Latest news with #WangChuanfu
Forbes
26-05-2025
- Automotive
- Forbes
China's Wang Chuanfu Loses $1.8 Billion As Investors Fear EV Price War
A launch event for BYD's Dolphin Surf electric vehicle in Paris on May 21. Such low-priced models have led investors to fear a deeper price war in the industry. The Dolphin Surf will retail for €22,990 ($26,100). Wang Chuanfu, the billionaire cofounder of Chinese electric vehicle giant BYD, saw his wealth drop by $1.8 billion in a single day after investors were spooked by the company's decision to offer as much as a 34% discount on its already cheaply priced entry-level models. Wang, the company's 59-year-old chairman and CEO, still has a fortune of $28.3 billion largely based on a BYD stake, according to Forbes estimates. But the company's dual-listed shares plunged as much as 9.2% in Hong Kong and 6.2% in Shenzhen on Monday. Investors are reacting to the company's Friday announcement of new discounts. In posts made on its website and Chinese social media, the EV behemoth said it would cut the prices of 22 pure electric and plug-in hybrid models until the end of June. The Seal 07 DM-i, a hybrid sedan with assisted driving features, is the model with the steepest discount. Its price was slashed by 53,000 yuan ($7,400), or 34%, to 102,800 yuan. The Song Plus EV now sells for 117,800 yuan, down more than 20% after price cuts. Although this isn't the first time BYD has used discounts to sell cars, its latest cuts have triggered fears of a deeper price war in China, analysts say. Since BYD's shares soared over 60% in Hong Kong this year, investors chose to take profit now to evade any impact of the price cuts, Ke Yan, Singapore-based head of research at DZT Research, says by WeChat. The Chinese EV giant wants to use more aggressive discounts to appeal to price-sensitive consumers, Yale Zhang, Shanghai-based managing director of consultancy Automotive Foresight, says by WeChat. In February, it tried to boost deliveries by adding self-driving functions to models priced below $10,000. That strategy may not have met expectations, he says. A recent fatal crash involving a Xiaomi electric vehicle has led to rising concerns over smart driving software in general, Zhang notes. To boost sales in China, BYD's home market, direct price cuts might now be the easiest way, he says. The company's 2025 delivery target is 5.5 million vehicles globally. Analysts say other automakers may have no choice but to follow suit. Amid concerns over more cut-throat competition, shares in auto makers Geely Automobile plunged over 8% in Hong Kong Monday, while shares in Great Wall Motor fell more than 5%.
Yahoo
17-05-2025
- Automotive
- Yahoo
BYD to establish European centre in Hungary with 2,000 jobs
Chinese electric vehicle manufacturer BYD plans to establish a European centre in Hungary, according to CEO and president Wang Chuanfu. The announcement was made at a news conference in Budapest alongside Hungarian Prime Minister Viktor Orban as reported by Reuters. The new centre will create 2,000 jobs and serve as a hub for sales, after-sales services, testing, and localisation of BYD models. BYD's first European plant, an electric bus assembly factory, was established in Komarom, northwest Hungary, in April 2017. The 66,000m2 bus production complex produces bus chassis for the UK and France factories. The plant had produced 700 electric buses as of September 2024. A second factory, dedicated to producing electric vehicles, is currently under construction in Hungary. The construction will be carried out in stages and is anticipated to generate several job opportunities in the region, potentially stimulating the local economy and benefiting nearby suppliers. The factory will feature modern technology and automated production lines. Orban has strengthened Hungary's ties with China since coming to power in 2010, leading to investments from battery and electric vehicle manufacturers. Additionally, BYD's new factory in Brazil, initially expected to commence vehicle production at the start of this year, will now be fully operational by December 2026 due to an investigation into labour abuse. In April, BYD reported a 100.4% year-on-year increase in net profit attributed to shareholders for the first quarter of the 2025 financial year. The net profit reached 9.15bn yuan ($1.3bn), with operating revenue for the period standing at 170.36bn yuan, up from 124.94bn yuan a year earlier. The revenue growth was primarily driven by the expansion of BYD's new energy vehicle business. "BYD to establish European centre in Hungary with 2,000 jobs" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error 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
Reuters
15-05-2025
- Automotive
- Reuters
China's BYD plans to establish European centre in Hungary, CEO says
BUDAPEST, May 15 (Reuters) - Chinese electric vehicle giant BYD ( opens new tab expects to establish a European centre in Hungary, CEO and President Wang Chuanfu said on Thursday at a news conference with Hungarian Prime Minister Viktor Orban in Budapest. Hungary has cultivated deeper economic ties with China and the Chinese group had said in 2023 it would build a new energy vehicle production base in Hungary, creating thousands of jobs.
