BYD rolls on
BYD has been highly successful, especially in China, but it is increasingly looking outwards for export growth. A pivotal moment early on was when the company decided to drop ICE-only models and go all-electrified. It was ahead of the curve and is now getting the benefit of a filled out electrified product range – especially in China where its price points work very well.
In China, half of September’s top ten models wore a BYD badge, these being Qin Plus, Song Plus, Seagull, Yuan Plus and Dolphin.
We have just published a product-based feature that looks at current model cycles and considers what’s coming next. The dream rolls on…
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GlobalData latest China market analysis: China’s vehicle market continues to surprise on the upside
Toyota hybrids boost
Toyota more than doubled its Q2FY profit and has raised its full-year outlook. The company’s positive financial results were underpinned by a weaker yen and the impact of higher sales. Sales of hybrids jumped 41% to 888,000 vehicles in the quarter to the end of September.
But Toyota knows it risked falling behind on BEVs. The company has announced plans to invest an additional US$8bn in the electric vehicle (EV) battery plant it is currently building in Liberty in the US state of North Carolina. The investment boost comes as the Japanese automaker steps up its transition to zero emission vehicles in North America. The new sum is in addition to the increased investment the company announced in June of this year.
EV price war hits Ford bottom line
Financial results were a tougher sell at Ford. Ford said that its EV business unit (‘model e’) posted a third quarter loss in earnings before interest and taxes (EBIT) of $1.33 billion, compared with an EBIT loss of $1.08 billion in the second quarter.
Floods in Slovenia drag VW down
VW Group has reported operating profit in the first nine months down by 7 per cent on last year to 16.2 billion euros. It said that profitability was hit by ‘negative effects from product costs and manufacturing disruptions in the third quarter’. In particular, Q3 was hit by the production disruption of a supplier resulting from the floods in Slovenia.
India market resilience
India’s vehicle market has continued to grow above expectations this year and GlobalData has again raised its forecasts.
Busy week for Jidu
Jidu (a Geely/Baidu JV) appears to be making progress with an AI-based electric robocar. There was also news of a tie-up between Jidu and CATL. The two signed a strategic cooperation agreement to jointly promote the R&D, mass production and application of new energy technology and products for robot cars (or ‘robocars’).
Extremely Fast Charge batteries (XFCs) on a charge
XFC refers to batteries that can be recharged from 10% to 80% in under ten minutes to provide an additional range of 320km. StoreDot claimed that in extensive testing, consecutive extreme fast charging conditions did not degrade its XFC cells: StoreDot claims testing breakthrough for its XFC battery cells. There was also news of a manufacturer of XFCs in China: Greater Bay begins production of first XFC battery for EVs.
Porsche to use CO2-reduced steel
Porsche AG and the Swedish industrial start-up H2 Green Steel have signed an agreement for the supply of CO2-reduced steel. The aim is to further improve the emissions balance of Porsche vehicles by using CO2-reduced steel. From 2026, Porsche will be supplied with CO2-reduced steel from start-up H2 Green Steel.
Currency warning from BorgWarner
Beware shifting currencies. Tier-1 automotive supplier BorgWarner has cut its 2023 sales outlook due to adverse currency movements. In particular, income from its China operations will be dented by a stronger dollar and weaker yen.
Connected AVs opportunity
The UK’s auto industry trade association – the SMMT – says the UK rollout of connected and automated mobility (CAM) technology is poised to deliver annual economic benefit to Britain as high as £66 billion by 2040. Moreover, it says a new report finds the tech could help save 3,900 lives and prevent 60,000 serious accidents – while adding 342,000 additional jobs, with 12,250 directly in automotive manufacturing by 2040.
The strategy employed for the 7 Series’ electric variant is now in play for BMW’s new G60 sedan: pricing for the i5 EV can stretch to more than GBP100,000. Gulp. High Five – is the new BMW i5 worth almost six figures?
And at the other end of the scale…
Signs of genuine second (or is it third?) life
There was news this week of an intriguing partnership between what was SsangYong and BYD. KG Mobility Corporation, formerly known as SsangYong Motor Company, announced it has signed an agreement with China’s BYD Company to co-develop next-generation battery electric vehicles (BEVs) and plug-in hybrid vehicles. The just launched KG Torres EVX does not look at all bad. Interesting partnership for BYD.
There we are, full circle back to BYD.
Have a nice weekend.
Dave Leggett, Editor, Just Auto