China's BYD challenges Tesla dominance with competitively priced EV in Hong Kong
BYD's Asia-Pacific sales manager, Liu Xueliang, highlighted the brand's focus on delivering value, aimed especially at attracting young buyers with competitively priced vehicles. For comparison, Tesla's entry-level Model 3 Rear-Wheel Drive costs roughly 30% more, starting at $31,700.
The Atto 2, which launched earlier this year in Europe and China (as Yuan Up), was officially unveiled in Hong Kong on Friday—providing potential customers with a strong value proposition.
BYD captures 30% of Hong Kong's EV market, leaves Tesla trailing
Featuring BYD's proprietary blade battery packs, the Atto 2 offers a range of up to 254 miles on a single charge—more than necessary for typical daily commutes. The battery can recharge from 10% to 80% in just 38 minutes, ensuring convenient fast charging for city drivers.
Though priced lower than many competitors, the Atto 2 comes equipped with an intelligent cockpit featuring voice controls and smartphone connectivity. The model's design is expected to primarily appeal to drivers aged between 25 and 45.
Since launching the comparatively larger Atto 3 in Hong Kong in 2022, BYD has sold 170,000 electric vehicles, capturing around 30% of the city's EV market. From January to June this year, BYD's best-selling model was the Sealion 07, a fully electric midsize SUV.
The company's vehicles also accounted for 27% of the total 18,356 private EV registrations in Hong Kong during the first half of this year, surpassing Tesla which earlier held a market share of 47% from August 2017 to July 2024.
The Chinese automaker's sales manager Xueliang expressed optimism about the evolving EV market in the city, emphasizing the need for all car brands to deliver excellent service in a bid to help consumers feel confident while making the switch to EVs.
Tesla sales drop sharply in Europe while BYD gains momentum
BYD is rapidly gaining ground against Tesla and other automakers in key international markets. While Tesla's sales have fallen sharply in Europe's largest markets, BYD is experiencing strong growth.
In Germany, Tesla sold only 1,110 vehicles last month, a 55% drop compared to same time last year. Total sales were down 58% for the year through July. Meanwhile, BYD's sales have surged by a whopping 390% over the same period, signaling a significant shift in market dynamics, Electrek reports.
A notable shift is underway in the UK as well, as Tesla's sales fell nearly 60% in July, with only 987 vehicles sold compared to nearly 2,500 in July 2024. Meanwhile, BYD's sales surged to 3,184 vehicles, more than quadrupling from the previous year.
BYD's growth isn't limited to Europe and China, as the automaker's brand and public relations general manager Li Yunfei recently pointed out, the company has developed a strong market presence across several countries, including Hong Kong, Singapore, Thailand, Indonesia, Spain, Italy, and Brazil.
Solve the daily Crossword
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 minutes ago
- Yahoo
A pause on higher tariffs for China is due to expire Tuesday. Here's what to know.
TAIPEI, Taiwan (AP) — A 90-day pause on imposing higher tariffs on China is due to expire on Tuesday and it is unclear if it will be extended. After the most recent round of China-U.S. trade talks, held late last month in Stockholm, Chinese and U.S. officials said they expected the deadline to be extended for another 90 days. The U.S. side said the decision was up to President Donald Trump. So far there has been no formal announcement about whether he will endorse an extension or push ahead with the higher tariffs. The uncertainty has left businesses in limbo and a decision to raise the import duties could jolt world markets. SILENCE FROM WASHINGTON AND BEIJING Trump has repeatedly shifted deadlines and tariff rates, and neither side has indicated what it plans for Tuesday. Extending the Aug. 12 deadline for reaching a trade agreement with China would forestall earlier threats of tariffs of up to 245%. Treasury Secretary Scott Bessent said Trump was deciding about another 90-day delay to allow time to work out details of an agreement setting tariffs on most products at 50%, including extra import duties related to illicit trade in the powerful opiate fentanyl. Higher tariffs are aimed at offsetting the huge, chronic U.S. trade deficit with China, which hit a 21-year low in July as the threat of tariffs bit into Chinese exports. It's not unusual for the U.S. to give hints on where talks stand, but it's rare for China to make announcements until major decisions are set. CHINA RESISTED CUTTING AN EARLY BARGAIN Prohibitively high tariffs on Chinese exports to the United States would put huge pressure on Beijing at a time when the