Latest news with #DolphinSurf
Business Recorder
6 days ago
- Automotive
- Business Recorder
Big BYD dealer in eastern China goes out of business, local media reports
SHANGHAI: A large dealer of Chinese electric vehicle maker BYD's, cars in the eastern province of Shandong has gone out of business with at least 20 of its stores found to be deserted or shut, government-owned media reported. The Jinan Times, which is owned by the government of the provincial capital of Jinan, reported on Wednesday that Qiancheng Holdings, which ran BYD stores, had fallen into difficulties, affecting more than 1,000 consumers who were still owed warranty coverage and after-sales services. The affected stores are spread across four cities, including Jinan and Weifang, the newspaper said, citing visits it had made. Car owners were organising rights protection groups to seek solutions, it added. The newspaper said Qiancheng, which once had an annual turnover of 3 billion yuan ($416.71 million) and employed 1,200 people, published a letter on April 17 blaming adjustments BYD had made to its dealer policy for putting its cash flow under tremendous pressure. Qiancheng did not immediately respond to a request for comment from Reuters on Thursday. BYD launches low-cost 'Dolphin Surf' electric car in Europe Asked for comment, BYD referred Reuters to a Wednesday article by Chinese media outlet Cover News that cited an unnamed BYD public relations representative as saying that it was Qiancheng's rapid expansion, rather than its policy adjustments, that had led to its crisis. The representative added that BYD was providing support to Qiancheng. Qiancheng's situation highlights the growing stress facing China's auto market, the world's largest, as intensifying competition puts pressure on suppliers, automakers and dealers. Car dealerships have been particularly vulnerable to a shift in the industry towards direct selling and a slowdown in consumer spending. BYD has a small number of its own stores in China, but mostly uses dealers in that market.
Yahoo
26-05-2025
- Automotive
- Yahoo
BYD's EV Sales in Europe Surpass Tesla for the First Time
BYD Company Limited BYDDY surpassed Tesla, Inc. TSLA in electric vehicle (EV) sales in Europe for the first time in April, overtaking the long-time market leader in the region. Per Jato Dynamics, BYD registered 7,231 new battery-electric vehicles (BEVs) last month, up 169% from the same time last year, earning it a spot among the top 10 EV brands in Europe. Tesla registered a drop of 49%, placing it one spot sales continued to drop even after Europe's EV market continued to expand. The overall registrations rose 28% industrywide in April. Volkswagen's EV sales rose 61%, while its subsidiary Skoda more than tripled its electric car lead over Tesla was even more pronounced when plug-in hybrid sales were factored in. The Chinese automaker's total sales in Europe surged 359% year over year in BYD and other Chinese brands had focused solely on fully electric cars in Europe to meet the region's ambitious targets to minimize tailpipe emissions and transition the industry away from internal combustion engines. However, that strategy shifted after the European Union raised tariffs on Chinese EVs last year, after concluding that substantial government support from Beijing had given Chinese companies an unfair competitive edge. BYD and its Chinese peers have started selling more plug-in hybrids in plans to expand its European EV offerings with the Dolphin Surf, an affordable electric hatchback, priced under €23,000. The model standard version with a range of 220 kilometers will sell for €19,990 in Germany until the end of June, rising to €22,990 thereafter. A slightly larger version of its Seagull model, the Dolphin Surf includes high-end features like a rotating touchscreen, keyless entry and advanced cruise control. It's positioned to compete with models, such as Renault's R5 and Stellantis Citroën's ë-C3. BYDDY carries a Zacks Rank #3 (Hold) at better-ranked stocks in the auto space are Ferrari N.V. RACE and Strattec Security Corporation STRT, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks Zacks Consensus Estimate for RACE's 2025 sales and earnings implies year-over-year growth of 12.37% and 4.8%, respectively. EPS estimates for 2025 and 2026 have improved 30 cents and 36 cents, respectively, in the past 30 Zacks Consensus Estimate for STRT's fiscal 2025 sales and earnings implies year-over-year growth of 3.49% and 8.11%, respectively. EPS estimates for fiscal 2025 and 2026 have improved 73 cents and 91 cents, respectively, in the past 30 days. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Tesla, Inc. (TSLA) : Free Stock Analysis Report Strattec Security Corporation (STRT) : Free Stock Analysis Report Ferrari N.V. (RACE) : Free Stock Analysis Report Byd Co., Ltd. (BYDDY) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research 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
Yahoo
26-05-2025
- Automotive
- Yahoo
BYD just fired another shot in China's EV price war — and investors are worried
BYD just fired another shot in China's electric vehicle price war. The Tesla rival cut prices on 22 models last week, including its entry-level Seagull EV. Shares in Chinese EV makers tumbled on Monday as investors fretted over growing competition in the sector. China's EV price war just kicked up a notch — and investors are worried. Shares in some of Tesla's biggest Chinese rivals fell sharply on Monday after a raft of price cuts announced by BYD fuelled fears over the country's brutally competitive EV industry. BYD stock closed 8.6% lower in Hong Kong, after hitting record highs last week. Shares in auto conglomerate Geely and pick-up maker Great Wall Motors fell more than 9% and 5% respectively, while EV makers Xpeng, Nio, and Li Auto also posted falls. The declines follow BYD's decision last week to cut prices on 22 electric and hybrid models until the end of June. The discounts included BYD's already cheap Seagull electric