Latest news with #CuiDongshu
Mint
23-05-2025
- Automotive
- Mint
BYD Dealerships Failing Show Financial Pain in China Car Sector
Car dealership groups in two provinces have gone out of business since last month in China, both of them BYD Co. retailers, evidence of the tough competition in the nation's auto market and proof that not even selling the country's No. 1 brand can shield businesses from financial difficulties. Xingqi Group outlets in Liaoning province have stopped delivering new cars or providing service for more than 60 customers, according to Liaoning Radio and Television Station, while more than 500 people have formed online consumer rights groups to demand action from Qiancheng Holdings, which operated about 20 showrooms in Shandong province. Its stores also appear to have now closed, Chinese media outlet Autodealer reported May 6. Car dealerships in China are facing a profound shift brought about by the transition to electric vehicles and a slowdown in consumer spending that's left yards stuffed with stock. Most EV manufacturers now have a direct-to-consumer model, while the reduced servicing required by EVs and hybrids is also hitting dealerships' bottom lines. Stock levels in April reached 3.5 million cars, or 57 inventory days, the highest since December 2023, according to data shared earlier this week by Cui Dongshu, the secretary general for the China Passenger Car Association. Qiancheng Holdings said that adjustments in BYD's dealer policy over the past two years has put tremendous pressure on its cash flow. And due to other dealerships in Shandong province going under, local banks have tightened lending, adding to the pain, it said in an April 17 letter circulating on social media. Calls to Qiancheng Holdings and Xingqi Group weren't answered. Representatives for BYD didn't respond to requests for comment. One customer based in Jinan, the capital city of Shandong, told Bloomberg that she purchased a BYD Seagull hatchback at one of Qiancheng's stores last June. The dealer gave her lifetime servicing and also sold her an insurance package for 10,500 yuan . When she went back to the showroom earlier this year to renew her insurance, she found it had shut. She called BYD's official hotline but wasn't offered any solution, she said, declining to be identified for privacy reasons. Many BYD dealerships have excess stock after the company launched a new advanced driver assistance technology called God's Eye in February that will be installed in most of its models. That meant BYD dealers had to get rid of older stock quickly. Inventory levels at its outlets were the third highest of all brands in January, according to a China Automobile Dealers Association analysis. Under pressure to sell the cars, many dealerships resorted to slashing prices by thousands of yuan. This article was generated from an automated news agency feed without modifications to text.
South China Morning Post
02-04-2025
- Automotive
- South China Morning Post
From BYD to Nio, Chinese EV makers power ahead thanks to subsidies and tax incentives
Leading Chinese electric-vehicle (EV) makers reported strong sales growth in the first quarter of this year, as they continued to throttle rivals who manufacture petrol-powered cars. Advertisement Top EV companies – from BYD, the world's largest electric-car assembler , to Geely's Zeekr – posted year-on-year increases for the first quarter on Tuesday, alleviating some concerns about economic sentiment. Guangzhou-based Xpeng was the big winner in the first quarter as its deliveries surged 330.8 per cent from a year earlier to 94,008 units. Its mass-market Mona brand attracted thousands of young consumers who were eager to use the company's indigenous driver assistant system. The Mona M03, priced at 119,800 yuan (US$16,733), poses a serious challenge to Tesla because it offers similar smart features to the Model 3 sedan – at around half the price. BYD's first-quarter deliveries rose 59.8 per cent to more than 1 million vehicles, while Zeekr sales jumped 21.1 per cent to 114,011 units. Advertisement Total EV delivery numbers for the first quarter are not yet available, but Cui Dongshu, general secretary of the China Passenger Car Association (CPCA), told the China EV100 forum in Beijing on Sunday that the industry group predicted the penetration rate of electric cars would stand at 56 per cent. The EV category, which includes pure-electric and plug-in hybrid vehicles, overtook petrol-powered cars on the mainland in June.
Reuters
10-03-2025
- Automotive
- Reuters
China's car sales rise 1.3% in first two months of 2025
BEIJING, March 10 (Reuters) - China's car sales inched up 1.3% in the first two months of 2025 from the same period a year earlier, as an expanded customer subsidy programme spurred auto demand while a new smart electric vehicle price war unfolds. Passenger vehicle sales rose 26.1% year-on-year to 1.41 million units in February, following a 12% fall in January, data from the China Passenger Car Association (CPCA) showed on Monday. The timing of the Lunar New Year celebrations, the country's largest annual holiday, which fell in late January compared with February last year, disrupted production and consumption activities. The consumer goods trade-in scheme has covered more than 1 million vehicles so far this year, Commerce Minister Wang Wentao said last week on the sidelines of the annual parliamentary session. The subsidy program at both central and local government levels is expected to benefit 15 million cars this year, said Cui Dongshu, secretary-general at CPCA. The subsidised auto trade-ins topped 6.8 million vehicles last year, with over 60% of participants opting to trade old cars for EVs and plug-in hybrids, known collectively as new energy vehicles. EV and plug-in hybrid sales grew 79.7% to make up 48.8% of overall car sales last month, failing to outsell gasoline cars for the third consecutive month. Elevating a three-year-old price war in the world's largest auto market to a new level, BYD ( opens new tab equipped its best-selling Ocean and Dynasty lineup with advanced driving-assistance systems without extra charge in February. The move prompted rivals including Geely ( and Stellantis ( opens new tab -backed Leapmotor ( opens new tab to follow suit with affordable smart EVs. Toyota (7203.T), opens new tab, whose market share in China slid further to 6.7% in 2024 from 8% in 2023, began selling a $20,000 smart electric car in China last week, aiming to attract buyers with its advanced features similar to Chinese rivals. Leapmotor is due to launch pre-sales of its electric SUV B10 later on Monday, its first model priced under 150,000 yuan ($20,671.12) featuring lidar and urban navigation capabilities. Xiaomi ( opens new tab, the world's third-largest smartphone vendor which launched its first EV one year ago, is already shaking up the market. It sold 23,728 vehicles last month, while Tesla's EV sales in the hyper-competitive market fell to 26,777 unit, the lowest level since November 2022. To increase the appeal of its aging models, Tesla made a long-awaited update to its autopilot software in China to enable city navigation in late February. The U.S. automaker exported 3,911 China-made EVs last month, down 87.1% from a year earlier. Overall car exports increased 11% in February, quickening from a 3% rise in January. ($1 = 7.2565 Chinese yuan renminbi)
