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☆ Tesla sales of China-made electric vehicles up 18% in January
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Feb 3 (Reuters) - Tesla Inc (TSLA.O) sold 66,051 China-made electric vehicles in January, data published by the China Passenger Car Association showed on Friday. That was up 18% from December, when the U.S. electric car maker sold 55,796 China-made vehicles, and 10% higher versus January last year. Tesla's Shanghai plant in December cut output by about a third from November, and extended a Lunar New Year holiday period for workers in January, to cope with rising inventory. Tesla was the second best-selling electric vehicle maker in China last month after BYD Co Ltd (002594.SZ) which shipped 150,164 cars, the CPCA said. Reporting by the Beijing and Hong Kong newsrooms and Brenda Goh; Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ China's BYD dreams big in auto powerhouse Japan
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

YOKOHAMA, Japan, Jan 31 (Reuters) - China's BYD Co Ltd (002594.SZ) unveiled its first dealership in Japan on Tuesday, taking on one of the biggest challenges in its explosive global rise as it seeks to win over customers deeply loyal to their own auto industry. BYD, an acronym which stands for Build Your Dreams, has ambitious plans to open more than 100 dealerships in Japan by the end of 2025. "If customers trust us and give BYD a try, we'll have a good chance (at succeeding)," BYD Auto Japan Inc President Atsuki Tofukuji told Reuters at a media event to mark the opening of its maiden outlet in Yokohama, Japan's second largest city. About 30 people have contacted the Yokohama dealership to enquire about the new cars, according to Kazuhisa Okamoto, who runs the store. ($1 = 130.39 yen)Reporting by Daniel Leussink; editing by John Geddie and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese EV giant BYD set for surge in 2022 profit as sales jump
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

[1/3] Chinese EV maker BYD's Seal is displayed at Tokyo Auto Salon 2023 at Makuhari Messe in Chiba, east of Tokyo, Japan, January 13, 2023. REUTERS/Kim Kyung-Hoon/File PhotoJan 30 (Reuters) - China's BYD Co , the world's biggest seller of battery electric vehicles (BEVs) and plug-in hybrids, expects its 2022 net profit to be more than five times the amount it booked a year earlier, it said on Monday. With sales of 1.86 million cars, it expects a net profit of 16-17 billion yuan ($2.37-$2.52 billion) versus 3 billion in 2021, an exchange filing showed. The company said it had it achieved strong sales growth and significantly improved profitability and had "effectively relieved the cost pressure brought about by the rising upstreamraw material prices". ($1 = 6.7498 Chinese yuan renminbi)Reporting by Zhang Yan, Brenda Goh and Hong Kong newsroom; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Musk says China rivals 'work hardest, smartest'
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

Elon Musk sees the toughest competition for Tesla in China, home of the company he expects "most likely to be second" in electric vehicles. Asked about Tesla's competition, Musk responded that he respected car companies in China, calling it the most competitive market in the world. "They work the hardest and they work the smartest," he said. Musk has praised Chinese workers and competitors before. He also said Chinese workers had been "burning the 3 a.m. oil" to keep Tesla's factories running during COVID lockdowns last year.

☆ Ford in Talks to Sell German Plant to China’s BYD
▼ + stars: | 2023-01-24 | by ( William Boston | ) www.wsj.com time to read: 1 min

BERLIN— Ford Motor Co. is in talks with Chinese electric-vehicle maker BYD Co. over the sale of a manufacturing plant in Germany, according to people familiar with the discussions. Officials from Ford’s management in Germany are planning to travel to China next week to discuss the potential sale of a plant in Saarlouis, where vehicle production is slated to end in 2025. Ford produces its Focus compact model there. Terms of the deal, including a price, couldn’t be learned.

☆ Honda to create division to speed up electrification development
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Jan 24 (Reuters) - Honda Motor Co (7267.T) said on Tuesday it would create a new division in a bid to strengthen and speed up its electrification business as part of an overhaul of its organisational structure. Japanese automakers have been at risk of falling behind their European and U.S. rivals in the EV market. In changes effective April 1, the new division would consolidate the Japanese automaker's electrification strategy and development of automobiles, motorcycles and power products such as generators, it said in a statement. Integrating to the three was to "rapidly develop the implementation of resource shifts in accordance with the future lineup strategy in line with the electrification acceleration," a spokesperson said in a briefing. Honda last year laid out a target to roll out 30 EV models globally and produce about 2 million EVs a year by 2030.

