BYD (OTC:BYDDF) Stock, Quote.Headers.trade-ideas

Founded in 1995, BYD is a leading Chinese manufacturer in the design, development, and production of new energy vehicles, or NEVs. In March 2022, the firm discontinued production of internal combustion engine, or ICE, vehicles. Its products primarily target the growing midpriced mass-market segment in China's passenger vehicle market. The company sold about 3 million passenger NEVs in 2023, accounting for 33% of the Chinese passenger NEV market. Besides automobile production, the company is also engaged in handset components and assembly services, as well as the rechargeable battery and photovoltaics business. After more than 25 years of development, the company has established over 30 industrial parks worldwide.

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Tesla, NIO and XPeng are battling for dominance in the EV landscape, what will be the tipping point for dominance?

Tesla Vs. NIO Vs. XPeng: Will Robotaxis — Or Price Wars — Win The EV Battle?

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Despite the emergence of trade barriers in Europe and North America, aimed at limiting the influx of China-made EVs, China&#39;s auto sector continues to invest heavily in overseas expansion. 

BYD, Geely And Other Chinese EV Makers Make A Strong Showing At Frankfurt Trade Fair Amid Restrictions From EU, US, Canada

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Tesla saw a 23% month-over-month increase in sales, driven by rising EV incentives. Yet, it saw a slight dip in market share to 44%.

Tesla&#39;s US Lead Solidifies But Slips In Germany; China&#39;s Surge Shakes Up EV Landscape

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The EV landscape is heating up, and three key players — Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Nio Inc &#8211; ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) and XPeng Inc &#8211; ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) — are battling for dominance. But who's <a href="https://www.benzinga.com/electric-vehicles">winning the race</a>?
<h1 class="wp-block-heading">Tesla: The Global Titan</h1>
Tesla has been in the driver&#8217;s seat for years, and despite its stock being down 7.11% in the past year, it&#8217;s making bullish moves. Elon Musk's ambitious robotaxi plans could reshape urban transport, posing a threat to Uber Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) and Lyft Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>).
Add to that a more affordable Tesla vehicle on the horizon, and the company is positioning itself to fend off Chinese competitors like BYD Co Ltd (OTCPK:BYDDF).
<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent092024&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="631" height="458" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/20071208/Screenshot-2024-09-20-at-4.41.52-PM.png" alt="" class="wp-image-558073" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/20071208/Screenshot-2024-09-20-at-4.41.52-PM.png 631w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/20071208/Screenshot-2024-09-20-at-4.41.52-PM-300x218.png 300w" sizes="(max-width: 631px) 100vw, 631px" /></a></figure>
<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent092024&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>
Technically, Tesla's in a sweet spot. The stock's trading at $243.92, comfortably above key moving averages such as the 20-day SMA of $220.34.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="670" height="519" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/20071301/Screenshot-2024-09-20-at-4.25.57-PM.png" alt="" class="wp-image-558074" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/20071301/Screenshot-2024-09-20-at-4.25.57-PM.png 670w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/20071301/Screenshot-2024-09-20-at-4.25.57-PM-300x232.png 300w" sizes="(max-width: 670px) 100vw, 670px" /></figure>
Source: <a href="https://www.benzinga.com/report/TSLA">Benzinga Report &#8211; TSLA</a>
With analysts giving a 12-month price target range of $22.86 to $310, Tesla's future looks volatile but full of upside potential.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40932786/tesla-bull-explains-why-elon-musks-xai-is-critical-to-ev-makers-autonomous-ambition">Tesla Bull Explains Why Elon Musk&#8217;s xAI Is Critical To EV Maker&#8217;s Autonomous Ambitions</a>
<h1 class="wp-block-heading">Nio: The Underdog With Momentum</h1>
Nio has taken a beating, with its stock down a staggering 38.78% over the past year. 
But don't count them out. NIO's strategic partnerships — such as securing batteries from BYD — and the launch of its cheaper ONVO L60 are targeting Tesla's price-sensitive consumers. The L60, priced below Tesla's Model Y in China, could be a game changer.
<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent092024&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="631" height="458" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/20071413/Screenshot-2024-09-20-at-4.42.15-PM.png" alt="" class="wp-image-558075" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/20071413/Screenshot-2024-09-20-at-4.42.15-PM.png 631w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/20071413/Screenshot-2024-09-20-at-4.42.15-PM-300x218.png 300w" sizes="(max-width: 631px) 100vw, 631px" /></a></figure>
<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent092024&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>
On the technical front, Nio's stock is currently trading at $5.40, above its 50-day SMA of $4.42, signaling buying pressure.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="670" height="519" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/20071444/Screenshot-2024-09-20-at-4.29.33-PM.png" alt="" class="wp-image-558076" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/20071444/Screenshot-2024-09-20-at-4.29.33-PM.png 670w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/20071444/Screenshot-2024-09-20-at-4.29.33-PM-300x232.png 300w" sizes="(max-width: 670px) 100vw, 670px" /></figure>
Source: <a href="https://www.benzinga.com/report/NIO">Benzinga Report &#8211; NIO</a>
With an estimated 37.53% upside potential, Nio might be down, but it's far from out.
<h1 class="wp-block-heading">XPeng: The Dark Horse</h1>
XPeng's stock has also struggled, down 42.57% year over year, but its progress is undeniable.
From rolling out its 500,000th vehicle to eyeing European markets with participation in the Paris Motor Show, XPeng is playing the long game.
<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent092024&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="631" height="458" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/20071938/Screenshot-2024-09-20-at-4.42.25-PM.png" alt="" class="wp-image-558090" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/20071938/Screenshot-2024-09-20-at-4.42.25-PM.png 631w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/20071938/Screenshot-2024-09-20-at-4.42.25-PM-300x218.png 300w" sizes="(max-width: 631px) 100vw, 631px" /></a></figure>
<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent092024&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>
Technically, the stock is trading at $9.39, above its 20-day SMA of $8.34, flashing bullish signals. 
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="670" height="519" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/20071944/Screenshot-2024-09-20-at-4.27.21-PM.png" alt="" class="wp-image-558091" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/20071944/Screenshot-2024-09-20-at-4.27.21-PM.png 670w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/20071944/Screenshot-2024-09-20-at-4.27.21-PM-300x232.png 300w" sizes="(max-width: 670px) 100vw, 670px" /></figure>
Source: <a href="https://www.benzinga.com/report/TSLA">Benzinga Report &#8211; XPEV</a>
Analysts predict up to a 10.47% price increase, making it a slower burn as compared to its rivals.
<h1 class="wp-block-heading">The Verdict</h1>
Tesla leads with innovation and market dominance, but Nio and XPeng are closing the gap, especially in the price-sensitive Chinese market.
Keep an eye on the underdogs!
Read Next: 
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<li><a href="https://www.benzinga.com/general/entertainment/24/09/40926236/kim-kardashian-debuts-custom-metallic-silver-cybertruck-will-elon-musk-approve-the-celebrit">Kim Kardashian Debuts Custom Metallic Silver Cybertruck: Will Elon Musk Approve The Celebrity Makeover?</a></li>
</ul>
Photos: Tesla Model S, courtesy Tesla; Nio ES6, courtesy Nio; XPeng P7, courtesy XPeng