Yahoo
12-02-2025
- Automotive
- Yahoo
Exclusive-Geely, Renault in talks over sales, manufacturing deals in Brazil, sources say
PARIS/SHANGHAI (Reuters) - French automaker Renault and its Chinese partner Geely plan to announce a deal later this month on expanding their cooperation to Brazil, three sources said, as they seek new growth markets amid broadening global trade wars. The two firms created a thermal engine joint venture last year and have since also started selling cars produced in a jointly owned factory in South Korea. They are now planning to further expand their partnership to Brazil, and are working on a preliminary deal that they aim to announce later this month, the sources familiar with the matter said. They declined to be named as the talks are not public yet. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. Under the deal, the Chinese firm would start using Renault's Brazilian retail network as early as this year to begin sales of Geely-branded vehicles exported from China, two of the sources said. The deal would also see Geely taking a minority stake in Renault Brazil and using the latter's Curitiba plant to assemble vehicles there, the two sources said. It was not immediately clear how big the potential investment would be. Renault and Geely declined to comment. The plan for Geely to build its presence in Brazil by selling exported cars via Renault's retail network has not previously been reported. Les Echos had earlier outlined their talks on investment and local production. The move will help boost capacity usage at Renault's plant in Brazil, the French firm's fifth largest overseas market, and aligns with its broader plan to reduce its reliance on the European market. It would also help Geely, whose main export market is Europe, expand into new markets as it grapples with bruising price competition at home and hefty tariffs imposed by several developed markets including the U.S., Canada and the EU on China-made vehicles. Amid rising trade tensions and overcapacity in China, Chinese automakers have been exploring opportunities in markets such as Russia, South America, the Middle East and Africa for export growth. Brazil was the fastest-growing market for exports of EVs and plug-in hybrids from China last year, with shipments more than doubling to 152,000 units, according to Cui Dongshu, secretary general of the China Passenger Car Association. It also became the second largest market for Chinese new energy vehicles - which include electric and hybrid models - after Belgium, he said. In Brazil, Geely would sell cars under its own brand, unlike in the Korean partnership which currently focuses on a single Renault-branded model, the Grand Koleos, built on Geely's platform and manufactured in a Renault-controlled plant in Busan, South Korea. Technical details of the partnership in Brazil are still being considered, and one of the sources said that Geely could set up its multi-energy platform in the Renault plant to manufacture gasoline cars, hybrid cars and pure EVs.
Yahoo
12-02-2025
- Automotive
- Yahoo
Exclusive-Geely, Renault in talks over sales, manufacturing deals in Brazil, sources say
PARIS/SHANGHAI (Reuters) - French automaker Renault and its Chinese partner Geely plan to announce a deal later this month on expanding their cooperation to Brazil, three sources said, as they seek new growth markets amid broadening global trade wars. The two firms created a thermal engine joint venture last year and have since also started selling cars produced in a jointly owned factory in South Korea. They are now planning to further expand their partnership to Brazil, and are working on a preliminary deal that they aim to announce later this month, the sources familiar with the matter said. They declined to be named as the talks are not public yet. Under the deal, the Chinese firm would start using Renault's Brazilian retail network as early as this year to begin sales of Geely-branded vehicles exported from China, two of the sources said. The deal would also see Geely taking a minority stake in Renault Brazil and using the latter's Curitiba plant to assemble vehicles there, the two sources said. It was not immediately clear how big the potential investment would be. Renault and Geely declined to comment. The plan for Geely to build its presence in Brazil by selling exported cars via Renault's retail network has not previously been reported. Les Echos had earlier outlined their talks on investment and local production. The move will help boost capacity usage at Renault's plant in Brazil, the French firm's fifth largest overseas market, and aligns with its broader plan to reduce its reliance on the European market. It would also help Geely, whose main export market is Europe, expand into new markets as it grapples with bruising price competition at home and hefty tariffs imposed by several developed markets including the U.S., Canada and the EU on China-made vehicles. Amid rising trade tensions and overcapacity in China, Chinese automakers have been exploring opportunities in markets such as Russia, South America, the Middle East and Africa for export growth. Brazil was the fastest-growing market for exports of EVs and plug-in hybrids from China last year, with shipments more than doubling to 152,000 units, according to Cui Dongshu, secretary general of the China Passenger Car Association. It also became the second largest market for Chinese new energy vehicles - which include electric and hybrid models - after Belgium, he said. In Brazil, Geely would sell cars under its own brand, unlike in the Korean partnership which currently focuses on a single Renault-branded model, the Grand Koleos, built on Geely's platform and manufactured in a Renault-controlled plant in Busan, South Korea. Technical details of the partnership in Brazil are still being considered, and one of the sources said that Geely could set up its multi-energy platform in the Renault plant to manufacture gasoline cars, hybrid cars and pure EVs.
