Latest news with #Stellantis-backed
CNBC
a day ago
- Automotive
- CNBC
China's Leapmotor and Huawei-backed Aito report record high deliveries in May as competition heats up
Chinese electric carmakers Leapmotor and Aito reported record high deliveries in May, while other startups struggle to catch up as the price war intensifies. Stellantis-backed Leapmotor delivered a record 45,067 vehicles in May, reflecting year-on-year growth of 148%. On May 15, the automaker launched an updated version of its C10 model, a mid-sized SUV, that retailed from 122,800 yuan ($17,045). Leapmotor said over 13,000 units of the C10 were delivered in May. And on Sunday, Seres-backed Aito announced on social media that it had delivered 44,454 vehicles, setting a new record. The automaker, which uses Huawei tech, on May 30 officially launched the Maextro S800, an ultra-luxury sedan, with a starting price of 708,000 yuan. Industry giant BYD maintained its stronghold in the industry, with 376,930 cars sold in May. Total car sales in May rose by 14.1% increase year on year, based on CNBC's calculations of publicly available figures. The automaker on May 23 slashed prices on 22 models, bringing the price of its Seagull hatchback down 20% to 55,800 yuan, causing Chinese automakers' shares to slide. The EV juggernaut has recently been scrutinized over claims that it had pressured Jinan Qiansheng, one of BYD's dealers in the eastern province of Shandong, over cash flow. BYD refuted claims in a statement to Chinese media. The intensifying price war has also sparked fears of a next "Evergrande" — China's former real estate giant, which defaulted on its debt in 2021. Xpeng May deliveries dipped to 33,525 vehicles from 35,045 vehicles the previous month. But the company reported a year-on-year growth of 230% and maintained its streak of delivering over 30,000 vehicles for the seventh consecutive month. The automaker on May 28 officially launched the Mona M03 Max and Plus models, retailing from 129,800 yuan and 119,800 yuan, respectively. Xiaomi delivered more than 28,000 vehicles in May, mirroring its performance last month. The smartphone company on May 22 teased a new model of YU7 luxury SUV, which is set to be officially launched in July. Other startups, however, experienced modest growth in deliveries. Li Auto delivered 40,856 vehicles in May, representing a year-over-year increase of 16.7%, while Geely-owned Zeekr delivered 18,908 vehicles, indicating a 1.6% year-on-year growth, based on CNBC calculations of publicly available data. That's despite Zeekr's attempts to differentiate itself from the competition with its announcement of free driver-assistance technology in March. Nio's May deliveries fell from the previous month, with a total of 23,231 vehicles delivered, reflecting 13.1% year-on-year growth. Onvo, Nio's family-oriented smart electric vehicle brand, made up 6,281 of total deliveries. That makes May Onvo's best-performing month so far this year. Chinese automakers are looking to diversify as competition intensifies. But tariffs imposed by the European Union and the U.S. on Chinese electric vehicles may impede efforts to expand into the West. Instead, companies may be looking to emerging markets such as those in Africa, Hong Kong-based South China Morning Post reported last week. BYD on April 24 announced its official entry into Benin, in collaboration with CFAO Mobility.