The European Union is aiming to hold a vote on introducing definitive tariffs on electric vehicles imported from China on Sept. 25, according to people familiar with the plan.&nbsp;
<a href="https://www.bloomberg.com/news/articles/2024-09-13/eu-plans-sept-25-vote-on-raising-tariffs-on-evs-from-china?srnd=homepage-europe" title="https://www.bloomberg.com/news/articles/2024-09-13/eu-plans-sept-25-vote-on-raising-tariffs-on-evs-from-china?srnd=homepage-europe">https://www.bloomberg.com/news/articles/2024-09-13/eu-plans-sept-25-vote-on-raising-tariffs-on-evs-from-china?srnd=homepage-europe</a>

Macro Notification

'EU Plans Sept. 25 Vote on Raising Tariffs on EVs From China' - Bloomberg

iShares MSCI Turkey Investable Market Index Fund

BYD's Investment In Turkey Proceeding Smoothly Despite China's Advisory Against Overseas Investments, According To Turkish Industry Ministry Sources; Talks Ongoing With Other Chinese Carmakers For Additional Investments In Turkey

In a bold move to counter domestic profitability challenges and global trade barriers, nearly 900 Chinese auto suppliers and several EV manufacturers are showcasing their products at a Frankfurt trade fair.
What Happened: Chinese automakers like BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>), Geely (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>), Hongqi, and GAC International are set to present their vehicles at the Automechanika fair. This marks a new trend for the event, which has traditionally been a platform for suppliers.
Despite the emergence of trade barriers in Europe and North America, aimed at limiting the influx of China-made EVs, China&#8217;s auto sector continues to invest heavily in overseas expansion. The &#8220;EV Expo&#8221;, which opens on Tuesday, was established in partnership with the China Council for the Promotion of International Trade.
See Also: <a href="https://www.benzinga.com/news/24/09/40758526/boeing-starliner-returns-to-earth-without-sunita-williams-and-butch-wilmore-lands-in-new-mexico-afte?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Boeing Starliner Returns To Earth Without Sunita Williams And Butch Wilmore, Lands In New Mexico After 6-Hour Flight</a>
Automechanika&#8217;s director, Olaf Musshoff, expressed at a press conference, &#8220;We want EVs made by Chinese carmakers which are currently to some extent unknown to gain trust in the industry.&#8221;
Moody&#8217;s data shows that the auto sector&#8217;s share of China&#8217;s total outbound investments rose from 16% in 2018 to 22% in 2023, and car exports have hit record highs this year. The significant presence of Chinese suppliers at the fair, almost double the number of German suppliers, highlights their expanding role in the global supply chain. Chinese automakers are increasingly planning local production in Europe and other regions to circumvent trade tariffs limiting imports.
Why It Matters: The Chinese auto industry&#8217;s move to expand globally comes in the wake of European Commission&#8217;s <a href="https://www.benzinga.com/news/24/07/39635158/eu-imposes-provisional-duties-of-as-much-as-37-6-on-chinese-ev-imports">additional tariffs of up to 37.6% </a>on EV imports from China in July. The tariffs were a response to concerns that state-subsidized, cheaper EVs from China could push domestic players out of the market. The EU&#8217;s steps are similar to the ones taken by the U.S. and Canada to restrict access of Chinese EVs into these markets.
In response to these tariffs, Chinese EV manufacturers began <a href="https://www.benzinga.com/news/24/07/39662998/chinese-ev-makers-pivot-to-africa-amid-eu-and-us-tariff-hurdles">exploring Africa as a potential market</a>. However, China also <a href="https://www.benzinga.com/news/24/08/40484760/china-hits-back-at-eus-unfair-ev-tariffs-that-gave-relief-to-chinese-made-tesla-will-take-all-necess">voiced strong opposition </a>to these tariffs in August, labeling them as "unfair" and assuring its commitment to safeguard its EV industry against such actions.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/40758753/in-2020-elon-musk-predicted-that-100-cars-produced-by-2040-will-be-electric-and-fully-autonomous-now?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">In 2020 Elon Musk Predicted That 100% Cars Produced By 2040 Will Be Electric And Fully Autonomous. Now He</a></li>
</ul>
Photo via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) continues to strengthen its position in the U.S. electric vehicle market, with <a href="https://www.benzinga.com/electric-vehicles">notable improvements in August. </a>
According to JPMorgan&#8217;s August electric vehicle sales update, Tesla saw a 23% month-over-month increase in sales, driven by rising EV incentives and robust demand. 
Still, the Austin, Texas-based company saw a slight dip in <a href="https://www.benzinga.com/markets/equities/24/08/40428947/teslas-eroding-market-share-lucids-rawlinson-claims-bragging-rights-rivians-production-woes-and-">market share to 44%</a>.
The average EV incentive climbed to an all-time high of $8,300, further bolstering Tesla&#8217;s sales performance. Its dominance, however, is currently being challenged by rising competitors such as General Motors Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), which saw its market share increase to 10%. 
With inventory levels stable and below previous peaks, Tesla is well-positioned to maintain its leadership in the American market, JPMorgan says. 
<h2 class="wp-block-heading">Tesla&#8217;s German Market Struggles</h2>
While Tesla thrives in the U.S., its performance in Germany paints a different picture. The German EV market has faced challenges, with Tesla's market share dropping by 2.7% month-over-month. 
Despite a recent rebound in overall EU-5 EV/PHEV penetration to 19.6%, Germany's market remains sluggish compared to previous highs. The German government's recent tax incentives might offer some relief, but Tesla's struggles highlight the broader difficulties faced by EV manufacturers in Europe.
To this end, Tesla has announced plans to roll out its full self-driving driver assistance software in Europe and China in the first quarter of 2025.
In contrast, China's electric vehicle market is experiencing unprecedented growth.
August saw new energy vehicle (NEV) retail sales surpass 1 million units for the first time, with a 41.8% year-over-year increase. China's NEV penetration reached a record 53.1%, fueled by strong government incentives and a wave of new, affordable BEV models.
Tesla's market share in China remains strong, but it faces intensified competition from domestic manufacturers. Chinese brands like BYD Co Ltd (OTCPK:BYDDF) (OTCPK:BYDDY), Leap Motor and XPeng Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) are making significant gains, contributing to a dynamic and rapidly evolving market landscape. BYD and XPeng have reported significant gains in monthly deliveries, capturing 60% of the country's NEV market share.
Read Also: <a href="https://www.benzinga.com/markets/asia/24/09/40719138/nio-feels-buying-pressure-ahead-of-q2-earnings-can-the-ev-stock-shake-off-60-decline">Nio Feels Buying Pressure Ahead Of Q2 Earnings: Can The EV Stock Shake Off 60% Decline?</a>
<h2 class="wp-block-heading">Navigating A Complex EV Landscape</h2>
Tesla's solid U.S. performance contrasts sharply with its struggles in Germany and the rapidly changing dynamics in China. 
As the global EV market evolves, Tesla must navigate these regional challenges while capitalizing on its strengths to maintain its leadership position.
Read Next: 
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<li><a href="https://www.benzinga.com//node/40730038">Tesla Bear Slams FSD China Release Timeline As &#8216;Meaningless Announcement,&#8217; Calls It Overused &#8216;Pump&#8217; Tactic Amid Share Price Decline</a></li>
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Image: Shutterstock

