Latest news with #BYDCo.
Bloomberg
9 hours ago
- Automotive
- Bloomberg
Chinese Carmakers Near 10% UK Share After Fivefold BYD Surge
Chinese automakers stepped up their push into the UK last month, closing in on a 10% market share for the first time as demand for BYD Co. electric models continues to boom. Brands whose vehicles are manufactured in China cornered 9.4% of the British new car market in May, up from 7.7% the month earlier, according to data from the Society of Motor Manufacturers & Traders trade body.
Yahoo
4 days ago
- Automotive
- Yahoo
BYD Shares Sink as Carmaker Faces Backlash Over EV Price War
(Bloomberg) -- BYD Co. shares fell, bringing losses over the past week to more than 17%, on concern that its price cuts are drawing government scrutiny and becoming unsustainable for the Chinese EV industry. Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry Where the Wild Children's Museums Are The Economic Benefits of Paying Workers to Move Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania NYC Congestion Toll Brings In $216 Million in First Four Months In a commentary on Sunday, the People's Daily — the mouthpiece of China's Communist Party — criticized the 'rat-race competition' and warned that price wars can seriously affect supply-chain security. Low-priced and low-quality products would seriously damage the international reputation of 'Made-in-China,' it said, without naming any specific companies. Also over the weekend, China's automobile industry association warned against 'vicious competition' that would hurt profit margins, impair product quality and hinder the healthy development of the industry. The Ministry of Industry and Information Technology agreed with that stance and will step up measures to root out unhealthy competition in in the auto sector and protect market order and consumer rights, media outlet Cailian reported. BYD has led the bruising price war that's engulfed China's auto industry, hurting profit and clouding the outlook for the fast-growing sector that leads the rest of the world in electric vehicle technology. Even though BYD sold 382,476 vehicles in May, its best month yet for 2025, year-on-year growth of 15% was the slowest since August 2020, except for a drop in deliveries in February last year due to the Lunar New Year holiday. BYD was at the fore of the latest round of discounting, slashing prices as much as 34% last last month in a move that was followed by rivals including Zhejiang Leapmotor Technology Co. and Geely Automobile Holdings Ltd. Analysts at Citigroup estimated that after BYD's discounts, traffic to its dealerships may have surged between 30% to 40% week-on-week. So far this year, BYD has sold 1.76 million units against a full-year target of 5.5 million. Morgan Stanley analysts including Tim Hsiao estimate that sales would need to average about 534,000 units per month for the rest of 2025 to reach its goal. The fourth quarter is typically a strong one for all carmakers as they try to move stock before the end of the calendar year. The deep discounting appears to be helping other automakers boost sales. Leapmotor sold 45,067 vehicles in May, up 148% year-on-year, while Geely Auto's deliveries increased 46% to 235,208 units. Meanwhile Xpeng Inc. saw sales triple in May, driven largely by its mass-market MONA M03 model. Notably, BYD's battery passenger electric vehicle sales of 204,369 last month topped its plug-in hybrid sales of 172,561, only the second time pure EV sales have been in front since early 2024. The company is also ramping up overseas sales, delivering more than 89,000 units in May, its highest on record. YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Will Small Business Owners Knock Down Trump's Mighty Tariffs? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. Sign in to access your portfolio
Mint
4 days ago
- Automotive
- Mint
BYD Faces Growing Backlash Over EV Price War as May Sales Jump
BYD Co. shares continued their plunge despite monthly sales climbing to the highest this year as the steep discounts the industry uses to entice buyers draws scrutiny from Beijing. The electric vehicle manufacturer sold 382,476 vehicles last month, including 376,930 passenger cars, according to a statement Sunday. While that marked a high point for this year, the year-on-year growth of 15% was the slowest since August 2020, except for a drop in deliveries in February last year that coincided with a broad slump due to the Lunar New Year holiday. Despite the sales boost, BYD stock dropped almost 5% in Hong Kong, which follows a more than 15% slump last week, after a series of reports over the weekend indicated the industry's lengthy price war has caught the attention of the government. In a commentary on Sunday, the People's Daily — the mouthpiece of China's Communist Party — criticized the 'rat-race competition' and warned that price wars can seriously affect supply-chain security. Low-priced and low-quality products would seriously damage the international reputation of 'Made-in-China', it said, without naming any specific companies. Also over the weekend, China's automobile industry association warned against 'vicious competition' that would hurt profit margins, impair product quality and hinder the healthy development of the industry. The Ministry of Industry and Information Technology agreed with that stance and will step up measures to root out unhealthy competition in in the auto sector and protect market order and consumer rights, media outlet Cailian reported. BYD has led the bruising price war that's engulfed China's auto industry, hurting profit and clouding the outlook for the fast-growing sector that leads the rest of the world in EV technology. The latest round of discounting came late last month, when BYD cut prices as much as 34% in a move that was followed by rivals including Zhejiang Leapmotor Technology Co. and Geely Automobile Holdings Ltd. Leapmotor sold 45,067 vehicles in May, up 148% year-on-year, while Geely Auto's deliveries increased 46% to 235,208 units. Meanwhile Xpeng Inc. saw sales triple in May, driven largely by its mass-market MONA M03 model. Notably, BYD's battery passenger electric vehicle sales of 204,369 topped its plug-in hybrid sales of 172,561, only the second time pure EV sales have been in front since early 2024. The company is also ramping up overseas sales, delivering more than 89,000 units in May, its highest on record. Analysts at Citigroup estimated that after BYD's discounts, traffic to its dealerships may have surged between 30% to 40% week-on-week. So far this year, BYD has sold 1.76 million units against a full-year target of 5.5 million. Morgan Stanley analysts including Tim Hsiao estimate that sales would need to average about 534,000 units per month for the rest of 2025 to reach its goal. The fourth quarter is typically a strong one for all carmakers as they try to move stock before the end of the calendar year. This article was generated from an automated news agency feed without modifications to text.
