Latest news with #WangChuanfu
Daily Mail
5 days ago
- Automotive
- Daily Mail
BYD fires against UK Government's EV grants
The world's largest electric car maker, China's BYD (Build Your Dreams), has come out firing against the UK Government's new EV subsidies, branding the newly announced grants 'stupid'. Labour last week announced a £4.5billion package to support the transition to zero emission transport with a new £650million-backed Electric Car Grant taking centre stage and attracting much attention - though not all for the right reasons. There's already widespread criticism of the scheme with experts calling it 'a waste of public spending' and industry warning it could further compound 'rampant EV depreciation'. But BYD's rejection of the initiative is perhaps the most scathing reaction so far. It has been fuelled by reports that Chinese car makers have seemingly been left short by the UK Government; it is reported that the region's ongoing reliance on coal-powered energy for its vehicle assembly and battery manufacturing will fail to adhere to the scheme's sustainability criteria. Manufacturers will discover if they've met the required thresholds to qualify early next month. BYD's CEO Wang Chuanfu called the subsidies a 'bit of a joke', hitting out at their effectiveness. He told the Financial Times : 'They are too small and too late. By the time they start to take effect, the market will already be saturated with Chinese EVs.' BYD's vice-president Stella Li, also predicts that the Chinese brand's sales wouldn't be affected by the policy, telling the FT that the world's biggest EV producer is undeterred and will create 5,000 more jobs by next year as part of its rapid European expansion. On 15 July, Transport Secretary Heid Alexander announced that drivers across the UK will soon enjoy discounts on a range of new electric cars of up to £3,750 . Part of the Plan for Change, the grant is aimed at making electric car ownership a reality for thousands of people by 'putting money back in working people's pockets'. Supporting Labour's phase out of the sale of new petrol and diesel cars by 2030, the Electric Car Grant (ECG) is the first buyers will get incentives for new EV purchases since the previous Conservative regime withdrew its Plug-In Car Grant in 2022. Although cars price at or under £37,000 are eligible, many won't make the cut for the highest available subsidy of £3,750, let alone the lower £1,500 grant allowance, if they fail to meet stringent manufacturing emissions barometers. Manufacturers have been invited to apply for the grant scheme, though it is unclear which models will be eligible. Reports have said the Department for Transport will provide a list of qualifying EVs on 11 August. However, the DfT has told This is Money that it will be releasing a list of some money eligible before then, likely in the first week of next month. That said, Chinese car makers almost certainly face the biggest difficulties qualifying, with recent reports suggesting their EVs will be banned altogether. While many Chinese manufacturers - including MG, LeapMotor and Great Wall Motors (GWM) - have already announced their own EV grants of similar discounted value to compensate, BYD says it isn't going to follow suit. Instead it's going against the grain and dismissing both the introducing of the grants and their use. 'It does not make any sense. This subsidy actually sounds like they will give some companies a benefit, but it's more like a drug. If you get rid of this, you will suffer,' Li told the FT. Alfredo Altavilla, a special advisor for BYD's European operations, also said that there's not way to prevent the success of Chinese-made cars in the long run: 'The question is, is there any European government who can afford to fight against Chinese-made cars forever? No. So what's the purpose of doing all this?' To prove a point, BYD is going full steam ahead with its expansion plans, aiming to produce cars in Hungary and Turkey and open 2,000 retail stores in Europe, 280 of which will be in the UK. Each dealership will employ around 20 people. BYD has also signed a new sponsorship deal with Italian football club Inter Milan to appear on the back of team shirts. The arrangement will see both the men's first team and its top management and coaches provided with 70 BYD vehicles. The Shenzhen-based company is building on its highly successful Euro 2024 sponsorship which helped push brand awareness in the UK from just one per cent in 2023 to 31 per cent in 2024. Li said: 'My dream is in five years, you're walking in a supermarket and everyone will know, 'oh, BYD, we know them, they're a high-tech company'. In the fourth quarter of 2024 BYD overtook Tesla as the largest EV manufacturer in the world, and as of April 2025 it also sold more pure EVs in Europe than Tesla for the first time. As such it's been called an 'overnight success' and as of March 2025 has sold a whopping 11.6 million EVs.