Tesla's US Lead Solidifies But Slips In Germany; China's Surge Shakes Up EV Landscape

China&#8217;s top electric vehicle maker,&nbsp;BYD Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), reportedly will not launch a significant investment in Mexico until after the U.S. election.
This is because dwindling American policies prompt global businesses to adopt a wait-and-see approach, reported Bloomberg, citing people familiar with the matter.
BYD had plans surrounding three locations for a car production facility in Mexico but has ceased vigorously looking for now, the report added.
The postponement is essentially because BYD would choose to delay and notice the outcome of the race between former President Donald Trump&nbsp;and Vice President Kamala Harris in early November.
They added that BYD&#8217;s halted factory plans may still be rejuvenated or could change, and no final judgment has been made.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/08/40570659/warren-buffett-backed-byd-join-forces-with-huawei-for-advanced-autonomous-driving-in-off-road-evs" rel="noreferrer noopener">Warren Buffett-Backed BYD Join Forces With Huawei For Advanced Autonomous Driving In Off-Road EVs</a>
One site that was under review was around the city of Guadalajara, which emerged over the past decade as a technology hub sometimes described as Mexico&#8217;s Silicon Valley. BYD sent a&nbsp;panel&nbsp;to the area for a visit in March, Bloomberg added.
In February, Stella Li, BYD&#8217;s executive vice president, attended the launch of the automaker&#8217;s Dolphin Mini model in Mexico City, while senior management hosted an event at a BYD-sponsored box during the Formula E Mexico City E-Prix in January.
Mexico has experienced a surge in investment announcements from both Chinese and Western auto manufacturers, including Tesla Inc. However, Tesla&#8217;s planned mega-factory was put on hold in July due to uncertainties surrounding the U.S. election. Republican nominee Trump, who has been endorsed by Tesla CEO Elon Musk, has frequently threatened tariffs on products made in Mexico.
Tesla had proposed building the plant in the northern state of Nuevo Leon, with an estimated $10 billion investment over multiple phases, Bloomberg added.
The Biden administration is closely monitoring any efforts by Chinese companies to export cars from Mexico to the U.S. and is exploring measures to block such moves if they attempt to bypass tariffs on EVs made in China, according to U.S. Trade Representative Katherine Tai in a May interview, Bloomberg added.
Image via Shutterstock
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<li><a href="https://www.benzinga.com/markets/equities/24/08/40646699/teslas-china-woes-just-got-worse-xpengs-model-3-killer-receives-over-30k-orders-in-48-hours-of-l?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla&#8217;s China Woes Just Got Worse: XPeng&#8217;s Model 3 Killer Receives Over 30K Orders In 48 Hours Of Launch</a></li>
</ul>

Equities

Media

China's EV Giant BYD Reportedly Delays Mexico Move, Eyes US Election Results Before Big Investment

BYD Americas Head Says Firm Has Not Postponed Any Decision About Mexico Plant

<a href="https://www.bloomberg.com/news/articles/2024-09-03/china-s-byd-said-to-pause-mexico-plant-until-after-us-election?srnd=phx-technology">https://www.bloomberg.com/news/articles/2024-09-03/china-s-byd-said-to-pause-mexico-plant-until-after-us-election?srnd=phx-technology</a>
&nbsp;
China&#39;s top electric-vehicle maker <a href="https://www.bloomberg.com/quote/1211:HK">BYD Co.</a> won&#39;t announce a major plant investment in Mexico until at least after the US election, according to people familiar with the matter, as shifting American policy forces global businesses into wait-and-see mode.
BYD was scouting three locations for a car production facility in Mexico but has stopped actively looking for now, several of the people said, asking not to be identified discussing information that&#39;s private.

'China's BYD To Pause Mexico Plant Until After U.S. Election' - Bloomberg News

BYD Co., Ltd.(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) has reportedly launched its inaugural store in Suriname, marking the Chinese new energy vehicle (NEV) <a target="_blank" href="https://www.benzinga.com/news/24/08/40547419/teslas-new-york-gigafactory-touches-new-production-milestone-makes-8000-supercharger-adapters-in-a-w?itm_source=parsely-api" rel="noreferrer noopener">manufacturer&#8217;s entry into the Surinamese market.</a>
The new store is located in Paramaribo, the capital of Suriname, and represents BYD&#8217;s initial expansion into South America, <a target="_blank" href="https://cnevpost.com/2024/09/03/byd-opens-1st-store-suriname/" rel="noreferrer noopener">reported</a> CnEV Post.
This development marks another significant milestone for BYD in South America. The store&#8217;s opening ceremony was attended by local dignitaries, including Suriname&#8217;s Vice President Ronnie Brunswijk.
BYD has introduced four models in Suriname: the Dolphin, Seal, Yuan Plus, and Song Plus DM-i.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/08/40570659/warren-buffett-backed-byd-join-forces-with-huawei-for-advanced-autonomous-driving-in-off-road-evs" rel="noreferrer noopener">Warren Buffett-Backed BYD Join Forces With Huawei For Advanced Autonomous Driving In Off-Road EVs</a>
The Chinese NEV manufacturer is expanding internationally to take advantage of the opportunities arising from the global shift towards electrification.
In South America, Brazil is BYD&#8217;s key market. On May 23, BYD celebrated the opening of its 100th dealer store in Brazil, as announced earlier this year. The company aims to expand its network to 250 dealer stores in Brazil by the end of 2024.
In August, BYD set a new record with the sale of 373,083 new energy vehicles (NEVs), marking a 35.97% increase compared to the previous year and an 8.97% rise from July. Of this total, 31,451 NEVs were sold in international markets, reflecting a 25.69% year-on-year growth and a 4.79% increase from July.
From January to August, BYD sold 264,869 vehicles overseas, a significant 125.46% increase year-on-year, which accounted for 11.38% of its total NEV sales.
Since March 2022, BYD has ceased production and sales of vehicles solely powered by combustion engines, shifting its focus to plug-in hybrids and pure electric vehicles, CnEV Post added.
Photo by Philip Lange on Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tesla's Top Rival BYD Launches First Store In Suriname, Reportedly Expanding Presence In South America

