacturers, Reuters, Thomson Locations: Auto Shanghai, Shanghai, China, Rights BEIJING, Shenzhen, Singapore, Australia

☆ EV maker BYD buys Jabil's China manufacturing business for $2.2 billion
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO-Security guards stand at the BYD booth at the Auto Shanghai show, in Shanghai, China April 19, 2023. REUTERS/Aly Song/file photo Acquire Licensing RightsAug 28 (Reuters) - Electric vehicle maker BYD Co Ltd (002594.SZ) said on Monday its unit struck a deal with U.S.-based manufacturing firm Jabil Inc's (JBL.N) Singaporean unit to buy its product manufacturing business in China for 15.8 billion yuan ($2.17 billion). The deal will expand BYD Electronic (International) Co's (BE) customer base, product portfolio, and expand its business of smartphone components, and boost its growth as it looks to capture the potential growth in the sector. Jabil Circuit (Singapore), which manufactures printed circuit boards, established a unit this month with product manufacturing business in Chengdu and Wuxi, which will now be sold to the Chinese EV maker. ($1 = 7.2890 Chinese yuan renminbi)Reporting by Sameer Manekar in Bengaluru; Editing by Muralikumar Anantharaman and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Jabil, BYD, Sameer Manekar, Muralikumar Anantharaman Organizations: Security, Auto, REUTERS, BYD, U.S, Jabil Circuit, Thomson Locations: Auto Shanghai, Shanghai, China, Singapore, Chengdu, Wuxi, Bengaluru

☆ This Chinese EV maker can grab market share and double its earnings, Ariel Investments says
▼ + stars: | 2023-08-26 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Investors are underestimating a buying opportunity in Chinese EV maker Great Wall Motor, which could double its earnings from current levels, according to Ariel Investments. The Chinese SUV and pickup truck maker was named by the investment chief as a company to watch at a recent emerging markets panel. But Mallari-D'Auria said he expects Great Wall will grab market share in China as it increasingly builds out an SUV line with vehicles at higher price points. To be sure, there are risks around trading in Great Wall, whose primary listing is in Hong Kong. Over the longer term, the portfolio manager even expects Great Wall will start to gain market share in Europe, though while the near-term opportunity remains at home.

Persons: Henry Mallari, Ariel, Wall, Warren Buffett's, D'Auria, Nick Lai, — CNBC's Michael Bloom Organizations: EV, Ariel Investments, Ariel, Wall, BYD, Volvo, Warren, Warren Buffett's Berkshire Hathaway, JPMorgan Locations: Chicago, Ariel, U.S, China, Great, Hong Kong, Europe

☆ Tesla's sales in China have tumbled and its slumping economy may not be to blame, Bank of America says
▼ + stars: | 2023-08-10 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Tesla sales in China have slumped – and it's faltering economy may not be the reason why, according to Bank of America. That's because demand for Tesla rival BYD rose 4%, while Tesla deliveries dropped 31% month-over-month in July. It suggests demand for Teslas in China is waning in the face of local competition. In a recent note, the bank highlighted Tesla Model 3 and Model Y deliveries in China dropped by 31% month-over-month in July, while its largest EV competitor in China, BYD Auto, grew 4% month-over-month. Tesla has repeatedly dropped prices of its vehicles over the past year, in a bid to undercut rivals and boost market share.

Persons: BYD, TSLA, John Murphy, Tesla, Murphy Organizations: Bank of America, Service, EV, BYD, Beijing Locations: China, Wall, Silicon, BYD

☆ China Evergrande's EV unit shares plunge 69% after 16-month halt
▼ + stars: | 2023-07-28 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

HONG KONG, July 28 (Reuters) - Shares of China Evergrande New Energy Vehicle Group (NEV) (0708.HK) plunged on Friday as trading resumed nearly 16 months after the stock was suspended pending the release of financial results. Resumption of trading in the shares is one step forward for its embattled parent China Evergrande Group (3333.HK), whose offshore debt restructuring plan includes swapping part of the debt into equity-linked instruments backed by the group, Evergrande NEV and another unit, Evergrande Property Services. Shares of Evergrande Group, laden with $330 billion in total liabilities, and its services arm (6666.HK) have remained suspended since March 2022. Shares of Evergrande NEV sank as much as 69% to HK$1 in early trading, down from HK$3.2 on its last closing date of April 1, 2022. That compares to a 19% rise in Chinese EV giant BYD Co and 27% drop in EV startup Xpeng Inc (9868.HK) during the 16-month period.

