Etiqueta: Industry

BYD faces backlash for aggressive discounts in domestic EV market as Chinese officials warn of damage to supply chains and reputation.

BYD Co. shares continued their plunge despite monthly sales climbing to the highest this year as the steep discounts the industry uses to entice buyers draws scrutiny from Beijing.

BYD sold more cars in May than any other month this year, racking up 382,476 vehicle sales after cutting prices by as much as 34% in the final days of the month, according to a company statement Sunday. Out of the total, 376,930 were passenger vehicles. 204,369 were fully electric, while 172,561 were plug-in hybrids […]

The Chinese automaking giant sold 382,476 vehicles last month, according to a statement Sunday. Of those, passenger cars were 376,930.

China’s automobile industry association warned against “vicious competition,” days after BYD Co.’s price cuts fueled market concerns of a discount war that would further weigh on profits of electric carmakers.

A top industry group had a stern rebuke Saturday for automakers fuelling a "price war", a week after Chinese EV giant BYD announced sweeping trade-in discounts, with multiple competitors following suit.Days later, Stellantis-backed Chinese EV startup Leapmotor announced similar discounts on two "entry-level" models through June 8.

Toyota's partnership with BYD on the China-exclusive bZ5 electric crossover demonstrates Toyota's strategic effort to understand BYD's cost-effective EV production, offering a competitively priced vehicle that could potentially succeed in the US.

Siemens EDA, Cadence, and Synopsys have received notices from the U.S. Commerce Department about new export controls on chip design software to China.

BEIJING (Reuters) - Tensions between two of China's largest automakers erupted into the open on Friday when a BYD executive slammed as alarmist comments by the chief of Great Wall Motor that called the industry "unhealthy". Shares in Chinese automakers such as BYD, Nio and XPeng tumbled this week after the chairman of Great Wall Motor, Wei Jianjun, worried openly about China's deepening price war

China said it would cooperate further with other countries over its rare earth export controls as shortages put auto and semiconductor makers in Europe and India at risk of closure.