Elon Musk's xAI loses co-founder Igor Babuschkin, who's leaving to start venture firm
"Today was my last day at xAI, the company that I helped start with Elon Musk in 2023," Babuschkin wrote on X, which is owned by xAI. "I still remember the day I first met Elon, we talked for hours about AI and what the future might hold. We both felt that a new AI company with a different kind of mission was needed. Building AI that advances humanity has been my lifelong dream."
A former research engineer for Google's DeepMind and ex-member of OpenAI's technical staff, Babuschkin recounted some of xAI's major operational achievements during his tenure, including building out engineering teams at the company.
"Through blood sweat and tears, our team's blistering velocity built the Memphis supercluster, and shipped frontier models faster than any company in history," he wrote.
The facility in Memphis processes data and trains the models that power xAI's Grok chatbot.
Musk wrote, in response, "Thanks for helping build @xAI! We wouldn't be here without you."
Babuschkin said he's starting Babuschkin Ventures to support AI safety research and invest in startups in "AI and agentic systems that advance humanity and unlock the mysteries of our universe."
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Yahoo
an hour ago
- Yahoo
25 ways to get the most out of your smart home tech
How to get the best from your house tech Smart home tech has come a long way in the past few years. It's estimated that more than 130 million homes around the world have at least one smart speaker, according to Statistica, and that's set to rocket to 335 million by 2027. From Amazon Echo and Google Home to Apple HomePod, today's home hubs are faster and smarter than ever, but how do you choose from the vast array of tech out there? And how do you get the most from it? From surprising hacks and privacy protection to the latest innovations on the horizon, click or scroll on to discover which gadgets will enhance your home. Free voice-controlled smart home app A smart home hub, like Amazon Echo and Google Home, serves as a central control point for various smart devices in your home to control smart tech such as lights, thermostats and cameras. The best-known devices can cost between £19.99 ($25) and £299 ($372), but there is a budget-friendly alternative for anyone who owns an iPhone or iPad. The Apple Home app (also known as Apple HomeKit) is free to download and lets you control any compatible smart home devices without the need for a physical hub. It may not have all the bells and whistles of the main hubs on the market, but it'll let you control your heating and lighting with just a few words to Siri. Alexa has 100,000 skills and counting Launched in 2014, Amazon's smart assistant now has over 100,000 skills, apps designed especially for Alexa, that homeowners can use with voice commands. These include booking an Uber, playing your favourite Spotify playlists, finding your phone, making a donation to charity or even starting your car. Innovations are happening all the time, too. During the pandemic, smart security systems grew by 23% and it is predicted that 20% of households worldwide will own smart home technologies by 2025, according to The Tech Report. Apple doesn't rule in the smart home Interestingly, while Apple may prove popular when it comes to laptops and smartphones, smart speakers are a different story. Of the 10 countries surveyed, only China showed a preference for Apple HomePod, according to Statista. In 2023, Amazon Echo was the most popular choice of smart speaker in homes across the UK, US, Germany, Brazil, India and Canada. Sweden and the Netherlands preferred Google Home, while homes in South Korea opted for KT speakers. Home hubs aren't necessarily portable It's worth noting that the Amazon Echo and Google Home aren't portable speakers, they need to be plugged in at the wall. So if you want to use your voice assistant throughout the house, you'll need at least one separate unit upstairs or at different ends of the home. However, you can buy Alexa or Google Assistant-enabled portable wireless speakers that have a rechargeable battery, like the Ultimate Ears Megablast or Sharkk Boombox. But you can't use them to control other smart home devices. Smart speakers listen for their 'wake' word In the UK alone, almost 50% of 25 to 64-year-olds own a smart speaker according to Statista. It's thought that over 35% of American adults now own one, as reported by news site NPR. While not eavesdropping on your conversations, the Amazon Echo and Google Home are always listening for their wake words: 'Alexa' in the case of the Echo and 'OK, Google' or 'Hey, Google' in the case of the Google Home unit. They can react quickly to any command you give. Depending on your smart device, there are various ways to stop it from listening in, which range from turning off the microphone to turning the device off completely. Don't place your smart speaker near a window Once you've started with smart devices, there are a range of precautions you can take to keep your smart home safe. As anyone can control your Amazon Echo or Google Home