Qatar Tribune
a day ago
- Automotive
- Qatar Tribune
Chinese automakers get stern ‘price war' warning after discount spree
Agencies A top industry group had a stern rebuke Saturday for automakers fueling a 'price war', a week after Chinese EV giant BYD announced sweeping trade-in discounts, with multiple competitors following suit. 'Since May 23, a certain automaker has taken the lead in launching a substantial price drop campaign... triggering a new round of 'price war' panic,' the China Association of Automobile Manufacturers (CAAM) said in a statement posted to its WeChat account. The group warned that such 'disorderly' competition would 'exacerbate harmful rivalry' and hurt profit. The statement, dated May 30, did not single out any company by name, but on May 23, BYD announced it was offering big trade-in discounts on nearly two dozen makes, offering discounts of up to 34 percent. Its cheapest model, the smart-driving Seagull, now goes for a starting price of 55,800 yuan ($7,800), down from 69,800 yuan, with a trade-in. Days later, Stellantis-backed Chinese EV startup Leapmotor announced similar discounts on two 'entry-level' models through June 8. Geely Auto announced Friday limited-time trade-in subsidies for 10 models, with its X3 Pro going for the lowest starting price of 44,900 yuan. But there is growing domestic criticism against what the autos association called 'involution' -- a popular tag used to describe the race to outcompete that ends up nowhere. The CEO of China's Great Wall Motor, whose annual revenue was roughly a quarter of BYD's, compared it to the start of China's years-long housing slump triggered by the 2021 default of property giant Evergrande. 'Evergrande in the auto industry already exists,' Wei Jianjun said this month in an interview with Chinese outlet Sina Finance. 'I hope that... all these years of hard work will not go to waste.' Beijing has poured vast state funds into the electric vehicle sector, supporting the development and production of less polluting battery-powered vehicles. But China's automakers association on Saturday warned its goliaths to play fair. 'Leading companies must not monopolise the market,' the CAAM statement said. It added that 'with the exception of lawful discounting, companies must not sell products below cost nor engage in misleading advertising'.
Japan Today
2 days ago
- Automotive
- Japan Today
Chinese automakers get stern 'price war' warning after discount spree
BYD was not singled out by name, but a leading China automakers group warned of a "price war" after the company cut prices on nearly two dozen models A top industry group had a stern rebuke Saturday for automakers fueling a "price war", a week after Chinese EV giant BYD announced sweeping trade-in discounts, with multiple competitors following suit. "Since May 23, a certain automaker has taken the lead in launching a substantial price drop campaign... triggering a new round of 'price war' panic," the China Association of Automobile Manufacturers (CAAM) said in a statement posted to its WeChat account. The group warned that such "disorderly" competition would "exacerbate harmful rivalry" and hurt profit. The statement, dated May 30, did not single out any company by name, but on May 23, BYD announced it was offering big trade-in discounts on nearly two dozen makes, offering discounts of up to 34 percent. Its cheapest model, the smart-driving Seagull, now goes for a starting price of 55,800 yuan ($7,800), down from 69,800 yuan, with a trade-in. Days later, Stellantis-backed Chinese EV startup Leapmotor announced similar discounts on two "entry-level" models through June 8. Geely Auto announced Friday limited-time trade-in subsidies for 10 models, with its X3 Pro going for the lowest starting price of 44,900 yuan. But there is growing domestic criticism against what the autos association called "involution" -- a popular tag used to describe the race to outcompete that ends up nowhere. The CEO of China's Great Wall Motor, whose annual revenue was roughly a quarter of BYD's, compared it to the start of China's years-long housing slump triggered by the 2021 default of property giant Evergrande. "Evergrande in the auto industry already exists," Wei Jianjun said this month in an interview with Chinese outlet Sina Finance. "I hope that... all these years of hard work will not go to waste." Beijing has poured vast state funds into the electric vehicle sector, supporting the development and production of less polluting battery-powered vehicles. But China's automakers association on Saturday warned its goliaths to play fair. "Leading companies must not monopolise the market," the CAAM statement said. It added that "with the exception of lawful discounting, companies must not sell products below cost nor engage in misleading advertising". Such behavior disrupted the market and harmed both consumer and the industry, it said. An unnamed official from China's Ministry of Industry and Information Technology added that price wars "produce no winners and no future", the state-backed Global Times reported Saturday. © 2025 AFP
France 24
3 days ago
- Automotive
- France 24
Chinese automakers get stern 'price war' warning after discount spree