Persons: Evergrande NEV, NEV, Clare Jim, Jacqueline, Jamie Freed, Kim Coghill Organizations: Energy Vehicle Group, HK, China Evergrande, Evergrande, Hong, Shanghai, Thomson Locations: HONG KONG, China, Hong Kong, Tianjin

☆ Exclusive: BYD tells India partner it wants to drop $1 billion EV investment plan, sources say
▼ + stars: | 2023-07-28 | by ( Sarita Chaganti Singh | ) www.reuters.com time to read: +4 min

BYD executives told Megha Engineering last week that the battery and EV maker wanted to drop pursuit of the investment, according to the two people with knowledge of that exchange. BYD, China's largest EV maker, declined to comment on the status of its investment proposal and whether it would pull the plan to produce electric cars in India. Megha Engineering did not respond to request to comment. A final decision on whether to approve BYD's investment proposal would be taken by Indian ministries of trade and heavy industries. In 2013 it started building electric buses in India with Megha Engineering, under a joint venture company called Olectra Greentech (OLEC.NS).

Persons: BYD, Megha, Aditi Shah, Zoey Zhang, Kevin Krolicki, Simon Cameron, Moore Organizations: Reuters, Megha Engineering, Engineering, automaker Tata Motors, Thomson Locations: DELHI, India, New Delhi, Hyderabad, China, Shanghai

☆ India rejects BYD's $1 bln factory proposal -Economic Times
▼ + stars: | 2023-07-22 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, July 22 (Reuters) - India has rejected Chinese automaker BYD Co's (002594.SZ) proposal to set up a $1 billion factory in India in partnership with Hyderabad-based Megha Engineering and Infrastructure Ltd, the Economic Times reported on Saturday. Reuters reported this month that BYD had submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company. Reuters could not independently verify the contents of The Economic Times' report. India's Department of Commerce, Department for Promotion of Industry and Internal Trade (DPIIT) had sought opinions from other departments on the investment proposal, the report said. "Security concerns with respect to Chinese investments in India were flagged during the deliberations," the report quoted an Indian official as saying.

Persons: BYD, Sarita Chaganti Singh, Jason Neely Organizations: Engineering, Infrastructure Ltd, Economic Times, Reuters, India's Department of Commerce, Department, Promotion of Industry, Internal, Thomson Locations: DELHI, India, Hyderabad

REUTERS/Nick Carey/File PhotoNEW DELHI, July 14 (Reuters) - China's BYD Co (002594.SZ) has submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company, three people with direct knowledge of the plan told Reuters. The longer-term plan is to build a full line-up of BYD-brand EVs in India from hatchbacks to luxury models, one of the three people said. BYD, the world's largest producer of EVs and plug-in hybrid vehicles, did not immediately respond to a request for comment. If the India investment is approved, it would give BYD a presence in all major global car markets with the exception of the United States. The investment proposal also includes a plan by BYD and Megha to set up charging stations in India and build research and development and training centres, the sources said.

