Latest news with #Xingyuan
Yahoo
27-05-2025
- Automotive
- Yahoo
BYD Shares Extend Losses as Price Cuts Throw Spotlight on Sales
(Bloomberg) -- BYD Co. shares extended losses in Hong Kong trading Tuesday — taking their two-day slide to more than 10% — as last week's sweeping price cuts stoked concern of another wave of discounting in China's cutthroat electric car market. NY Private School Pleads for Donors to Stay Open After Declaring Bankruptcy UAE's AI University Aims to Become Stanford of the Gulf NYC's War on Trash Gets a Glam Squad Pacific Coast Highway to Reopen Near Malibu After January Fires The stock fell as much as 4% in morning trading, following Monday's 8.6% drop. The selloff was sparked after the EV giant announced cuts of as much as 34% on 22 electric and plug-in hybrid models in China until the end of June. The move came after the company last month posted its slowest year-on-year growth in vehicle deliveries in more than four years. While April sales rose 21% from a year earlier, that was the smallest monthly gain since August 2020, except for a drop in deliveries in February last year, when the Lunar New Year holiday saw nationwide industry sales contract 22%. Rival Geely Automobile Holdings Ltd.'s compact hatchback Xingyuan last month became the top-selling model in China, overtaking BYD's popular Seagull, according to data from the China Automotive Technology and Research Center. Morgan Stanley analysts said the price competition sparked by BYD is likely to drag on, with ripple effects into the second half of the year. What Bloomberg Intelligence says: BYD's latest price cuts across 22 electric vehicle models highlight its 2025 focus on volume, forcing rivals to deepen discounts or concede sales and market share. China's auto price discounts averaged 15%-16% this year and can potentially increase in 2H, despite government subsidies driving industry growth. - Joanna Chen, autos analyst The steep price cuts have taken some of the gloss off what has so far been a stellar year for BYD. The stock hit a record high last week, it posted its best month of sales in China and outsold Tesla Inc. in Europe for the first time in April, and raised HK$43.5 billion ($5.5 billion) in a Hong Kong share sale in March. Before this week's slide, BYD Hong Kong-traded shares had surged almost 75% this year, and with a market value equal to around $158 billion, is bigger than Ford Motor Co., General Motors Co. and Volkswagen AG combined. On the technology front, it has unveiled a lineup of cars it says can charge in five minutes, and started to make its God's Eye advanced driver-assistance system standard in vehicles priced from 100,000 yuan ($13,900) and include it in several lower-cost models such as the popular Seagull hatchback. Some of the recently discounted models include those equipped with God's Eye. Investors will get more insight into how BYD is tracking when monthly sales for May are released on Sunday. --With assistance from Danny Lee and Chunying Zhang. Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Why Apple Still Hasn't Cracked AI Inside the First Stargate AI Data Center How Coach Handbags Became a Gen Z Status Symbol AI Is Helping Executives Tackle the Dreaded Post-Vacation Inbox ©2025 Bloomberg L.P. 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
Business Times
27-05-2025
- Automotive
- Business Times
BYD shares extend losses as price cuts throw spotlight on sales
[HONG KONG] BYD shares extended losses in Hong Kong trading on Tuesday (May 27) – taking their two-day slide to more than 10 per cent – as last week's sweeping price cuts stoked concern of another wave of discounting in China's cutthroat electric car market. The stock fell as much as 4 per cent in morning trading, following Monday's 8.6 per cent drop. The sell-off was sparked after the electric vehicle giant announced cuts of as much as 34 per cent on 22 electric and plug-in hybrid models in China until the end of June. The move came after the company last month posted its slowest year-on-year growth in vehicle deliveries in more than four years. While April sales rose 21 per cent from a year earlier, that was the smallest monthly gain since August 2020, except for a drop in deliveries in February last year, when the Chinese New Year holiday saw nationwide industry sales contract 22 per cent. Rival Geely Automobile Holdings's compact hatchback Xingyuan last month became the top-selling model in China, overtaking BYD's popular Seagull, according to data from the China Automotive Technology and Research Center. Morgan Stanley analysts said the price competition sparked by BYD is likely to drag on, with ripple effects into the second half of the year. The steep price cuts have taken some of the gloss off what has so far been a stellar year for BYD. The stock hit a record high last week, it posted its best month of sales in China and outsold Tesla in Europe for the first time in April, and raised HK$43.5 billion (S$5.5 billion) in a Hong Kong share sale in March. