Etiqueta: Qin Plus

At the recently opened 2025 Japan Mobility Show, BYD made its debut with a new electric K-Car model designed specifically for the Japanese market, further deepening its penetration into the heart of Japan's automotive sector.

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.

The consecutive quarterly profit fall comes amid intensifying competition at home market

China’s BYD has launched the 2026 Qin L DM-i, a plug-in hybrid sedan capable of traveling up to 1,335 miles on a single tank and charge.

BYD launches 2026 Qin L DM-i with 128 km EV range, upgraded interior, and DiLink100 system.

Buffett's full divestment from BYD aims more at avoiding the "uncertainty in the industry's transformation period" than simply reducing his stake to zero.

BYD has unveiled the 2026 Seal 05 DM-i, offering a total range of up to 1,243 miles and an improved electric-only range of 80 miles.

Automotive Industry Competition Reverting to Its Core

The refreshed BYD Yuan Plus (aka, Atto 3) appeared in recent regulatory filings with China’s Ministry of Industry and Information Technology (MIIT). Overall, the styling shows only minor tweaks to the exterior. However, there is one seemingly minor visual difference with significant implications, as pointed out by qq.com: the charging port has been moved from the front fender, below the A pillar (see below), to the rear fender (see top image).

As reported by CnEVPost, BYD’s overall quarterly sales were down 1.82% YoY with passenger vehicles down 2.1%, while commercial vehicles were up 52.61%. While PHEV sales were down 23.72%, BEV sales were up 31.37%. While the Chinese market declined, overseas sales were up 146.42%. Looking deeper, the BYD brand saw the bulk of the decline, while premium brand Fang Cheng Bao stands out, with sales up 344.87% in September, driven by the Ti3 BEV and recently launched Ti7 PHEV, which have tended to be supply-constrained.However, this is BYD’s first YoY drop in sales since 2020. In a quarter when several other automakers saw increases. What’s happening?