Persons: Nick Carey, BYD, Tesla, EVs, Sarita Chaganti Singh, Aditi Shah, Zoey Zhang, Shivangi Acharya, Kevin Krolicki, Jacqueline Wong Organizations: REUTERS, Reuters, BYD, Shivangi, Thomson Locations: Farnborough, Britain, DELHI, India, Hyderabad, hatchbacks, United States, New Delhi, Shanghai

☆ BYD seeks nod for $1 billion plan to build EVs and batteries in India
▼ + stars: | 2023-07-14 | by ( ) www.cnbc.com time to read: +2 min

China's BYD Co has submitted a $1 billion investment proposal to build electric vehicles and batteries in India in partnership with a local company, three people with direct knowledge of the plan told Reuters. The longer-term plan is to build a full line-up of BYD-brand EVs in India from hatchbacks to luxury models, one of the three people said. BYD, the world's largest producer of EVs and plug-in hybrid vehicles, did not immediately respond to a request for comment. If the India investment is approved, it would give BYD a presence in all major global car markets with the exception of the United States. The investment proposal also includes a plan by BYD and Megha to set up charging stations in India and build research and development and training centres, the sources said.

Persons: China's BYD, BYD, Tesla, EVs Organizations: Auto, Reuters, BYD Locations: Shenyang, Liaoning Province of China, India, Hyderabad, hatchbacks, United States

☆ China's BYD says first-half net profit could more than triple
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, July 14 (Reuters) - Chinese electric vehicle giant BYD Co LTD (002594.SZ), forecast strong growth in its six-month net profit on Friday, buoyed by robust car sales and increased market share. Net profit for the first six months of the year would rise as much as 225.4% to 11.7 billion yuan ($1.64 billion) from 3.6 billion yuan the year before, it said in a filing to the Shenzhen stock exchange. The bottom end of its forecast range was 10.5 billion yuan, up 192.1% from the year before. BYD and U.S. rival Tesla (TSLA.O) set record deliveries of their China-made vehicles in the second-quarter, according to industry data, as a fight for market share heats up. ($1 = 7.1348 Chinese yuan renminbi)Reporting by Meg Shen Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: BYD, Tesla, Meg Shen, Mark Potter Organizations: Thomson Locations: HONG KONG, Shenzhen, China, India

☆ Hong Kong court charges four with criminal damage after BYD offices vandalised
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, June 19 (Reuters) - A Hong Kong court on Monday charged four men with criminal damage to property at showrooms and a service centre of Chinese automaker BYD Co Ltd after they were vandalised last week in the financial hub. The men arrested were all of Chinese nationality and aged between 29-48 years, according to charge-sheets released by the court. None of them made any pleas in the court on Monday. All will be kept in the custody of the correctional services department until the next hearing on July 17. Police said last week that there was no evidence that the men had deliberately targeted the mainland auto brand and that an investigation was ongoing.

Persons: JC Motor, Jessie Pang, Farah Master, Muralikumar Organizations: Hong, BYD, Reuters, Police, Thomson Locations: HONG KONG, Hong Kong, Wan Chai, Sha Tsui, Kowloon, Tin Shui, New Territories

☆ Chinese automaker BYD reopens two Hong Kong showrooms after vandalism
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] A woman walks past a splattered BYD store while police cordons are visible at the scene in Hong Kong, China June 12, 2023. REUTERS/Joyce Zhou/File PhotoCompanies BYD Co Ltd FollowHONG KONG, June 14 (Reuters) - Chinese automaker BYD Co Ltd has restarted operations at two showrooms and a service centre in Hong Kong after they were vandalised earlier this week, BYD's sole agent said in a notice on its website on Wednesday. Its showrooms in the districts of Wan Chai on Hong Kong island and Tsim Sha Tsui in Kowloon, as well as its service centre in Tin Shui Wai in the New Territories, had resumed normal operations, it added. JC Motor did not immediately respond to Reuters' request for comment on the cause and impact of the vandalism. Two BYD showrooms and a service centre in Hong Kong were daubed with red paint, while a car also rammed into the roller shutter at its Yuen Long showroom in the early hours of Monday, causing damage, police told Reuters.