"Since May 23, a certain automaker has taken the lead in launching a substantial price drop campaign... triggering a new round of 'price war' panic," the China Association of Automobile Manufacturers (CAAM) said in a statement posted to its WeChat account. The group warned that such "disorderly" competition would "exacerbate harmful rivalry" and hurt profit. The statement, dated May 30, did not single out any company by name, but on May 23, BYD announced it was offering big trade-in discounts on nearly two dozen makes, offering discounts of up to 34 percent. Its cheapest model, the smart-driving Seagull, now goes for a starting price of 55,800 yuan ($7,800), down from 69,800 yuan, with a trade-in. Days later, Stellantis-backed Chinese EV startup Leapmotor announced similar discounts on two "entry-level" models through June 8. Geely Auto announced Friday limited-time trade-in subsidies for 10 models, with its X3 Pro going for the lowest starting price of 44,900 yuan. But there is growing domestic criticism against what the autos association called "involution" -- a popular tag used to describe the race to outcompete that ends up nowhere. The CEO of China's Great Wall Motor, whose annual revenue was roughly a quarter of BYD's, compared it to the start of China's years-long housing slump triggered by the 2021 default of property giant Evergrande. "Evergrande in the auto industry already exists," Wei Jianjun said this month in an interview with Chinese outlet Sina Finance. "I hope that... all these years of hard work will not go to waste." Beijing has poured vast state funds into the electric vehicle sector, supporting the development and production of less polluting battery-powered vehicles. But China's automakers association on Saturday warned its goliaths to play fair. "Leading companies must not monopolise the market," the CAAM statement said. It added that "with the exception of lawful discounting, companies must not sell products below cost nor engage in misleading advertising". Such behaviour disrupted the market and harmed both consumer and the industry, it said. An unnamed official from China's Ministry of Industry and Information Technology added that price wars "produce no winners and no future", the state-backed Global Times reported Saturday.
Yahoo
26-05-2025
- Automotive
- Yahoo
Chinese EV Makers Slash Prices as Competition Heats Up
Shares in Chinese electric vehicle (EV) makers slumped on Monday despite surging interest from UK buyers, as industry titan BY introduced a round of new price cuts in an already bruising market battle. Hong-Kong listed BYD dropped as much as 8.25 per cent from a record high set last week, after an announcement over the weekend slashing prices on 22 electric and plug-in hybrid models. The steepest cut, a 34 per cent discount, was applied to one plug-in hybrid. This reduced the model's price by RMB 53,000 (£5,423) to RMB 102,800 (£10,519). Other Chinese automakers followed suit, with state-backed Changan offering a 15 per cent discount on one of its SUVs, while Stellantis-backed Leapmotor also cut prices by up to 30 per cent on some models. The aggressive discounting, part of BYD's 'fixed price' campaign running until the end of next month, is expected to lift the firm's second-quarter vehicle shipments by up to 30 per cent, according to Citi analysts. Still, this growth comes at the cost of profitability, with BYD's estimated net profit per vehicle for the quarter falling short of its full year target. Smaller rivals with weaker balance sheets now face a tough choice to either cut prices and bleed, or lose market share. 'BYD holds significant pricing power in the market, so each round of its price cuts is set to prompt other car brands to follow suit', said Li Yanwei of the China Automobile Dealers Association. Even as competition heats up overseas, Chinese EV brands are gaining serious traction on home soil. New data from Auto Trader shows a surge in consumer interest, with over 1.4m views on listings for Chinese EVs in the first four months of this year, up from 1.3 per cent of total views a year earlier, to 5.3 per cent now. BYD accounted for half of all Chinese EV traffic on the platform. Ian Plummer, commercial director at Auto Trader, said: 'Our research shows a breakthrough for Chinese manufacturers in the UK market over the last 12 months. Chinese electric vehicles are cutting-edge products, backed by affordable battery technology'. While Chinese EV makers flood the market with affordable options, Britain is doubling down on its own green strategy. Prime Minister Keir Starmer's recently announced £2.3bn package aims to bolster domestic EV manufacturing and infrastructure, confirming a 2030 ban on new petrol and diesel cars, while offering regulatory flexibility and tax incentives. While US president Donald Trump imposing steep tariffs on foreign-made vehicles, and the EU considering similar measures, the UK could become an increasingly attractive destination for Chinese exports. 'Trade turbulence with the US and EU tariffs is also making the UK relatively more attractive as a market', added Plummer. 'There will be much more to come from the Chinese carmakers'. The UK's EV sales rose over 40 per cent in March, cementing its place as Europe's largest and the world's largest EV market. 'This is about future proofing British industry', said Starmer. 'And delivering change that actually works for working people'. By City AM More Top Reads From this article on Sign in to access your portfolio