Chinese economy, the world's second largest, is still recovering from a prolonged downturn in its property market. Lingering effects of the COVID-19 pandemic have left around 200 million of its workers reliant on 'gig work,' crimping the job market. Higher import taxes on small parcels from China have also hurt smaller factories and layoffs have accelerated, But the U.S. relies heavily on imports from China for all sorts of products, from household goods and clothing to wind turbines, basic computer chips, electric vehicle batteries and the rare earths needed to make them. That gives Beijing some powerful leverage in the negotiations with Washington. Even with higher tariffs, China remains competitive for many products. And its leaders are aware that the U.S. economy is only just beginning to feel the effects of higher prices from Trump's broad tariff hikes. For now, imports from China are subject to a 10% baseline tariff and a 20% extra tariff related to the fentanyl issue. Some products are taxed at higher rates. U.S. exports to China are subject to tariffs of around 30%. Before the two sides called a truce, Trump had threatened to impose 245% import duties on Chinese goods. China retaliated by saying it would hike its tariff on U.S. products to 125%. MUCH IS AT STAKE A trade war between the world's two largest economies has ramifications across the global economy, affecting industrial supply chains, demand for commodities like copper and oil and geopolitical issues such as the war in Ukraine. After a phone call with Chinese leader Xi Jinping in June, Trump said he hoped to meet with Xi later this year. That's an incentive for striking a deal with Beijing. If the two sides fail to keep their truce, trade tensions could escalate and tariffs might rise to even higher levels, inflicting still more pain on both economies and rattling world markets. Businesses would refrain from making investment commitments and hiring, while inflation would surge higher. Companies are in an 'extended wait-and-see mode,' Oxford Economics said in a recent report. Christopher Bodeen, The Associated Press Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
3 minutes ago
- Yahoo
Wall St futures steady, chip stocks slip on China sales deal
(Reuters) -U.S. stock index futures were little changed on Monday as investors geared up for a busy week, while major chip companies seemed caught in the middle of the latest twist in trade policy ahead of a key tariff deadline with China. Semiconductor giant Nvidia dropped 1% in premarket trading and Advanced Micro Devices lost 2%. A U.S. official told Reuters that the companies had agreed to give the United States government 15% of revenue from the sales of their advanced computer chips to China, days after the Commerce Department began issuing licenses for the sale of Nvidia's H20 chips. Sale of the semiconductors was an integral issue in the U.S. agreement with China signed earlier this year and could strain the relationship between the two economies just before Tuesday's deadline for the deal's expiration. "The Trump administration reckons higher prices and snarled-up supply chains are an acceptable price to pay to encourage more U.S. manufacturing," said Susannah Streeter, head of money and markets, Hargreaves Lansdown. "The unusual arrangement is another example of a mega tech company acquiescing to the U.S. administration's demands, to gain an upper hand as trade relations are redrawn." Markets also await clarity on the sector tariffs U.S. President Donald Trump has announced. At 05:45 a.m. ET, Dow E-minis were up 98 points, or 0.22%, with 7,922 contracts changing hands, S&P 500 E-minis were up 6.25 points, or 0.10%, and Nasdaq 100 E-minis were up 11.5 points, or 0.05%. Traders took breather after last week's rally helped the S&P 500 and the Nasdaq log their strongest weekly performance in more than a month. Investors expect the recent shake-up at the U.S. Federal Reserve and signs of labor market weakness could nudge the central bank into adopting a dovish monetary policy stance later this year, fueling much of the optimism. Tuesday's consumer inflation report will either cast more doubt or offer clarity for investors, who are currently anticipating the Fed will lower borrowing costs by about 60 basis points by December, according to data compiled by LSEG. A better-than-feared earnings season was also a relief and BofA's monthly fund manager survey showed that owning megacap stocks was once again the most popular trade. Apple was a standout last week following its biggest weekly showing in five years, after the iPhone maker unveiled a series of U.S. investment pledges. The company's shares were down 0.7% on Monday. Gene therapy developers fell, with Sarepta Therapeutics dropping 7.6% and Capricor Therapeutics declined 9% as Vinay Prasad, a fierce critic of U.S. COVID-19 vaccine and mask mandates, was expected to return to the Food and Drug Administration. Intel was up 1.6% and focus turned to a report that said CEO Lip-Bu Tan was expected to visit the White House after Trump called for his removal last week. In geopolitical news, Trump and Russia's President Vladimir Putin are expected to meet on Friday to try and negotiate an end to the Ukraine war, which could also affect the outlook for crude prices. [O/R]