Shares of Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) are moderately higher in premarket trading on Tuesday even as the i<a href="https://www.benzinga.com/news/earnings/24/09/40682836/wall-street-poised-for-sharply-lower-start-in-new-week-as-risk-off-sentiment-dominates-vix-spikes-a">ndex futures point to a sharply lower start for the broader market.</a>
The optimism toward the Elon Musk-led company&#8217;s stock may have to do with the electric vehicle maker&#8217;s China sales numbers. Data released by the China Passenger Car Association showed that Tesla sold 86,697 vehicles in August, marking a nearly 17% jump from July and a more modest 3% rise from a year ago, CnEVPost<a href="https://cnevpost.com/2024/09/02/tesla-china-sells-86697-cars-aug-2024/"> reported. </a> A more detailed report, giving a breakup between domestic sales and exports, will be released later this week.
The performance <a href="https://www.benzinga.com/markets/equities/24/09/40669363/teslas-china-rivals-report-steady-august-sales-performance-amid-intense-price-competition-what-i">is in line with Tesla&#8217;s domestic rivals</a>. Warren Buffett-backed BYD Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) reported month-over-month and year-over-year growth of 14.21% and 1.95%, respectively, for August. The total battery EV sales of BYD were 148,470 units.
August deliveries of both Nio, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) and Beijing-based Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) fell from the previous month, although increasing from a year ago.
Tesla&#8217;s fairly robust showing came on the back of the company extending its zero-interest financing and it remains to be seen whether the top-line gain would seep through to the bottom line.
In premarket, Tesla gained 0.78% to $215.77, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a> The stock traded 14% lower for the year-to-date period.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best EV Stocks</a>
Image via Unsplash

Movers

Tesla Stock Rises In Tuesday's Premarket: What's Charging Up EV Giant

Tesla, Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rivals in the <a href="https://www.benzinga.com/topic/chinese-ev-stocks">Chinese electric-vehicle market</a> reported monthly sales numbers for August, which showed flattish to slightly higher performance versus a strong July.
What Happened: Of the U.S.-listed trio, XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) outperformed with both year-over-year and quarter-over-quarter increases in August. Warren Buffett-backed BYD Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) also showed modest month-over-month growth, although its plug-in-hybrids did better than pure battery EVs. 
Shanghai-based Nio, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) and Beijing-based Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) could not match their strong July showing, although both reported growth compared to a year ago. Nio has clocked 20k+ deliveries in each of the past four months.
Li Auto&#8217;s August deliveries came in shy of the record 51,000-unit sales for July. In a statement, Xiang Li, chairman and chief executive officer, said, &#8220;Li L6 has gained widespread popularity among young users, with deliveries exceeding 20,000 for the third consecutive month, further expanding our market share. Notably, our share of the RMB200,000 and higher NEV market grew to 18% in July, outpacing Tesla to become the sales champion among NEV brands in China.&#8221;
Here&#8217;s how the foursome performed in August:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>August Deliveries (in units)</td>
<td>Y-o-Y Change</td>
<td>M-o-M Change</td>
</tr>
<tr>
<td>Nio</td>
<td>20,176&nbsp;</td>
<td>+4.38%</td>
<td>-1.57%</td>
</tr>
<tr>
<td>XPeng</td>
<td>14,036&nbsp;</td>
<td>+2.53%</td>
<td>+25.94%</td>
</tr>
<tr>
<td>Li Auto</td>
<td>48,122</td>
<td>+37.83%</td>
<td>-5.64%</td>
</tr>
<tr>
<td>BYD</td>
<td>148,470</td>
<td>+1.95%</td>
<td>+14.21%</td>
</tr>
</tbody>
</table>
</figure>
BYD&#8217;s plug-in hybrid sales sizzled, with over 73% year-over-year growth and a 5.5% month-over-month increase. Taking into account both plug-ins and BEVs, the company&#8217;s deliveries came in at 370,854 for August, up from 370,854 units in July.
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best EV Stocks</a>
XPeng Talks Up New Model: XPeng said its new all-electric hatchback coupe Mona M03, which comes in three variants priced between 119,800 yuan ($16,890) and 155,800 yuan, is the world's first mass-produced vehicle to offer high-level ADAS functionality for under&nbsp;200,000 yuan.
Why It&#8217;s Important: The Chinese EV market has become highly competitive with the mushrooming of nimble domestic upstarts. Tesla, the global EV leader, has found the going tough in China due to the rising competitive threat. Recently, the company said it has extended the zero-interest financing it offered to attract sales until the end of September.
Commenting on the move, GLJ Research&#8217;s Gordon Johnson said it reflected<a href="https://www.benzinga.com/news/24/08/40550115/horror-show-for-teslas-q3-margins-says-analyst-as-elon-musk-led-company-extends-zero-percent-financi"> Tesla&#8217;s ongoing demand problem in China, </a>which is one of the key markets for the company. Tesla is stymied by a lack of a low-end model, keeping it off this segment of the market.
Tesla&#8217;s China performance in August would be known when the China Passenger Car Association releases the number in the unfolding week. 
China EV Stock Performances: According to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data,</a>
<ul>
<li>Nio ended Friday&#8217;s session at $4.04, down 2.54%.</li>
<li>XPeng added 2.29% before closing at $8.05.</li>
<li>Li Auto fell 1.17% to $19.46.</li>
<li>BYD&#8217;s ADRs listed over the counter closed at $60.96, down 0.03%.</li>
</ul>
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/08/40666309/fire-at-rivian-campus-tesla-analyst-hints-at-q3-horror-show-xpengs-model-3-killer-sizzles-and-mo">Fire At Rivian Campus, Tesla Analyst Hints At Q3 &#8216;Horror Show,&#8217; XPeng&#8217;s Model 3 Killer Sizzles And More: Biggest EV Stories Of The Week</a></li>
</ul>

Tesla's China Rivals Report Steady August Sales Performance Amid Intense Price Competition: What Investors Should Know

BYD August Total Vehicle Production 366,973 Units Vs. 284,926 Units YoY; August Total Vehicle Sales 373,083 Units Vs. 274,386 Units YoY

