Latest news with #Yangwang
Miami Herald
10 hours ago
- Automotive
- Miami Herald
Tesla's Top Rival BYD Ignites EV Pricing War in China
BYD has reignited China's electric vehicle (EV) price war after lowering the price of 22 all-electric and plug-in hybrid vehicles by up to 34% through the end of June. Subsequently, shares of many Chinese EV makers, including BYD, tumbled. The Seal hybrid sedan saw the most significant price cut in BYD's lineup at 34%, lowering its starting cost to $15,000 or 102,800 yuan. However, BYD's price changes don't impact its luxury inventory, which includes the Denza FangChengBao and Yangwang lines. China's IM Motors, Leapmotor, and Geely's Galaxy have also announced price cuts in response to BYD's move. Other key players, like XPeng, Nio, and Li Auto, haven't yet slashed any price tags. European automakers like Volkswagen, BMW, and Mercedes-Benz will likely see further EV sales declines in China after BYD's bold move, given their reluctance to enter the country's new energy vehicle (NEV) price war. Tesla China registrations have also lagged in Q2. BYD has been considered a leader in China's EV price war with its in-house battery production and ability to get volume discounts from suppliers. The automaker is one of China's three profitable EV makers among the country's 50 or so electric car manufacturers. According to Investor's Business Daily, BYD introduced its latest price cuts in response to rising dealer inventories, causing some to wonder whether China's NEV push is losing steam. Chinese officials have also been investigating the possibility of zero-mileage car sales, where automakers pad their delivery numbers by reporting vehicles as sold that are being distributed to finance companies and used auto dealers, Clean Technica reports. In other words, Chinese automakers might be recording zero-mileage cars as sold when end users haven't purchased them. A slowdown in NEV sales would be a significant concern among Chinese officials regarding the country's economic goals and environmental sustainability. New price cuts from BYD also stem from the automaker's desire to reach 5.5 million sales this year, representing a 1.5 million increase from 2024. BYD's U.S. stocks declined 9.75% on Tuesday after the company's pricing announcement, while XPeng, Nio, and Li Auto's U.S. shares fell 3.8%, 4.1%, and 2.6%, respectively, according to Investor's Business Daily. Close to half of all China's new car sales are all-electric and PHEV, Electrek reports. By comparison, less than 10% of U.S. new vehicle sales are NEVs. Victor Sun, senior equity analyst at Morningstar, said he expects BYD to: "Offset the impact [of its discounts] via larger sales scale and [its] battery cost staying low," according to CNBC. Market reactions to BYD's discounts reflect how investors are nervous about an escalating EV price war in China and increased scrutiny from the country's regulators regarding sales numbers. In April, China's EV discounts reached a record high of 16.8%, and it appears this figure will climb higher in May. BYD, Seres, and Li Auto are the only three Chinese EV makers currently profitable, and an intensifying price war is setting the stage for an industry shakeout where smaller competitors will likely go under or get bought out by competitors. Copyright 2025 The Arena Group, Inc. All Rights Reserved.
