Etiqueta: Tesla

BYD is set to end the reign of Tesla's electric vehicle dominance with the release of a brand new model to the European market earlier this month

STORY: BYD's quarterly profit fell for the first time in more than three years.The Chinese electric vehicle giant said Friday net profit reached just under $895 million in the second quarter.That was down close to 30% from a year earlier.BYD's expansion was hit by a government campaign against price wars.Beijing has called for a halt to the practice which has hurt profit margins across the industry.However, revenue was up 14% in the three months to June 30th to $28 billion.The biggest Chinese rival to Tesla has faced challenges in recent months.BYD has set a target to sell 5.5 million cars globally this year, but sold 2.49 million in the first seven months, reaching 45% of its goal.BYD generates nearly 80% of its sales in China.It saw vehicle sales fall in its home market for the third straight month in July, while production slid for the first time in 17 months.The automaker has also slowed production and delayed capacity expansions at factories in China.

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.

It may be easy to dismiss initial numbers in emerging markets as being relatively small in quantity and purchasing power. But those markets are developing as the people within them develop. Establishing brand preference and tying the brand to the economic emergence of these countries has an impact that extends far beyond monthly sales rankings. Electric vehicles are the future, and BYD can make their brand most associated with that future. The opportunity exists to establish long-lasting brand preference that can span generations, if BYD can take advantage of it.

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