BYD's July production falls 0.9% y/y as expansion spree slows
BYD made 317,892 EVs and plug-in hybrids globally last month, down 0.9% in its first decline in more than a year, while sales edged up 0.6% to 344,296 vehicles, slowing sharply from a 12% increase in June, according to a monthly filing with the Hong Kong stock exchange.
The company last saw shrinking production in February 2024, in line with an industry-wide fall due to the timing of China's Lunar New Year holiday which fell in February versus January in the prior year. Sales contracted in February 2024 as well.
BYD, which is the biggest Chinese rival to Tesla (TSLA.O), opens new tab, saw both production and sales hit record highs in the fourth quarter of 2024 before trending down this year.
With electric car sales accounting for 41% of its more than 4 million vehicle sales last year, BYD has overtaken the U.S. EV specialist as the world's top EV seller.
BYD, engaged in a bruising price war in the world's largest auto market, has slowed its production pace in recent months by reducing shifts at some factories in China and delayed plans to add new production lines, Reuters reported in June.
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The Guardian
7 minutes ago
- The Guardian
Conditions for Zelenskyy meeting are nowhere near met, says Putin
Update: Date: 2025-08-07T15:02:03.000Z Title: Vladimir Putin, Content: Russian president says Trump talks could take place as early as next week and the UAE could host Jakub Krupa Thu 7 Aug 2025 15.52 BST First published on Thu 7 Aug 2025 08.39 BST From 1.18pm BST 13:18 And just like that, Interfax is reporting the latest comments from Russian president quoted as saying that 'on the whole' he has nothing against meeting Zelenskyy. He added, however, that 'certain conditions should be created' for such a meeting, and the current situation was 'far' from satisfactory, Reuters reported. He also said, just as expected, that the United Arab Emirates could host his meeting with Trump, potentially as early as next week (11:48). Mind you: he made these comments just after meeting with sheikh Mohammed bin Zayed Al Nahyan, the president of the UAE. Updated at 1.24pm BST 3.52pm BST 15:52 Jakub Krupa … and on that note, it's a wrap! Russian president Vladimir Putin said that 'certain conditions should be created' for him to meet meet his Ukrainian counterpart, Volodymyr Zelenskyy, adding that the current situation was 'far' from what was necessary (14:18). His comments came amid growing pressure on the Kremlin (10:46), with Russian officials saying that the prepatory work was under way to arrange for Putin's meeting with Trump next week, but not with Zelenskyy (10:28). Meanwhile, Zelenskyy spoke with several European leaders to coordinate on the next steps, including German chancellor Friedrich Merz (12:34, 13:00), French president Emmanuel Macron (14:14), and European Commission president Ursula von der Leyen (15:13). In other news, The EU said it was still working with the US on 'stabilising the text' of the joint statement on EU-US trade, with the ball 'in the US court now' (12:51), with first industries raising their concerns about the slow progress in key areas (12:54). Moscow said it had summoned an Italian diplomat earlier this week, over an 'anti-Russian campaign' in Italian media, further fraying already strained ties between the two countries. (16:22). A Dutch anti-discrimination hotline has received more than 2,500 complaints about a campaign post by far-right leader Geert Wilders, a spokesperson said Thursday, making it one of the organisation's most reported cases on record, AFP reported (16:28). And that's all from me, Jakub Krupa, for today. If you have any tips, comments or suggestions, email me at I am also on Bluesky at @ and on X at @jakubkrupa. 3.36pm BST 15:36 Switzerland will continue talks with the United States, its president said on Thursday, after president Donald Trump placed crippling import tariffs on Swiss goods, which threaten to inflict serious damage on its export-focused economy, Reuters reported. The 39% import levy – among the highest of any applied under Trump's global trade reset – took effect at midnight Washington time after an 11th-hour effort by Swiss officials failed to produce a better deal. The tariffs are set to throttle the small alpine nation's access to the US, a leading export market for Swatch, Rolex and Patek Philippe watches as well as high-end cheeses and chocolates, Reuters warned. 