The <a href="https://www.benzinga.com/markets/equities/24/08/40662708/us-economy-roars-in-q2-dow-jones-smashes-records-nvidia-fails-to-amaze-this-week-in-the-market">broader market volatility</a> ahead of and after Nvidia Corp.&#8216;s (NVDA) earnings report weighed down electric-vehicle stocks in the week ended Aug. 30 but company-specific news lent support to some. Market leader Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) snapped a two-week winning run and posted a weekly decline, with fundamental weakness partly responsible for the predicament.
Here&#8217;s a rundown on what happened in the EV space during the week:
Tesla Extends &#8216;Zero-Interest&#8217; Financing In China: After initially announcing that its &#8220;zero-interest&#8221; financing scheme would end by August, Tesla extended it in China until the end of September. This set off alarm regarding further margin erosion, with GLJ Research&#8217;s Gordon Johnson stating that <a href="https://www.benzinga.com/news/24/08/40550115/horror-show-for-teslas-q3-margins-says-analyst-as-elon-musk-led-company-extends-zero-percent-financi">this will be a &#8220;horror show&#8221; for Tesla's third-quarter margins</a>. He noted that this offer was made available in China for only a month in the second quarter, while in the third quarter, it is set to be applicable for all three months. Johnson also saw the action portending continuing demand problem in one of Tesla&#8217;s key markets.
In another development, Tesla is looking to launch a seven-seat version of its Model Y all-electric SUV in Europe and China in October, CnEVPost <a href="https://cnevpost.com/2024/08/29/tesla-rumored-to-launch-7-seat-model-y-china-europe/">reported,</a> citing local media reports. The production of it is already underway at the Giga Shanghai plant. Tesla now offers the option in the U.S. with its all-wheel-drive, dual-motor Model Y Long Range, with consumers having to pay an additional $2,000 for it.
The Elon Musk-led company is reportedly planning to host its Oct. 10 robotaxi unveil event at Warner Brothers&#8217; movie studio in Burbank, California. 
Multiple Rivian EVs Damaged In Fire Incident: A fire that started at the parking lot of Rivian Automotive, Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) Normal, Illinois, plant damaged several EVs, The Verge <a href="https://www.theverge.com/2024/8/26/24228982/rivian-factory-ev-fire-damage-battery">reported,</a> citing local media outlets. A Normal Fire Department spokesperson told the publication that Rivian is leading the investigation into the blaze, along with its insurance company, with the town&#8217;s fire officials also lending support.
A Rivian spokesperson reportedly confirmed that the plant was unaffected and there were no injuries but said no further disclosures would be made at that point in time.
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best EV Stocks</a>
Lucid&#8217;s Affordable EV Drive: Luxury EV maker Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) is currently working on a Tesla Model 3 rival, CarBuzz <a href="https://carbuzz.com/lucid-will-make-three-affordable-electric-vehicles/">said</a> in an exclusive report. Derek Jenkins, Senior Vice President of Design and Brand of Lucid, said there will be three affordable models, which he qualified as &#8220;younger&#8221; and &#8220;athletic&#8221; models. &#8220;We&#8217;re working on our mid-size program right now, and of course, these are going to be compact, lighter vehicles with every bit of focus on aero, efficiency, and space,&#8221; Jenkins reportedly said.
The affordable lineup would include a sedan to take on Tesla&#8217;s Model 3, a crossover to rival the Model Y SUV, and a mystery model, according to the report.
XPeng Surges Nearly 15%: Shares of Chinese EV startup XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) gained about 15% as it kicked off deliveries of its new low-end electric-vehicle model, Mona M03, at the Chengdu Auto Show, which is being held on Aug. 30 to Sept. 8. The company unveiled the all-electric hatchback coupe, at its 10th Anniversary Gala Night held on Tuesday.
XPeng Chairman and CEO&nbsp;He Xiaopeng&nbsp;delivered the Mona M03 to its first owners on the show floor,&nbsp;reported&nbsp;CnEVPost adding that volume deliveries of the model would begin imminently. The company reportedly said <a href="https://www.benzinga.com/markets/equities/24/08/40646699/teslas-china-woes-just-got-worse-xpengs-model-3-killer-receives-over-30k-orders-in-48-hours-of-l">it received 30,000 firm orders in the first 48 hours of availability.</a> The Mona M03 is competitively priced and costs only about half as much as that of the Tesla Model 3 sedan. 
The stock also received a shot in the arm from Xiaopeng buying shares in the company. 
BYD&#8217;s Ambitious International Plan: Warren Buffett-backed Chinese EV startup BYD Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) is reportedly looking to generate nearly half of its sales from the overseas market in the future. In an interview with Bloomberg, Executive Vice President Stella Li <a href="https://www.bloomberg.com/news/articles/2024-08-28/china-s-byd-aims-to-get-half-of-auto-sales-from-global-markets">said</a>, &#8220;Our overseas market will account for a relatively large proportion of our global sales in the future.&#8221; She clarified that nearly half of sales would be made overseas. The company reported this week second-quarter earnings and revenue that climbed 33% and 26%, respectively.
The KraneShares Electric Vehicles and Future Mobility&nbsp;Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) ended Friday&#8217;s session up merely 0.05% at $19.08, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data</a>. For the week, the ETF was up 0.79% .
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/08/40646699/teslas-china-woes-just-got-worse-xpengs-model-3-killer-receives-over-30k-orders-in-48-hours-of-l">Tesla&#8217;s China Woes Just Got Worse: XPeng&#8217;s Model 3 Killer Receives Over 30K Orders In 48 Hours Of Launch</a></li>
</ul>
Here&#8217;s how the EV stocks fared this week:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Weekly Change (+/-)</td>
</tr>
<tr>
<td>Tesla</td>
<td>-2.82%</td>
</tr>
<tr>
<td>Nio, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>)</td>
<td>-0.98%</td>
</tr>
<tr>
<td>XPeng</td>
<td>+14.84%</td>
</tr>
<tr>
<td>Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)</td>
<td>-8.29%</td>
</tr>
<tr>
<td>Workhorse, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>)</td>
<td>-13.28%</td>
</tr>
<tr>
<td>Hyzon Motors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>)</td>
<td>-3.08%</td>
</tr>
<tr>
<td>Canoo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOEV#NASDAQ">GOEV</a>)</td>
<td>+3.40%</td>
</tr>
<tr>
<td>Rivian </td>
<td>+1.22%</td>
</tr>
<tr>
<td>Lucid</td>
<td>-4.29%</td>
</tr>
<tr>
<td>Faraday Future Intelligent Electric Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NYSE">FFIE</a>)</td>
<td>-30.43%</td>
</tr>
<tr>
<td>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>)</td>
<td>-11.72%</td>
</tr>
<tr>
<td>VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>)</td>
<td>-1.64%</td>
</tr>
</tbody>
</table>
</figure>

FFIE

GOEV

HYZN

KARS

LCID

NKLA

RIVN

WKHS

Fire At Rivian Campus, Tesla Analyst Hints At Q3 'Horror Show,' XPeng's Model 3 Killer Sizzles And More: Biggest EV Stories Of The Week

