Page 35 - Byd News Today

Mainland Chinese EV builders’ 2024 has got off to a bumpy start, after car deliveries dropped sharply amid mounting concerns about a slowing economy and job losses.

SINGAPORE -- Rising Chinese electric vehicle maker BYD plans to roughly double its sales outlets in Singapore and the Philippines together as it pursu

China overtook Japan as the worlds biggest vehicle exporter last year, shipping 4.91 million vehicles compared to Japans 4.42 million. Chinas customs bureau reported an even higher number of 5.22 million, a 57 percent year-on-year rise. Japanese automakers, including Toyota, also produce vehicles in other countries. Chinas auto sector has seen significant growth due to investments in electric cars, while Japanese companies have focused on hybrids.

BEIJING: Chinese electric vehicle giant BYD, the world leader in the sector, said its net profits soared in 2023 and expects the final figure to hit a new record, according to preliminary results released on Monday.

The Chinese auto sector has boomed in recent years largely because of massive investments in electric cars, while Japanese firms have been more cautious.

It’s a gamble—but as sales of its EVs soar overseas, it could pay off big time

The ruling essentially nullifies Tesla CEO Elon Musk’s $55.8 billion pay package.

Chinese EV companies’ market capitalisation has underperformed relative to global peers, primarily due to cutthroat competition, even as the industry grapples with overcapacity. Nevertheless, EVs are expected to play a pivotal role in China’s structural economic shift.

Warren Buffett-backed EV maker BYD said profit for 2023 could be as much as 86% higher than in 2022. Investors had expected it to be even higher.

Tesla became the fund’s 11th biggest holding in 2023 as it increased its stake to 0.98 per cent, or about US$7.7 billion. The fund held 0.57 per cent of BYD at the end of last year, up from 0.38 per cent.