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☆ Chinese EV giant BYD's first-quarter profit jumps fivefold
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

BEIJING/SHANGHAI, April 27 (Reuters) - Chinese electric vehicle giant BYD Co. (002594.SZ) posted a fivefold jump in its first-quarter profit on Thursday as the company consolidated its leadership in the domestic market. Net profit for the first three months of the year was 4.13 billion yuan ($596.56 million), up 410.9% from 808.41 million yuan a year earlier, on revenue up 79.8% at 120.17 billion yuan, the company said in a stock market filing. The company sold more than 1.86 million vehicles in 2022, mostly in China. The price cuts have eaten into automakers' earnings, with Tesla reporting a 24% plunge in first-quarter net income. ($1 = 6.9230 Chinese yuan renminbi)Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ BYD lowers starting price for Seagull electric hatchback
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

Companies BYD Co Ltd FollowSHANGHAI, April 26 (Reuters) - Chinese electric car maker BYD (002594.SZ) has set the starting price for its Seagull hatchback at 73,800 yuan ($10,658.89), about 6.3% lower than its initial advertised price, its website showed. The vehicle attracted significant attention at the Shanghai auto show at a price starting from 78,800 yuan - half the price of the cheapest new energy vehicles available elsewhere. It had advertised the two versions at 78,800 yuan and 83,800 yuan during the auto show. The company's longer-range version will be priced at 89,800 yuan, down from the 95,800 yuan advertised at the show. ($1 = 6.9238 Chinese yuan renminbi)Reporting by Brenda Goh Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Toyota reveals two more electric cars for China
▼ + stars: | 2023-04-20 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Toyota displays a new concept electric car — developed jointly with BYD and FAW — at the Shanghai auto show in April 2023. CNBC | Evelyn ChengBEIJING — Toyota this week began taking orders for its first electric sedan in China, and announced two more models are set to come to the local market next year. The three cars are part of the Japanese car giant's bZ, or "beyond zero" lineup of battery-electric cars. Toyota, the world's largest automaker by vehicles sold, has been relatively cautious about investing in fully electric cars. The bZ sports car concept sedan is jointly developed by Toyota, BYD and Chinese state-owned FAW.

[1/3] BMW's concept model i Vision Dee is unveiled during an event at the Auto Shanghai show, in Shanghai, China April 18, 2023. While the battery-electric vehicle market share of German automakers in China is rising, it is still miniscule. The EV sales of all four German brands added up to only a quarter of BYD's in 2022. "The Chinese market is no longer as stable for German carmakers as it was," Thomas Luk, partner at management consultancy Kearney, said on the sidelines of the Shanghai show. Many are also adopting direct sales, an approach German automakers like BMW and Mercedes-Benz have also said in recent months they are moving towards.

☆ Chinese EV giant BYD says self-driving tech is more valuable for factories than cars
▼ + stars: | 2023-04-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BYD's new luxury brand Yangwang is selling its first model, the U8, for more than 1 million yuan ($160,000). SHANGHAI — Fully autonomous driving is "basically impossible" and the technology would be better applied to manufacturing, according to Chinese battery and electric car company BYD . Many electric car and tech companies are working on self-driving technology. But BYD, by far the largest domestic seller of electric cars in China, has taken a different view. "We think self-driving tech that's fully separated from humans is very, very far away, and basically impossible," Li Yunfei, a spokesperson for BYD, said in Mandarin, translated by CNBC.

[1/2] People use their phones in front of the BYD Seagull that is displayed at the Auto Shanghai show, in Shanghai, China April 19, 2023. REUTERS/Aly SongSHANGHAI, April 19 (Reuters) - At the Shanghai auto show this week, the largest crowds can be found around an unassuming, bright yellow hatchback parked at the booth of China's largest electric carmaker BYD (002594.SZ). "This redefines the whole market in terms of a price value proposition," he said. Russo predicts the value proposition of the Seagull will be compelling to overseas customers. "Affordability is attractive to everyone anywhere, whether it's an emerging market, the United States or Europe, this kind of car with this kind of value proposition will sell," he said.

☆ Tesla's biggest Chinese rival showed off a supercar that can balance on 3 wheels, dance, and jump off the ground
▼ + stars: | 2023-04-11 | by ( Tim Levin | ) www.businessinsider.com time to read: +2 min

Chinese electric-car maker BYD posted a video of its upcoming Yangwang U9 supercar. The luxury vehicle will be able to bounce and jump off the ground. Chinese Tesla rival BYD showed the world just that on Monday. In a video from a BYD event posted to Twitter, its upcoming Yangwang U9 can be seen dancing and bobbing side to side as it slowly drives across the stage. It looks a lot like a feature in some Mercedes SUVs that makes the vehicle bounce vigorously up and down.