Daily Mail
5 days ago
- Automotive
- Daily Mail
World's largest EV maker brands Labour's Electric Car Grant 'stupid'
The world's largest electric car maker, China's BYD (Build Your Dreams), has come out firing against the UK Government's new EV subsidies, branding the newly announced grants 'stupid'. Labour last week announced a £4.5billion package to support the transition to zero emission transport with a new £650million-backed Electric Car Grant taking centre stage and attracting much attention - though not all for the right reasons. There's already widespread criticism of the scheme with experts calling it 'a waste of public spending' and industry warning it could further compound 'rampant EV depreciation'. But BYD's rejection of the initiative is perhaps the most scathing reaction so far. It has been fuelled by reports that Chinese car makers have seemingly been left short by the UK Government; it is reported that the region's ongoing reliance on coal-powered energy for its vehicle assembly and battery manufacturing will fail to adhere to the scheme's sustainability criteria. Manufacturers will discover if they've met the required thresholds to qualify early next month. BYD's CEO Wang Chuanfu called the subsidies a 'bit of a joke', hitting out at their effectiveness. He told the Financial Times: 'They are too small and too late. By the time they start to take effect, the market will already be saturated with Chinese EVs.' BYD's vice-president Stella Li, also predicts that the Chinese brand's sales wouldn't be affected by the policy, telling the FT that the world's biggest EV producer is undeterred and will create 5,000 more jobs by next year as part of its rapid European expansion. On 15 July, Transport Secretary Heid Alexander announced that drivers across the UK will soon enjoy discounts on a range of new electric cars of up to £3,750. Part of the Plan for Change, the grant is aimed at making electric car ownership a reality for thousands of people by 'putting money back in working people's pockets'. Supporting Labour's phase out of the sale of new petrol and diesel cars by 2030, the Electric Car Grant (ECG) is the first buyers will get incentives for new EV purchases since the previous Conservative regime withdrew its Plug-In Car Grant in 2022. Although cars price at or under £37,000 are eligible, many won't make the cut for the highest available subsidy of £3,750, let alone the lower £1,500 grant allowance, if they fail to meet stringent manufacturing emissions barometers. Manufacturers have been invited to apply for the grant scheme, though it is unclear which models will be eligible. Reports have said the Department for Transport will provide a list of qualifying EVs on 11 August. This is Money is seeking confirmation from the department to verify this date. However, Chinese car makers almost certainly face the biggest difficulties qualifying, with recent reports suggesting their EVs will be banned altogether. While many Chinese manufacturers - including MG, LeapMotor and Great Wall Motors (GWM) - have already announced their own EV grants of similar discounted value to compensate, BYD says it isn't going to follow suit. Instead it's going against the grain and dismissing both the introducing of the grants and their use. 'It does not make any sense. This subsidy actually sounds like they will give some companies a benefit, but it's more like a drug. If you get rid of this, you will suffer,' Li told the FT. Alfredo Altavilla, a special advisor for BYD's European operations, also said that there's not way to prevent the success of Chinese-made cars in the long run: 'The question is, is there any European government who can afford to fight against Chinese-made cars forever? No. So what's the purpose of doing all this?' To prove a point, BYD is going full steam ahead with its expansion plans, aiming to produce cars in Hungary and Turkey and open 2,000 retail stores in Europe, 280 of which will be in the UK. Each dealership will employ around 20 people. BYD has also signed a new sponsorship deal with Italian football club Inter Milan to appear on the back of team shirts. The arrangement will see both the men's first team and its top management and coaches provided with 70 BYD vehicles. The Shenzhen-based company is building on its highly successful Euro 2024 sponsorship which helped push brand awareness in the UK from just one per cent in 2023 to 31 per cent in 2024. Li said: 'My dream is in five years, you're walking in a supermarket and everyone will know, 'oh, BYD, we know them, they're a high-tech company'. In the fourth quarter of 2024 BYD overtook Tesla as the largest EV manufacturer in the world, and as of April 2025 it also sold more pure EVs in Europe than Tesla for the first time. As such it's been called an 'overnight success' and as of March 2025 has sold a whopping 11.6 million EVs.