hub with their voice, it's important to keep your unit away from any windows. Otherwise, an unscrupulous person could shout commands through your window or even make a purchase and then intercept the parcel when it's being delivered. Every smart home device is a potential invitation to hackers Any internet-connected gadget that isn't protected by a secure password could be accessed by a hacker, who could steal your data or take control of the device for nefarious purposes. If they managed to get into your Wi-Fi network through your router they could easily take over any other devices on the network that don't have a password. Remember, always change default passwords to your own secure ones, and always install software updates when they become available. Voice purchasing on the Amazon Echo is on by default One of the benefits of the Echo is that you can buy things from Amazon using just your voice. However, it does mean that anyone, including children, can shop through your device. As voice purchasing is automatically activated from the outset, you'll need to turn it off if you don't want your tiny terrors ordering 20 different Paw Patrol toys... Your wireless camera could be spying on you Wireless security cameras can be easy to hack as their passwords sometimes can't be changed, or they may not even be password-protected to begin with. This means someone could access your camera footage over the internet. Always choose a camera from a reputable brand and change the default password to a secure one as soon as it's installed. Not all smart toys are safe Some connected toys, which typically use Bluetooth or Wi-Fi, are less than secure. Hackers can target wireless links or outdated software. In some cases, a device's data can be stolen, its camera or microphone can be accessed or it can be used as an entry point into your home network. It isn't just tablets, game consoles and smartwatches that are vulnerable. Toys that have been exploited in recent years include Furby Connect, the i-Que Intelligent Robot, CloudPets and My Friend Cayla as reported by All Tech Magazine. Experts recommend researching toys before you buy them, installing software and firmware updates as soon as they're released and supervising your child when playing with smart toys. Build a geofence Geofencing creates an invisible fence around your home. When you cross it while carrying your smartphone it triggers a pre-set routine. For example, you could use it to automatically turn off all the lights, lock the front door and start your car when you leave for work in the morning. Since your phone always knows where you are, you can set your devices to respond to certain cues throughout your day. So you can set your home thermostat to boost the heat or your air conditioner to cool things down when you leave the office, ensuring the perfect temperature to welcome you home. Wave goodbye to cold callers So there's plenty to think about with safety, but what can smart tech do to make our lives easier? The Video Doorbell from Ring, which is now owned by Amazon, sends you alerts via an app on your phone, tablet or computer when someone is at your door. You can then use the app to see who it is and you can speak to them without leaving the comfort of your sofa. The wired version starts at £49.99 ($62), while wireless models start at £99.99 ($124). Throw the ultimate parties with smart lighting The perfect gadget for creating ambience at a dinner party, smart bulbs, like the ones from Philips Hue, for example, allow you to change your lighting preferences with just your voice. Compatible with Amazon Echo and Google Home hubs, you can customise the colour and tone of your lights or pick one of the pre-set scenes. Google Home knows which calendar is yours If you own a Google Home Nest Hub, you can link up to six different voices with Voice Match, enabling the Google Assistant to recognise each person in your household. This means that when you say 'OK Google, what's my agenda for today?' it will tell you your schedule, not your partner's or roommate's. Smart gadgets can help you stay safe at home There are smart home products out there that work to keep you safe, rather than adding to your worries. Welcome to the world of smart safety and security which achieved 22.6% of the smart home tech market share in 2023, according to The Tech Report. The Vivint Smart Home security system is a full-blown home security system that gives you 24/7 monitoring and full control over door locks, cameras, thermostats and lights. Meanwhile, The Nest Protect alerts you through your phone if smoke or carbon monoxide is detected on your property. With a shelf life of up to a decade, it sounds an alarm on both the unit and your phone if unsafe levels are found. Robot vacuums have come a long way Robot vacuums have progressed since the first Roomba hit the market way back in 2002, says magazine Good Housekeeping. These days, the ingenious gadgets create a floorplan of your home and can avoid all sorts of obstacles placed in their path, they can even recognise things they shouldn't hoover up (like earbuds) and swerve to avoid them. The iRobot Roomba s9+ adjusts suction when it moves between hard floors and carpet, is self-emptying and you can give it voice commands to clean certain areas. At just three inches (7.6cm) tall, the Eufy BoostIQ RoboVac can suck up even the hardest-to-reach fluff under your sofa, while the Roborock S7 can vacuum and wet-mop your floors simultaneously. Impressive! Do more than count steps with smart health tech The pandemic sparked an increase in home health and fitness tech and it continued to grow even after gyms re-opened. Lululemon Studio, a futuristic smart mirror, has partnered with Peloton so users have thousands of classes available in an instant, from dancing and boxing to pilates and weights. All you have to do is watch your instructor and literally mirror them to ensure you're using perfect form. Meanwhile, gizmos that would have sounded absurdly futuristic just a few years ago, think automatic pill dispensers, disinfecting UV lights, indoor air quality sensors and smart water filters that alert you to drinking water issues in real-time, are all very, very real. Window tech can improve privacy and security Once the height of luxury only seen in Bond films or the poshest hotels, remote-controlled curtains and blinds are now easier and cheaper to install in your home than ever before. Not only can you set a timer to open and close them to fit your schedule, you can also control your curtains from your phone, which means you could trick potential burglars into thinking you're at home while you're actually sitting on a beach in the Caribbean, sipping from a coconut. You can play with your pet remotely If you have a cat or dog at home, it might be worth looking into smart tech to improve their life (and yours). Furbo's 360 Dog Camera has colour night vision and it fully rotates to keep track of your dog in the room. You can talk to your pup, get real-time barking alerts and even toss them treats. They also do a cat version, with a feather wand toy to keep them out of mischief. And there's tech to help you clean up after them And to clean up after your pets the smart way, the Roomba j7 suggests extra cleaning sessions during your pet's shedding season and avoids any pet waste. Meanwhile, high-tech cat litter boxes like the one pictured can automatically separate soiled litter from clean, some incorporate night lights and automatic deodorising spritzers, something we're sure even the fussiest cats will appreciate! A smart home can help people age well If you think the home you live in or are about to move into, will be your forever home, it's worth planning for the future and considering what integrated smart tech could help you in later life. These days smart loos have multiple jets, a warm air dryer, in-bowl night light and infra-red user detection for an automatic flush and lid opening and closing. While it might seem like a fun gizmo, smart health and hygiene products, including smart showers, air purifiers, motion sensor lights, fall detectors and more, can be of huge help to those with mobility or other health issues. Robot gardeners are better than ever While we're busy filling our homes with all the latest tech offerings, it's easy to overlook our gardens. Modern mowers now have rain sensors and lawn sweeping capabilities. They don't even need boundary wires any more, you can just plot a virtual boundary on your phone. Outdoor smart plugs, spotlight cameras and automated sprinklers with weather-based scheduling tech are all available to make our garden that little bit easier to manage and enjoy. You can even get Wi-Fi-enabled gas barbeques that offer programmable smart recipes and LED lights for night grilling. You can have a smart home without the wires If you're intrigued about the idea of smart tech, but can't quite face the idea of a house full of ugly wires, there are plenty of solutions. You can conceal wires with cable trunking, which you can paint to blend into your wall or use cable clips to snake them up the back of furniture legs. Hide modems or speakers on shelves behind a row of false books or inside a basket. Keep the lid off as completely covering up electrical goods can pose a fire risk. Create a dedicated charging nook A wireless charging station like this one cuts the number of wires on your desk or bedside table from three to one, and there's a variety to choose from to suit your home, from futuristic designs to wood finishing. Otherwise, consider creating a dedicated charging nook, where everyone takes their devices to charge, rather than having several plugs scattered around the house. Mastering routines is the key to an automated home While all these gadgets are certainly fun, they really start to make a difference when they're integrated. Setting up automation might sound daunting, but it's simply a way of making all your smart tech work together, for you. You can set automation, also known as routines, via your device's app or a smart-home platform app, and it's simply stringing together various functions. For example, you could create a morning routine that opens the curtains, turns on the news and brews your morning coffee once the clock hits 7 am. Sign us up for that!
