Name: SCMP
Telephone: +852-2680-8888

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

sponsorType

authorLocations

authors

paywallTypes

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

factSheets

series

knowledgeQuestion

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

copyrighted

customTimezone

liveContents

Daniel Ren

BYD, the world’s largest electric-vehicle (EV) maker, has launched a new model in India and started construction on a factory in Brazil.
The company’s push into potentially huge overseas markets coincides with a discount war in mainland China, where fiercer competition is seen hurting carmakers’ profitability amid narrowing margins.
The Shenzhen-based carmaker, backed by Warren Buffett’s Berkshire Hathaway, is now taking orders for the Seal, a premium battery-powered sedan with a starting price of 4.1 million rupees (US$49,468) in the South Asian nation, a move to display the company’s technology and quality, it said in a statement.
In Brazil, BYD officially started work on its first plant in South America, according to Reuters on Wednesday.


“We are confident that the BYD Seal, a luxurious sports sedan, will provide our customers in India with a premium and unforgettable driving experience,” Sanjay Gopalakrishnan, senior vice-president of BYD India, said in the statement on Tuesday.
Seal is BYD’s third model in India, following the Atto 3 SUV and the E6 multipurpose vehicle, both of which are priced at more than 3 million rupees.
BYD’s Brazilian plant in the northeastern Bahia state will see an investment outlay of US$620 million. It will have an annual production capacity of 150,000 units and will be operational as early as the end of 2024.
BYD delivered 3.02 million pure electric and plug-in hybrid vehicles to customers at home and abroad in 2023, a year-on-year increase of 62.3 per cent.
Most of its sales were in mainland China, with only 242,765 units, or 8 per cent of the total, exported. But the exports represented a 334 per cent jump over 2022.
China EV war: BYD, Xpeng up the ante as they slash prices to arrest sales slump
Soochow Securities said in a research note on Tuesday that rising exports would drive a 20 per cent year-on-year sales rise for BYD in 2024, which is expected to hit 3.7 million units.
“Foreign markets which lack an electric-car supply chain are the key territories targeted by BYD and its Chinese rivals,” said Gao Shen, an independent analyst in Shanghai. “BYD appears to be very aggressive in going global now that overall demand for EVs at home shows signs of slowing.”
Last year, China surpassed Japan as the world’s largest vehicle exporter, buoyed by its rising design and manufacturing heft.
Overseas shipments, which included buses and lorries, jumped 58 per cent year on year to 4.91 million units, beating Japan’s exports of 4.42 million units.
In China, BYD has spearheaded a new round of price reductions last month, with a clutch of domestic rivals following suit.
BYD aspires to take on Ferrari, Lamborghini with a US$233,000 super EV
On Wednesday, BYD launched the basic version of the revamped Seagull at a price 5.4 per cent lower than the outgoing model at 69,800 yuan. This was preceded by a 11.8 per cent cut in the starting price of the Yuan Plus crossover at 119,800 yuan on Monday.
On February 18, the EV giant launched an updated model of the Qin Plus DM-i plug-in hybrid at a starting price of 79,800 yuan, 20 per cent less than the ­previous edition.
Three carmakers, including a General Motors joint venture, followed suit and priced their bestselling battery-powered models below the 100,000-yuan threshold, escalating a price war that could accelerate the transition to EVs in China.
Cui Dongshu, general ­secretary of the China Passenger Car Association, said last month that most carmakers were likely to continue offering discounts to retain market share, which could reshape the domestic market.
Fitch Ratings warned last November that EV sales growth could slow to 20 per cent in China in 2024, compared with 37 per cent last year, amid economic uncertainties and intensifying competition.


Ford’s manufacturing-restart plans in India underscore market’s potential

West should thank China for kick-starting its economic growth

Alibaba, Nvidia collaborate on advanced autonomous-driving solution, computing services

Malaysia must tread fine line in EV push amid US-China rivalry, trade tensions: minister

Electric & new energy vehicles

China’s BYD launches third EV model in India, starts work on Brazil plant as it revs up overseas expansion

BYD launched the Seal EV in India on Tuesday. Photo: AFP

Nio reports wider loss, forecasts sharp fall in deliveries as price war in China’s EV sector escalates

A Nio experience center in Hefei, Anhui province. Unlike domestic rivals such as BYD and Xpeng, Nio always keeps the prices of its cars unchanged and is not expected to take part in a price war. Photo: Xinhua

China EV price war: BYD and Xpeng up the ante as they offer heavy discounts to arrest sales slump

XPeng has extended a 20,00-yuan discount on its bestselling G6 SUV to stem a decline in sales. Photo: Bloomberg

BYD has cut the prices of some of its bestselling models in China. Photo: Bloomberg

Stellantis-backed Leapmotor cuts C10 SUV price by nearly a fifth as China’s EV war rolls on

Leapmotor has joined the EV price war in China, pricing its C10 SUV at sharply lower prices than originally planned. Photo: Bloomberg

Robotic arms assemble cars at Leapmotor’s factory in Jinhua, Zhejiang province. Photo: China Daily via Reuters

BYD aspires to take on Ferrari, Lamborghini as the world’s largest EV maker goes upmarket with its US$233,000 Yangwang U9 supercar

The Yangwang U9 electric vehicle is BYD’s most expensive model. Photo: Bloomberg

The interior of the BYD Yangwang U9 EV. Photo: Bloomberg

The Yangwang U8 SUV is displayed at the Shanghai motor show in April 2023. Photo: Kyodo

China’s Li Auto delivers electric minivan with fridge and sofa to lure wealthy families from General Motors’ petrol MPV

The Li Mega is a seven-seat  fully-electric minivan developed by Beijing-based Li Auto. Photo: Handout

Robots perform welding on cars at a facility of Li Auto in Changzhou, in east China’s Jiangsu Province, on January 10, 2024. Photo: Xinhua

Business

China Business

Companies

Markets

Money

Economy

Global Economy

The Warren Buffett-backed carmaker has priced the Seal sedan in India from US$49,468 onwards
The Shenzhen-based carmaker has started construction on a US$680 million plant in Brazil’s Bahia state, with operations likely to commence by end-2024


The Warren Buffett-backed carmaker has stepped up its pace of overseas expansion amid an ongoing price war and slowing sales at home.


China’s BYD launches third EV model in India, starts work on Brazil plant as it revs up overseas expansion

The Warren Buffett-backed carmaker has priced the Seal sedan in India from US$49,468 onwards The Shenzhen-based carmaker has started construction on a US$680 million plant in Brazil’s Bahia state, with operations likely to commence by end-2024

The Warren Buffett-backed carmaker has priced the Seal sedan in India from US$49,468 onwards

The Shenzhen-based carmaker has started construction on a US$680 million plant in Brazil’s Bahia state, with operations likely to commence by end-2024