'For the affected sectors, companies, and their employees, this is an extraordinarily difficult situation,' president Karin Keller-Sutter told reporters following an urgent meeting of the seven-member Federal Council, Switzerland's governing cabinet. Keller-Sutter left Washington on Wednesday without a deal following a hastily organised trip during which she did not meet with Trump or any of his leading trade representatives, according to two sources. Her proposal for a 10% tariff rate was rejected by U.S. officials, one of the sources added. Keller-Sutter said Switzerland wanted 'a rule-based relationship with the United States... but not at any price.' 3.32pm BST 15:32 Deborah Cole is facing a class-action lawsuit from more than 10,000 European hotels arguing that the accommodation mega-site used its muscle to distort the market to their detriment over a 20-year period. The Association of Hotels, Restaurants and Cafes in Europe (Hotrec), which represents the industry within the EU and is bringing the legal action, recently extended to 29 August a deadline for hotel owners to join the suit because of high demand. The lawsuit, expected to be one of the largest ever filed in the European hospitality sector, is also backed by 30 national hotel associations, including Britain's. 'Over 10,000 hotels have already joined the pan-European initiative to claim compensation for financial losses caused by use of illegal 'best price' (parity) clauses,' Hotrec said in a statement. It alleges that the 'best price' pledge on was extracted from hotels under huge pressure not to offer rooms at lower prices on other platforms, including their own websites. The hotel industry says that the Netherlands-based platform also used the clauses to prevent customers making what it called 'free-rider' bookings, which it defined as using its services to find a hotel but then booking directly with the management, cutting out 'Registration [to the legal action] continues to grow steadily, and the response so far demonstrates the hospitality industry's strong desire to stand up against unfair practices in the digital marketplace,' Hotrec said. The litigation, which experts say will be an uphill battle, seeks damages for the period from 2004 to 2024, when did away with the best price clause to comply with the EU Digital Markets Act. 3.28pm BST 15:28 A Dutch anti-discrimination hotline has received more than 2,500 complaints about a campaign post by far-right leader Geert Wilders, a spokesperson said Thursday, making it one of the organisation's most reported cases on record, AFP reported. The post, shared by the Freedom Party (PVV) leader earlier this week, showed a young blonde woman labelled 'PVV' next to an older, stern-looking woman in a headscarf marked 'PvdA', referring to the Dutch Labour Party. 'The choice is yours on 29/10,' Wilders wrote on X, referring to local elections in the Netherlands in October. A hotline spokesperson told the Dutch news agency, ANP, that it was clear that the picture was 'polarising, stigmatising and discriminatory' and intended to 'put Muslims in a bad light'. The complaints and comments given to the hotline, he said, were 'a clear signal from society'. The volume of complaints is among the highest the organisation has ever seen for a single incident. Updated at 3.32pm BST 3.24pm BST 15:24 Jakub Krupa Let's take a quick look at other news across Europe. 3.22pm BST 15:22 Elsewhere, Moscow said it had summoned an Italian diplomat earlier this week, over an 'anti-Russian campaign' in Italian media, further fraying already strained ties between the two countries, AFP reported. Reuters added that the row focused on what the Russian ministry called 'odious' anti-Russian statements, in an ongoing row over the cancellation of a concert by Russian conductor Valery Gergiev in Italy. Updated at 3.49pm BST 2.13pm BST 14:13 European Commission president Ursula von der Leyen, not involved in yesterday's call with Trump and European leaders (12:17), has just got off the phone with Ukrainian president Volodymyr Zelenskyy. In a brief social media update, she said they 'discussed the next steps on the way towards a negotiated peace agreement and Ukraine's future membership in the European Union as well as its reconstruction.' 'Europe's position is clear. We fully support Ukraine. We will continue to play an active role to guarantee a just and lasting peace.' 1.18pm BST 13:18 And just like that, Interfax is reporting the latest comments from Russian president quoted as saying that 'on the whole' he has nothing against meeting Zelenskyy. He added, however, that 'certain conditions should be created' for such a meeting, and the current situation was 'far' from satisfactory, Reuters reported. He also said, just as expected, that the United Arab Emirates could host his meeting with Trump, potentially as early as next week (11:48). Mind you: he made these comments just after meeting with sheikh Mohammed bin Zayed Al Nahyan, the president of the UAE. Updated at 1.24pm BST 1.14pm BST 13:14 Continuing his conversations with European leaders, Ukraine's Zelenskyy just spoke with the French president, Emmanuel Macron. He said Ukraine and European partners were 'coordinating our positions' as they 'see the need for a common European view on key security issues for Europe.' 