Etiqueta: Exceed

BYD announced its 3Q results at the end of October. Revenue was down 3%, while net profit was down 32.6%. Overall, that does not look good compared to their recent growth and fell short of expectations. But it gets more interesting when you get into the details.Not only did R&D expenses go up 31%, but development capital expenditures went up a whopping 519.65% YoY “Mainly due to the increase in in-house R&D investments.” Most of their research and development is still accounted for as expenses (43.75 billion RMB versus 3.15 billion RMB), but that is clearly a significant increase. In combination, R&D was roughly twice net profits, and net profit would have gone up if R&D was flat.Inventory was up 31.83%, due mainly “to the augmentation of automobile business.” In other words, updated product that has not yet been delivered.“Contract liabilities” went up by 40.29% YoY, “mainly due to the increase in advance receipts of the automobile business.” In other words, deposits taken on vehicles that have not yet been delivered. Having obligations to deliver vehicles that have already received deposits is overall a good kind of liability.Non-current assets were up 50.36%, while long-term receivables were up 54.90%, mainly due to increases in leasing. This foreshadows future revenue.The balance sheet overall saw a significant improvement, with assets up 15.14% and shareholder equity (assets minus liabilities) up 32.53%. Construction in progress was up 144.15%, with several global factories being built, as well as the world’s largest R&D center. However, borrowing is up while payables are down, with shifts on the balance sheet likely reflecting shorter payment terms in vendor contracts.

BYD delivered 436,856 passenger vehicles in October 2025, led by Qin and Seal models. The Dynasty and Ocean series dominated sales as usual, while Fangchengbao, Denza, and Yangwang strengthened premium segments.

BYD’s EU sales jumped 272% in September while Tesla’s fell 10.5%. The surge boosts the Chinese lead ahead of global expansion.

The Sealion 06 is replacing the discontinued Song Plus -- the only model in BYD's Ocean series named after a Chinese dynasty.

Nissan Europe will pool its CO₂ emissions with Chinese electric vehicle manufacturer BYD to comply with the European Union’s tougher fleet emission standards

Operator: Good afternoon, and welcome to the Boyd Gaming Third Quarter 2025 Earnings Conference Call. My name is David Strow, Vice President of Corporate Communications for Boyd Gaming.

Build Your Dreams (BYD) has set itself the ambitious target of selling 50,000 cars alone in Germany next year and since their current offerings are unlikely to achieve that, they have come up with a new estate car tailored to European tastes. BYD is the world's biggest EV brand but the Seal 6 DM-i Touring shows that the Chinese manufacturer has not given up on the internal combustion engine either.

Europe's car industry faces an acute demand shock from Chinese overcapacity & US tariffs. Instead of bailouts & regulatory rollbacks, member-states should co-ordinate buy-European EV subsidies & revive internal demand.

Europe’s car industry faces a perfect storm. Chinese car exports are surging, European producers are being squeezed out of global markets, US tariffs are rising, and domestic demand remains 20% below pre-pandemic levels. Instead of sliding into a costly muddle of regulatory rollbacks, bailouts, and fragmented national subsidies, the EU should harness its single market - 450 million consumers and a vast corporate sector - to drive demand for Europe-made vehicles. That means co-ordinating consumer subsidies with a buy-European clause, applying it to both private and corporate fleets, and using it as a platform for reciprocal EV-subsidy agreements with trusted trade partners. A window for action is open: Germany, France, Italy, and Spain all need to renew their EV-support schemes in the coming months. Together, they represent 70% of EU car registrations—and could launch broader European coordination.

Automotive Industry Competition Reverting to Its Core