The Advertiser
22-07-2025
- Automotive
- The Advertiser
China set to dominate Aussie vehicle import market
More than two in every five new cars sold in Australia will be made in China within a decade in one of the biggest shake-ups in the automotive industry in years. The move, fuelled by motorists switching to low-emission vehicles, is expected to challenge the dominance of car brands manufactured in Japan and Thailand. But automotive dealers have questioned whether the move will be wholly positive for motorists, or whether greater protections will be needed to ensure the availability of vehicle parts and servicing. The Centre for International Economics released the findings on Tuesday, in an analysis prepared for the Australian Automotive Dealer Association. The report found almost half (43 per cent) of vehicles imported to Australia could be made in China by 2035, dwarfing current leader Japan on 22 per cent, and Thailand with 11 per cent of the market. Japan-made vehicles represented 30 per cent of new cars sold in Australia this year, while Chinese vehicles made up 16 per cent, according to the Federal Chamber of Automotive Industries. The swap to Chinese vehicles will be driven by consumers' rising demand for hybrid and electric options, the report found, and falling prices offered by Chinese brands. The change was already prevalent in the Australian market, association chief executive James Voortman said, thanks to an influx of Chinese brands and models. "Australia is at an inflection point where we are going to see exponential growth of sales and new brands from China," he said. "This growth comes on top of the change to electric vehicle drive trains." Chinese electric vehicle brands already established in the country include Xpeng, Zeekr, Geely, MG and BYD, which celebrated its 60,000th local sale earlier in July. BYD considered Australia a "key market," president Wang Chuanfu said, as it was well established and highly competitive. "Success here is a signal to the world that BYD vehicles can meet and exceed the expectations of mature markets," he said. But Mr Voortman, who addressed the association's convention in Brisbane on Tuesday, said introducing so many brands to Australia should raise questions about whether consumer guarantees went far enough. "This rate of growth can have unintended implications to consumer protections such as the supply of parts, wait times to service vehicles, and the long-term ability of manufacturers to guarantee their consumer warranties," he said. "We will be talking to government about what consumer protections are adequate and appropriate." Vehicle purchases are covered by consumer guarantee rights, according to the Australian Competition and Consumer Commission, including the provision of spare parts and repairs for a reasonable time after purchase. More than two in every five new cars sold in Australia will be made in China within a decade in one of the biggest shake-ups in the automotive industry in years. The move, fuelled by motorists switching to low-emission vehicles, is expected to challenge the dominance of car brands manufactured in Japan and Thailand. But automotive dealers have questioned whether the move will be wholly positive for motorists, or whether greater protections will be needed to ensure the availability of vehicle parts and servicing. The Centre for International Economics released the findings on Tuesday, in an analysis prepared for the Australian Automotive Dealer Association. The report found almost half (43 per cent) of vehicles imported to Australia could be made in China by 2035, dwarfing current leader Japan on 22 per cent, and Thailand with 11 per cent of the market. Japan-made vehicles represented 30 per cent of new cars sold in Australia this year, while Chinese vehicles made up 16 per cent, according to the Federal Chamber of Automotive Industries. The swap to Chinese vehicles will be driven by consumers' rising demand for hybrid and electric options, the report found, and falling prices offered by Chinese brands. The change was already prevalent in the Australian market, association chief executive James Voortman said, thanks to an influx of Chinese brands and models. "Australia is at an inflection point where we are going to see exponential growth of sales and new brands from China," he said. "This growth comes on top of the change to electric vehicle drive trains." Chinese electric vehicle brands already established in the country include Xpeng, Zeekr, Geely, MG and BYD, which celebrated its 60,000th local sale earlier in July. BYD considered Australia a "key market," president Wang Chuanfu said, as it was well established and highly competitive. "Success here is a signal to the world that BYD vehicles can meet and exceed the expectations of mature markets," he said. But Mr Voortman, who addressed the association's convention in Brisbane on Tuesday, said introducing so many brands to Australia should raise questions about whether consumer guarantees went far enough. "This rate of growth can have unintended implications to consumer protections such as the supply of parts, wait times to service vehicles, and the long-term ability of manufacturers to guarantee their consumer warranties," he said. "We will be talking to government about what consumer protections are adequate and appropriate." Vehicle purchases are covered by consumer guarantee rights, according to the Australian Competition and Consumer Commission, including the provision of spare