Yahoo
3 minutes ago
- Yahoo
Merifund Capital Management Projects AI Growth in AMD
AMD's Q2 earnings miss overshadowed by strong AI roadmap, record revenue growth, and expanding partnerships with global hyperscalers SINGAPORE, SG / / August 11, 2025 / Merifund Capital Management notes that AMD's latest quarterly results highlight a critical juncture for the semiconductor industry, with the company balancing significant top-line growth against intensifying regulatory constraints. Revenue in the second quarter reaches USD 7.35 billion, representing a 32% year-over-year increase, yet adjusted earnings per share of USD 0.46 fall slightly short of consensus expectations of USD 0.47-0.49. Market reaction sees shares decline by approximately 6%, reflecting investor caution over export restrictions and earnings pressure. U.S. government measures introduced in April 2025 targeting AMD's MI308 data-centre GPUs effectively remove access to the Chinese market, resulting in an estimated USD 763.37 million in inventory and related charges for the quarter. Without these charges, AMD's non-GAAP gross margin would be close to 54%, compared with the reported 43.3%. Merifund Capital Management's analysis underscores that the company's accelerated transition to its next-generation GPU portfolio may provide a structural advantage as hyperscalers seek alternative suppliers. Segment performance presents a mixed picture. Data-centre revenue increases 14.3% year-over-year to USD 3.09 billion, client revenue rises 67.5% to USD 2.39 billion, and gaming revenue grows 73.2% to USD 1.07 billion, while the embedded segment declines 4.3% to USD 786.27 million. The strong performance in multiple business lines reinforces Merifund's view that AMD retains operational resilience despite geopolitical headwinds. The launch of the Instinct MI350 series this year delivers fourfold generation-on-generation AI compute gains and incorporates 288 GB of HBM3E memory with bandwidth reaching 8 TB/s. AMD's preview of its MI400 series for 2026 introduces a leap to 432 GB of HBM4 with 19.6 TB/s bandwidth, more than doubling memory capacity. Merifund's report highlights that this product trajectory positions AMD as a credible challenger in the high-performance AI accelerator space. Partnerships with OpenAI, Meta, and Microsoft support this assessment. OpenAI intends to deploy the MI350 series in production workloads, Meta is integrating MI300X GPUs into Llama 3 and Llama 4 inference, and Microsoft is making MI300X available through Azure. While Nvidia retains an estimated 85-92% market share, AMD's current position in the 8-14.3% range demonstrates its growing foothold. The total addressable market for AI accelerators is projected to exceed USD 477.11 billion by 2028. Merifund Capital Management estimates that even a 5% market share could push AMD's earnings per share above USD 8.59 within three years. The company's open ecosystem approach through the ROCm software stack is a differentiator, offering hyperscalers supply-chain diversification while optimising cost-to-performance metrics. Merifund Capital Management maintains that AMD's execution on its AI roadmap, coupled with strategic industry partnerships, provides clear visibility into scaling opportunities. The firm's view is that while quarterly results face near-term challenges, the long-term growth engine remains robust. About Merifund Capital Management Founded in 2010, Merifund Capital Management Pte. Ltd. (UEN: 201024554E) is a Singapore-headquartered hedge-fund management firm specialising in ESG-integrated investment strategies across traditional long-only asset and portfolio management, long/short equity, global macro, event-driven, and systematic trading. The firm strategically employs derivatives to optimise market opportunities while emphasising capital preservation, liquidity, and disciplined risk controls. Merifund serves accredited investors, family offices, foundations, and endowments, and is expanding its offering to retail investors. For additional information, visit or contact Tao Yang at media@ Media Contact: Contact Person: Tao Yang Company: Merifund Capital Management Pte. Ltd. Email: media@ Website: SOURCE: Merifund Capital Management View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