Yahoo
27-05-2025
- Automotive
- Yahoo
Should you buy a dip in BYD shares? JPMorgan weighs in
-- In a note Tuesday, JPMorgan analysts assessed the recent 9% drop in BYD (SZ:002594) shares, pointing to concerns about a deepening price war in China's auto market. 'BYD's share price pulled back by near 9% today... which triggers investor concern of worsening pricing environment,' JPMorgan wrote, referencing unanticipated price cuts across BYD's key 'Ocean' and 'Dynasty' model series. The company announced discounts of 15–30% versus MSRP for 21 models, though JPMorgan notes the effective new incentives are closer to 5–15%, given prior discounts. The bank explains that the cuts appear aimed at defending market share amid foreign competition and helping BYD hit its second-quarter delivery target of 1.2 million units. While aggressive pricing may raise concerns about profitability, JPMorgan remains optimistic. 'As long as BYD doesn't exceed its annual [sales and marketing] budget, the company should be able to deliver its full year profitability guidance of a sustained per unit profit of Rmb10k,' the firm said. Their current model already assumes a record 4.3% of revenue allocated to marketing, up from 3.6% in Q1. Looking ahead, JPMorgan believes BYD's strategy to mitigate domestic price pressure, via premium model launches and overseas expansion, should preserve earnings. 'Specially, exports or overseas market is expected to account for ~15% of BYD's total sales volume this year while premium brands (i.e. Yangwang, Denza and Fanchengbao) 8-10%. These two businesses would account for ~23-25% of total sales volume but 40-50% of earnings in our estimate,' they wrote. With strong in-store traffic and resilient demand observed on a May 24 store visit, JPMorgan sees no immediate need to revise earnings forecasts. Related articles Should you buy a dip in BYD shares? JPMorgan weighs in 25% tariff not enough to push Apple to reshore iPhone production - Morgan Stanley Next 300 points likely up for the S&P 500, says JPMorgan 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
Yahoo
19-05-2025
- Automotive
- Yahoo
SunCar Technology Reports First Quarter 2025 Results
NEW YORK, May 19, 2025 /PRNewswire/ -- SunCar Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), an innovative leader in cloud-based, software-focused B2B auto eInsurance and auto services in China, today reported first quarter 2025 financial results for the quarter ended March 31, 2025. First Quarter 2025 Highlights Revenue for first quarter 2025 increased 20% to $102.6 million, compared to $85.6 million in first quarter 2024. BYD: Expanding our multi-year BYD partnership, including expanded cooperation with 50 dealerships in East China to create a differentiated insurance solution Leapmotor: Completed differentiated SAAS insurance solution for Leapmotor dealers Tesla: Extended service platform to include insurance policy benefit features Xiaomi and Zeekr: Launched cloud-based customer service systems CCB: Landed a landmark designated driver contract with China's 2nd largest bank PICC: Signed major Designated Driver contracts across 13 provincial branches The Company has initiated full-year 2025 revenue guidance of $521 million to $539 million, reflecting forecasted revenue growth of 18% to 22%. Management Commentary "We carried strong momentum into the first quarter, building on a record 2024 and benefitting from growing relationships with our EV partners in the insurance segment and multiple Fortune 100 customer wins in auto services" said Zaichang Ye, Chairman and CEO of SunCar. Mr. Ye continued, "We delivered revenue growth of 20% from the first quarter of 2024. SunCar's insurance platform is accelerating its traction within our auto partners as we expand our SAAS product suite to add more features. Our continued investment in AI and product innovation positions us well for sustained growth for the remainder of 2025. Additionally, we are delighted to announce our growing partnership with BYD where we continue to strengthen a multi-year collaboration by providing their dealers with market-leading insurance solutions." BYD Partnership SunCar has partnered with 50 major BYD dealerships in the East China region to provide comprehensive insurance agency services for BYD's premium EV brands: Yangwang, Tengshi, and Fangchengbao. By integrating our dealership platforms, SunCar and BYD provide higher-quality service and one-stop insurance solutions for new vehicle sales. eInsurance Review Partnered with Leapmotor's dealerships to build a SAAS solution that enables dealers to sell auto insurance independently, a new revenue model for dealers Integrated Tesla's service packages into the Xuanbei platform, linking policy benefits directly to auto insurance purchases, creating a