☆ China's BYD bets on self-developed chassis suspension system
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, April 10 (Reuters) - China's BYD launched on Monday a new chassis suspension system as the electric vehicle maker ramps up efforts to move upmarket with premium products. The system, BYD DiSus Intelligent Body Control System, is similar to the chassis suspension systems available in premium and luxury cars, such as Porsche's Dynamic Chassis Control and Mercedes Benz's Magic Body Control. The DiSus system will come in three variations and will be used in BYD's luxury off-road SUV Yangwang U8 initially, BYD said in a statement. BYD launched its first luxury car brand Yangwang in January with an off-road SUV and a sportscar priced above 1 million yuan. BYD has benefited from its strategy to use self-developed batteries and powertrain systems.

☆ Warren Buffett-backed BYD announces new shock absorption tech for premium EVs
▼ + stars: | 2023-04-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BYD's Han electric car, pictured here at the 2021 Shanghai auto show, is one of the most popular new energy vehicles in China. SHENZHEN, China — Electric vehicle giant BYD is banking on new driver-assist technology to smooth out car rides and get the edge on its EV competition. BYD, backed by Warren Buffett's Berkshire Hathaway , announced Monday a new technological system for stabilizing car rides through rugged terrain, sharp turns and even shallow water. The shock absorption tech is set to be a feature of the company's recently launched premium brand Yangwang. Part of the tech system uses the same "lidar" sensors used in assisted driving, according to BYD.

☆ BYD downplays China price war impact after Q4 profit jumps
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

HONG KONG/SHANGHAI, March 29 (Reuters) - Chinese electric vehicle (EV) giant BYD said on Wednesday it was large enough to shake off the impact of a bruising price war and faltering demand in China, after reporting an 11-fold increase in fourth-quarter profit. The strong result came as it extended its lead in the Chinese market, thanks to an expanding range of products that is helping it overtake Volkswagen (VOWG_p.DE) to become the top-selling brand. BYD accounted for 41% of so-called new energy car sales in the world's biggest auto market for the first two months of the year. The Chinese EV giant has been slowing output since the start of the year when Beijing ended a national subsidy programme for EVs and plug-in electric vehicles. ($1 = 6.8756 Chinese yuan renminbi)Reporting by Josh Ye, Zhang Yan, Ella Cao and Meg Shen; Editing by Jonathan Oatis, Angus MacSwan and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ BYD posts 11-fold jump in Q4 profit -filing
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/BEIJING, March 28 (Reuters) - Chinese electric vehicle giant BYD Co Ltd (002594.SZ) reported an 11-fold increase in fourth-quarter profit as it extended its lead in the domestic market with a wide range of products. Net profit for October-December came in at 7.3 billion yuan ($1.06 billion) versus 602 million yuan a year earlier. For the whole of 2022, net profit increased 446% to 16.6 billion yuan, said the company, which is 12% owned by Warren Buffett's Berkshire Hathaway (BRKa.N). Its battery installation volume ranked the second globally in Janaury with 17.6% market share, exceeding LG Energy Solutions, according to SNE Research. ($1 = 6.8756 Chinese yuan renminbi)Reporting by Zhang Yan, Ella Cao and Meg Shen; editing by Jason Neely, Jonathan Oatis and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: BYD reduces shifts at two electric vehicle plants in China - sources
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +3 min

BYD also reduced shifts at its Shenzhen plant, which makes its Han sedans, from three shifts per day to two per day, four people with knowledge of the development said. BYD did not give a reason for the reduced shifts in its planning memo reviewed by Reuters. Reuters was not able to determine how long the reduced shifts would last for BYD and if any of its other three assembly plants in China were affected by production schedule changes. It was also not clear how the reduced shifts would translate into production volume changes. To spur demand, BYD began offering discounts for its best-selling Yuan Plus and Seal EVs in March.

☆ Chinese EV comptition hots up as BYD offers discounts
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] BYD electric vehicles (EV) are displayed at a car dealership in Shanghai, China, February 3, 2023. The discounts will be for buyers who place orders for the Song Plus and Seal models between March 10 and March 31, the company said on its social media account. In return for an 88 yuan ($12.64) deposit, buyers for a Seal EV can get 8,888 yuan deducted from the price, while for Song Plus models, the discount is 6,888 yuan. It sold 34,621 Song Plus SUVs and 14,372 Seal sedans in the first two months, according to China Passenger Car Association. The car association data showed Tesla (TSLA.O) sold 39,710 Model Ys and 21,056 Model 3s in January and February combined.

