DREAM / The Prime Minister resigns and wakes up under the Parisian bridge!

 Kliko këtu për të tjera
Voxpress:

China's leading EV maker could overtake Tesla as Europe's biggest seller

2024-07-03 09:26:25Lifestyle SHKRUAR NGA REDAKSIA VOX

China's leading EV maker could overtake Tesla as Europe's biggest

China's largest carmaker, BYD, reported a record number of new energy vehicles (NEVs) in the second quarter, including pure electric vehicles (EVs) and plug-in hybrid vehicles (PHEVs). Pure EV sales came in at 426,000 units, beating Tesla's forecast sales of 441,019 EVs for the June quarter. This will be the second time that China's best-selling brand has overtaken Tesla to become the biggest seller of electric vehicles globally, having first topped Tesla's EV sales in the last quarter of 2023.

BYD is the largest NEV seller and the second largest battery manufacturer in China. According to the company's report, BYD sold 341,658 NEVs in June, setting a new monthly record and surpassing the previous high of 341,043 in the December 2023 quarter. Pure EV sales rose 13% year-on-year to 145,179, with half-year sales at 726,153, an increase of 18% from the previous year. Notably, the company's PHEV sales also reached a new high of 195,032 units in June, an increase of 58% from last year.

Sales growth was driven largely by aggressive price cuts amid sluggish Chinese demand and competition from other major rivals. In March, BYD launched a new model, the Yuan, known as the Atto 3 in overseas markets, priced at just $16,644, roughly 12% less than the previous version in China. At the same time, Tesla offered $4,800 in incentives for the Model 3 and Model Y in China. However, this price war negatively affected BYD's profitability in the first quarter, with profits down 47% compared to the same quarter in 2023. The Shenzhen-based carmaker recorded its first quarterly revenue decline since inception of the pandemic in 2020.

The carmaker targeted fuel-efficient vehicles and accelerated its push into overseas markets. BYD launched a new round of updated models earlier this year and declared its intention to fight a "battle of liberation" over the next three years. In June, BYD sold 26,995 vehicles in overseas markets, representing an increase of 156.22% from last year, despite a continued decline of 28% from May.

BYD sold 15,644 EVs in Europe last year, accounting for approximately 1.1% of the market share in the region. The company has an ambitious goal to increase its sales of electric vehicles to capture a 5% market share, posing a threat to domestic carmakers such as Volkswagen and Stellantis. To compete, BYD cut prices and sold 12,363 Atto 3 EVs, followed by 1,079 units of the BYD Dolphin and 1,055 units of the Tang in Europe last year. The Chinese firm will face a 17.4% surcharge after the EU announced new tariffs on Chinese imports of electric vehicles. Despite this, BYD anticipates higher profits on certain models in the EU compared to China

BYD's technological advantage lies in its e-Platform 3.0, enabling lightweight and integrated solutions that can reduce costs by up to 20%. The company is also planning to introduce e-Platform 4.0 to further increase efficiency and reduce cost. Additionally, BYD is preparing to launch its most affordable EV model, the Seagull, in Europe next year. In addition, it plans to establish an electric vehicle manufacturing plant in Hungary, focusing on the production of electric cars with assembled battery packs before 2026.

In other regions, BYD launched new models in Japan and Korea, competing with domestic car brands such as Toyota and Hyundai.

In contrast, Tesla may face further challenges to its competition from rivals, including not only Chinese carmakers, but also other global competitors such as Hyundai and Ford. Over the past six years, Tesla has outsold all other industry players combined in the EV market. However, reports suggest Tesla's US market dominance may be waning, with June quarterly reports indicating a possible loss of its majority share, according to Bloomberg.

Since 2023, Tesla has faced growth challenges, with its profit margin shrinking significantly due to lower prices and increased competition. In the first quarter, Tesla reported total revenue of $21.3 billion, down 9% from last year, the biggest year-over-year decline since the third quarter of 2012. Auto revenue fell 13 % year-over-year to $17.38 billion. In response to these performance issues, CEO Elon Musk announced that the company would accelerate mass production of affordable EV models, moving the timeline to the first half of 2025 from the originally planned second half of 2025.


Në përputhje me standarded JTI

Video

SHIKO KANALIN NE YOUTUBE
×