Latest news with #GreatWallMotor
Yahoo
2 days ago
- Automotive
- Yahoo
BYD Shares Plunge After Deep Discounts Spark EV Price War Fears
May 27 - BYD (BYDDF) shares tumbled 8.5% on Monday and slid about 4% on Tuesday in Hong Kong, sparking worries of a fresh price war in China's EV market. The largest Chinese electric-vehicle maker cut prices on 22 models, mainly its Ocean and Dynasty series, by 10% to 30% through June 30. The deepest reduction was 34% on the Seal 07 DM-i, equal to 53,000 yuan (6,460). Rival automakers Geely (GELYF), Great Wall Motor (GWLLF) and Xpeng (NYSE:XPEV) also saw shares fall between 4% and 9% as investors fretted that steeper discounts could erode sector profit margins amid slowing demand. BYD's dealer inventory jumped by about 150,000 units in the first four months of 2025, roughly half a month's retail sales, fueling the decision to slash prices, industry data show. Citi analysts reckon the cuts could drive a weekly sales surge of 30% to 40%, helping clear excess stock. Despite the sell-off, BYD's growth remains strong. April NEV deliveries rose 21% year-on-year to 380,089 units, while overseas sales hit a new high for a fifth straight month. In the first quarter, the company sold nearly one million vehicles, logged net income of 9.15 billion yuan and a 20% gross margin, outpacing Tesla's $409 million profit and 16% margin. BYD is also rolling out DeepSeek's R1 AI model for advanced driver-assistance and expanding production in Hungary to boost European volumes. This article first appeared on GuruFocus. 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
2 days ago
- Automotive
- Yahoo
BYD Shares Plunge After Deep Discounts Spark EV Price War Fears
May 27 - BYD (BYDDF) shares tumbled 8.5% on Monday and slid about 4% on Tuesday in Hong Kong, sparking worries of a fresh price war in China's EV market. The largest Chinese electric-vehicle maker cut prices on 22 models, mainly its Ocean and Dynasty series, by 10% to 30% through June 30. The deepest reduction was 34% on the Seal 07 DM-i, equal to 53,000 yuan (6,460). Rival automakers Geely (GELYF), Great Wall Motor (GWLLF) and Xpeng (NYSE:XPEV) also saw shares fall between 4% and 9% as investors fretted that steeper discounts could erode sector profit margins amid slowing demand. BYD's dealer inventory jumped by about 150,000 units in the first four months of 2025, roughly half a month's retail sales, fueling the decision to slash prices, industry data show. Citi analysts reckon the cuts could drive a weekly sales surge of 30% to 40%, helping clear excess stock. Despite the sell-off, BYD's growth remains strong. April NEV deliveries rose 21% year-on-year to 380,089 units, while overseas sales hit a new high for a fifth straight month. In the first quarter, the company sold nearly one million vehicles, logged net income of 9.15 billion yuan and a 20% gross margin, outpacing Tesla's $409 million profit and 16% margin. BYD is also rolling out DeepSeek's R1 AI model for advanced driver-assistance and expanding production in Hungary to boost European volumes. This article first appeared on GuruFocus. 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
Malay Mail
2 days ago
- Automotive
- Malay Mail
China regulator summons automakers over rising ‘zero-mileage' used car sales amid industry price war
SHANGHAI, May 27 — China's commerce ministry will meet industry bodies and automakers including BYD and Dongfeng Motor to discuss increasing sales of 'used cars' that were never driven, a person with direct knowledge of the matter said. The meeting is set for this afternoon, the person said, speaking on condition of anonymity as details of the meeting were confidential. It comes after Great Wall Motor's Chairman Wei Jianjun said in an interview with Sina Finance last week that a phenomenon called 'second-hand cars with zero mileage' had emerged in the Chinese market as a result of the industry's years-long price war. The phenomenon, he said, involved cars that had been registered and had licence plates — marking them as sold — but had never been driven being sold in the second-hand market. Wei said that at least 3,000 to 4,000 vendors on Chinese used car platforms were selling such cars. The source said the tactic was seen as a