Now, Chief Executive Elon Musk is using that superior profitability as a weapon in the EV price war he started. That emboldened automakers to push EV prices higher. Vietnamese EV startup Vinfast said Thursday it will use price promotions to fight back against Tesla. Chinese EV market leader BYD Co Ltd(002594.SZ) announced price increases effective Jan. 1 after Beijing phased out EV subsidies. However, BYD's gross margins of $5,456 per vehicle give it more headroom in a price war than VW, Toyota or GM.

☆ China's BYD takes cautious approach to U.S. in global EV push
▼ + stars: | 2023-01-18 | by ( Norihiko Shirouzu | ) www.reuters.com time to read: +7 min

[1/2] The logo of BYD is pictured at the 2022 Paris Auto Show in Paris, France October 17, 2022. While BYD has not fully articulated its global ambitions in public, a concerted worldwide push has become the single most important strategic focus for China's biggest EV maker, four sources familiar with BYD management's thinking said. "BYD is taking a cautious approach to the U.S.," the person said. "I would say BYD at this point is already better positioned than Tesla in the EV era." "America is going to be a key, key part of this global push strategy," one said.

[1/4] The BYD Atto 3 EV car is displayed at the 39 Thailand International Motor Expo, in Bangkok, Thailand, November 30, 2022. The company announced in September it would build an EV assembly plant in Thailand with annual capacity of 150,000 cars from 2024. Talks are underway to select a site for the Vietnam plant, said the sources, who declined to be named because the discussions are confidential. The Vietnam plant will export components to the assembly plant to be built in Thailand, one source said. That 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.

☆ China's BYD raises car prices after subsidy cuts
▼ + stars: | 2023-01-01 | by ( ) www.reuters.com time to read: 1 min

SHANGHAI, Jan 1 (Reuters) - Leading Chinese electric car manufacturer BYD Co has adjusted its product prices starting from Jan. 1, citing the impact of reduced subsidies for new energy vehicles since November last year. Official guidance prices will rise by between 2,000 yuan ($290) and 6,000 yuan for its various models, the company said on its official Weibo account. ($1 = 6.8972 yuan)Reporting by David Stanway; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ China's BYD to launch a second new EV brand in 2023 -executive
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Dec 15 (Reuters) - China's BYD Co will launch a new "professional and personal" electric car brand in 2023, a senior executive said on Thursday as the automaker expands its range following a year of strong sales. The new brand will be an addition to Yangwang, a premium brand set for launch in the first quarter of 2023 that it announced last month. Having ditched gasoline vehicles from its product mix this year, BYD has been able to capitalise on a range of incentives for electric cars offered by the central and local governments. Luo said BYD has sold cars to 35 countries outside China since it started exporting to Norway last May. Reporting by Zoey Zhang and Brenda Goh; Writing by Liz Lee; editing by Christian Schmollinger and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ China's BYD to launch new "professional and personal" EV in 2023 - executive
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Dec 15 (Reuters) - China's BYD Co will launch a new "professional and personal" electric car brand in 2023, Brian Luo, the company's branding assistant general manager, said on Thursday. The new brand will be an addition to Yangwang, a premium brand slated for launch in the first quarter of 2023. Reporting by Zoey Zhang and Brenda Goh; Writing by Liz Lee; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ SoftBank, Tencent Lead Way as Asia’s Tech Investors Become Stock Sellers
▼ + stars: | 2022-12-11 | by ( Dave Sebastian | ) www.wsj.com time to read: 1 min

SoftBank and other large investors in Asian tech companies are pulling out of the sector. Some of the world’s most influential institutions are selling shares of Asia’s technology giants after owning them for years, a troubling sign for investors after what has already been a painful market selloff. In recent months, Japan’s SoftBank Group Corp. has pared its stakes in the Chinese e-commerce company Alibaba Group Holding Ltd. and the Indian mobile-payments company Paytm, in both cases following declines in their share prices. Berkshire Hathaway Inc., Warren Buffett’s company, has been gradually reducing its stake in BYD Co., a Chinese electric-vehicle maker that it has owned shares in since 2008.