'We remain mindful of the need for a real ceasefire. Ukraine is ready for it, and there has been no clear public response from Russia yet. The near future must show what the consequences will be if Russia continues to drag out the war and disrupt constructive efforts.' 12.21pm BST 12:21 Meanwhile, Zelenskyy said he just held a meeting on 'deep strikes' into the Russian teritory, where he received a report on the latest activities. He said the discussion covers the latest updates on 'the scale of damage inflicted on Russia, the cost-effectiveness of each strike, and the impact on the aggressor's war machine.' 'Russia's attempts to prolong the war will come at a cost,' he warned. 12.04pm BST 12:04 Shaun Walker in Kyiv The prospect of Putin and Trump trying to come to an agreement on Ukraine with no one else in the room is likely to alarm Kyiv and European capitals. Zelenskyy has repeatedly called for direct discussions with Putin, with either Trump or the Turkish president, Recep Tayyip Erdoğan, as a mediator. Putin has so far dismissed the possibility, suggesting that lower-level negotiation groups should come to an agreement first. However, little progress has been made at a series of direct talks in Turkey, with Moscow sending a junior delegation and not appearing ready for real talks. It is not clear where a Trump-Putin summit might take place but the most likely options are Turkey or the Middle East. Ushakov said a location had already been decided but declined to name it. 12.00pm BST 12:00 As we were following trade developments, Ukraine's president Volodymyr Zelenskyy offered his take on the phone call with German chancellor Friedrich Merz. He said the two leaders 'share the view that the war must be ended as soon as possible with a dignified peace, and the parameters of ending this war will shape the security landscape of Europe for decades to come.' He insisted that with Ukraine being an integral part of Europe and in the process of EU accession, 'Europe must be a participant in the relevant processes' on ending the war. 'Today, security advisors will hold an online meeting to align our joint views – Ukraine and the whole Europe, the United States,' he added. Separately, Zelenskyy appeared to put more pressure on Russia to agree to a three-way leaders' meeting, saying: 'Yesterday, various potential formats for leader-level meetings to bring peace were also discussed – two bilateral and one trilateral. Ukraine is not afraid of meetings and expects the same brave approach from the Russian side. It is time we ended the war.' 11.56am BST 11:56 Lisa O'Carroll The Irish government is to publish a plan to diversify its economy in the wake of Donald Trump's punitive tariffs on imports from the EU and almost 70 other trading partners around the world. The deputy prime minister Simon Harris said on Friday that he would publish the national strategy later this month. 'We must also look for other opportunities to diversify markets for Irish business. While we want to continue to do business with the US and indeed want to grow business. It is important that we take every opportunity to identify new markets. This month we will publish Ireland's new Market Diversification Action Plan,' he said. The Irish government has been criticised in some quarters for not building up contingencies in its export-driven economy that could soften the blow of a sudden shock such as the US presidents decision to impose 15% tariffs on all imports from the EU. Ireland is also bracing itself for a new assault on pharmaceutical exports next week. Although the US and the EU agreed that any tariffs would not go beyond 15%, Ireland, whose exports are driven by pharmaceutical sales to the US, remains nervous that other barriers could be erected by Trump to force US multinationals to divert investment to the US. Trump singled out China and Ireland's pharma sectors during an interview on CNBC earlier this week. 'In many ways, the EU and the US are interdependent when it comes to pharma. In the very first instance, it's vital that the US keeps its agreement in terms of a tariff rate of no higher than 15% on the pharma industry,' said Harris on Thursday. 'But actually, in the time ahead, it's important that we seek to further improve that. US pharma companies need to have a base in the European Union – and Ireland has been a very constructive, very good home for those businesses. They've done very well in Ireland,' he added. 