BYD Sells Record Half a Million Plug-In Cars in Blowout Month

Bloomberg11-01

(Bloomberg) -- BYD Co. kicked off the final quarter of the year with record monthly sales, continuing its strong performance in what is typically a peak season for auto purchases in China. Most Read ...

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NY Transit Agency Takes Next Step on Brooklyn-Queens Rail Link. The manufacturer’s global passenger-car sales jumped 66% to a record 500,526 units in October, it said Friday. While BYD reached the half-million milestone earlier than expected, Western manufacturers including Volkswagen AG are struggling in the world’s biggest auto market.Volkswagen, Mercedes-Benz Group AG and Stellantis NV are among legacy automakers struggling in China. The country has been a major profit driver for Western brands that are now witnessing sales of combustion-engine cars shift to domestic electric models. BYD hit the half-a-million mark one month earlier than what Citibank analyst Jeff Chung predicted.BYD is also on track to meet","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"HYDD.SI":"BYD HK SDR 10to1"},"translate_title":"比亚迪在井喷月售出创纪录的50万辆插电式汽车","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HYDD.SI":0.9},"content_text":"(Bloomberg) -- BYD Co. kicked off the final quarter of the year with record monthly sales, continuing its strong performance in what is typically a peak season for auto purchases in China.\nMost Read from Bloomberg\n\nIs Denver’s Big Bet on E-Bikes Paying Off?\nThe Answer To Making Cities More Family-Friendly? Courtyards\nChicago Mayor Seeks Property Tax Hike, Breaking Campaign Vow\nNY Transit Agency Takes Next Step on Brooklyn-Queens Rail Link\nIstanbul Tries Free Public Transit to Help Job Seekers\n\nThe manufacturer’s global passenger-car sales jumped 66% to a record 500,526 units in October, it said Friday. While BYD reached the half-million milestone earlier than expected, Western manufacturers including Volkswagen AG are struggling in the world’s biggest auto market.\nDemand for BYD’s plug-in hybrids was strongest, reaching 310,912 deliveries, with the remainder fully electric models. Some of the company’s newer hybrids come with upgraded powertrains that allow for more than 2,000 kilometers (1,243 miles) of range.\nVolkswagen, Mercedes-Benz Group AG and Stellantis NV are among legacy automakers struggling in China. The country has been a major profit driver for Western brands that are now witnessing sales of combustion-engine cars shift to domestic electric models. BYD hit the half-a-million mark one month earlier than what Citibank analyst Jeff Chung predicted.\nThe stunning ascent of BYD is stoking fears that China is on the cusp of global auto dominance at the expense of American and European rivals. The European Union earlier this week imposed higher tariffs on EVs from the Asian market, ratcheting up trade tensions.\nIt remains to be seen whether BYD can turn its domestic dominance into meaningful market share gains abroad. Its October overseas sales stalled at around 31,200 — despite a marketing push over the summer in regions like Europe, where it sponsored the European Championship football tournament.\nBYD wasn’t alone in hitting monthly records. Geely Automobile Holdings Ltd. did too, selling 226,686 vehicles in October, up 28% year-on-year. Smaller Chinese carmaker Xpeng Inc. also reached a fresh high with 23,917 deliveries.\nLi Auto Inc., whose Hong Kong-listed stock plunged almost 10% Friday after softer fourth-quarter guidance, sold 51,443 units, still up 27% but shy of a monthly record. Nio Inc. sales slipped month-on-month.\nShenzhen-based BYD notched up another milestone last month when it reported revenue for the third quarter that surpassed Tesla Inc. \nThe carmaker’s revenue soared 24% to 201.1 billion yuan ($28.3 billion) for the three months that ended in September, falling short of estimates but exceeding Tesla’s $25.2 billion in sales for the same period.\nThe last three months of any year are usually the peak purchasing season in China and EV and hybrid vehicle sales are bolstered by expanded national and local subsidies that encourage consumers to trade in older cars.\nBYD is also on track to meet its revised annual sales target of 4 million vehicles, having sold 3.24 million passenger cars through October.\n--With assistance from Philip Glamann.\n(Updates with industry context in second paragraph.)\nMost Read from Bloomberg Businessweek\n\nWhat Everyone Gets Wrong About Luxury Handbags\nTrump’s Immigration Policy Would Make Food Inflation Even Worse\nHow to End the Backlog of Asylum Cases? Take Them Out of the Courts\nPrivate Equity Hipsters Are Coming for Your Favorite Apps\nHow Elon Musk Came to Embrace the ‘Trump Trade’\n\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2480838977"}