Asahi Shimbun
28-05-2025
- Automotive
- Asahi Shimbun
Brazilian prosecutors sue China's BYD over allegations of slave-like labor conditions
BYD Co. unveiled the new EV Sealion 7 at the Tokyo Auto Salon in Makuhari Messe in Chiba on Jan. 10. (Yukio Hashimoto) SAO PAULO--Brazilian prosecutors said Tuesday they are suing Chinese electric vehicle giant BYD and two of its contractors over allegations of using workers in slave-like labor conditions and engaging in international human trafficking. The labor prosecutors' office in Bahia state said in a statement that they are seeking 257 million Brazilian reais ($50 million) in damages from BYD, China JinJiang Construction Brazil and Tecmonta Equipamentos Inteligentes. The lawsuit stems from an investigation that led to the rescue last year of 220 Chinese workers from the construction site of BYD's new factory in the city of Camaçari. Prosecutors said the workers were brought to Brazil under false pretenses and with visas that did not match their jobs. 'Working conditions were extremely degrading. Five settlements were kept by BYD, JinJiang and Tecmonta. Some workers slept on beds without mattresses and had their personal belongings alongside with their food,' the prosecutors' office said. 'There were few bathrooms, which were not gender-assigned. In one of the settlements, there was one toilet for 31 people, forcing workers to wake up at 4 a.m. for their personal hygiene before their work.' BYD said in a statement it is collaborating with the investigations from the start and will speak about the case during the course of the probe. It also said it respects Brazil's laws and international labor regulations. In December, a spokesperson for the Chinese automaker objected to reports about poor conditions at the construction site in Brazil, saying the allegations were aimed at 'smearing' China and Chinese brands.
Mint
27-05-2025
- Automotive
- Mint
BYD Shares Extend Losses as Price Cuts Throw Spotlight on Sales
(Bloomberg) -- BYD Co. shares extended losses in Hong Kong trading Tuesday — taking their two-day slide to more than 10% — as last week's sweeping price cuts stoked concern of another wave of discounting in China's cutthroat electric car market. The stock fell as much as 4% in morning trading, following Monday's 8.6% drop. The selloff was sparked after the EV giant announced cuts of as much as 34% on 22 electric and plug-in hybrid models in China until the end of June. The move came after the company last month posted its slowest year-on-year growth in vehicle deliveries in more than four years. While April sales rose 21% from a year earlier, that was the smallest monthly gain since August 2020, except for a drop in deliveries in February last year, when the Lunar New Year holiday saw nationwide industry sales contract 22%. Rival Geely Automobile Holdings Ltd.'s compact hatchback Xingyuan last month became the top-selling model in China, overtaking BYD's popular Seagull, according to data from the China Automotive Technology and Research Center. Morgan Stanley analysts said the price competition sparked by BYD is likely to drag on, with ripple effects into the second half of the year. What Bloomberg Intelligence says: BYD's latest price cuts across 22 electric vehicle models highlight its 2025 focus on volume, forcing rivals to deepen discounts or concede sales and market share. China's auto price discounts averaged 15%-16% this year and can potentially increase in 2H, despite government subsidies driving industry growth. - Joanna Chen, autos analyst The steep price cuts have taken some of the gloss off what has so far been a stellar year for BYD. The stock hit a record high last week, it posted its best month of sales in China and outsold Tesla Inc. in Europe for the first time in April, and raised HK$43.5 billion ($5.5 billion) in a Hong Kong share sale in March. Before this week's slide, BYD Hong Kong-traded shares had surged almost 75% this year, and with a market value equal to around $158 billion, is bigger than Ford Motor Co., General Motors Co. and Volkswagen AG combined. On the technology front, it has unveiled a lineup of cars it says can charge in five minutes, and started to make its God's Eye advanced driver-assistance system standard in vehicles priced from 100,000 yuan ($13,900) and include it in several lower-cost models such as the popular Seagull hatchback. Some of the recently discounted models include those equipped with God's Eye. Investors will get more insight into how BYD is tracking when monthly sales for May are released on Sunday. --With assistance from Danny Lee and Chunying Zhang. More stories like this are available on