potential method within the industry for automakers and dealers to support new car sales as they try to meet aggressive sales targets. Other participants invited to the meeting include the China Association of Automobile Manufacturers (CAAM), China Automobile Dealers Association (CADA), as well as some trading platforms of used cars, according to the person. The commerce ministry, BYD, Dongfeng Motor and CADA did not immediately respond to a request for comment. Great Wall and CAAM declined to comment. Shares in Chinese automakers such BYD and Leapmotor extended losses after Reuters reported the meeting, with both falling 3.1 per cent. Hong Kong's Hang Seng Automobile Index fell more than 2 per cent. — Reuters
Yahoo
2 days ago
- Automotive
- Yahoo
Exclusive-China regulator summons automakers to discuss 'zero-mileage' used car sales
SHANGHAI (Reuters) -China's commerce ministry will meet industry bodies and automakers including BYD and Dongfeng Motor to discuss increasing sales of "used cars" that were never driven, a person with direct knowledge of the matter said. The meeting is set for Tuesday afternoon, the person said, speaking on condition of anonymity as details of the meeting were confidential. It comes after Great Wall Motor's Chairman Wei Jianjun said in an interview with Sina Finance last week that a phenomenon called "secondhand cars with zero mileage" had emerged in the Chinese market as a result of the industry's years-long price war. The phenomenon, he said, involved cars that had been registered and had licence plates - marking them as sold - but had never been driven being sold in the secondhand market. Wei said that at least 3,000 to 4,000 vendors on Chinese used car platforms were selling such cars. The source said the tactic was seen as a potential method within the industry for automakers and dealers to support new car sales as they try to meet aggressive sales targets. Other participants invited to the meeting include the China Association of Automobile Manufacturers (CAAM), China Automobile Dealers Association (CADA), as well as some trading platforms of used cars, according to the person. The commerce ministry, BYD, Dongfeng Motor and CADA did not immediately respond to a request for comment. Great Wall and CAAM declined to comment. Shares in Chinese automakers such BYD and Leapmotor extended losses after Reuters reported the meeting, with both falling 3.1%. Hong Kong's Hang Seng Automobile Index fell more than 2%.
Yahoo
2 days ago
- Automotive
- Yahoo
Exclusive-China regulator summons automakers to discuss 'zero-mileage' used car sales
SHANGHAI (Reuters) -China's commerce ministry will meet industry bodies and automakers including BYD and Dongfeng Motor to discuss increasing sales of "used cars" that were never driven, a person with direct knowledge of the matter said. The meeting is set for Tuesday afternoon, the person said, speaking on condition of anonymity as details of the meeting were confidential. It comes after Great Wall Motor's Chairman Wei Jianjun said in an interview with Sina Finance last week that a phenomenon called "secondhand cars with zero mileage" had emerged in the Chinese market as a result of the industry's years-long price war. The phenomenon, he said, involved cars that had been registered and had licence plates - marking them as sold - but had never been driven being sold in the secondhand market. Wei said that at least 3,000 to 4,000 vendors on Chinese used car platforms were selling such cars. The source said the tactic was seen as a potential method within the industry for automakers and dealers to support new car sales as they try to meet aggressive sales targets. Other participants invited to the meeting include the China Association of Automobile Manufacturers (CAAM), China Automobile Dealers Association (CADA), as well as some trading platforms of used cars, according to the person. The commerce ministry, BYD, Dongfeng Motor and CADA did not immediately respond to a request for comment. Great Wall and CAAM declined to comment. Shares in Chinese automakers such BYD and Leapmotor extended losses after Reuters reported the meeting, with both falling 3.1%. Hong Kong's Hang Seng Automobile Index fell more than 2%. Sign in to access your portfolio