Persons: Joyce Zhou, BYD's, Yuen Long, JC, Donny Kwok, Jacqueline Wong Organizations: REUTERS, BYD, Motor, JC, Reuters, Thomson Locations: Hong Kong, China, HONG KONG, Yuen, New Territories, Wan Chai, Sha Tsui, Kowloon, Tin Shui

BEIJING, June 5 (Reuters) - U.S. automaker Tesla Inc (TSLA.O) delivered 77,695 China-made electric vehicles (EVs) in May, a 2.4% jump from April, data from the China Passenger Car Association (CPCA) showed on Monday. Chinese rival BYD Co Ltd (002594.SZ), with its Dynasty and Ocean series of EVs and petrol-electric hybrid vehicles, logged sales of 239,092 vehicle in May, up 14% from April, CPCA data showed. CPCA is scheduled to release more detailed car sales figures for May later this month. Tesla has been under intense focus in China in recent weeks, amid an unannounced, high-stakes visit from boss Elon Musk. Musk visited Tesla's Shanghai factory late on Wednesday and met with Chen Jining, the ruling party's Shanghai secretary, on Thursday.

Persons: CPCA, Tesla, Elon Musk, Ding Xuexiang, Musk's, Zeng Yuqun, Musk, Chen Jining, Chen, Qiaoyi Li, Zhang Yan, Brenda Goh, Louise Heavens, Bernadette Baum Organizations: U.S, Tesla Inc, China Passenger Car Association, BYD Co, Reuters, Amperex Technology Co, Thomson Locations: BEIJING, China, Shanghai, Beijing

☆ Factbox: Companies invest in EV battery factories in Europe
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +6 min

Below are recent investments announced by companies:GERMANYSweden's Northvolt said on May 13 it will invest 3-5 billion euros ($3.3-5.5 billion) in an EV battery plant in Heide in the northern state of Schleswig-Holstein as long as subsidies are approved. Volkswagen (VOWG_p.DE) plans to build six battery factories in Europe totalling 240 gigawatt (GWh) of capacity by 2030. Production at its first battery plant, "SalzGiga", in Salzgitter in the Lower Saxony region will start in 2025. Slovakian battery manufacturer InoBat said last October it had signed a declaration of intent with the Spanish government to set up an EV battery factory in central Spain's city Valladolid, expected to cost 3 billion euros. POLANDLG Chem EV battery in Wroclaw started production in the second half of 2017, with a capacity of 100,000 batteries per year.

Persons: Helena Soderpalm, GERMANY Sweden's Northvolt, China's CATL, Germany's, Mercedes Benz, Elon Musk, Berclau, Taiwan's ProLogium, Jean, Luc Monfort, Mata, BASQUEVOLT, InoBat, China's BYD, AEHRA, Poland's, Alessandro Parodi, Tiago Brandao, Matteo Allievi, Barbara Lewis, Milla Nissi Organizations: REUTERS, Volkswagen, EV, Germany's BASF, Automotive Cells Company, ACC, Stellantis, Tesla, FRANCE Joint, France, Renault, Basque Country, Spanish, India's Tata Group, ITALY Joint, POLAND LG, European Commission, SWEDEN Northvolt's Skelleftea, Thomson Locations: Vasteras, Sweden, Europe, Asia, United States, GERMANY, Heide, Schleswig, Holstein, Salzgitter, Lower Saxony, China, Erfurt, Thuringia, Schwarzheide, Brandenburg ., Ludwigsfelde, Berlin, Kaiserslautern, Rhineland, Palatinate, Gigafactory, FRANCE, Billy, France, Dunkirk, Douai, Ruitz, Ergué, Quimper, Montreal, SPAIN Spain, Europe's, Germany, Navalmoral de, Extremadura, Sagunto, Valencia, Spain, Basque, Slovakian, Spain's, Valladolid, Britain, ITALY, Termoli, POLAND, Wroclaw, HUNGARY

[1/2] The logo of Chinese carmaker Geely Auto is pictured at the second media day for the Shanghai auto show in Shanghai, China April 17, 2019. Thailand's Board of Investment held discussions with five major Chinese EV makers including Geely during a roadshow to China in April, its Secretary-General Narit Therdsteerasukdi said. "All expressed keen interest in Thailand's policy to develop a regional EV production base and an integrated EV supply chain," Narit said, without providing more details of the talks with Geely. BYD and China's Great Wall Motor Co Ltd (601633.SS) are already working on building local EV production in Thailand. China's Great Wall Motor has said it is considering a research and development centre in Thailand that could work on battery-powered pickup trucks.