Indian Express
12-05-2025
- Automotive
- Indian Express
Tesla under threat? 5 Chinese EV brands giving sleepless nights to Elon Musk
Tesla, Elon Musk's electric vehicle company, is going through a rough patch lately. The company which was once seen as a beacon of the EV revolution is now going through a phase marked by increased competition and financial pressures. Tesla, even though it is hailed for its technological prowess, seems to be overshadowed by a slew of Chinese EVs that are making a splash. In the last decade, the EV industry in China has transformed from a budding segment to something that commands global attention. Until last year, China had around 137 electric vehicle brands operating in its market. The EV market here is bolstered by strong government support in terms of subsidies, incentives for R&D, and a push for infrastructure development. Over the years, companies like BYD, Xpeng, and Li Auto have emerged as major players. While initially these companies focussed on delivering affordable EVs, technological advancements in battery technology, AI, and autonomous driving saw companies coming out with ultra-luxurious EVs. Today, Chinese EVs rival Tesla in both tech and scale. They are expanding, and with the kind of amenities and features being offered at competitive prices, Chinese EVs are reshaping the global EV industry. Here is a closer look at the top EV brands in China that are rivalling Elon Musk's Tesla. BYD is one of the top EV makers from China, based out of Shenzhen in Guangdong. The company was founded in 1994 by Wang Chuanfu along with 20 others as a battery manufacturing company. Chuanfu is currently the chairman and CEO of the BYD company. Today, the EV maker is known for its futuristic cars that blend innovation and aesthetics. Earlier this year, it was reported that BYD overtook Tesla in China by the sheer number of vehicles produced in 2023. Tesla's Model Y was the best-selling fully battery-powered car in China for the six months until November in 2024. However, cars from BYD were four of the top 10 cars that were sold during that time. Some of the popular BYD cars are Qin Plus, Seagull, Song Plus NEV, Yuan Plus, Dolphin, etc. BYD's Qin Plus sold about 400 more units than Tesla's Model Y in China in the second half of 2024. The BYD cars that became popular among the masses sport compact design and innovation that cater to conscious consumerism. Nio is a Chinese electric vehicle company based out of Shanghai. Established in 2014, Nio has been largely known for its battery-swapping stations across China. However, it has carved a niche for itself in the semi-autonomous and autonomous vehicle technologies. Onvo is a sub-brand of Nio which was created in 2024 with an aim to target the masses. Last year, Nio introduced its first car under Onvo to challenge Tesla's best-selling Model Y. At the time, the new Onvo L60 was introduced at a starting price of 219,900 yuan ($30,465), cheaper than the Model Y, which came at 249,900 yuan. Nio launched its first EV when Tesla has been struggling with falling sales in the face of intense competition from Chinese EV brands. During the launch, Nio's chief executive William Li said that the company aimed to rival Tesla's Model Y and RAV4 by Toyota. Zeekr is yet another prominent automobile company in China which was founded in March 2021 as a premium electric mobility brand. The company's first car, Zeekr 001, was unveiled in April 2021 at Auto Shanghai and was based on the SEA platform, which stands for Sustainable Experience Architecture Platform. The car stood out with its shooting brake design that was similar to the Porsche Panamera. In April this year, the company introduced its latest Zeekr 7X to rival Model Y from Tesla. The new car is also based on the SEA platform and uses the rear quarter window that gives it an impression of a coupe even though it sports a standard SUV shape. The car unveiled at the Chengdu Auto Show competes with the Tesla Model Y and XPeng G6. The Zeekr 7X flaunts a futuristic infotainment setup powered by the Qualcomm Snapdragon 8295 automotive chip along with plush interiors and unmatched luxury. This Beijing-based EV manufacturer is widely known for its electric vehicles that come equipped with range-extender petrol engines. While the company has its headquarters in Beijing, all its cars are designed, engineered and manufactured in Changzhou in Jiangsu, China. The company was founded by Li Xiang in 2015 and aims