China&#8217;s push for autonomous vehicles is causing <a href="https://www.benzinga.com/news/24/08/40479370/tesla-robotaxi-rival-waymo-witnesses-rapid-expansion-in-its-weekly-paid-rides-doubling-to-100k-in-3">job security fears among drivers</a>, but experts argue that new job opportunities are emerging.
What Happened: China issued 16,000 test licenses for autonomous vehicles and opened 32,000 kilometers of public test roads on Tuesday. In June, the government approved nine domestic automakers, including BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>)&nbsp;and Nio (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>), to test automated driving technologies on public roads, <a href="https://www.cnbc.com/2024/08/30/chinas-drivers-fret-about-robotaxi-push-experts-say-there-will-be-new-jobs.html">reported</a> CNBC. 
Elon Musk aims to get regulatory approval for Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Full-Self Driving technology by year-end. The electric vehicle maker recently <a href="https://www.benzinga.com/markets/equities/24/07/39735115/tesla-to-delay-robotaxi-plans-by-2-months-stock-slides">delayed its robotaxi unveiling</a> from August to October, allowing more time for prototype development.
Many Chinese social media users express concerns that autonomous driving is &#8220;snatching rice bowls&#8221; of drivers. Baidu Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) self-driving platform Apollo Go operates around 400 robotaxis in Wuhan, aiming to increase to 1,000 by year-end. CEO Robin Li mentioned that scaling will be gradual and could take years.
Taxi drivers in Wuhan petitioned to limit Apollo Go&#8217;s service. A 16-minute robotaxi ride in Beijing costs 10.36 yuan ($1.46), about half the fare of traditional ride-hailing apps.
Experts believe autonomous mobility will mature gradually. Mohit Sharma, a research analyst at Counterpoint Research, noted that job losses will be gradual and governments could help transition drivers to new roles. 
"You will not lose all the jobs in one go. It will be a slow transition phase area by area, region by region,"&nbsp;Sharma said, according to the report. 
An Apollo Go spokesperson stated the firm is committed to creating new job opportunities in monitoring, testing, and data annotation.
See Also: <a href="https://www.benzinga.com/news/24/08/40550115/horror-show-for-teslas-q3-margins-says-analyst-as-elon-musk-led-company-extends-zero-percent-financi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Horror Show&#8217; For Tesla&#8217;s Q3 Margins, Says Analyst, As Elon Musk-Led Company Extends Zero-Percent Financing To End Of Q3</a>
Why It Matters: The rapid expansion of autonomous vehicles in China is part of a global trend, with significant implications for the job market and industry competition.
Despite the delay, Tesla is <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40573531/why-tesla-is-likely-to-dominate-robotaxi-market-despite-googles-waymo-and-baidu-hol">expected to dominate the robotaxi market</a>. According to Ark Invest analyst Tasha Kenney, Tesla&#8217;s core competencies will help it compete against frontrunners like&nbsp;Alphabet Inc.‘s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) Google-owned Waymo and Baidu. Kenney noted that Waymo&#8217;s new vehicle, developed with Geely Automobile Holdings Limited, aims to reduce costs significantly.
Meanwhile, Chinese firm WeRide has received <a href="https://www.benzinga.com/news/24/08/40360740/teslas-robotaxi-plans-face-fresh-competition-as-chinese-firm-weride-receives-approval-to-test-driver">approval to test driverless vehicles</a> with passengers in California, adding to the competitive landscape. This approval marks a significant step in the global race for autonomous vehicle technology.
Baidu is also making strides, with its robotaxi operations <a href="https://www.benzinga.com/news/24/08/40556758/baidus-robotaxi-has-been-getting-closer-to-scalable-adoption-with-unit-economics-breakeven-in-sight">nearing scalable adoption</a>. Goldman Sachs analyst Lincoln Kong recently highlighted Baidu&#8217;s progress, noting that the company is close to achieving unit economics breakeven.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/08/40574576/rivian-or-lucid-which-of-the-two-loss-making-ev-startups-is-solving-cash-burn?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Rivian Or Lucid: Which Of The Two Loss-Making EV Startups Is Solving Cash Burn?</a></li>
</ul>
Image Via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

BIDU

GOOG

GOOGL

Amid Tesla, Waymo And BYD Battle For Robotaxi Supermacy, Employment Worries Rise In China — Experts Say Jobs Won't Vanish In 'One Go'

Grab Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRAB#NASDAQ">GRAB</a>) proposes to add over 1,000 electric vehicles to its Indonesian fleet, mostly procured from&nbsp;Chinese automaker BYD Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>).
The new EVs&nbsp;will add to the company&#8217;s existing fleet of more than 10,000 two- and four-wheel electric vehicles, Nikkei Asia <a target="_blank" href="https://asia.nikkei.com/Business/Automobiles/Electric-vehicles/Grab-adds-1-000-EVs-mainly-BYD-cars-to-Indonesia-fleet" rel="noreferrer noopener">reports</a>.
Uber Technologies, Inc&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) Singapore rival had announced plans to introduce more environmentally friendly cars,&nbsp;including BYD&#8217;s M6 multipurpose vehicle, for its ride-hailing service in 2024.
In July, Uber and BYD forged <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/40077563/uber-and-byd-team-up-for-electric-future-100k-evs-to-hit-the-road" rel="noreferrer noopener">a multi-year deal</a> to add 100,000 BYD EVs to Uber&#8217;s platform. Recently, Uber chief&nbsp;Dara Khosrowshahi visited&nbsp;BYD Co&#8217;s headquarters in China.
Indonesia has long been dominated by Japanese automakers, with a more than 90% market share. BYD is preparing to make cars in Indonesia as well.
Grab reported a 17% increase in <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40394040/uber-rival-grab-misses-q2-topline-average-user-spend-dips" rel="noreferrer noopener">topline revenue to</a> $664 million in the fiscal second quarter of 2024, and mobility revenue grew by 19% to $247 million. Group monthly transacting users (MTUs) grew by 17% year-on-year to 40.9 million.
Grab Holdings has been aggressively chasing initiatives to drive growth, including collaborating with&nbsp;ChatGPT parent OpenAI&nbsp;to integrate generative AI into its app to <a target="_blank" href="https://www.benzinga.com/markets/asia/24/05/39089311/ubers-asia-peer-grab-taps-openai-to-enhance-app-navigation-and-customer-support" rel="noreferrer noopener">enhance navigation for</a> visually impaired and elderly users. Grab also expanded <a target="_blank" href="https://www.benzinga.com/m-a/24/07/39914809/grab-follows-ubers-lead-acquires-chope-to-expand-into-restaurant-bookings" rel="noreferrer noopener">into restaurant booking</a> by acquiring Chope.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/29093517/newplot-1-9.png" alt="" class="wp-image-520851" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/29093517/newplot-1-9.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/29093517/newplot-1-9-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
The $13 billion Grab Holdings stock lost 15% in the last 12 months. Uber, which has a market cap of $150 billion, gained over 58%.
Price Action: GRAB stock traded lower by 0.78% at $3.19 at the last check on Thursday.
Photo via Shutterstock

Emerging Markets

GRAB

Grab Follows Uber's Lead, To Add Over 1K BYD EVs to Indonesian Fleet for Green Rides

