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Tesla China rival BYD sees profits and sales fall
- hunglee2 2y agoD grade level reporting from BBC. There is no 'slowing demand for electric vehicles (EV)' - what is causing profits to fall for individual firms is intense price competition between them as they seek to grab market share. There are new market entrants appearing almost daily in the China market - Xiaomi sold 100,000 EV's within 48 hours of entering the EV market, VW just announced a whole new range of EV's to enter in 2025. This on top of the nearly 400+ models to choose from already. The only thing this piece gets right is higher profit margins available to Chinese EV manufacturers in the export market - BYD mark up the pricing for their vehicles by nearly 50% for the European market - mainly because of the lack of competition, lack of consumer choice, in those markets.
- belter 2y agoThe Five Largest EV Companies in 2023 were BYD, Tesla, Volkswagen, GM and Stellantis, BYD -> BYD’s Q1 EV sales dropped 43% Tesla -> Quarterly deliveries decreased by 20.2% Q1 2024 Volkswagen -> Sold 3.3% fewer all-electric vehicles than a year ago. In Europe, the decline was 24.3%. GM -> GM's U.S. EV Sales Decreased 21% In Q1 2024 Stellantis -> Reported 12% drop in revenue. Weak sales blamed on the introduction of new models. They did not specify the detail on EV demand. Looks like EV demand slowing due to economic issues. The article did not address long term for EVs although that would be nice.