11.54am BST 11:54 Lisa O'Carroll The German car industry has called on the US to speedily deliver on its promise to reduce the tariff on cars from 27.5% to the 15% ceiling agreed at Donald Trump's golf course 10 days ago. EU manufacturers have found themselves in the same boat as the UK industry which had to wait before the agreement struck between Trump and prime minister Keir Starmer on a10% rate came into Müller, president of the German car industry federation, the VDA, said the EU-US deal had 'brought no clarity or improvement' to the industry. 'The sectoral tariffs on cars and automotive parts of 27.5 percent, which have been in effect since April and May, respectively, remain in place and place a significant burden on German automakers and automotive suppliers, as well as on transatlantic trade. 'It is important that the promised agreement is reached now and the relief measures are implemented promptly. The US must now suspend the so-called Section 232 and withdraw the sectoral tariffs for the European and thus also the German automotive industry. The EU Commission and the German Federal Government must vigorously advocate for this,' she said. Other sectors including the wine and spirits industry have also called on the White House to act fast to reduce the current 15% tariff now applying to alcohol exports. However this is unlikely to be settled for weeks, if not months, as the EU and the US continue to negotiate carve outs for the sector. Although the EU was hoping for a zero for zero tariff rate on alcohol sales in both directions, a small tariff that applied to wine and spirits before Trump was elected is still likely to apply after the 15% ceiling is unapplied. This is because a reduction to zero would require Trump to get approval from the Congress. Trump tariffs on alcohol which range from 0.5% on Sherry to 1.8% on sparkling wine will apply even if the EU-US agree to eliminate the extra tariff. 11.51am BST 11:51 Jakub Krupa The technical point on cars, pharma and semiconductors is particularly important as more and more industries are growing impatient – let's quickly cross to Lisa O'Carroll on this point to explain. 11.51am BST 11:51 The EU has also given a brief update on the state of play in the EU-US trade talks. Trade spokesperson Olof Gill said the two sides were working on 'stabilising the text' of the much-awaited joint statement taking further the general agreement reached in Scotland. He said it would still be non-binding, but help to set the road ahead. 'To all intents and purposes, the ball is in the US court now, and we look forward to them helping us to move the process forward,' he said. He added that 'a vast majority [of the text] is agreed' and 'we have made it very clear where we can and can't go now; we look forward to our American counterparts doing the same.' Gill also was asked about the EU's spending commitments that Trump spoke about earlier this week, with the US president portraying them as in his 'gift' that he can do whatever he wants with (our blog on Tuesday). The EU's spokesperson explained that the EU 'transmitted to the US administration … sort of aggregate intentions … by EU companies,' but added that these numbers are not binding the commission and it has no power to enforce it. Gill was also asked about the progress on cars, pharmaceutical and semiconductors, but said he couldn't offer a more detailed timeline, with the EU waiting for the US. 11.34am BST 11:34 German chancellor Friedrich Merz is the latest European leader to speak to Ukrainian president Volodymyr Zelenskyy. The German government spokesperson, Stefan Kornelius, said in a statement the pair spoke by telephone to discuss yesterday's meeting between US special envoy Steve Witkoff and Russian president Vladimir Putin. The statement said: 'Both acknowledged the American president's mediation efforts and agreed that Russia must end its war of aggression, which violates international law. Both agreed to maintain close contact with European partners and the United States. The Chancellor assured the Ukrainian president of his continued support.' Updated at 11.36am BST
Reuters
9 minutes ago
- Reuters
South Africa's Ramaphosa speaks to Trump, trade teams to talk further
JOHANNESBURG, Aug 7 (Reuters) - South African President Cyril Ramaphosa held a telephone call with U.S. President Donald Trump on bilateral trade and the two countries' trade negotiating teams will have more detailed talks, Ramaphosa's office said on Thursday. South Africa tried for months but failed to negotiate a trade deal with Washington ahead of Trump's deadline. U.S. imports from South Africa now face a 30% duty. "The two leaders undertook to continue with further engagements, recognising the various trade negotiations the U.S. is currently involved in," Ramaphosa's office said in a statement. "Respective trade negotiating teams will take forward more detailed discussions."