In the lead-up to the 2024 elections, Republican vice presidential candidate J.D. Vance expressed firm opposition to the planned establishment of a Chinese battery plant in Michigan during a campaign rally on Tuesday, attributing the decision to Democratic policies.
What Happened: Speaking in Big Rapids, Michigan, Vance targeted the Democratic Party and Vice President Kamala Harris for enabling Chinese battery maker Gotion to access clean-energy companies. He linked this to the Inflation Reduction Act (IRA), which Harris supported, <a href="https://asia.nikkei.com/Politics/U.S.-elections-2024/JD-Vance-slams-Democrats-for-allowing-Chinese-battery-plant-in-Michigan">reported</a> Nikkei Asia.
&#8220;Remember the tiebreaking vote that she cast to send inflation through the roof?&#8221; Vance said. &#8220;Remember that vote? That vote also made Chinese companies like Gotion eligible for millions of your taxpayer dollars.&#8221;
Speaking near the Gotion site, Vance accused Democrats of aiding China. Gotion is investing $2.36 billion in a battery parts plant, approved by Democratic Gov.&nbsp;Gretchen Whitmer&nbsp;(D-Mich.) in October 2022. The plant is expected to create 2,350 jobs and is considered northern Michigan&#8217;s largest economic development project.
&#8220;Kamala Harris not only wants to allow the Chinese Communist Party to build factories on American soil, she wants to pay them to do it with our tax money,&#8221; said Vance.
Former President Donald Trump also opposed the Gotion deal, stating on Truth Social that it would put Michiganders under the influence of the Chinese Communist Party.
A judge in May ordered Mecosta County&#8217;s Green Township to stop blocking efforts to halt the plant&#8217;s development, citing national security concerns.
The Harris campaign preemptively dismissed Vance&#8217;s remarks, stating that Harris does not support an electric vehicle mandate, according to the report.
See Also: <a href="https://www.benzinga.com/news/24/08/40569195/tucker-carlsons-cybertruck-mud-woes-prompt-tesla-engineer-to-consider-stuck-detection-feature?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tucker Carlson&#8217;s Cybertruck Mud Woes Prompt Tesla Engineer To Consider &#8216;Stuck Detection&#8217; Feature</a>
Why It Matters: The controversy surrounding the Gotion plant is part of a broader context of U.S.-China economic tensions. In recent years, China has significantly increased its investments in advanced technologies, including EV batteries. China is <a href="https://www.benzinga.com/markets/asia/24/05/39061399/chinas-pumping-big-money-not-just-into-chip-sector-but-also-ev-batteries-key-tesla-nio-suppliers-amo">allocating over $830 million to advance</a> solid-state battery technology, with major companies like CATL and BYD Co&nbsp;Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>)&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>)&nbsp;participating.
Moreover, the scrutiny over Chinese investments in the U.S. is not new. In July 2023, Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) faced investigations over its $3.5 billion battery plant deal with Chinese firm CATL. U.S. House committees expressed concerns about the <a href="https://www.benzinga.com/news/large-cap/23/07/33328450/fords-3-5-billion-battery-plant-deal-with-chinese-firm-catl-draws-us-house-committee-investigation">potential influence of the Chinese Communist Party</a> over American companies.
The geopolitical landscape is also shifting, with both Harris and Trump expected to continue policies aimed at reducing <a href="https://www.benzinga.com/markets/penny-stocks/24/08/40257933/kamala-and-trump-will-continue-china-de-risking-does-that-make-china-a-turn-off-to-wall-stre">economic dependence on China</a>. This strategic decoupling could have significant implications for global trade and supply chains,
Lastly, the U.S. has recently added several Chinese entities to its <a href="https://www.benzinga.com/news/24/08/40546725/china-slams-us-for-including-chinese-firms-in-export-control-list-undermines-the-international-trade">export control list</a>, a move criticized by China as undermining international trade rules. This ongoing tension further complicates the landscape for Chinese investments in the U.S.
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</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Economics

JD Vance Lashes Out At Kamala Harris For Allowing Chinese Battery Plant In Michigan: She Wants To Pay Communist Party To Build Factories On American Soil

Warren Buffett-backed Chinese electric vehicle (EV) manufacturer, BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>), has teamed up with technology powerhouse Huawei to integrate the latter&#8217;s sophisticated autonomous driving system into BYD&#8217;s off-road &#8220;Fangchengbao&#8221; EVs.
What Happened: BYD has signed an agreement with Huawei to utilize Huawei&#8217;s Qiankun intelligent driving system in its off-road Fangchengbao EVs. The Bao 8 SUV, a member of the &#8220;Fangchengbao&#8221; lineup, will be the inaugural BYD model to incorporate this technology and is expected to be available later this year, Reuters reported on Tuesday.
BYD aims to elevate and increase the sales of its premium brands, including &#8220;Denza,&#8221; &#8220;Fangchengbao,&#8221; and &#8220;Yangwang,&#8221; which only represented 5% of its total sales in the first half of the year, according to data from the China Association of Automobile Manufacturers.
Despite being a dominant player in the EV market and having a significant cost advantage due to its vertical integration strategy, BYD continues to depend on external suppliers for intelligent features in its high-end models. 
See Also: <a href="https://www.benzinga.com/news/24/08/40547419/teslas-new-york-gigafactory-touches-new-production-milestone-makes-8000-supercharger-adapters-in-a-w?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla&#8217;s New York Gigafactory Touches New Production Milestone: Makes 8000 Supercharger Adapters In A Week</a>
Why It Matters: This partnership comes after BYD&#8217;s recent efforts to strengthen its smart driving technology. In July 2024, <a href="https://www.benzinga.com/markets/equities/24/07/39889695/tesla-rival-byd-strengthens-smart-driving-tech-with-former-baidu-executive-report">BYD recruited</a><a href="https://www.benzinga.com/markets/equities/24/07/39889695/tesla-rival-byd-strengthens-smart-driving-tech-with-former-baidu-executive-report"> Zhou Peng</a>, a former Baidu Inc. executive, to advance its development of driver assistance technology. Furthermore, in December 2023, BYD secured a<a href="https://www.benzinga.com/news/23/12/36395728/warren-buffett-backed-byd-marks-another-milestone-with-l3-autonomous-driving-test-license-for-high-s"> conditional testing license</a> for level 3 autonomous driving on high-speed roads.
However, the partnership faces potential challenges from international regulations. In August, the U.S. Commerce Department <a href="https://www.benzinga.com/news/24/08/40153665/us-mulls-ban-on-chinese-software-in-self-driving-vehicles-report">considered a proposal</a> to ban Chinese software in autonomous and connected vehicles, which could impact the testing of autonomous vehicles produced by Chinese companies on U.S. roads.
Berkshire Hathaway, led by Buffett, has been&nbsp;<a href="https://www.benzinga.com/markets/equities/24/06/39356657/warren-buffetts-berkshire-hathaway-further-reduces-position-in-this-tesla-rival-an-investment-ch" target="_blank" rel="noreferrer noopener">gradually reducing its stake</a>&nbsp;in BYD. Despite this, BYD remains a dominant player in the Chinese automotive market, having driven Chinese automakers to&nbsp;<a href="https://www.benzinga.com/24/06/39329345/warren-buffett-backed-byd-drives-chinese-automakers-to-outsell-us-counterparts-for-the-first-time-re" target="_blank" rel="noreferrer noopener">outsell U.S. counterparts</a>&nbsp;for the first time.
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</ul>
Photo via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Warren Buffett-Backed BYD Join Forces With Huawei For Advanced Autonomous Driving In Off-Road EVs