Time Business News
an hour ago
- Time Business News
Gemini vs ChatGPT: Comparing Strengths, Weaknesses, and Real-World Uses
If you're short on time, here's the essence: ChatGPT excels at creativity, storytelling, and natural conversations, while Gemini is designed for accuracy, real-time information, and seamless integration with Google's ecosystem. Think of ChatGPT as the imaginative writer who can draft essays, brainstorm ideas, and simulate engaging conversations. Gemini, on the other hand, is like a research assistant who always has the latest news, data, and Google-powered insights at hand. Which one is better? The answer depends on what you need most from an AI assistant. AI isn't just a buzzword anymore — it's becoming part of daily work, study, and even leisure. From helping students finish assignments to supporting businesses in decision-making, AI tools are shaping the way we live and work. With Google's Gemini entering the scene and OpenAI's ChatGPT already being widely adopted, the question isn't just about features. It's about trust, usability, and real-world value. Users want to know which model can best save them time, improve creativity, or provide reliable answers. That's why looking at Gemini vs ChatGPT side by side is so important. OpenAI launched ChatGPT as part of its mission to create AI that benefits humanity. Its foundation is built on the GPT (Generative Pre-trained Transformer) models, which specialize in generating human-like text from prompts. Google's Gemini, however, is part of its DeepMind and AI-first strategy, aiming to combine cutting-edge research with practical applications. Gemini was designed not just to chat, but also to integrate across Google's massive ecosystem — from Docs to YouTube. This difference in origin also explains their strengths: ChatGPT leans toward conversation and creativity, while Gemini leans toward information accuracy and tool integration. ChatGPT is known for sounding natural, friendly, and often surprisingly human. It can role-play, tell stories, draft emails, and even write poetry with ease. Gemini, while conversational, tends to stay closer to facts. Its responses are polished, but you might notice they sometimes feel more formal or structured compared to ChatGPT's casual flow. If your priority is creative writing or brainstorming, ChatGPT usually has the upper hand. One of Gemini's biggest advantages is its ability to pull live data from the web. Ask about today's news, stock prices, or a trending video, and Gemini can bring you accurate, up-to-date answers. ChatGPT, on the other hand, relies on its training data unless paired with a browsing plugin or third-party integration. While the GPT-4 model has improved knowledge, it still cannot natively access the latest information in the way Gemini can. This makes Gemini especially valuable for researchers, journalists, or anyone who depends on real-time updates. When comparing Gemini vs ChatGPT, accuracy is one of the most debated aspects. ChatGPT can sometimes 'hallucinate,' meaning it generates information that sounds convincing but isn't factually correct. can sometimes 'hallucinate,' meaning it generates information that sounds convincing but isn't factually correct. Gemini, with its Google integration, has a stronger foundation for fact-based responses. It's less prone to fabricating details, though it can still simplify or omit complexities. If your work requires verified and up-to-date information, Gemini has the edge. But if you're more interested in creative problem-solving, ChatGPT often feels more flexible. Gemini was built to be multimodal from the ground up — meaning it can handle text, images, audio, and video input/output more natively. This aligns with Google's vision of AI being able to process the world the way humans do. ChatGPT has also added multimodal capabilities in GPT-4, such as analyzing images or generating visuals through integrations like DALL·E. However, Gemini's design is expected to push these features even further in the future. This makes Gemini potentially more powerful in fields like education, media, and accessibility, where AI must process different types of content seamlessly. Here's where Gemini truly shines: it's part of the Google ecosystem. Imagine drafting an essay in Google Docs, asking Gemini to fact-check it, then pulling in a YouTube video summary — all without switching tabs. ChatGPT doesn't have the same native integration with platforms like Google Workspace. However, it's widely used through third-party integrations, APIs, and plugins, making it extremely versatile for businesses, developers, and individual users. If you're already heavily invested in Google tools, Gemini might feel like a natural fit. If you prefer broader customization, ChatGPT offers more flexibility. People use ChatGPT for a wide range of tasks: Students use it to explain complex topics in simpler terms. Writers and marketers rely on it for brainstorming, drafting, and editing. Professionals turn to it for email writing, meeting summaries, and idea generation. In short, ChatGPT acts as a creative partner for anyone who needs text-based assistance. Gemini's strength lies in practical productivity. For example: Journalists use it to pull breaking news updates. Analysts leverage it for quick data interpretation from Google Sheets. Everyday users rely on it to summarize YouTube content or answer factual questions instantly. It's less about brainstorming and more about getting accurate, actionable information quickly. Neither Gemini nor ChatGPT is the 'final form' of AI. Both companies are in an arms race to improve usability, accuracy, and creativity. ChatGPT will likely continue leading in conversational depth and creativity . . Gemini will likely dominate in real-time data, integrations, and multimodal performance. For users, this means more choice, more power, and more ways to work smarter with AI. When it comes to Gemini vs ChatGPT, there's no universal 'winner.' The smarter choice depends on your personal or professional needs: Pick ChatGPT if you value creativity, natural conversation, and flexible brainstorming. if you value creativity, natural conversation, and flexible brainstorming. Pick Gemini if you prioritize accuracy, real-time information, and seamless Google integration. In reality, many people may find themselves using both — one as a creative companion, the other as a reliable researcher. 