to 'create a mobile home, create happiness.' In 2019, the company introduced its first car, Li ONE, an extended-range electric vehicle (EREV) aimed at catering to family needs with seating arrangements and trunk capacity. Largely, the brand is known for its focus on family-orientated vehicles. Some of the popular cars by Li Auto are Li L9, Li L8, Li 7, and Li Mega. Cars from the brand sport minimalistic and sleek designs with intuitive features and even autonomous parking. The L9 comes with a dual-motor all-wheel drive system and a spacious interior with three-row seating, and it features advanced driver assistance features. Although founded as an electric vehicle company in 2019, XPENG Motors has evolved as a global AI mobility company. XPENG is renowned for making intelligent electric vehicles with a focus on technology such as advanced driver-assistance systems and in-car infotainment. The most popular cars from the brand are the G9 and G6, which are known to be high-performance SUVs known for their high-quality interiors and use of advanced technologies. With its expanding presence in China, XPeng has emerged as one of the key competitors to Tesla. Last year, the company launched its low-priced EV with self-driving technology. Its Mona M3 EV starts at 119,800 yuan ($16,800), which is nearly half the price of the Tesla Model 3, priced at 231,900 yuan ($32,500). At present, China is offering a wide range of options across different price brackets, indicating the presence of a thriving market with numerous players. Backed by government support and cutting-edge innovations, most of these brands have already made their presence felt in various parts of the world. Even though some of the brands are not selling in the US, a number of them are making inroads into the European markets. Chinese EV makers are expanding their footprint, signalling an imminent threat to the likes of Tesla, Ford, BMW, etc. Bijin Jose, an Assistant Editor at Indian Express Online in New Delhi, is a technology journalist with a portfolio spanning various prestigious publications. Starting as a citizen journalist with The Times of India in 2013, he transitioned through roles at India Today Digital and The Economic Times, before finding his niche at The Indian Express. With a BA in English from Maharaja Sayajirao University, Vadodara, and an MA in English Literature, Bijin's expertise extends from crime reporting to cultural features. With a keen interest in closely covering developments in artificial intelligence, Bijin provides nuanced perspectives on its implications for society and beyond. ... Read More
Yahoo
07-05-2025
- Automotive
- Yahoo
Chinese carmaker BYD unveils 5-minute EV charging
SHANGHAI, China (WTVO) — Chinese carmaker BYD has unveiled new technology that allows electric vehicles to charge to full in about 5 minutes, or the time it takes to fill a gas car. BYD's Super e-Platform reaches charging speeds of 1,000 kilowatts at 1,000 volts, twice as powerful as the fastest chargers available in the United States. At the Shanghai Auto Show, the company claimed its electric sedans, the Han L and the Tang L SUV, can gain 250 miles of range in as little as 5 minutes. By comparison, a Tesla can add 167 miles of range in 15 minutes at a 350 kW Supercharger. 'We have been pursuing a goal to make the charging time of electric vehicles as short as the refuelling time of petrol vehicles,' BYD founder Wang Chuanfu said. BYD's Super e-Platform produces vehicles built on a 1,000-volt architecture, higher than current high-end EVs that run on 800 volts. Engineers were tasked with solving 'multi-physics challenges' in vehicle design to accommodate the power. To manage heat, BYD created an 'all liquid-cooled megawatt flash charging thermal system' for thermal management while the vehicle is charging, to protect the battery. The Han L utilizes an 83.2 kWh battery pack, while the Tang L harnesses a 100 kWh pack, made of lithium-iron-phosphate (LFP) cells. LFP is said to offer better longevity than the more common nickel manganese cobalt (NMC) batteries used in the West. To accomplish fast charging, BYD created Megawatt charging stations with a maximum output of 1,360 kW. The company said 4,000 of the chargers will be rolled out in China first, before appearing in global markets. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. For the latest news, weather, sports, and streaming video, head to MyStateline | WTVO News, Weather and Sports.