☆ China's BYD to start selling EVs in Japan by early 2023
▼ + stars: | 2022-12-05 | by ( Satoshi Sugiyama | ) www.reuters.com time to read: +2 min

China's BYD, in which Berkshire Hathaway (BRKa.N) owns a stake, said it will roll out an electric sports utility vehicle, ATTO 3, in Japan starting Jan. 31. BYD's Japan chapter is planning to introduce two more models by the end of 2023 and more than 100 dealerships in Japan by the end of 2025, the company said. However, the share of the battery-driven vehicles is expected to grow, partly due to non-Japanese automakers like BYD and Volkswagen (VOWG_p.DE) making their way into the market. BYD's Japan division is planning to set up tentative retailers starting late January in 22 cities but is eager to cover all 47 prefectures, said Atsuki Tofukuji, BYD Auto Japan Inc chief executive. Japanese automakers have recently been criticised by activists and green investors, who slam them for not embracing battery electric vehicles fast enough.

☆ China's LONGi denies circumventing U.S. tariffs on solar panels
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Dec 5 (Reuters) - Chinese solar panel maker LONGi Green Energy Technology Co. Ltd (601012.SS) said on Monday it will provide evidence to show it is complying with U.S. laws after the U.S. Department of Commerce found it to be circumventing tariffs. The United States will impose new duties on imports from LONGi and three other Chinese solar panel makers, trade officials said on Friday, after an investigation found in a preliminary determination issued last week they were trying to dodge tariffs by finishing products in Southeast Asian countries. During this period, we will actively provide evidence that shows we are compliant with U.S. trade law and not circumventing," LONGi said in a statement sent to Reuters. BYD Co Ltd (002594.SZ), Trina Solar Co Ltd(688599.SS) and Canadian Solar Inc (CSIQ.O), also named in the preliminary determination, did not immediately respond to requests for comment. LONGi said it was working on increasing the strategic layout of its global operations, including improving its manufacturing and supply chain for the U.S. market.

☆ U.S. to expand solar panel tariffs after probe finds Chinese evasion
▼ + stars: | 2022-12-02 | by ( Nichola Groom | ) www.reuters.com time to read: +3 min

The announcement was welcomed by Auxin Solar, a small U.S. solar panel maker that requested the Commerce investigation in February. Producers including New East Solar, Hanwha Q CELLS, Jinko Solar (JKS.N) and Boviet Solar were found not to be dodging the tariffs, Commerce said. "The only good news here is that Commerce didn't target all imports from the subject countries," Abigail Ross Hopper, president of solar trade group the Solar Energy Industries Association (SEIA), said in an emailed statement. Buyers of solar panels for both large utility projects and residential rooftops say new tariffs will worsen what is already a difficult market for accessing solar energy equipment. The mere threat of new tariffs on solar imports also contributed to a slowdown in project development this year, the industry has said.

☆ 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.

☆ Warren Buffett-Backed Electric-Car Giant BYD Halts Spinoff of Chip Unit
▼ + stars: | 2022-11-16 | by ( Dan Strumpf | ) www.wsj.com time to read: 1 min

HONG KONG—Chinese electric-car company BYD Co. said it was pausing the planned spinoff of its chip subsidiary, opting to focus on boosting the unit’s automotive-semiconductor output to meet rising demand for electric vehicles. Warren Buffett -backed BYD said in a filing Tuesday that it was shelving the spinoff of BYD Semiconductor and the company’s listing on the Shenzhen Stock Exchange until an unspecified date. It said it instead plans to accelerate investments in expanding its chip-making capacity, building on a recent investment in a chip factory in Jinan, in eastern China.

☆ Buffett-Backed Electric-Car Giant BYD Halts Spinoff of Chip Unit
▼ + stars: | 2022-11-16 | by ( Dan Strumpf | ) www.wsj.com time to read: 1 min

HONG KONG—Chinese electric-car giant BYD Co. said it is pausing the planned spinoff of its chip subsidiary, opting to focus on boosting the unit’s automotive-semiconductor output to meet rising demand for electric vehicles. Warren Buffett -backed BYD said in a filing on Tuesday that it is shelving the spinoff of BYD Semiconductor and the company’s listing on the Shenzhen Stock Exchange until an unspecified date. It said it instead plans to accelerate investments in expanding its chip-making capacity, building on a recent investment in a chip factory in Jinan, in eastern China.

