Latest news with #电动车
South China Morning Post
11 hours ago
- Automotive
- South China Morning Post
Xiaomi's EV unit to become profitable this year, CEO Lei Jun says
Chinese smartphone maker Xiaomi will start making money from its electric-vehicle (EV) venture by the end of this year, according to its founder and CEO Lei Jun, less than two years after rolling its first units off the assembly line, as demand surpassed expectations. Advertisement Losses have narrowed, and the unit could become profitable by the third or fourth quarter, local media The Paper reported on Tuesday, quoting Lei during a presentation in Beijing. Xiaomi was confident about its sales following the introduction of its second EV model last month, it reported. A Xiaomi spokesperson confirmed the CEO's comments and declined to elaborate. Sales of EVs amounted to 18.1 billion yuan (US$2.5 billion) in the first quarter versus 18.4 million in the same quarter in 2024, Xiaomi said in a stock exchange filing on May 27. Its gross profit of 4.3 billion yuan was less than its operating expenses of 4.8 billion yuan, resulting in a loss of about 500 million yuan, it added. 01:18 Chinese President Xi Jinping holds rare meeting with China's top entrepreneurs amid US tech rivalry Chinese President Xi Jinping holds rare meeting with China's top entrepreneurs amid US tech rivalry Xiaomi first announced its EV plan in 2021 and rolled out its first unit, the SU7 sedan, in March 2024 to a strong reception. Its deliveries jumped 8.8 per cent to 75,869 units in the first quarter from the preceding three months, bringing the total sales to 258,000 units since inception.
Bloomberg
5 days ago
- Automotive
- Bloomberg
Chinese EVs Grab Biggest Market Share in Europe in Nine Months
Chinese automakers captured the biggest share of Europe's electric-vehicle market in nine months, regaining ground lost after the European Union imposed tariffs last year. Manufacturers led by by BYD Co. grabbed 8.9% of the region's EV market in April, the most since July, according to researcher Dataforce. Chinese hybrid and combustion models also gained traction.
CNA
27-05-2025
- Automotive
- CNA
China's BYD aims to raise the stakes with its intelligent driving technology
Chinese EV makers extended their losses with the industry facing a price war. A confidential meeting between China's commerce ministry and automakers also reportedly took place over the rise in secondhand sales of unused cars. Meanwhile, electric vehicle makers are still trying to outsmart each other in smart driving features. China's BYD is offering an intelligent driving technology, known as 'God's Eye'. The company told CNA's Olivia Siong that it plans to make this technology available overseas soon.
The Independent
27-05-2025
- Automotive
- The Independent
Chinese car makers' shares plummet as price war heats up
Chinese automakers' shares plummeted on Monday following new incentives from industry leader BYD and a stark warning from Great Wall Motors' CEO about the unhealthy state of the global auto industry. BYD Co Ltd's Hong Kong -listed shares closed 8.6 per cent lower, while Geely Auto experienced a steeper decline of 9.5 per cent. Other prominent players like Nio and Leapmotor also saw their shares fall between 3 per cent and 8.5 per cent. The price war raging within the world 's largest car market has intensified, with manufacturers continuing to slash prices and offer premium features, such as smart assisted driving, for free. Over the weekend, Chinese electric vehicle giant BYD announced a new wave of subsidies and incentives across more than 20 models. This brought the starting price of its most affordable offering, the all-electric Seagull hatchback, down to 55,800 yuan ($7,765) for customers trading in their old vehicles. Geely quickly followed suit with similar incentives on Monday, further fueling the ongoing price competition. On Friday, Wei Jianjun, the chairman of Great Wall Motor warned that the Chinese auto industry had its own "Evergrande", referring to the debt-laden developer that became the centre of a liquidity crisis in China 's property sector." Now, Evergrande in the automobile industry already exists, but it has not collapsed," he told Sina Finance in an interview. He did not name any automakers but said some of the "main manufacturers" in China had put too much effort into pursuing market value and raising their stock prices. Wei, one of the Chinese industry's most outspoken company chiefs, said that the Chinese electric vehicle industry was in an unhealthy state given its heavy losses and how a prolonged price war was weighing on the supply chain. Suppliers were struggling to survive, he added, due to an ongoing pressure to lower prices and delayed payments, and accused carmakers of cutting corners on safety and reliability. 'Some products have been reduced from 220,000 yuan to 120,000 yuan in the past few years. What kind of industrial products can be reduced by 100,000 yuan and still have quality assurance? Well this is absolutely impossible," he said, again not naming any companies. Last week, China's state planner warned against excessive competition in some industries, saying that some firms were even selling below cost, disrupting fair competition and warned that it may take corrective action.
Wall Street Journal
26-05-2025
- Automotive
- Wall Street Journal
Chinese Auto Stocks Fall on Fears of Fresh Price War
Chinese auto stocks fell broadly after BYD offered discounts for many of its models, triggering industry concerns about another price war. BYD's Hong Kong-listed shares declined 8.6% on Monday while its Shenzhen-listed shares fell 5.9%. Zhejiang Leapmotor Technology shed 8.45% and Geely dropped 9.5%. Li Auto and NIO were off 3.2% and 3.0%, respectively. BYD, China's biggest automaker, last week unveiled discounts of 10%-34% until June 30 on 22 Dynasty and Ocean models. BYD's Ocean series now starts at 55,800 yuan, equivalent to $7,770, for its Seagull hatchback, down from 69,800 yuan previously, according to a poster shared by Zhang Zhuo, head of sales for BYD's Ocean series, on Chinese social-media platform Weibo on Friday. The Dynasty series now starts at 63,800 yuan for the Qin compact plug-in hybrid sedan, down from 79,800 yuan previously, a poster shared by Lu Tian, head of BYD's Dynasty series, showed. The Seal dual-motor hybrid sedan saw the biggest price cut—34%–taking the starting price to 102,800 yuan. 'Such action triggered further concerns on a new round of price competition coming back,' Nomura auto analyst Joel Ying said. Automakers such as Geely and Leapmotor, which target the mass market and are direct competitors to BYD's discounted models, were the most vulnerable and therefore saw steeper share declines, he added. China's automakers have been known to slash prices in exchange for market share. EV makers engaged in a yearlong price war from 2023 to 2024 amid oversupply and soft consumer sentiment in China. In April 2024 alone, prices were cut or incentives offered on more than 40 EV models, amounting to some of the largest-ever price reductions in China's auto market. Meanwhile, China's stock levels at dealerships rose to 3.5 million cars last month, or 57 inventory days, higher than the same period in the past two years, the China Passenger Car Association's secretary general, Cui Dongshu, said last week. The rise in inventory adds to pressure as May to July is usually a low season for car sales, he added. BYD sold 1.0 million vehicles in the first quarter, up 60% from a year earlier, beating Tesla to remain the world's top EV seller for the quarter. After the price cut last week, Citi analysts noted that footfall at BYD dealerships surged 30%-40% over the weekend compared with the previous weekend. Analysts expect BYD's peers to follow in its footsteps. Changan has already announced a cash discount of 25,000 yuan in addition to a replacement subsidy for its Deepal-S07 model. Though the market worries about declining market share for BYD's peers, Citi's auto team expects EV players with products priced below 200,000 yuan to retain robust sales growth on mild competition. Write to Sherry Qin at
