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Yahoo
26 minutes 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
Straits Times
5 hours ago
- Automotive
- Straits Times
BYD faces growing backlash over EV price war as May sales jump
HONG KONG – BYD shares continued their plunge despite monthly sales climbing to the highest in 2025 as the steep discounts the industry uses to entice buyers draws scrutiny from Beijing. The electric car manufacturer sold 382,476 vehicles last month, including 376,930 passenger cars, according to a statement on June 1. While that marked a high point for 2025, the year-on-year growth of 15 per cent was the slowest since August 2020, except for a drop in deliveries in February 2024 that coincided with a broad slump due to the Lunar New Year holiday. Despite the sales boost, BYD stock dropped almost 5 per cent in Hong Kong on June 2, which follows a more than 15 per cent 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 June 1, 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 per cent in a move that was followed by rivals including Zhejiang Leapmotor Technology and Geely Automobile Holdings. Leapmotor sold 45,067 vehicles in May, up 148 per cent year on year, while Geely Auto's deliveries increased 46 per cent to 235,208 units. Meanwhile Xpeng 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 per cent to 40 per cent 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. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
Mint
6 hours 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.
Yahoo
3 days ago
- Business
- Yahoo
Asia-Pacific Food Gifting Market Forecast to 2029 Featuring Profiles of The Gourmet Box, Giftsenda, Marks and Spencer, FNP, Fortnum & Mason and More
Driven by e-commerce and consumer trends like health-conscious options, the market's 6.10% CAGR is fueled by high-quality, artisanal food gifts. China's cultural importance and economic power lead the region, supported by online and offline distribution. Dublin, May 30, 2025 (GLOBE NEWSWIRE) -- The "Asia-Pacific Food Gifting Market Outlook, 2029" has been added to offering. The APAC Food Gifting Market is becoming a central aspect of the region's cultural practices, where food holds symbolic meaning in festivals, celebrations, and daily interactions. Countries like Japan, India, and China exemplify this diverse tradition, offering tea, sweets, spice-laden treats, and more as gestures of goodwill. The market is flourishing, fueled by a demand for high-quality, artisanal products. Consumers seek gifts that satisfy the palate while conveying thoughtfulness, with options ranging from traditional sweets and chocolates to gourmet hampers filled with regional specialties. E-commerce plays a pivotal role, broadening the market reach as modern platforms enable consumers to send food gifts effortlessly. According to the report, the market is anticipated to grow over 6.10% CAGR from 2024 to 2029 Trends shaping this growth include a preference for premium, personalized, and health-conscious food gifts, driving demand for artisanal products. Vegan, gluten-free, and sugar-free options are rising in popularity, reflecting healthier lifestyle choices. Government policies in APAC countries support local businesses, promoting regionally sourced products and fostering community spirit. Several major players in the market emphasize luxury and convenience, but local and regional companies thrive by catering to specific cultural nuances. Market drivers include the cultural importance of gifting, especially during major festivals such as Lunar New Year and Diwali. However, logistical challenges, particularly in delivering perishable items, persist. Market trends highlight collaborations with celebrity chefs and influencers, enhancing product appeal through exclusive gift offerings. Confectionery leads the product segment due to its universal appeal and versatility across occasions. The rise of online platforms has made seasonal food gifting more accessible, amplifying its role in cultural celebrations. Offline retail remains prominent, offering a tactile shopping experience essential in cultures with rich gifting traditions. China stands out as a leading market due to