Persons: Aly Song BANGKOK, Geely, Narit Therdsteerasukdi, JAC Motors, Narit, Aston Martin, China's, Devjyot Ghoshal, Zhang Yan, Jamie Freed Organizations: Shanghai, REUTERS, Reuters, of Investment, BYD Co, Chongqing Changan Automobile Co, Jiangling Motors Corp Ltd, EV, Wall Motor Co, Volvo, Aston, Malaysian carmaker Proton, Toyota Motor Corp, Isuzu Motors, Thomson Locations: Shanghai, China, Thailand, Chongqing, Geely, Swedish, Southeast Asia

The Hebei-based company is also considering establishing a research and development centre in Thailand that could work on battery powered pickup trucks, Narong Sritalayon, managing director of Great Wall Motor Thailand said in an interview. "I think there is a lot of things we can learn from Thailand's unique market for pickup trucks," Narong said. Great Wall launched its Ora Good Cat compact EV in Thailand in late 2021. Great Wall entered Thailand in 2020 after taking over a former General Motors Co (GM.N) plant that currently makes two of its Haval hybrid vehicles for sale in the country. But the facility could be upgraded for battery cell production with additional investment depending on demand and Thai government support, Great Wall added.

☆ 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.

☆ Vietnam EV maker VinFast sees sales boom, path to breakeven
▼ + stars: | 2023-05-17 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Vuong projected sales of between 40,000 and 50,000 cars this year, up from EV sales of about 7,400 in 2022 when the company's only market was Vietnam. In addition, Vuong said VinFast planned to add two other models to its lineup: an electric pickup truck and a battery-powered city or "mini car." VinFast, which began operations in 2019, has a plant in Vietnam and plans for a second plant to open in North Carolina in 2025. An electric pickup truck would face competition from Rivian Automotive Inc (RIVN.O), Ford Motor Co's (F.N) F-150 Lightning and other models. The entry-level, small EV would face competition from Chinese-made electric vehicles, including from BYD.

☆ GM, VW face idled capacity risk in China without faster EV transition -Greenpeace
▼ + stars: | 2023-05-11 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Rebecca Cook/File PhotoSHANGHAI/BERLIN, May 11 (Reuters) - Automakers including Volkswagen and General Motors could have considerable unused production capacity for conventionally powered vehicles in China by 2030 if they do not speed up their transition to electric vehicles (EV), Greenpeace said on Thursday. By the end of 2021, China had total annual production capacity for 40.89 million passenger vehicles of all fuel types with a utilisation rate of 52.5%, showed data from the China Passenger Car Association. If the sales rate reaches 70%, the average unused capacity utilisation rate for ICE production would rise to two thirds, Greenpeace said, basing its estimates on public information about planned capacity and projected sales. GM and Volkswagen will face the largest pressure with over 3 million units of idled capacity for ICE cars in China, presenting a major risk for those automakers, Greenpeace said. Volkswagen pointed to its rising sales in China and said it expects to profit from the country's growing demand for cars.

