Daily Archive: March 21, 2023

BYD reportedly reduces shifts at two EV plants

has asked some workers at its Xi'an plant to work only four days a week and shifts at its Shenzhen plant have been reduced from three shifts a day to two shifts a day, according to a report from Reuters.  |  BYDDY.US | BYD HK

(Image credit: CnEVPost)

BYD (OTCMKTS: BYDDY), China's largest new energy vehicle (NEV) maker, has reduced shifts at two plants, a new report said, as consumer demand for EVs weakens.

BYD has asked some workers at its Xi'an plant, its largest manufacturing hub, to work only four days a week, with the plant running two eight-hour shifts a day, Reuters said in a report today, citing an internal memo and three people familiar with the matter.

BYD also reduced shifts at its Shenzhen plant, which makes the Han sedan, from three shifts a day to two shifts a day, according to the report.

BYD did not give a reason for the reduction in shifts in the memo, the Reuters report said. One of the people said BYD is scaling back production in the face of weak industry-wide demand in China since the beginning of the year, according to the report.

It was not possible to determine how long BYD's shift reductions will last and whether its other three assembly plants in China are being affected by the change in production schedules, the report noted.

BYD has been growing rapidly and taking market share in China. But it has also been slowing production since the beginning of this year, when sales across the industry began to slow and China ended its state subsidy program for NEVs, the report said.

The NEV maker sold 193,655 units in February, up 27.96 percent from 151,341 units in January and up 119.36 percent from 88,283 units a year earlier, data it released on March 1 showed.

After 's sharp price cut in China in early January, several NEV makers followed suit. During the month, traditional fuel car makers began offering significant official discounts, bringing about a widespread price war.

On March 9, BYD also began offering discounts on Song Plus as well as Seal models, as the price war intensifies.

Analysts believe aggressive discounts have created some demand as other automakers have followed Tesla into what has become a price war for market share, but inventories have been rising across the industry, the Reuters report today noted.

At the end of February, China's passenger car inventory stood at 3.41 million units, up 2.4 percent from 3.33 million units in January, according to data released last week by the China Passenger Car Association (CPCA).

China's fuel vehicle market was slower to stabilize in February, leading to higher inventories at manufacturers and dealers at the end of February, the CPCA said.

BYD offers discounts for Song and Seal as China's auto price war intensifies

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EU court rules Mercedes-Benz owes drivers compensation if illegal defeat devices caused damage

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Beijing, Xi’an latest cities to offer subsidies to encourage residents to buy NEVs

Beijing is offering subsidies of up to RMB 10,000 for residents to purchase NEVs, while Xi’an is offering subsidies of up to RMB 6,000 for NEV purchases and RMB 10,000 for the installation of charging piles.

Beijing, Xi'an latest cities to offer subsidies to encourage residents to buy NEVs-CnEVPost

(Image credit: CnEVPost)

After China’s state-level subsidies for the purchase of new energy vehicles (NEVs) expired at the end of last year, a growing number of cities have begun offering separate subsidies this year to support local economic development.

The Chinese capital city of Beijing released details of its policy to encourage local residents to purchase NEVs, following media reports of the city’s plans without any details last month.

Between March 1 and August 31, Beijing residents who transfer or scrap passenger vehicles they have owned for more than a year and buy NEVs can receive a subsidy of up to 10,000 yuan ($1,450), according to a program jointly released today by several government departments in the city.

The move is aimed at boosting Beijing’s car consumption, optimizing the local vehicle mix and encouraging local residents to replace their passenger cars with NEV, the program reads.

The program refers to passenger vehicles as gasoline, diesel, gas, hybrid or battery-powered small and micro vehicles registered in Beijing for more than one year, and NEVs as purely electric small and micro passenger vehicles, including extended-range electric vehicles (EREVs).

This means that residents who previously owned a passenger car in Beijing — whether it was a traditional internal combustion engine vehicle or NEVs — can receive a subsidy if they purchase a pure electric vehicle or an EREV when replacing their old vehicle. If they purchase a plug-in hybrid, on the other hand, they will not be eligible for the subsidy.

If they previously owned NEVs, they can receive a subsidy of RMB 8,000 even if they have held them for less than 1 year.

Local residents who transfer out of other types of passenger vehicles and purchase NEVs can receive a subsidy of RMB 8,000 if the original vehicle has been owned for 1-6 years. If the old vehicle has been held for more than 6 years, then the subsidy amount is RMB 10,000.

It is worth noting that Beijing implemented a similar policy last year.

On June 26, 2022, Beijing launched a program on encouraging vehicle replacement consumption in order to incentivize residents to purchase NEVs when they replace their vehicles.

The city also offered subsidies of up to RMB 10,000 at the time, and the policy was then valid from June 1 to December 31.

On February 28, Beijing Daily reported that the Beijing city government held a consumer season launch ceremony with tens of thousands of merchants participating in areas including automobiles, restaurants, e-commerce and tourism.

In the auto sector, Beijing will continue last year’s car replacement subsidy policy, details of which will be released in due course, the report said.

In addition to Beijing, Xi’an, a city in northwest China’s Shaanxi province, also released its NEV purchase subsidy program today.

Between March 21 and April 30, consumers who buy a NEV produced by a local carmaker in Xi’an will receive a subsidy of up to RMB 6,000 yuan.

Local consumers who install their own charging facilities by December 31 of this year will receive a subsidy of RMB 10,000.

Prior to Beijing and Xi’an, many other cities, including Shanghai and Hefei in Anhui province, released similar policies earlier this year.

($1 = RMB 6.8722)

Shanghai extends $1,500 subsidy to encourage residents to replace cars with EVs

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