seamless, closed-loop customer journey. Launched cloud-based customer service systems for Xiaomi and Zeekr, significantly improving pre-sales conversion and satisfaction while demonstrating the scalability of SunCar's service model. Secured a dealership-model partnership with Zhongyou Putai, expanding SunCar's insurance footprint by adding 20 new stores in the first quarter. Established a strategic collaboration with China Continent Insurance, integrating SunCar's capabilities into their broader industrial ecosystem to drive innovation in customer engagement, risk analytics, and digital enablement. Auto Services Review Closed a landmark agreement with China Construction Bank (CCB) in April 2025. This inaugural project is projected to generate RMB 60 million over the next 18 months and marks the entry of SunCar's Designated Driver service into a top-tier financial institution. Awarded "Designated Driver service" projects with PICC across 13 provincial branches, including Beijing, Shanghai, Zhejiang, and Fujian, marking a significant nationwide expansion under total corporate agreements. Deepened strategic alignment with Ping An across multiple service categories: Providing Ping An Sichuan designated-driver services through a new contract Formed a national partnership with Ping An HQ to deliver airport lounge services across China, supporting high-end policyholders. Secured car care and beauty service contracts with Ping An branches in Beijing, Zhejiang, Xinjiang, and other regions. Won a key service project with CPIC Zhejiang, reinforcing SunCar's reputation for standardized and scalable B2B solutions. Advanced integrated "auto insurance + vehicle services" offerings through deeper collaboration with China Continent Insurance in Zhejiang, Beijing, and Gansu, leveraging new retail channels. First Quarter 2025 Financial Results Revenue increased by 20% to $102.6 million for the three months ended March 31, 2025, compared to $85.6 million for the same period in 2024. Auto eInsurance revenue increased by 37% to $45.9 million, compared to $33.5 million in the prior-year period, driven by a higher volume of insurance policies sold. Technology Services revenue increased by 41% to $10.7 million, up from $7.5 million in the first quarter of 2024. Auto Services revenue rose 3% to $46.0 million, compared to $44.6 million for the same period last year. Operating costs and expenses increased to $105.5 million for the first quarter of 2025, from $90.1 million in the first quarter of 2024. Integrated service costs rose to $48.4 million, from $44.5 million in the prior-year quarter. Promotional service expenses increased to $44.7 million, from $35.4 million in Q1 2024, reflecting continued investments to drive market expansion. Selling expenses rose to $6.1 million, compared to $5.0 million in the prior-year period, primarily due to increased marketing and distribution efforts. General and administrative expenses increased to $5.4 million, from $4.6 million in Q1 2024. Research and development expenses grew to $0.9 million, up from $0.6 million, reflecting continued investment in product development and technology enhancement. Operating loss narrowed to $3.0 million for the first quarter of 2025, compared to a loss of $4.5 million in the prior-year period. Adjusted EBITDA, a non-GAAP metric that excludes certain non-recurring and non-cash items, is helpful in evaluating our operational performance alongside GAAP metrics. Adjusted EBITDA for the first quarter of 2025 was negative $1.3 million, compared to negative $3.1 million in the first quarter of 2024. * Adjusted EBITDA We believe that Adjusted EBITDA, as defined below, is useful in evaluating our operational performance distinct and apart from certain expenses that may not be indicative of our recurring core business operating results and non-operational expenses. Adjusted EBITDA is defined as Net loss adjusted for depreciation and amortization, financial expenses, net, investment income, other non-recurring income, net, income tax benefit, share-based compensation and non-recurring expenses related to capital raises. Net loss Margin is defined as net loss divided by total revenues, and Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by total revenues. The following table reconciles Net loss to Adjusted EBITDA for the three months ended March 31, 2024 and 2025. For the three months ended March31,2024 2025 (In thousands) Net loss$ (4,987)$ (3,647) Depreciation 1,105 1,272 Financial expenses, net 1,170 1,029 Investment income (192) (122) Other non-recurring income, net (337) (134) Income tax benefit (199) (84) Share-based compensation (1) 374 370 Transaction fees (2) - 15 Adjusted EBITDA$ (3,066)$ (1,301) Net loss Margin (5.8) % (3.6) % Adjusted EBITDA Margin (3.6) % (1.3) % (1) Non-cash expense related to compensation costs for equity classified awards by the subsidiary. (2) Includes non-recurring transaction related fees and expenses associated with the Company's capital raises. 