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Before this week's slide, BYD Hong Kong-traded shares had surged almost 75 per cent this year, and with a market value equal to around US$158 billion, is bigger than Ford Motor, General Motors and Volkswagen combined. On the technology front, it has unveiled a lineup of cars it says can charge in five minutes, and started to make its God's Eye advanced driver-assistance system standard in vehicles priced from 100,000 yuan (S$13,900) and include it in several lower-cost models such as the popular Seagull hatchback. Some of the recently discounted models include those equipped with God's Eye. Investors will get more insight into how BYD is tracking when monthly sales for May are released on Sunday. BLOOMBERG
Mint
27-05-2025
- Automotive
- Mint
BYD Shares Extend Losses as Price Cuts Throw Spotlight on Sales
(Bloomberg) -- BYD Co. shares extended losses in Hong Kong trading Tuesday — taking their two-day slide to more than 10% — as last week's sweeping price cuts stoked concern of another wave of discounting in China's cutthroat electric car market. The stock fell as much as 4% in morning trading, following Monday's 8.6% drop. The selloff was sparked after the EV giant announced cuts of as much as 34% on 22 electric and plug-in hybrid models in China until the end of June. The move came after the company last month posted its slowest year-on-year growth in vehicle deliveries in more than four years. While April sales rose 21% from a year earlier, that was the smallest monthly gain since August 2020, except for a drop in deliveries in February last year, when the Lunar New Year holiday saw nationwide industry sales contract 22%. Rival Geely Automobile Holdings Ltd.'s compact hatchback Xingyuan last month became the top-selling model in China, overtaking BYD's popular Seagull, according to data from the China Automotive Technology and Research Center. Morgan Stanley analysts said the price competition sparked by BYD is likely to drag on, with ripple effects into the second half of the year. What Bloomberg Intelligence says: BYD's latest price cuts across 22 electric vehicle models highlight its 2025 focus on volume, forcing rivals to deepen discounts or concede sales and market share. China's auto price discounts averaged 15%-16% this year and can potentially increase in 2H, despite government subsidies driving industry growth. - Joanna Chen, autos analyst The steep price cuts have taken some of the gloss off what has so far been a stellar year for BYD. The stock hit a record high last week, it posted its best month of sales in China and outsold Tesla Inc. in Europe for the first time in April, and raised HK$43.5 billion ($5.5 billion) in a Hong Kong share sale in March. Before this week's slide, BYD Hong Kong-traded shares had surged almost 75% this year, and with a market value equal to around $158 billion, is bigger than Ford Motor Co., General Motors Co. and Volkswagen AG combined. On the technology front, it has unveiled a lineup of cars it says can charge in five minutes, and started to make its God's Eye advanced driver-assistance system standard in vehicles priced from 100,000 yuan ($13,900) and include it in several lower-cost models such as the popular Seagull hatchback. Some of the recently discounted models include those equipped with God's Eye. Investors will get more insight into how BYD is tracking when monthly sales for May are released on Sunday. --With assistance from Danny Lee and Chunying Zhang. More stories like this are available on
The Sun
19-05-2025
- Automotive
- The Sun
Geely marks 200,000th unit of Xingyuan EV
GEELY has achieved a major production milestone with the 200,000th unit of its budget-friendly electric vehicle, the Geome Xingyuan, rolling off the assembly line. This compact city EV has established itself as a serious contender in China's entry-level electric vehicle market, where it directly rivals BYD's high-volume Seagull. With a starting price of 68,800 yuan (approximately RM45,000), the Xingyuan offers customers a competitive range of features for its segment. Two powertrain options are available: a 58 kW variant capable of a 310km range under the China Light-Duty Vehicle Test Cycle (CLTC), and a more powerful 85 kW version that extends the range to 410km. These choices provide buyers with greater flexibility compared to many other vehicles in the same class. The Xingyuan features Geely's distinctive rounded front design and a hatchback rear profile. Measuring 4,135 mm in length, 1,805 mm in width, and 1,570 mm in height, with a wheelbase of 2,650 mm, it offers a relatively spacious interior, especially in the rear, giving it a practical edge over similarly sized competitors such as the Seagull or the BYD Dolphin here. The model is available in a range of colour options, including standout shades like pink and blue, and includes semi-concealed door handles for a cleaner