hatchback, which has fallen from 69,800 yuan ($9,700) to 55,800 yuan ($7,750), according to a post on BYD's Weibo channel. China's EV market is in the grips of a brutal price war sparked by Tesla last year, as some 100 brands fight for a piece of the world's largest auto market. Industry figures have warned that the race to the bottom is not sustainable, with many Chinese EV startups still recording billions of dollars of losses every quarter. Volkswagen CEO Thomas Schäfer last year called the price war "ruinous" and said it could not last forever, while the boss of Xpeng warned in November that most Chinese car companies will not survive the next 10 years. BYD's price cuts come despite its sales booming this year — and not just in China. The company is on track to sell more than 5 million cars this year, and sold more electric vehicles than Tesla in Europe for the first time in April. Last week BYD unveiled the Dolphin Surf, the European version of the Seagull. The compact hatchback will go on sale in 15 European markets in June starting at 23,000 euros ($26,000) — about $19,000 less than Tesla's cheapest model. Read the original article on Business Insider Sign in to access your portfolio
Business Insider
26-05-2025
- Automotive
- Business Insider
BYD just fired another shot in China's EV price war — and investors are worried
BYD just fired another shot in China's electric vehicle price war. The Tesla rival cut prices on 22 models last week, including its entry-level Seagull EV. Shares in Chinese EV makers tumbled on Monday as investors fretted over growing competition in the sector. China's EV price war just kicked up a notch — and investors are worried. Shares in some of Tesla's biggest Chinese rivals fell sharply on Monday after a raft of price cuts announced by BYD fuelled fears over the country's brutally competitive EV industry. BYD stock closed 8.6% lower in Hong Kong, after hitting record highs last week. Shares in auto conglomerate Geely and pick-up maker Great Wall Motors fell more than 9% and 5% respectively, while EV makers Xpeng, Nio, and Li Auto also posted falls. The declines follow BYD's decision last week to cut prices on 22 electric and hybrid models until the end of June. The discounts included BYD's already cheap Seagull electric hatchback, which has fallen from 69,800 yuan ($9,700) to 55,800 yuan ($7,750), according to a post on BYD's Weibo channel. China's EV market is in the grips of a brutal price war sparked by Tesla last year, as some 100 brands fight for a piece of the world's largest auto market. Industry figures have warned that the race to the bottom is not sustainable, with many Chinese EV startups still recording billions of dollars of losses every quarter. Volkswagen CEO Thomas Schäfer last year called the price war "ruinous" and said it could not last forever, while the boss of Xpeng warned in November that most Chinese car companies will not survive the next 10 years. BYD's price cuts come despite its sales booming this year — and not just in China. The company is on track to sell more than 5 million cars this year, and sold more electric vehicles than Tesla in Europe for the first time in April. Last week BYD unveiled the Dolphin Surf, the European version of the Seagull. The compact hatchback will go on sale in 15 European markets in June starting at 23,000 euros ($26,000) — about $19,000 less than Tesla's cheapest model.
Forbes
26-05-2025
- Automotive
- Forbes
China's Wang Chuanfu Loses $1.8 Billion As Investors Fear EV Price War
A launch event for BYD's Dolphin Surf electric vehicle in Paris on May 21. Such low-priced models have led investors to fear a deeper price war in the industry. The Dolphin Surf will retail for €22,990 ($26,100). Wang Chuanfu, the billionaire cofounder of Chinese electric vehicle giant BYD, saw his wealth drop by $1.8 billion in a single day after investors were spooked by the company's decision to offer as much as a 34% discount on its already cheaply priced entry-level models. Wang, the company's 59-year-old chairman and CEO, still has a fortune of $28.3 billion largely based on a BYD stake, according to Forbes estimates. But the company's dual-listed shares plunged as much as 9.2% in Hong Kong and 6.2% in Shenzhen on Monday. Investors are reacting to the company's Friday announcement of new discounts. In posts made on its website and Chinese social media, the EV behemoth said it would cut the prices of 22 pure electric and plug-in hybrid models until the end of June. The Seal 07 DM-i, a hybrid sedan with assisted driving features, is the model with the steepest discount. Its price was slashed by 53,000 yuan ($7,400), or 34%, to 102,800 yuan. The Song Plus EV now sells for 117,800 yuan, down more than 20% after price cuts. Although this isn't the first time BYD has used discounts to sell cars, its latest cuts have triggered fears of a deeper price war in China, analysts say. Since BYD's shares soared over 60% in Hong Kong this year, investors chose to take profit now to evade any impact of the price cuts, Ke Yan, Singapore-based head of research at DZT Research, says by WeChat. The Chinese EV giant wants to use more aggressive discounts to appeal to price-sensitive consumers, Yale Zhang, Shanghai-based managing director of consultancy Automotive Foresight, says by WeChat. In February, it tried to boost deliveries by adding self-driving functions to models priced below $10,000. That strategy may not have met expectations, he says. A recent fatal crash involving a Xiaomi electric vehicle has led to rising concerns over smart driving software in general, Zhang notes. To boost sales in China, BYD's home market, direct price cuts might now be the easiest way, he says. The company's 2025 delivery target is 5.5 million vehicles globally. Analysts say other automakers may have no choice but to follow suit. Amid concerns over more cut-throat competition, shares in auto makers Geely Automobile plunged over 8% in Hong Kong Monday, while shares in Great Wall Motor fell more than 5%.