2025 Outlook The Company has initiated full year 2025 revenue guidance of $521 million to $539 million, reflecting forecasted revenue growth of 18% to 22%. This growth reflects continued demand across the business as many partnerships are in early stages of development. About SunCar Technology Group Inc. Founded in 2007, SunCar is transforming the customer journey for auto services and auto insurance in China, the largest passenger vehicle market in the world. SunCar develops and operates cloud-based platforms that seamlessly connect drivers with a wide range of auto services and insurance coverage options through a nationwide network of sales partners. As a result, SunCar has established itself as the leader in China in the auto eInsurance market for electric vehicles and the B2B auto services market. The Company's intelligent cloud platform empowers its enterprise customers to access, manage, and optimize their auto eInsurance and auto service offerings. Through SunCar, drivers gain access to a wide variety of high-quality services from tens of thousands of independent providers, all from a single application. For more information, please visit: Forward-Looking Statements This press release contains information about the Company's view of its future expectations, plans, and prospects that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. For a detailed discussion of these risks, please refer to the Company's Annual Report on Form 20-F and other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update or revise these statements, except as required by law. Contact Information:SunCar:Investor Relations: Ms. Hui JiangEmail: IR@ Ms. Li ChenEmail: chenli@ Investor RelationsTom CookManaging DirectorICREmail: SUNCAR TECHNOLOGY GROUP INC[1] CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In U.S. Dollar thousands, except for share and per share data, or otherwise noted) As of December 31, As of March 31,2024 2025ASSETS Current assets Cash$ 26,865$ 39,222 Restricted cash 2,647 2,597 Short-term investments 20,985 21,231 Accounts receivable, net 75,605 83,689 Prepaid expenses and other current assets, net 70,171 80,427 Total current assets 196,273 227,166Non-current assets Long-term investment 274 276 Property, software and equipment, net 27,664 26,548 Deferred tax assets, net 10,453 10,657 Other non-current assets 11,458 11,525 Right-of-use assets 606 509 Total non-current assets 50,455 49,515TOTAL ASSETS$ 246,728$ 276,681LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Short-term loan$ 83,597$ 84,363 Accounts payable 56,812 66,933 Deferred revenue 2,421 3,534 Tax payable 1,361 1,337 Accrued expenses and other current liabilities 5,792 5,320 Amount due to related parties, current 6,238 6,292 Operating lease liability, current 544 427 Total current liabilities 156,765 168,206Non-current liabilities Operating lease liability-non-current 21 17 Amount due to a related party, non-current 22,761 17,897 Warrant liabilities 947 947 Total non-current liabilities 23,729 18,861Total liabilities$ 180,494$ 187,067Commitments and contingencies (Note 17)Shareholders' equity Class A Ordinary shares (par value of US$0.0001 per share; 400,000,000 Class A Ordinary shares authorized as of December 31, 2024 and March 31, 2025, respectively; 51,845,493 and 51,645,493 Class A Ordinary shares issued and outstanding as of December 31, 2024, respectively; 58,988,351 and 55,983,284 Class A Ordinary shares issued and outstanding as of March 31, 2025, respectively)$ 5$ 6 Class B Ordinary shares (par value of US$0.0001 per share; 100,000,000 Class B December 31, 2024 and March 31, 2025, respectively; 46,659,565 and 46,659,565 Class B Ordinary shares issued and outstanding as of December 31,2024 and March 31, 2025, respectively) 5 5 Additional paid in capital 208,701 236,560 Accumulated deficit (195,387) (198,789) Accumulated other comprehensive loss (1,432) (2,966) Total SUNCAR TECHNOLOGY GROUP INC's shareholders' equity 11,892 34,816 Non-controlling interests 54,342 54,798 Total shareholders' equity 66,234 89,614TOTAL LIABILITIES AND SHARESHOLDERS' EQUITY$ 246,728$ 276,681 [1] The financial statements shall be read in connection with the financial statement footnotes that are contained in the Company's interim report for the first quarter ended March 31, 2025 on Form 6-K to be furnished voluntarily by the Companyon or around the date of this release, which form an integral part of the financial statements. SUNCAR TECHNOLOGY GROUP INC UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In U.S. Dollar thousands, except for share and per share data, or otherwise