Smart and Sustainable Electric Mobility
Indian officials raised security concerns about Chinese investment in India during deliberations, according to a report in the local Economic Times.
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If BYD sets up a power battery assembly plant in Hungary, it will give a boost to supplies to Tesla's Berlin factory, local media said.
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Currently in production is the first phase of BYD's Zhengzhou base, with a planned annual capacity of 400,000 vehicles. | BYDDY.US | BYD HK
BYD (OTCMKTS: BYDDY) has officially started production at a new vehicle production site that begins contributing to the capacity of China's largest maker of new energy vehicles (NEVs).
The production site, located in Zhengzhou, Henan province in central China, saw its first production vehicle roll off the line on April 6, according to a report by a local TV station.
The project was signed in September 2021 and took 17 months to complete construction and go into production.
Currently in production is the first phase of the Zhengzhou base, which covers an area of 4,101 mu (2.7 square kilometers) and has a planned annual production capacity of 400,000 vehicles.
The production base will have phase II and phase III projects, and the total production capacity will exceed 1 million units after completion.
The first mass-produced vehicle to roll off the line from BYD's Zhengzhou base is a Song Pro DM-i, which has a guide price range of RMB 140,800 ($20,480) - 165,800 yuan.
Officials from the Henan provincial government, as well as BYD chairman and president Wang Chuanfu, attended the ceremony to mark the start of production at the facility.
The production base is expected to help BYD achieve its goal of selling at least 3 million vehicles this year. Wang has apologized several times over the past two years for the long wait times for BYD vehicles due to a lack of capacity.
BYD aims to sell at least 3 million vehicles this year and will strive to reach 3.6 million, Wang said at an investor conference on March 29.
For the 3.6 million sales target BYD is aiming to reach, 2.8 million in China and 800,000 overseas, Yicai said in a March 30 report citing an insider at the company.
BYD sold 1,868,543 vehicles in 2022, including 1,863,494 NEVs. The company stopped production and sales of vehicles powered entirely by internal combustion engines in March 2022.
If it can reach 3.6 million vehicles in global sales, BYD is expected to be among the top 10 car companies in global auto sales this year.
BYD aims to become China's No. 1 automaker by the end of this year, Wang said at the investor conference.
BYD sold 207,080 NEVs in March, up 97.45 percent from 104,878 units a year earlier and up 6.93 percent from 193,655 units in February, according to data released by the company earlier this month.
In the first quarter, BYD's NEV sales were 552,076 units, up 92.81 percent from 286,329 units in the same period last year, but down 19.22 percent from 683,440 units in the fourth quarter last year.
($1 = RMB 6.8752)
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BYD 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
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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 Tesla'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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On March 10, BYD held a groundbreaking ceremony for the plant in Thailand, and the delivery ceremony for the 10,000th BYD Atto 3.
BYDDY.US | BYD HK
BYD began construction of its passenger car plant in Thailand, as it reaches a milestone in deliveries there.
On March 10, BYD held a groundbreaking ceremony for the plant in Thailand, as well as a delivery ceremony for the 9,999th and 10,000th BYD Atto 3, according to a press release.
The establishment of a passenger car production base in Thailand is one of BYD's key initiatives to accelerate its expansion into the Asia-Pacific market, said Liu Xueliang, general manager of the company's Asia-Pacific automotive sales division.
The production base project is located at WHA Rayong 36 Industrial Estate and covers an area of nearly 960,000 square meters.
The plant is expected to start production in 2024 with an annual capacity of about 150,000 vehicles.
On September 8, 2022, BYD signed a land purchase agreement with Thai industrial property developer WHA Industrial Development PLC, a subsidiary of the WHA Group, to build a passenger car production plant.
The land agreement follows a set of investment commitments approved by Thailand's Board of Investment in August, including BYD's 17.9 billion baht ($491 million) electric vehicle production project.
On October 10, BYD, together with its local partner Rêver Automotive, launched the Atto 3 in Thailand, with sales of the model officially starting in November.
BYD held a delivery ceremony on March 10 for the 9,999th and 10,000th Atto 3, its first electric SUV based on the e-Platform 3.0 platform offered in Thailand.
Notably, the deliveries appear to be wholesale sales, that is, sales delivered to local dealers.
By the end of January, the Atto 3 had 1,352 registrations in Thailand, accounting for 8 percent of the 16,672 registrations of all pure electric vehicles in the country, according to BYD.
By the end of February, 3,000 BYD Atto 3 units were registered in Thailand, according to the company.
In addition to BYD, another Chinese electric vehicle company, Neta, began construction of a plant in Thailand on March 10, although it is smaller, with an annual capacity of 20,000 units.
BYD F brand to use new powertrain, targeting market with price above RMB 400,000
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