Reuters
23 minutes ago
- Reuters
U.S. secures strategic transit corridor in Armenia-Azerbaijan peace deal
WASHINGTON, Aug 7 (Reuters) - When U.S. President Donald Trump welcomes the leaders of Armenia and Azerbaijan to the White House on Friday, the meeting will culminate in the signing of a peace framework that includes exclusive U.S. development rights to a strategic transit corridor through the South Caucasus, officials told Reuters. Armenia and Azerbaijan have been at odds since the late 1980s when Nagorno-Karabakh - an Azerbaijani region that had a mostly ethnic-Armenian population - broke away from Azerbaijan with support from Armenia. Both Armenia and Azerbaijan won independence from the Soviet Union in 1991. A peace deal could transform the South Caucasus, an energy-producing region neighboring Russia, Europe, Turkey and Iran that is criss-crossed by oil and gas pipelines but riven by closed borders and longstanding ethnic conflicts. Azerbaijani President Ilham Aliyev and Armenian Prime Minister Nikol Pashinyan are to join Trump at the White House for talks and the signing ceremony, the U.S. officials said, speaking on condition of anonymity. They are to sign a framework aimed at reaching a "concrete pathway to peace" and addressing a long-simmering transit issue, the officials said. Azerbaijan has asked for a transport corridor through Armenia, linking the bulk of its territory to Nakhchivan, an Azerbaijani enclave that borders Baku's ally Turkey. Under a carefully negotiated section of the documents the leaders will sign on Friday, Armenia plans to award the United States exclusive special development rights for an extended period on a transit corridor that will be named the Trump Route for International Peace and Prosperity, and known by the acronym TRIPP, the officials said. The route will be operated according to Armenian law and the United States will sublease the land to a consortium for infrastructure and management, the officials said. "Through commercial means, this step will unlock the region and avert further hostilities," one of the officials said. The Armenian and Azerbaijani leaders will also sign documents requesting the dissolution of the Minsk Group, which has been co-chaired by France, Russia and the United States since its establishment in 1992 to mediate the conflict, the officials said. Progress on the Armenian-Azerbaijan issue began in March when U.S. special envoy Steve Witkoff visited the region. Members of his team made several subsequent trips there to help broker the agreement. U.S. officials believe a peace deal between Armenia and Azerbaijan could prompt negotiations on the entry of Azerbaijan into the Abraham Accords, the series of normalization agreements that Trump brokered between Israel and four Muslim-majority countries in his first term. The White House summit comes as Trump has tried to present himself as a global peacemaker in the first months of his second term. The White House has credited him with brokering a ceasefire between Cambodia and Thailand and sealing peace deals between Rwanda and the Democratic Republic of Congo, and Pakistan and India. Trump has been less successful in ending Russia's war in Ukraine and the conflict between Israel and Hamas in Gaza. The summit will take place on the same day that Trump set as a deadline for Russian President Vladimir Putin to agree to steps to halt his invasion of Ukraine or face further economic sanctions.