☆ China's BYD scraps IPO plan for semiconductor unit
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 15 (Reuters) - Chinese automaker BYD Co Ltd (002594.SZ) said on Tuesday it had scrapped plans to list its semiconductor unit in China, saying a move to increase investments in wafer production would significantly affect the unit's asset structure. "BYD Semiconductor intends to seize the time window to make large-scale investment in wafer production capacity," BYD said in a filing to the Shenzhen stock exchange, adding current wafer supplies were far from enough to meet demand amid rapid growth in electric vehicle manufacturing. BYD, backed by U.S. billionaire Warren Buffett, said it would restart the unit's listing process when the investment and production capacity expansion had been completed. According to the IPO prospectus, the chip unit aimed to raise 2 billion yuan ($281 million) to fund projects and replenish capital on the Nasdaq-like ChiNext Board of the Shenzhen Stock Exchange. The IPO plan was first halted by the exchange in August 2021, as a firm advising on the IPO process faced a regulatory probe.

☆ Toyota to produce electric car powered by BYD batteries in China
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Oct 24 (Reuters) - Toyota Motor Corp (7203.T) announced on Monday the launch of a small electric sedan, which will be powered by BYD Co (002594.SZ) batteries and will be produced and sold in China. The Japanese automaker said the car would be called the Toyota bZ3. It is the second model in the new Beyond Zero (bZ) series of battery electric vehicles (BEVs) from Toyota, which has been criticised by activists and green investors for not embracing BEVs quickly enough. The bZ3 was developed jointly by Toyota and BYD, Toyota said on Monday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Norihiko Shirouzu and Ella Cao Editing by David Goodman and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ BYD flags huge quarterly profit jump as China sales surge past Tesla
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +3 min

Shares in BYD jumped. By comparison, Tesla sold just over 318,000 electric vehicles in China during the first nine months of the year. The China Association of Automobile Manufacturers has estimated that EV sales in China will increase by about 56% this year to 5.5 million units - a market far greater than most countries' entire auto sales. EVs are also expected to account for 20% of overall China vehicle sales this year, up from 13.6% in 2021, the industry association said. Some subsidies for electric vehicles are set to expire this year although the government has extended an exemption of the purchase tax for EVs to the end of 2023.

☆ Chinese EV giant BYD flags huge jump in quarterly profit, shares surge
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

The logo of BYD is pictured at the 2022 Paris Auto Show in Paris, France October 17, 2022. REUTERS/Stephane Mahe/File PhotoOct 18 (Reuters) - BYD Co (002594.SZ), China's biggest electric car maker, said third-quarter net profit likely more than quadrupled due to robust sales and a better product mix, sending its shares surging. It estimated that net profit for the July-September quarter came in between 5.5 billion yuan to 5.9 billion yuan ($765 million-$820 million), or an increase of 333% to 365.1% from the same period a year earlier. BYD's Hong Kong shares gained 4% on Tuesday morning while its shares in Shenzhen climbed 5%. Government incentives have helped sales of electric vehicles surge in the world's biggest auto market.

☆ China's EV giant BYD sees Q3 profit more than quadrupling, shares jump
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

Oct 18 (Reuters) - BYD Co (002594.SZ), China's biggest electric car maker, said it expects third-quarter net profit to more than quadruple due to robust sales and a better product mix - a forecast that sent its shares surging. It predicted net profit for the July-September quarter to come in between 5.5 billion yuan to 5.9 billion yuan ($765 million-$820 million), or an increase of 333% to 365.1% from the same period a year earlier. BYD's Hong Kong shares gained 4% on Tuesday morning while its shares in Shenzhen climbed 5%. ($1 = 7.1993 Chinese yuan)Register now for FREE unlimited access to Reuters.com RegisterReporting by Zhang Yan and Brenda Goh; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

☆ Tesla Breaks Its China Factory Delivery Record but Trails BYD
▼ + stars: | 2022-10-10 | by ( Selina Cheng | ) www.wsj.com time to read: 1 min

HONG KONG— Tesla hit a record of more than 83,000 electric-vehicle deliveries from its recently upgraded Shanghai factory in September, according to data released by the China Passenger Car Association. The plant delivered 83,135 EVs last month, an 8% increase from August, according to data released by the association on Sunday. The American EV maker still trailed Chinese rival BYD Co., which topped the charts for EV deliveries last month with almost 95,000 units, up 14% from August. BYD’s total sales, including hybrids, were a combined 201,000 units in September. BYD also broke its own records in September, in EVs as well as total sales.

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