Etiqueta: EV

China successfully subsidized a massive expansion of its auto industry; now it has more cars than customers.

Second-quarter profits drop 30 per cent for the world’s largest EV maker, despite 145 per cent year-on-year rise in overseas deliveries.

The Chinese auto giant’s results come amid concerns the company won’t meet its sales target for the year.

Chinese carmaker’s revenues also affected by Beijing’s campaign against discounting which has cooled EV price war

BEIJING (Reuters) -Chinese electric vehicle maker BYD's quarterly profit fell for the first time in more than three years, as its expansion hit a speed bump amid a government campaign against price wars. Net profit at the world's biggest EV producer totalled 6.4 billion yuan ($894.74 million) in the second quarter, it reported on Friday, down 29.9% from a year earlier, after rising 100.4% in the first quarter. The biggest Chinese rival to Tesla has faced challenges in recent months as Chinese authorities have called for a halt to a bruising price war in China that has pressured profit margins across the entire industry.

Year-to-date, 1,011,903 new battery-electric cars were registered, capturing 15.6% of the EU market share,  an increase from the low baseline of 12.5% in July 2024.

BYD has reduced the price of its Qin L EV by RMB 10,000 ($1,400) and introduced a new variant equipped with the DiSus-C body control system.