noted)For the three months ended March 31,2024 2025Revenues Auto eInsurance service$ 33,473$ 45,927 Technology service 7,538 10,665 Auto service 44,576 46,003 Total revenues 85,587 102,595Operating cost and expenses Integrated service cost (44,488) (48,422) Promotional service expenses (35,422) (44,725) Selling expenses (4,983) (6,063) General and administrative expenses (4,633) (5,420) Research and development expenses (606) (923) Total operating costs and expenses (90,132) (105,553)Operating loss (4,545) (2,958)Other expenses Financial expenses, net (1,170) (1,029) Investment income 192 122 Other income, net 337 134 Total other expenses, net (641) (773)Loss before income tax expense (5,186) (3,731) Income tax benefit 199 84 Net loss (4,987) (3,647)Less: Net loss attributable to non-controlling interests (1,720) (245) Net loss attributable to the Company's ordinary shareholders (3,267) (3,402)Net loss per ordinary share Basic and diluted$ (0.04)$ (0.03)Weighted average shares outstanding used in calculating basic and diluted loss per share Basic and diluted 89,505,058 102,432,043Other comprehensive loss Foreign currency translation difference (845) (1,203) Total other comprehensive loss (845) (1,203)Total comprehensive loss (5,832) (4,850) Less: total comprehensive (loss) income attributable to non-controlling interest (2,625) 86 Total comprehensive loss attributable to the SUNCAR TECHNOLOGYGROUP INC's shareholders$ (3,207)$ (4,936) SUNCAR TECHNOLOGY GROUP INC UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (In U.S. Dollar thousands, except for share and per share data, or otherwise noted)Class A Ordinary SharesClass B Ordinary SharesTreasury shares Additional paid-in capitalAccumulateddeficitAccumulated othercomprehensivelossTotal Suncar Technology Group Inc's shareholders' equityNon-controllinginterestsTotalshareholders' equity ShareAmountShareAmount ShareAmount Balance as of December 31, 202340,076,493 $ 449,628,565 $ 5(200,000) $ - 144,160 $ (126,724) $ (1,367) $ 16,078 $ 51,912 $ 67,990 Net loss------ -(3,267)-(3,267)(1,720)(4,987) Share-based compensation------ ----374374 Foreign currency translation------ --6060(905)(845) Balance as of March 31, 202440,076,493 $ 449,628,565 $ 5(200,000) $ - 144,160 $ (129,991) $ (1,307) $ 12,871 $ 49,661 $ 62,532 Balance as of December 31, 202451,845,493546,659,5655(200,000)- 208,701(195,387)(1,432)11,89254,34266,234 Net loss------ -(3,402)-(3,402)(245)(3,647) Share-based compensation------ ----370370 Issuance of ordinary shares, net of offering costs 7,142,8581---- 41,630--41,631-41,631 Shares repurchase----(2,805,067)- (13,771)(13,771)(13,771) Foreign currency translation------ --(1,534)(1,534)331(1,203) Balance as of March 31, 202558,988,351 $ 646,659,565 $ 5(3,005,067) $ - 236,560 $ (198,789) $ (2,966) $ 34,816 $ 54,798 $ 89,614 SUNCAR TECHNOLOGY GROUP INC UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In U.S. Dollar thousands, except for share and per share data, or otherwise noted)For the three months ended March 31,2024 2025 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (4,987)$ (3,647) Adjustments to reconcile net loss to net cash used in operating activities: Provision for credit losses 1,291 1,130 Depreciation 1,105 1,272 Amortization of right-of-use assets 200 231 Share-based compensation of subsidiary 374 370 Loss on disposal of property, software and equipment - 3 Deferred income tax benefit (312) (142) Financing expense related to issuance of GEM Warrants 151 149 Changes in operating assets and liabilities: Accounts receivable 115 (8,754) Prepaid expenses and other current assets (27,437) (9,980) Accounts payable 21,823 9,766 Deferred revenue 4,906 1,097 Accrued expenses and other current liabilities (1,385) (504) Tax payable - (33) Operating lease liabilities (217) (157) Amount due to related parties 73 (66) Total net cash used in operating activities (4,300) (9,265) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, software and equipment (168) (17) Proceeds from disposal of property, software and equipment - 1 Purchase of short-term investment (21,059) (122) Proceeds from the redemption of short-term investment 21,362 - Purchase of other non-current assets (4,211) - Total net cash used in investing activities (4,076) (138) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from short-term loan 26,417 29,535 Repayments of short-term loan (27,127) (29,260) Repayments of payables to a related party - (4,998) Shares repurchase - (13,771) Proceeds from issuance of ordinary shares, net of issuance cost - 41,631 Total net cash (used in) provided by financing activities (710) 23,137 Effect of exchange rate changes (464) (1,427) Net change in cash and restricted cash (9,550) 12,307 Cash and restricted cash, beginning of the period $ 33,595$ 29,512 Cash and restricted cash, end of the period $ 24,045$ 41,819 Reconciliation of cash and restricted cash to the unaudited condensed consolidated balance sheets: Cash $ 21,396$ 39,222 Restricted cash $ 2,649$ 2,597 Total cash and restricted cash $ 24,045$ 41,819 Supplemental disclosures of cash flow information: Income tax paid $ 112$ 91 Interest expense paid $ 953$ 869 Supplemental disclosures of non-cash flow information: Obtaining right-of-use assets in exchange for operating lease liabilities$ 63$ 33 Prepaid financing expense related to issuance of GEM Warrants $ 1,291$ 685 View original content: SOURCE SunCar Technology Group Inc. 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