1. Is Gemini more accurate than ChatGPT? Yes, Gemini is generally more accurate for real-time facts because it pulls data from the web, while ChatGPT relies on trained data unless extended with browsing. 2. Can ChatGPT generate more creative content than Gemini? Yes, ChatGPT is often better at writing stories, brainstorming ideas, or creating content that requires imagination. 3. Which is better for students: Gemini or ChatGPT? Students may benefit more from ChatGPT for essays and explanations, while Gemini is useful for research and fact-checking. 4. Does Gemini replace ChatGPT? Not necessarily. Gemini complements ChatGPT by excelling in areas like real-time accuracy and Google tool integration. 5. Will both Gemini and ChatGPT keep improving? Absolutely. Both Google and OpenAI are investing heavily in AI, meaning users can expect faster, smarter, and more capable versions in the future. TIME BUSINESS NEWS
Yahoo
3 hours ago
- Yahoo
Inside BYD's plan to rule the waves
Elon Musk had a problem. As Tesla struggled to ramp up sales in October 2022, it faced a critical shortage of ships to deliver its EVs. "There weren't enough boats, there weren't enough trains, there weren't enough car carriers," Musk told investors, after Tesla announced it had delivered tens of thousands of cars fewer than it made over the previous quarter. As Tesla struggled, its biggest Chinese rival devised a novel solution. BYD, which is on course to surpass Tesla this year as the world's top seller of EVs, decided in 2022 to build a fleet of seven giant ships, each capable of carrying thousands of cars. Unlike most of its Western rivals, which typically buy space on car carriers operated by shipping companies, BYD has cut out the intermediary as it doubles down on ambitious plans to sell half its cars outside China by 2030. Six of BYD's giant ships, which are emblazoned with the company's livery and a striking red and white color scheme, have entered service in the past year. Data obtained by Business Insider from ship tracking and maritime analytics provider MarineTraffic shows how the Chinese carmaker is using this fleet to drive an unprecedented international expansion, flooding ports in Europe, Brazil, and Mexico as it takes the fight to Tesla and overtakes legacy automakers. EVs on the high seas BYD's first ship set sail in January 2024, when the BYD Explorer No.1 — a 200-meter-long, 13-deck, roll-on roll-off behemoth — went into service. In July, the Zhengzhou, which can carry up to 7,000 vehicles, became the seventh vessel to join the fleet. The largest ship in BYD's armada, the Shenzhen, has a capacity of over 9,000 vehicles, making it one of the world's largest car-carrying vessels. The massive ships have been busy. After launching, Explorer No.1 immediately began a 41-day voyage to Europe, the first of three separate trips there in 2024. Explorer No.1 has also made three voyages to Brazil since May 2024. In May this year, it docked in the Brazilian port of Portocel in its second visit in four months, with two other BYD ships, the Hefei and the Shenzhen, also arriving in Brazil in April and May. All three arrived fully laden and left empty as BYD raced to deliver its vehicles to Brazil ahead of a planned EV tariff rise in July. The voyages to Europe and Brazil coincide with BYD's sales surging in both markets. BYD, which did not respond to a request for comment for this story, sold just 2,500 vehicles in Brazil in the first half of 2023. It's sold over 56,000 vehicles there so far this year, per data from Brazil's National Federation of Automotive Vehicle Distribution. That's more than Nissan, Renault, and Ford, and it has seen BYD take a dominant position in one of the world's fastest-growing EV markets. In Europe, BYD's sales in the first half of the year were more than 300% higher than over the same period in 2024. The Chinese carmaker sold more pure battery-electric vehicles than Musk's automaker in Europe for the first time in April, and its global EV sales have outpaced Tesla's for the past three quarters. Stian Omli, a senior vice president at logistics intelligence firm Esgian, told Business Insider that BYD was essentially operating a "shuttle service" between its production hubs in China and key ports in Europe and Brazil. BYD's strategy is shaking up the car shipping industry, which has been dominated historically by a handful of established shipping companies that usually plan and invest on cycles of a decade or longer. Companies like Norwegian logistics giant Wallenius Wilhelmsen and Japanese firm NYK Line sell space aboard their ships to multiple companies, then try to stop at as many ports as possible and pick up cargo for the return voyages. But Omli said BYD's strategy was to go direct, dump a massive number of EVs at one or two destination ports, and often return to China empty. "Just like they have changed the competitive landscape when it comes to cars, the Chinese are also changing the competitive landscape when it comes to the car carriers," Omli said. China's brutal EV market forces BYD to go global Stephen Dyer, managing director at auto consultancy AlixPartners, told