It's been a wild ride for electric vehicle (EV) stocks over the past few years as rising inflation and parts shortages pushed vehicle prices higher (leaving some buyers on the sidelines) and caused production hiccups for many companies.
China's top electric vehicle producer BYD is set to show further market share gains when November vehicle sales data is released on Monday, putting it on course to exceed its annual goal and overtake Ford and Honda in global sales.
BYD just smashed its annual delivery target a month ahead of schedule. The automaker has thrown down a gauntlet for Tesla, which faces a battle to beat 2023's record sales.
Joseph McCabe, president and CEO of AutoForecast Solutions, discusses the future of the global automotive industry and why Chinese automaker BYD is "the juggernaut in our story" even though Elon Musk's Tesla is earning more.
Automakers like BYD, Leapmotor and Xiaomi have surpassed their annual delivery targets a month early as the year draws to a close. Zeekr, Xpeng and BYD had record monthly deliveries in November.
Here is how Byd Co., Ltd. (BYDDY) and General Motors (GM) have performed compared to their sector so far this year.
Thailand's consumer watchdog has cleared Chinese EV maker BYD , of wrongdoing over its discount practices that have prompted complaints from BYD owners and a subsequent probe by the agency, two sources familiar with the matter said.
Chinese electric vehicle manufacturer BYD Co (HKG:1211, LSE:0HKY, OTCQX:BYDDY) has reportedly asked dozens of its suppliers for price reductions, according to the state-owned media outlet Yicai. The requests primarily target suppliers of electric control units and sensors, though Yicai suggests BYD Co (HKG:1211, LSE:0HKY, OTCQX:BYDDY)uld expand these demands to other categories among its more than 8,000 suppliers.
Chinese electric vehicle maker BYD , has requested price cuts from dozens of its suppliers, state-owned news outlet Yicai reported on Friday citing unidentified sources.
BYD remains a strong buy due to its record sales, international expansion, and robust gross margins despite recent supplier cost concerns. Recent reports (and leaked emails) revealed that BYD is seeking a cost concession of 10%. This has caused concerns about potential profitability challenges. The EV market's shift towards lower-cost models is driving BYD to seek supply chain efficiencies, but its profitability remains solid. BYD leads the EV market segment in terms of margins.
A leaked letter signaled BYD Co. asked suppliers to accept price cuts next year in a signal the Chinese electric vehicle maker is preparing for the price war to intensify. Speaking on "Bloomberg Open Interest," David Welch also reports on what President-elect Donald Trump's tariffs could mean for the auto industry.
Prices wars have many casualties, including suppliers who get squeezed by customers looking to save money.