cultural practices, economic gains, and a dynamic e-commerce sector facilitating gift distribution. The report covers diverse aspects such as market value, regional analysis, and distribution channels, providing strategic insights helpful for industry stakeholders. Considered in this report: Historic Year: 2018 Base year: 2023 Estimated year: 2024 Forecast year: 2029 Aspects covered in this report: Food Gifting Market overview and forecast Region & country-wise market analysis Application-wise distribution Market drivers and challenges Current trends Top companies profiled Strategic recommendations Key Topics Covered1. Executive Summary2. Research Methodology2.1. Secondary Research2.2. Primary Data Collection2.3. Market Formation & Validation2.4. Report Writing, Quality Check & Delivery3. Market Structure3.1. Market Considerate3.2. Assumptions3.3. Limitations3.4. Abbreviations3.5. Sources3.6. Definitions4. Economic /Demographic Snapshot5. Global Food Gifting Market Outlook5.1. Market Size By Value5.2. Market Share By Region5.3. Market Size and Forecast, By Product type5.4. Market Size and Forecast, By Occasion5.5. Market Size and Forecast, By Distribution Channel6. Market Dynamics6.1. Market Drivers & Opportunities6.2. Market Restraints & Challenges6.3. Market Trends6.4. COVID-19 Effect6.5. Supply chain Analysis6.6. Policy & Regulatory Framework6.7. Industry Experts Views7. Asia-Pacific Food Gifting Market Outlook7.1. Market Size By Value7.2. Market Share By Country7.3. Market Size and Forecast, By Product type7.4. Market Size and Forecast, By Occasion7.5. Market Size and Forecast, By Distribution Channel7.6. China Food Gifting Market Outlook7.7. Japan Food Gifting Market Outlook7.8. India Food Gifting Market Outlook7.9. Australia Food Gifting Market Outlook7.10. South Korea Food Gifting Market Outlook8. Competitive Landscape8.1. Competitive Dashboard8.2. Business Strategies Adopted by Key Players8.3. Key Players Market Positioning Matrix8.4. Porter's Five Forces8.5. Company Profile8.5.1. The Gourmet Box8.5.2. Giftsenda8.5.3. Marks and Spencer plc8.5.4. FNP8.5.5. Fortnum & Mason8.5.6. Mondelez International, Inc.8.5.7. General Mills, Inc.9. Strategic RecommendationsFor more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error 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
Atlantic
5 days ago
- Entertainment
- Atlantic
The People Who Clean the Ears of Lincoln (And Other Statues)
A collection of images of the varied workers and techniques used to maintain some of the world's largest and most prominent statues and monuments. May 28, 2025, 12:20 PM ET National Parks Service worker James Hudson uses a cloth-wrapped pole to clean the ear of the statue at the Lincoln Memorial in 1987. Maintenance workers clean a statue in Central Park, in New York City, in 2016. A municipal worker scrubs a statue of the Soviet state founder Vladimir Lenin in Saint Petersburg, Russia, in 2023. A crew carries out the annual cleaning of the 120-meter-tall Ushiku Daibutsu Great Buddha statue in Ushiku, Japan, in 2022. Nelson's Column, in London's Trafalgar Square, gets a spring cleaning in 1987. Brian Lawless / PA Images / Reuters A statue of the late musician Luke Kelly in Dublin's city center is cleaned after it had been defaced overnight in 2020. The model maker Helga Mueller works to restore a model of the Statue of Liberty, seen behind a model of the U.S. Capitol Building, at Miniwelt (Miniworld) in Lichtenstein, Germany, in 2015. Tiziana Fabi / AFP / Getty The restorer Eleonora Pucci cleans Michelangelo's David using a backpack vacuum and a synthetic-fiber brush at the Galleria dell'Accademia, in Florence, Italy, in 2024. A worker cleans the statue of the spaceflight pioneer Yuri Gagarin before Cosmonauts Day in Moscow in 2023. Harry Todd / Fox Photos / Getty Workmen clean the immense statue of two horses pulling a quadriga atop Wellington Arch, at London's Hyde Park Corner, in 1939. Cleaners spray the 37-meter-tall Merlion statue on the resort island of Sentosa, in Singapore, in 2015. A worker cleans a Buddha statue in preparation for Lunar New Year celebrations at Satya Buddha Temple in Medan, North Sumatra, Indonesia, in 2023. Alan Taylor is a senior editor at The Atlantic.