Business Insider that the Chinese EV industry's drive to expand overseas is driven by a "never-ending" price war at home, as over 100 EV brands fight it out in the world's most brutally competitive car market. "If you can succeed outside China, you gain credibility with your core market consumers in China," said Dyer. BYD could do with a boost. In July, the automaker's sales fell for the first time this year, putting its target of selling 5.5 million cars in 2025 at risk. BYD's decision to operate its own ships had its roots in a post-COVID supply crunch between 2021 and 2023, when high demand combined with a shortage of specialised car carriers. This crunch sent the price of one car carrier for a yearlong charter soaring as high as $125,000 per day, far above the typical pre-COVID high of around $25,000, Omli said. This is what made Musk rage and prompted BYD to embark on its radical strategy just as it was beginning to enter international markets in earnest. BYD's setup allows the company to avoid being caught out if prices soar again, Omli said, and also gives it more flexibility to send its cars where and when it wants. Control over its supply chain is a key part of BYD's formula for building EVs quicker and cheaper than its rivals. The company manufactures almost all of its own parts. Executive vice president Stella Li previously said that the tires and windows of BYD's Dolphin hatchback were the only parts not made in-house. "Developing your own component suppliers gives BYD not only some cost leverage over other suppliers, but also the flexibility to do things much faster," Dyer said. "When you have your own fleet, it's the same idea. It allows you to do things quickly and flexibly. You can divert them to anywhere that you want to go, even part of the way on the voyage. You're assured of supply," he added. A costly gambit BYD is not the only Chinese EV company to dabble in deep-sea shipping. Rivals such as SAIC Motors have built even larger fleets, and Omli estimated the share of the global deep-sea car carrier fleet controlled by Chinese companies will rise from 10-15% to as much as 25% in the next few years. It's a hefty investment. Omli estimated that building the first four ships in its fleet cost BYD around $500 million, with such ships typically costing between $100 and $130 million each to build. BYD's fleet shows no signs of slowing down. The automaker's monthly vehicle exports in July were nearly three times higher than a year ago, per company figures, and its vessels have made six voyages to Europe so far this year. Recently, BYD's fleet has deployed its "shuttle service" strategy in Mexico. The 200-meter-long Changzhou became the first BYD vessel to arrive in the country in June, before criss-crossing the Pacific and returning with another load a month later. The Explorer No.1 has just made the same journey, docking at the Mexican port of Lazaro Cardenas on 14 August. BYD recently abandoned plans to build a factory in Mexico, but the company's EVs are still in high demand there. Executives say they expect sales to double this year. Data from Esgian shows that the four BYD vessels it tracks — The Explorer No.1, Shenzhen, Hefei, and Changzhou — have visited the Mexican ports of Mazatlan and Lararo Cardenas, along with Portocel, more than any other ports outside Asia this year. No risk, no reward While BYD's shipbuilding surge has given the company the flexibility to export its EVs at unprecedented volume, the strategy has risks. The company and its Chinese rivals have shipped so many vehicles to Europe over the past two years that it has put shipping infrastructure under pressure and turned some ports into giant parking lots. Germany-based auto analyst Matthias Schmidt told Business Insider that most of BYD's sales in Europe were to companies and dealerships, rather than consumers. Schmidt said he believed BYD's strategy was to flood the market through corporate channels and build enough momentum to become a recognisable brand for European consumers. The shipping supply crunch that pushed BYD to build its fleet has now mostly abated. A wave of car-carrying ships has been launched in the past two years, easing the shortage and bringing prices down to around $50,000 per day for one car carrier on a one-year charter, with Omli estimating they will probably fall to around $30,000. With shipping via external carriers a more affordable option, Schmidt said BYD now has to justify the massive costs of running its own fleet by exporting more vehicles. "That's probably partly behind the high number of vehicles coming to Europe right now. They need to ship those vessels relatively full to maximise utilisation," Schmidt added. Alexander Brown, a senior analyst at the Berlin-based Mercator Institute for China Studies, said that "a lot has changed" since BYD went all in on its own ships three years ago. Since then, Western economies have raised trade barriers to protect their own auto industries from Chinese carmakers, and the Trump administration has set about reordering global trade with tariffs. With this protectionism in mind, BYD has another big investment: factories. It recently began production at its new factory in Brazil, on the site of a plant Ford closed in 2021 after years of poor sales and big losses, ending a century of Ford production in the country. The Detroit automaker also shut down multiple plants in Europe, and Chinese automakers are now filling that gap. BYD is building production sites for the European market in Hungary and Turkey. Brown added that, if BYD had known how much tariffs would rise after going all in on cargo ships, "they may have done things a little bit differently." Graphics by Jinpeng Li. Read the original article on Business Insider Sign in to access your portfolio