☆ China's BYD cuts starting price for Seal EV; aims to extend lead
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, May 10 (Reuters) - BYD Co Ltd (002594.SZ), on Wednesday cut the starting price of its best-selling Seal sedan by 10%, as the Chinese electric vehicle (EV) giant seeks to extend its lead in the world's largest auto market with lower-priced products. That includes a rear-wheel drive Seal Champion Edition with a 550-km (342-mile) driving range per charge at a starting price of 189,800 yuan ($27,459). BYD, China's best-selling electrified vehicle maker, launched the Seal sedan under its Ocean series in July 2022 with a sporty design style and intelligent features. The EV price war is also drawing sales away from internal combustion engine vehicles as the price gap between the technologies narrows. It has outgrown Germany's Volkswagen as the best-selling passenger vehicle brand in China in the last two quarters.

☆ China's BYD launches lower-priced versions of Seal EV; aims to extend lead
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, May 10 (Reuters) - BYD Co Ltd (002594.SZ), launched on Wednesday five lower-priced versions of its Seal sedan, as the Chinese electric vehicle (EV) giant seeks to extend its lead in the world's largest market for new-energy cars. That is also 18% cheaper than the rear-wheel drive version of Tesla Inc's (TSLA.O) Model 3 in China with a driving range of 556 kilometres, against which the Seal model seeks to compete. China's EV market is in the throes of a price war started by Tesla earlier this year, with several EV makers including BYD following the U.S. automaker's example by cutting prices for best-selling models this year to defend market share. The EV price war is also drawing sales away from internal combustion engine vehicles as the price gap between the technologies narrows. BYD has so far led the new energy vehicle (NEV) market with its various offerings of battery-only and plug-in hybrid models priced under 300,000 yuan.

☆ China's car sales rise 2.1% in April as price war effect fades
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

BEIJING/SHANGHAI, May 9 (Reuters) - China's passenger vehicle sales rose by 2.1% in April from a month earlier, industry data showed, underscoring a slower pace of growth as the stimulus effect of price cuts and incentives faded. Car sales in April totalled 1.65 million units, 54.5% higher from a year earlier when COVID-19 lockdowns disrupted productions and sales, the China Passenger Car Association (CPCA) said on Tuesday. In the first four months of 2023, vehicle sales were down 1.4% year-on-year to 5.98 million units, it added. Reuters GraphicsChina's crowded auto market is getting even more congested with nearly 300 models displayed at the Shanghai auto show in April, 172 of which were NEVs, according to Ways Consulting. A tepid property market recovery and an unexpected contraction in factory activity is also pointing to a shaky economic outlook, casting clouds over the strength of the post-COVID rebound and potentially dampening consumer spending.

☆ Chinese automaker BYD to make EVs in Vietnam
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

HANOI, May 8 (Reuters) - Chinese automaker BYD Co. (002594.SZ) plans to expand into electric vehicles manufacturing and assembly in Vietnam, according to a Vietnamese government statement citing the company's chair. Reuters in January exclusively reported that the Xian-based EV maker had plans to open a plant in Vietnam to produce car parts, with the aim to export components to an assembly plant planned in neighbouring Thailand. The statement did not mention how much new investment BYD would top up for the expansion. The presence of BYD would pose a direct challenge to VinFast, a Vietnamese EV maker that began selling cars in 2019 and plans to expand in the United States and Europe. Last September, BYD, backed by Warren Buffett's Berkshire Hathaway, announced that it would build an EV assembly plant in Thailand with annual capacity of 150,000 cars from 2024.

[1/9] Investors and guests arrive for the Berkshire Hathaway annual shareholders' meeting in Omaha, Nebraska, U.S. May 6, 2023. Speaking at Berkshire's annual shareholder meeting, Buffett criticized how politicians, regulators and the press have handled the recent failures of Silicon Valley Bank, Signature Bank and First Republic Bank, saying their "very poor" messaging has unnecessarily frightened depositors. At the meeting, Berkshire shareholders reelected all directors and rejected shareholder proposals concerning climate change, diversity and political activities. LIGHTED MATCHBuffett said regulators were right to guarantee depositors of Silicon Valley Bank, saying that not doing so "would have been catastrophic." He also said bank shareholders and executives should bear the risks of mismanagement, with Munger criticizing executives concerned more with getting rich than with customers.

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