Chinese electric vehicle manufacturer BYD Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) has reportedly reduced its shortlist of potential locations for a new<a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40487309/teslas-chinese-rival-byds-denza-launches-pre-sales-for-z9gt-hatchback-with-competitive-pricing-s" rel="noreferrer noopener"> manufacturing plant in Mexico to three states. </a>It is currently evaluating various incentive proposals from each.
Jorge Vallejo, BYD&#8217;s Mexico Director General, told Reuters that the company is examining the latest proposals from the candidate states, which include numerous benefits such as fiscal incentives, land offers, management support, and preferential pricing, the media house reported.
&#8220;A plant is not only about having the space, but the logistics, all the development, urban infrastructure that is generated, water, gas, everything that is needed for an automotive plant,&#8221; he said. &#8220;There are many elements, even logistical, that we are analyzing together with them,&#8221; Reuters quoted Vallejo.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40419284/teslas-chinese-rival-byd-set-to-electrify-pakistan-to-open-new-ev-plant-and-showrooms" rel="noreferrer noopener">Tesla&#8217;s Chinese Rival BYD Set To Electrify Pakistan: To Open New EV Plant and Showrooms</a>
Mexico&#8217;s federal government, facing pressure from the U.S., is distancing itself from Chinese automakers by withholding incentives like low-cost public land or tax cuts for EV production, Reuters reported in April, quoting Mexican officials.
Vallejo did not disclose the states offering incentives, but BYD Chief of Americas Stella Li mentioned in May that the plant will be centrally located in Mexico.
Following the unveiling of BYD&#8217;s Song Pro plug-in hybrid SUV in Mexico, Vallejo stated that the company has not yet determined which models will be produced at the new plant.
The facility will initially produce 150,000 units, with a second phase adding another 150,000 units, ultimately reaching a total capacity of 400,000 to 500,000 units in a few years, per the report.
Vallejo emphasized that the plant will cater to the Mexican market, with no current plans for entry into the U.S. market, Reuters added.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Chinese EV Maker BYD Seeks State Incentives for New Mexico Plant Amid US Pressure: Report

Editor&#8217;s Note: The story has been corrected to remove Lucid Motors from the article which was erroneously added as a Chinese EV stock
Chinese electric vehicle stocks soared after China slammed the European Union import tariffs on the EV industry and assured support for the industry.
NIO Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>), XPeng Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>), Li Auto Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>), and ZEEKR Intelligent Technology Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZK#NYSE">ZK</a>) traded up on Wednesday.
The EU slapped the additional tariffs on the existing duties of 10% on BEV imports, CNBC <a target="_blank" href="https://www.cnbc.com/2024/08/21/china-calls-eu-tariffs-on-evs-unfair-says-it-will-defend-industry.html" rel="noreferrer noopener">reports</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40480619/chinese-luxury-ev-company-zeekr-clocks-100-growth-in-q2-deliveries-margin-boost-amid-domestic-price" rel="noreferrer noopener">Chinese Luxury EV Company Zeekr Clocks 100% Growth in Q2 Deliveries, Margin Boost Amid Domestic Price War, Tariffs</a>
Interestingly, the EU&nbsp;slashed import duties on major electric automakers, including&nbsp;Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and China&#8217;s BYD Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>),&nbsp;SAIC Motor Corp, and&nbsp;Geely Automobile Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>).
China challenged the EU&#8217;s view that the Chinese EV industry was distorting European competition.
The Chinese EV industry has been battling weak domestic demand and protectionist tariffs. Lately, the industry has received a boost from China&#8217;s plan to <a target="_blank" href="https://www.benzinga.com/government/24/07/39968313/nio-xpeng-li-auto-benefit-from-chinas-increased-vehicle-subsidies" rel="noreferrer noopener">boost its stimulus program</a> to subsidize passenger vehicle purchases.
Reports indicating <a target="_blank" href="https://www.benzinga.com/government/24/08/40441110/whats-going-on-with-chinese-ev-stocks-nio-xpeng-and-li-auto-on-monday" rel="noreferrer noopener">China&#8217;s&nbsp;cash-for-clunkers</a> trade-in program&#8217;s potential to boost EV sales have also positively impacted Chinese EV stocks.
According to <a href="https://www.counterpointresearch.com/insights/global-electric-vehicle-market-share/" target="_blank" rel="noreferrer noopener">Counterpoint Research</a>, China accounted for 52% of the global Battery Electric Vehicle sales after the U.S. during the first quarter of 2024.
Price Actions: NIO stock traded higher by 2.21 % at $3.94 at the last check Wednesday. XPEV is up 2.82% at $6.96, LI is up 3.66% at $21.06.
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</ul>
Photo via Shutterstock

Government

Regulations

What's Going On With Chinese EV Stocks Like Nio, XPeng, Li Auto On Wednesday? (CORRECTED)

Denza, BYD Co.&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) premium new energy vehicle (NEV) brand, has reportedly<a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40419284/teslas-chinese-rival-byd-set-to-electrify-pakistan-to-open-new-ev-plant-and-showrooms" rel="noreferrer noopener"> launched pre-sales for its Z9GT hatchback.</a>
The brand aims to drive sales with competitive pricing and impressive performance.
Denza kicked off pre-sales of the Z9GT at its launch event yesterday, offering it at a price range of RMB339,800 to RMB419,800, significantly lower than the previously speculated RMB500,000, <a target="_blank" href="https://cnevpost.com/2024/08/20/byd-denza-starts-z9gt-pre-sales/" rel="noreferrer noopener">reported </a>CnEV Post.
The Z9GT, built on BYD&#8217;s e3 technology, is the first vehicle to feature it, boasting nearly 1,000 horsepower and accelerating from 0 to 100 kilometers per hour in under four seconds, the report read.
Denza announced that the Z9GT will be officially launched and begin deliveries in September.
At the launch event, Denza also introduced the regular sedan version of the Z9, which began pre-sales at the same prices as the Z9GT.
Also Read: <a target="_blank" href="https://www.benzinga.com/top-stories/24/08/40338982/tesla-model-y-leads-in-china-despite-decline-byd-seagull-closing-the-gap-report" rel="noreferrer noopener">Tesla Model Y Leads In China Despite Decline, BYD Seagull Closing The Gap: Report</a>
The Z9 is set to go on sale and start deliveries in the fourth quarter.
The Z9GT is the inaugural model in Denza&#8217;s Z series, with &#8220;GT&#8221; signifying Grand Tourer, and will be followed by additional sedans in the series.
Denza&#8217;s current lineup includes the D9 MPV (multi-purpose vehicle) and the N7 and N8 SUVs (sport utility vehicles).
Denza, a joint venture established in 2010 by BYD and Daimler, initially had each company holding a 50% stake. In February 2022, Daimler was rebranded as Mercedes, and BYD subsequently raised its stake in Denza to 90%.
Photo by Philip Lange on Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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