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TimesLIVE
a day ago
- Automotive
- TimesLIVE
China's EV makers turn on BYD as price war escalates
Fierce competition among China's leading electric vehicle (EV) makers has intensified, with a long-running dispute between BYD and Great Wall Motor (GWM) over emissions compliance escalating after Geely joined in to criticise BYD's aggressive price cuts. The row dates back to 2023, when GWM reported BYD to Chinese regulators, alleging its two best-selling hybrid models failed to meet emissions standards. The issue re-emerged last month when GWM's chair Wei Jianjun expressed concern about the ongoing price war and confirmed the regulatory probe was still active. BYD dismissed his remarks about the industry's health as 'alarmist' but did not comment on the emissions issue. At the time, BYD rejected the claim and said its vehicles met China's emission standards. On Saturday, Geely's vice-president Victor Yang backed GWM's claims at an auto conference in Chongqing, stating Geely had conducted its own emissions tests and reached the same conclusions. 'Wei Jianjun is a genuine, honest person and is our industry's whistle-blower,' Yang said in videos of his speech posted online by The Paper and other local media outlets. GWM's claims concern BYD's use of non-pressurised fuel tanks in its Qin Plus and Song Plus plug-in hybrids, which let the liquid inside evaporate more rapidly than in pressurised ones. BYD's GM of branding and public relations Li Yunfei responded to Geely's comments on Sunday on his Weibo account, saying the non-pressurised tanks used in its cars between 2021 and 2023 were compliant with the regulatory requirements at the time but added that BYD had since changed them due to customer complaints. Li's Weibo post was no longer there on Monday, though Reuters could not verify the reason for this and the company did not immediately reply to a request for comment. GWM did not immediately respond to a request for comment on Monday, while Geely referred Reuters to the videos posted online of Yang's speech and declined to provide additional comment. China's ministry of industry and information technology (MIIT), one of the regulators involved in the emissions probe, did not immediately respond to a request for comment. The escalating feud comes as China's EV market faces intense competition as BYD's recent price incentives, which reduced the starting price of its cheapest model to 55,800 yuan (R137,596), triggered a broader sell-off in car stocks. After this, the MIIT called for the sector to halt its price wars and summoned carmakers to a meeting last week, two sources familiar with the matter said. The meeting was first reported by Bloomberg. Dealers have also urged carmakers to stop dumping inventory on them.
TimesLIVE
28-05-2025
- Automotive
- TimesLIVE
Stellantis names Antonio Filosa as its new CEO
Franco-Italian-US carmaker Stellantis on Wednesday named Antonio Filosa, the Italian head of its North American operations, as its new CEO, effective from June 23. Filosa, 51, will be expected to focus on the challenging task of reviving Stellantis' fortunes, specially in its key US market, after it suffered a 70% drop in net profit and a €6bn (R137,469,892,500) cash burn in 2024. "The board selected Antonio Filosa to be CEO based on his proven track record of hands-on success during his more than 25 years in the automotive industry", Stellantis said. Filosa will also need to rein in Stellantis sprawling 14-brand portfolio - with analysts and experts thinking the carmaker should terminate or sell some of them - and complete a process to restore the group's fraught relations with dealers, unions and governments. He succeeds Carlos Tavares, who quit the group in December after sharp drops in profits and sales raised questions about his management. Since then, the carmaker has been provisionally led by its chair John Elkann, a scion of the Agnelli family that founded Fiat, now part of Stellantis. The Agnellis are Stellantis' single largest investor through their family holding company Exor. The group's other brands include Peugeot and Jeep. Having exceeded €27 (R549) early last year, Stellantis's Milan-listed shares shed more than two thirds of their value in the next 12 months. Stellantis was created in early 2021 through the merger of Fiat Chrysler and Peugeot's owner PSA, with Tavares, the former PSA head, as its first CEO. Filosa has been leading Stellantis in North America since October. In 2023 he was also appointed global head of Jeep, one of Stellantis key brands, a role he quit this year when, as part of a wider management reshuffle, he was also given the additional role of Stellantis global chief for quality. An Italian national, Filosa was born in the southern city of Naples, spent his youth in the region of Puglia in the south, and graduated in engineering from Milan's Polytechnic. Married to a Brazilian architect, he is the father of two sons and has a passion for water polo. He joined Fiat Group in 1999, where he covered several roles, predominantly in Latin America, becoming Fiat Chrysler chief in the region in 2018. He then served as Stellantis COO for South America. Despite his Fiat background and Italian nationality, he has hardly ever worked in Italy and can offer the global profile the Stellantis board had been looking for to address issues at the multinational carmaker. His recent years as head of Stellantis' North American business can also prove an asset in dealing with US President Donald Trump's administration and respond to its tariff policies.
TimesLIVE
28-05-2025
- Automotive
- TimesLIVE
Stellantis names Antonio Filosa as its new CEO: source
Carmaker Stellantis has appointed Italian Antonio Filosa as its new CEO, a source close to the matter said on Wednesday. He succeeds Carlos Tavares, who quit the group in December after a sharp drop in profits and sales, specially in the US, raised questions about his management. Since then, the Franco-Italian-US carmaker has been provisionally led by its chair John Elkann, a scion of the Agnelli family that founded Fiat, now part of Stellantis. The Agnellis are Stellantis' single largest investor through their family holding company Exor. The group's other brands include Peugeot and Jeep. Filosa is expected to focus on the challenging task to revive fortunes after the carmaker suffered a 70% drop in net profit and a €6bn (R137,469,892,500) cash burn in 2024. Having exceeded €27 (R549) early last year, Stellantis shares shed more than two thirds of their value in the next 12 months. The new boss will also need to rein in Stellantis sprawling 14-brand portfolio, with analysts and experts thinking the carmaker should terminate or sell some of them, and complete a process to restore the group's fraught relations with dealers, unions and governments left by Tavares. Stellantis was created in early 2021 through the merger of Fiat Chrysler and Peugeot's owner PSA, with Tavares, the former PSA head, as its first CEO. Filosa, aged 51, has been leading Stellantis in its key North American market since October with a task of reviving sales at the group's powerhouse, after its market share shrank in recent years.