parts and repairs for a reasonable time after purchase. More than two in every five new cars sold in Australia will be made in China within a decade in one of the biggest shake-ups in the automotive industry in years. The move, fuelled by motorists switching to low-emission vehicles, is expected to challenge the dominance of car brands manufactured in Japan and Thailand. But automotive dealers have questioned whether the move will be wholly positive for motorists, or whether greater protections will be needed to ensure the availability of vehicle parts and servicing. The Centre for International Economics released the findings on Tuesday, in an analysis prepared for the Australian Automotive Dealer Association. The report found almost half (43 per cent) of vehicles imported to Australia could be made in China by 2035, dwarfing current leader Japan on 22 per cent, and Thailand with 11 per cent of the market. Japan-made vehicles represented 30 per cent of new cars sold in Australia this year, while Chinese vehicles made up 16 per cent, according to the Federal Chamber of Automotive Industries. The swap to Chinese vehicles will be driven by consumers' rising demand for hybrid and electric options, the report found, and falling prices offered by Chinese brands. The change was already prevalent in the Australian market, association chief executive James Voortman said, thanks to an influx of Chinese brands and models. "Australia is at an inflection point where we are going to see exponential growth of sales and new brands from China," he said. "This growth comes on top of the change to electric vehicle drive trains." Chinese electric vehicle brands already established in the country include Xpeng, Zeekr, Geely, MG and BYD, which celebrated its 60,000th local sale earlier in July. BYD considered Australia a "key market," president Wang Chuanfu said, as it was well established and highly competitive. "Success here is a signal to the world that BYD vehicles can meet and exceed the expectations of mature markets," he said. But Mr Voortman, who addressed the association's convention in Brisbane on Tuesday, said introducing so many brands to Australia should raise questions about whether consumer guarantees went far enough. "This rate of growth can have unintended implications to consumer protections such as the supply of parts, wait times to service vehicles, and the long-term ability of manufacturers to guarantee their consumer warranties," he said. "We will be talking to government about what consumer protections are adequate and appropriate." Vehicle purchases are covered by consumer guarantee rights, according to the Australian Competition and Consumer Commission, including the provision of spare parts and repairs for a reasonable time after purchase. More than two in every five new cars sold in Australia will be made in China within a decade in one of the biggest shake-ups in the automotive industry in years. The move, fuelled by motorists switching to low-emission vehicles, is expected to challenge the dominance of car brands manufactured in Japan and Thailand. But automotive dealers have questioned whether the move will be wholly positive for motorists, or whether greater protections will be needed to ensure the availability of vehicle parts and servicing. The Centre for International Economics released the findings on Tuesday, in an analysis prepared for the Australian Automotive Dealer Association. The report found almost half (43 per cent) of vehicles imported to Australia could be made in China by 2035, dwarfing current leader Japan on 22 per cent, and Thailand with 11 per cent of the market. Japan-made vehicles represented 30 per cent of new cars sold in Australia this year, while Chinese vehicles made up 16 per cent, according to the Federal Chamber of Automotive Industries. The swap to Chinese vehicles will be driven by consumers' rising demand for hybrid and electric options, the report found, and falling prices offered by Chinese brands. The change was already prevalent in the Australian market, association chief executive James Voortman said, thanks to an influx of Chinese brands and models. "Australia is at an inflection point where we are going to see exponential growth of sales and new brands from China," he said. "This growth comes on top of the change to electric vehicle drive trains." Chinese electric vehicle brands already established in the country include Xpeng, Zeekr, Geely, MG and BYD, which celebrated its 60,000th local sale earlier in July. BYD considered Australia a "key market," president Wang Chuanfu said, as it was well established and highly competitive. "Success here is a signal to the world that BYD vehicles can meet and exceed the expectations of mature markets," he said. But Mr Voortman, who addressed the association's convention in Brisbane on Tuesday, said introducing so many brands to Australia should raise questions about whether consumer guarantees went far enough. "This rate of growth can have unintended implications to consumer protections such as the supply of parts, wait times to service vehicles, and the long-term ability of manufacturers to guarantee their consumer warranties," he said. "We will be talking to government about what consumer protections are adequate and appropriate." Vehicle purchases are covered by consumer guarantee rights, according to the Australian Competition and Consumer Commission, including the provision of spare parts and repairs for a reasonable time after purchase.
