Latest news with #QinL
Yahoo
25-03-2025
- Automotive
- Yahoo
Chinese electric carmaker BYD sales beat Tesla
Chinese electric vehicle maker BYD has reported annual revenue for 2024 that has leapfrogged rival Tesla. The Shenzhen-based firm says revenue rose by 29% to come in at 777 billion yuan ($107bn; £83bn), boosted by sales of its hybrid vehicles. This topped the $97.7bn reported by Elon Musk's Tesla. BYD has also just launched a lower-priced car to rival Tesla's Model 3, which has long been the top selling electric vehicle (EV) in China. It comes as Tesla faces a backlash around the world over Musk's ties to US President Donald Trump, while Chinese carmakers have been hit with tariffs in Western countries. BYD sold around the same number of EVs as Tesla last year – 1.76 million compared to 1.79 million, respectively. But when sales of the Chinese company's hybrid cars are taken into account it is much bigger, selling a record 4.3 million vehicles globally in 2024. On Sunday, BYD announced a new model to take on Tesla. Its Qin L model has a starting price in China of 119,800 yuan, while a basic version of Tesla's Model 3 is priced at 235,500 yuan. It comes as Chinese consumers are cutting spending in the face of economic challenges, including a property crisis, slowing growth, and high local government debt. Last week, BYD's founder Wang Chuanfu announced new battery charging technology, which he said could charge an EV in five minutes. That compares with around 15 minutes to charge a Tesla using its supercharger system. In February, BYD announced that its so-called "God's Eye" advanced driver-assistance technology would be available free in all its models. Tesla's challenges run deeper than 'toxic' controversy around Elon Musk Tesla vandals face up to 20 years in prison, says attorney general Tesla makes largest ever Cybertruck recall Shares in the firm, which is backed by veteran US investor Warren Buffett, have jumped by more than 50% so far this year. A backlash against Musk and his carmaker has gathered momentum since he was appointed head of the Trump administration's Department for Government Efficiency (DOGE), which has been tasked with slashing federal government spending. Musk has also intervened in politics abroad, including giving his backing to far-right party Alternative für Deutschland ahead of Germany's parliamentary election and criticising UK politicians such as Prime Minister Keir Starmer. Meanwhile, China's EV manufacturers have been targeted with tariffs in large parts of the world, including the US and the European Union.
BBC News
25-03-2025
- Automotive
- BBC News
China's electric carmaker BYD sales beat Elon Musk's Tesla
Chinese electric vehicle maker BYD has reported annual revenue for 2024 that has leapfrogged rival Shenzhen-based firm says revenue rose by 29% to come in at 777 billion yuan ($107bn; £83bn), boosted by sales of its hybrid vehicles. This topped the $97.7bn reported by Elon Musk's has also just launched a lower-priced car to rival Tesla's Model 3, which has long been the top selling electric vehicle (EV) in comes as Tesla faces a backlash around the world over Musk's ties to US President Donald Trump, while Chinese carmakers have been hit with tariffs in Western countries. BYD sold around the same number of EVs as Tesla last year – 1.76 million compared to 1.79 million, when sales of the Chinese company's hybrid cars are taken into account it is much bigger, selling a record 4.3 million vehicles globally in Sunday, BYD announced a new model to take on Qin L model has a starting price in China of 119,800 yuan, while a basic version of Tesla's Model 3 is priced at 235,500 comes as Chinese consumers are cutting spending in the face of economic challenges, including a property crisis, slowing growth, and high local government week, BYD's founder Wang Chuanfu announced new battery charging technology, which he said could charge an EV in five compares with around 15 minutes to charge a Tesla using its supercharger February, BYD announced that its so-called "God's Eye" advanced driver-assistance technology would be available free in all its in the firm, which is backed by veteran US investor Warren Buffett, have jumped by more than 50% so far this year.A backlash against Musk and his carmaker has gathered momentum since he was appointed head of the Trump administration's Department for Government Efficiency (DOGE), which has been tasked with slashing federal government has also intervened in politics abroad, including giving his backing to far-right party Alternative für Deutschland ahead of Germany's parliamentary election and criticising UK politicians such as Prime Minister Keir China's EV manufacturers have been targeted with tariffs in large parts of the world, including the US and the European Union.
Yahoo
24-03-2025
- Automotive
- Yahoo
Tesla's China rival BYD's sales surged 29% last year, topping $100B
BYD ( capped off a strong 2024 with positive results as Tesla's main rival in China sets up for another big year. BYD's full year jumped 29% to 777 billion yuan ($107 billion) vs. 776 billion yuan estimated, crossing $100 billion in sales for the first time. Net income rose 34% to 40.3 billion yuan ($5.56 billion), topping the 39.5 billion yuan ($5.5 billion) estimated, per Bloomberg consensus. BYD stock trading in Hong Kong closed up 3% on Monday, with shares up a whopping 50% year to date. BYD's success in 2024 comes as Tesla, the EV leader, saw sales drop for the first time. BYD's total deliveries hit 4.27 million compared to Tesla's 1.79 million, though this is a mix of hybrid and battery electric vehicles (BEV). BYD sold 1.76 million BEVs globally last year. In China, BYD's home market and a crucially important one for Tesla, BYD sales continually topped Tesla and stretched that lead over the year and into 2025. BYD's prowess in building cheaper cars — its Seal EV costs around $12,000 — and advancing technology like its "God's Eye" self-driving software has made the company's cars a compelling option in China's highly competitive auto market. Over the weekend, BYD launched a new sedan, dubbed the Qin L, that would take on Tesla's Model 3. The Qin L features the God's Eye self-driving feature, has a range of 545 kilometers (approximately 340 miles), and would start at 119,800 yuan ($16,524), or half the cost of the Model 3. Last week, BYD also said a new battery and charging system — dubbed the Super e-Platform — can charge at peak speeds of 1,000kW, providing around 250 miles of range in just five minutes, per BYD chair and founder Wang Chuanfu. By contrast, Tesla's fastest superchargers max out at 250kW, or a quarter of BYD's claimed feat. BYD, whose cars are not available in the US, said it will start selling EVs with the Super e-Platform next month — and plans to add 4,000 high-power charging stations in China. The Chinese juggernaut aims to build more vehicles around the globe with plants in Europe and South America. Tesla's troubles thus far in 2025 — which has seen the company's stock mired in a nine-week losing streak — are tied to those competitive issues in China as well as depressed sales in the US and Europe. While the new Model Y changeover likely affected sales, the controversial politics of CEO Elon Musk has seen the Tesla brand take a hit with protests at Tesla showrooms and Tesla EV owners turning their back on the brand. The company also faced a setback in China today, with reports that Tesla is suspending its free trial of its full self-driving (FSD) software on the mainland, pending regulatory approval. Pras Subramanian is a reporter for Yahoo Finance. You can follow him on X and on Instagram.