exterior look. Inside, the Xingyuan is equipped with an 8.8-inch digital instrument cluster as standard, while a 14.6-inch central touchscreen powered by Flyme Auto OS is available as an upgrade. Additional technology includes a 540-degree surround camera system, heated seats, wireless phone charging, and an external pedestrian alert sound system. The car also supports multiple drive modes tailored for various driving environments, including outdoor conditions. Both versions utilise lithium iron phosphate batteries supplied by CATL, with fast-charging capabilities that allow the battery to be replenished from 30 to 80 percent in approximately 21 minutes. Performance-wise, the 85 kW model can accelerate from 0 to 50 km/h in just 3.9 seconds, positioning it among the quicker options in the entry-level segment while maintaining a longer driving range than many competitors. The milestone of 200,000 units produced demonstrates the Xingyuan's rising prominence in the domestic EV sector. Its blend of affordability, practical range, and advanced features has made it an attractive proposition for buyers looking beyond the usual low-cost electric offerings. In Malaysia, the model was recently introduced by Proton as the 5, joining the line-up as the more compact sibling to the forthcoming 7. With its competitive specifications and proven market performance in China, the 5 is expected to contribute significantly to Proton's growing ambitions in the electric vehicle space.
Business Times
15-05-2025
- Automotive
- Business Times
Geely appoints Zeekr head as new group CEO in shakeup
[HONG KONG] Billionaire Li Shufu is shaking up his sprawling Geely auto empire, lining up a new chief executive weeks after a shock move to take its US-listed premium electric car brand Zeekr private. Andy An, Zeekr's CEO, will also head parent Zhejiang Geely Holding Group after the subsidiary's privatisation by Geely Automobile Holdings is complete, said current CEO Daniel Li on an earnings call on Thursday (May 15). Zeekr's privatisation at a valuation of US$6.4 billion was announced earlier this month just a year after it started trading in New York and was seen as an escalation of Li's drive to streamline his business empire. The group, which also includes stakes in Volvo Car, iconic UK sportscar brand Lotus, and the maker of London's ubiquitous black taxis, is coming under pressure from intense competition in China's car market. 'Why this fast? Time waits for no one. Given the conditions of China's auto market, for Geely Auto, there is no room for error in the market,' Gui Shengyue, a senior executive with Geely Auto, said during the call on Thursday. 'So we must quickly resolve problems and through a merger, quickly lift the competitiveness of our company.' Daniel Li will become executive vice chairman of Geely Holding Group after the merger and will play an important role in the group's capital operations and collaborations, Li said. The leadership reshuffle was announced shortly after Geely Auto reported net income that more than tripled to 5.67 billion yuan (S$786 million) in the three months ended Mar 31, from 1.56 billion yuan a year earlier. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up That was broadly in line with guidance the company provided last month following a change in its accounting policy. Revenue rose 25 per cent to 72.5 billion yuan. Separately, Zeekr on Thursday reported a first-quarter net loss of 718 million yuan, narrowing 64 per cent from last year. Total revenue was largely flat, increasing just 1.1 per cent to 22 billion yuan. Zeekr merged with the Lynk & Co connected car brand earlier this year, and the period was the first quarter with the full integration of the two marques, Zeekr CEO Andy An said. 'The two brands' initial technological consolidation has already boosted profitability through optimised R&D and shared platforms,' An said. Geely recorded net current liabilities of 11.3 billion yuan, but said that after a comprehensive assessment, this has no significant impact on its ability to continue, because the business continues to generate stable cash flows, has good relationships with financial institutions and is carrying out plans to improve liquidity, it said. Geely continues to enjoy strong growth in China, with deliveries rising 48 per cent in the first three months of this year. Popular models such as the electric Xingyuan hatchback and Xingyue L sport utility vehicle are among the best-selling vehicles in the world's largest auto market. But like other Chinese automakers, Geely is facing stiff trade headwinds. The European Union's tariffs on Chinese electric vehicles and the increase in taxes on car imports and weak consumer sentiment in Russia – where Geely is a top seller, are impacting exports. Overseas deliveries grew just small 2 per cent in the first quarter, compared with a 66 per cent surge in a year earlier, according to a separate company filing in April. BLOOMBERG