Perth Now
22-07-2025
- Automotive
- Perth Now
China set to dominate Aussie vehicle import market
More than two in every five new cars sold in Australia will be made in China within a decade in one of the biggest shake-ups in the automotive industry in years. The move, fuelled by motorists switching to low-emission vehicles, is expected to challenge the dominance of car brands manufactured in Japan and Thailand. But automotive dealers have questioned whether the move will be wholly positive for motorists, or whether greater protections will be needed to ensure the availability of vehicle parts and servicing. The Centre for International Economics released the findings on Tuesday, in an analysis prepared for the Australian Automotive Dealer Association. The report found almost half (43 per cent) of vehicles imported to Australia could be made in China by 2035, dwarfing current leader Japan on 22 per cent, and Thailand with 11 per cent of the market. Japan-made vehicles represented 30 per cent of new cars sold in Australia this year, while Chinese vehicles made up 16 per cent, according to the Federal Chamber of Automotive Industries. The swap to Chinese vehicles will be driven by consumers' rising demand for hybrid and electric options, the report found, and falling prices offered by Chinese brands. The change was already prevalent in the Australian market, association chief executive James Voortman said, thanks to an influx of Chinese brands and models. "Australia is at an inflection point where we are going to see exponential growth of sales and new brands from China," he said. "This growth comes on top of the change to electric vehicle drive trains." Chinese electric vehicle brands already established in the country include Xpeng, Zeekr, Geely, MG and BYD, which celebrated its 60,000th local sale earlier in July. BYD considered Australia a "key market," president Wang Chuanfu said, as it was well established and highly competitive. "Success here is a signal to the world that BYD vehicles can meet and exceed the expectations of mature markets," he said. But Mr Voortman, who addressed the association's convention in Brisbane on Tuesday, said introducing so many brands to Australia should raise questions about whether consumer guarantees went far enough. "This rate of growth can have unintended implications to consumer protections such as the supply of parts, wait times to service vehicles, and the long-term ability of manufacturers to guarantee their consumer warranties," he said. "We will be talking to government about what consumer protections are adequate and appropriate." Vehicle purchases are covered by consumer guarantee rights, according to the Australian Competition and Consumer Commission, including the provision of spare parts and repairs for a reasonable time after purchase.
India.com
18-07-2025
- Automotive
- India.com
Tesla Vs BYD: India new battleground! China's this person to crush Elon Musk's dream? he has been an expert in…
China's BYD (Build Your Dreams) has overtaken Tesla in global electric vehicle (EV) sales, but its presence in India is still limited. Now, with Tesla entering the Indian market, the country has become the latest battle ground for the rivalry between Elon Musk and BYD's founder Wang Chuanfu. According to some media reports China's BYD can outpace Musk on every front. Elon Musk's Tesla VS BYD In recent months, BYD has surpassed Tesla in global EV sales, delivering 380,000 cars worldwide, while selling just 500 units in India last month barely 0.1% of its global sales. Despite its relatively low profile in India, BYD's technology is considered highly advanced internationally. In China, its new models can charge in just 5 minutes and offer a range of over 500 kilometers, which is nearly 50 times faster than popular EVs like the MG ZS EV, according to investor Rahul Mathur. Journey Of BYD Wang Chuanfu, the founder and chairman of BYD, is known for his tireless work ethic and for working 70 hours a week. He commutes by car himself, and lives alongside workers in BYD's factories. Originally a battery manufacturer, Wang founded BYD in 1995, entered the automobile market in 2003, and launched his first EV in 2009. His vision is to make EV charging as quick and easy as refueling a petrol car. The late billionaire Charlie Munger, Vice Chairman of Berkshire Hathaway, once described Wang as a combination of Thomas Edison and Jack Welch. Berkshire invested $230 million in BYD in 2008, which has now grown over 15 times in value. BYD In India In 2022, BYD launched its Atto 3 SUV in India, which is assembled in Chennai. However, as of May 2025, BYD accounted for less than 4% of India's EV market share. Tesla, meanwhile, is preparing a major entry into India, hoping to compensate for its declining global sales by tapping into the fast-growing Indian EV market. But Wang Chuanfu can also block Musk at every turn. The Chinese businessman is preparing to deliver such a blow to Musk's Tesla that it would be hard for it to recover.