☆ Tesla has declared a price war on electric-vehicle and traditional automakers alike. There are signs Elon Musk's company is making early gains.
▼ + stars: | 2023-03-09 | by ( George Glover | Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

The automaker has slashed Model 3, Model Y, Model X, and Model S prices in 2023. While it's too soon to call a winner in the price war, there are signs Tesla is making early gains. Tesla also lowered prices for its Model S sedan and Model X SUV in January, then reduced them again in early March. The basic Model S now retails at $89,990, down 14% from the start of the year, while the entry-level Model X costs $99,990, down 17%. "Price cuts also annoy customers," Caspar Rawles, the chief data officer at Benchmark Mineral Intelligence, a price-reporting agency, told Insider.

☆ Tesla sold 74,402 China-made EVs in February, up 32% y/y
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Tesla is seen at a Tesla Supercharger station October 21, 2020. REUTERS/Arnd WiegmannCompanies Tesla Inc FollowSHANGHAI, March 3 (Reuters) - Tesla (TSLA.O) sold 74,402 China-made electric vehicles (EV) in February, up 31.65% from a year earlier, China Passenger Car Association (CPCA) data showed on Friday. That was up 12.6% from January, when the U.S. electric car maker delivered 66,051 China-made Model 3 and Model Y electric cars. Rival BYD with its Dynasty and Ocean series of EVs and hybrids sold 191,664 vehicles last month, CPCA data showed. It has started delivering cars to Thailand and set up its first Supercharger station in there in February.

☆ Tesla sold 74,402 China-made EVs in February, up 32% year over year
▼ + stars: | 2023-03-03 | by ( ) www.cnbc.com time to read: +1 min

Tesla sold 74,402 China-made electric vehicles in February, up 31.65% from a year earlier, China Passenger Car Association data showed on Friday. That was up 12.6% from January, when the U.S. electric car maker delivered 66,051 China-made Model 3 and Model Y electric cars. Rival BYD with its Dynasty and Ocean series of EVs and hybrids sold 191,664 vehicles last month, CPCA data showed. BYD's market share increased to 37% from 27%. As competition intensifies, Tesla aims to increase its exports and expand into new markets to digest output from its factory in Shanghai.

☆ BYD to build $1.2 bln EV battery plant in central China - website
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Feb 14 (Reuters) - BYD , the world's largest maker of electrified vehicles, plans to invest $1.2 billion to build a new factory for its batteries in China, according to environmental appraisal filings. BYD's Blade Battery is a less bulky lithium-iron-phosphate (LFP) battery that its Chairman Wang Chuanfu has said is safer than other alternatives in the market and will not catch fire. It has been powering BYD's best-selling battery electric cars such as the Han and Seal sedans that compete with Tesla's (TSLA.O) Model 3 in China. The South China Morning Post earlier reported BYD's Zhengzhou battery plant. Reporting by Zhang Yan and Brenda Goh; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Berkshire Hathaway sells $44.9 mln of shares in China's BYD
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Rick Wilking/File PhotoFeb 2 (Reuters) - Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 1.55 million Hong Kong-listed shares of electric vehicle maker BYD (002594.SZ) for HK$351.81 million ($44.85 million), a stock exchange filing showed. The sale lowered Berkshire's holdings in BYD's issued H-shares to 12.9% on Jan. 27, down from 13.04%, the filing to the Hong Kong Stock Exchange showed on Thursday. Berkshire, which started selling the BYD shares in late August, has accumulatively reduced its holding by more than a third. Buffett's company acquired 225 million BYD shares in 2008, giving it a 7.73% stake, equal to the 20.49% stake in H shares, according to BYD's annual report. ($1 = 7.8434 Hong Kong dollars)Reporting by Twinnie Siu and Zhang Yan; editing by Jason Neely Editing by David GoodmanOur 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.

☆ Tesla has growing competition in China — these are the most popular electric SUVs challenging Elon Musk in the crucial market
▼ + stars: | 2023-01-31 | by ( Tim Levin | ) www.businessinsider.com time to read: +3 min

(Note: Since China considers both electric and plug-in hybrid vehicles as "new energy vehicles," this ranking includes both types of EVs.) BYD SongThe BYD Song Plus DM-i plug-in hybrid. The BYD Song Plus DM-i plug-in hybrid. BYD Yuan PlusThe BYD Yuan Plus. BYD TangThe BYD Tang electric SUV.

☆ 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.

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.

☆ Waiting times for some Tesla models in China increase after automaker discounts
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +3 min

The waiting time for orders of the rear-wheel-drive and long-range versions of Model Y were a week longer on Monday than on Friday, Tesla's website showed. The wait time for all versions of the Model 3 and the performance version of the Model Y remained at one to four weeks as of Monday. People check a Tesla Model Y electric vehicle (EV) displayed at its booth during the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 4, 2021. Some of the buyers in China said they had been led to believe that the further discounts would not be coming. Comments on Chinese social media were largely negative toward the Tesla buyers who have protested, with many saying online they should have understood the terms of the contract.

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