Express Tribune
25-04-2025
- Automotive
- Express Tribune
China dominates global auto stage at Shanghai expo with EVs, robots, and flying cars
Listen to article China has sent a powerful signal to the world at the Shanghai Auto Show — the largest automobile exhibition on the planet — that it's not just keeping pace in the electric vehicle race, it's leading it. As nearly 1,000 global exhibitors gathered this week under the lights of the sprawling Shanghai convention centre, the spotlight firmly remained on Chinese automakers. From humanoid robots to concept flying cars, the message was clear: China's vision of the future is already in motion. BYD, now the world's top EV manufacturer after surpassing Tesla, unveiled a sweeping lineup of innovations, including five new Ocean series models, a luxury SUV from its Yangwang brand, and a futuristic sports car under Denza. With record-breaking sales and consistent revenue growth, BYD is fast cementing its position as a dominant force in global automotive markets. Fellow Chinese brand Xpeng pushed the envelope even further, attracting crowds with a humanoid robot and a prototype flying car. Their display signaled a deeper shift in priorities — from just selling EVs to building a full spectrum of high-tech mobility solutions. While Chinese firms embraced the future, foreign manufacturers sought to defend their ground. Stefan Rosen, head of design at Lynk & Co — a venture between China's Geely and Sweden's Volvo — acknowledged the gap. 'The industry is led through China,' he said, reflecting the growing consensus that innovation in the sector is no longer rooted in Europe or the US. With rising trade tensions and shifting tariffs challenging global supply chains, this year's Shanghai Auto Show wasn't just an exhibition — it was a turning point. And for now, the road ahead appears to lead straight through China.
Daily Tribune
24-04-2025
- Automotive
- Daily Tribune
Auto Shanghai showcases new EV era
The world's largest auto expo opened its doors yesterday in Shanghai, showcasing the new electric world order even as mounting trade barriers risk dampening China's global ambitions. With nearly 1,000 exhibitors present, foreign carmakers are raring to show they can keep pace with the ultra-competitive Chinese firms that dominate the sector's electric frontier. Beijing's historic backing of EV and hybrid development has seen the domestic market flourish, with firms on Wednesday taking the opportunity to demonstrate cutting edge technology and sophisticated design. '(Chinese brands) are really on the forefront of pushing the technology now, and have been for a few years,' said Stefan Rosen, the head of design for Lynk & Co, a joint venture between China's Geely and Volvo. 'So, of course, I know that (foreign firms) are trying to catch up... but I would say still the industry is led through China right now,' he told AFP. Huge crowds gathered at domestic champion BYD's booth as it unveiled five new Ocean series cars, as well as a luxury SUV under its sub-brand Yangwang, and a concept sports car under another, Denza. BYD has enjoyed a giddy few months of surging sales after annual revenue surged in 2024, eclipsing its rival, US titan Tesla -- which is not present at the show. Others exhibiting range from state-owned behemoths, startups such as Nio and Xpeng, tech giants with skin in the game such as Huawei, and consumer electronics-turned-car company Xiaomi. The domestic contest has pushed Chinese companies to develop faster and fostered technological innovation. Xpeng unveiled AI battery technology it said would deliver a 420-kilometre (260-mile) range in just 10 minutes, the latest in a slew of recent fast charging announcements from BYD and battery giant CATL. However, the effect of the crowded market on individual companies can be harsh -- some startups have already gone bust, while brands including SAIC Motor, BYD and Geely are engaged in a brutal price war. 'Not every player here will ultimately survive because the criteria to succeed is much higher than before,' Xpeng's president Brian Gu told AFP on Wednesday.
