BYD Stock (OTC:BYDDY), Trade Ideas

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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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The Beijing auto show is reportedly serving as the platform for the biggest automakers around the globe to showcase their EVs.

Warren Buffett-Backed BYD, Xiaomi And Other Local Chinese Automakers Shine At Beijing&#39;s Largest Auto Show: Report

BYD EVs in China

This development follows Mercedes-Benz reducing its stake in their joint premium EV venture from 50% to 10%.

Warren Buffett-Backed BYD Takes On Luxury EV Market With New Premium Sedan, Posing Direct Challenge For Mercedes-Benz

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Berkshire Hathaway passed on investing in Tesla in 2009. That investment could have turned into a sizable return for the Warren Buffett led company.

Here&#39;s How Much Warren Buffett Could Have Made Investing In Tesla

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The Beijing auto show is reportedly serving as the platform for the biggest automakers around the globe to showcase their EVs.
What Happened: The Beijing International Automotive Exhibition, which commenced on Thursday, has brought to the fore the growing influence of EVs in China, Reuters reported. The event is set to run through early May.
The show has seen a surge in the number of new energy vehicles (NEVs) on display, with automakers unveiling a total of 278 NEVs, seven more than last year&#8217;s event in Shanghai, the report noted.
Chinese EV manufacturers, including BYD (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>) and newcomer Xiaomi, are reportedly the center of attention at the show. Xiaomi CEO Lei Jun announced that the company had received over 75,000 orders for its SU7 sedan, with buyers including owners of luxury cars from the likes of BMW and Audi.
While Chinese EV giant BYD promoted its premium brand Yangwang at the show, its U.S. counterpart Tesla chose not to attend, possibly because the last time it attended <a href="https://www.benzinga.com/news/21/04/20720261/tesla-gives-in-to-chinese-state-run-media-pressure-apologizes-to-aggrieved-customer">an unhappy customer protested against it</a> by climbing atop a display vehicle. The customer then alleged that her car ran into an accident due to brake failure and demanded a refund from the company. 
Other foreign automakers, such as Nissan Motor and Mazda Motor from Japan, peddled plans to invest more in local production and research, Reuters said. 
Why It Matters: The Beijing auto show&#8217;s emphasis on EVs underscores the rapid transformation of the Chinese automotive industry. With NEVs <a href="https://www.benzinga.com/markets/asia/24/03/37776137/chinas-ev-market-charges-forward-warren-buffett-backed-byd-predicts-50-nev-penetration-as-top-player">accounting for over 50% of cars sold in China</a>, the world&#8217;s largest auto market is rapidly shifting towards electric mobility.
This shift is also reflected in the strategies of foreign automakers, with companies like General Motors leaving traditional engine vehicles out of their show line-up for the first time, Reuters noted. 
In 2008, Berkshire invested around $230 million in BYD, obtaining 225 million shares and a 20.49% stake in Class H shares. Over time,<a href="https://www.benzinga.com/news/24/02/36904335/warren-buffett-backed-byd-reports-impressive-33-1-yoy-growth-in-january-sales-continues-to-scale-sal" target="_blank" rel="noreferrer noopener"> it has reduced its stake</a> and now holds approximately 87.6 million BYD H Shares, equivalent to a 7.98% stake.
Price Action: On Wednesday, BYD's stock BYDDF closed at $25.65, up by 2.05% while its ADR BYDDY closed at $51.21, up by 1.2% on the same day.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a target="_blank" href="https://www.benzinga.com/topic/mobility" rel="noreferrer noopener">following this link</a>.
Read More:&nbsp;<a href="https://www.benzinga.com/news/24/04/38423295/ford-cfo-says-ev-price-cuts-bringing-down-revenue-faster-than-company-can-cut-costs-if-the-pricing-s">Ford CFO Says EV Price Cuts Bringing Down Revenue Faster Than Company Can Cut Costs; ‘If The Pricing Stabilizes…'</a>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
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Warren Buffett-Backed BYD, Xiaomi And Other Local Chinese Automakers Shine At Beijing's Largest Auto Show: Report

Chinese EV giant, BYD (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>), backed by Warren Buffett‘s Berkshire Hathaway, is set to make a bold move in the luxury EV market with the unveiling of its premium brand&#8217;s first sedan at the Beijing auto show, posing a direct challenge to luxury automakers such as Mercedes-Benz.
What Happened: The Denza Z9GT, BYD&#8217;s new sedan, is the fruit of founder Wang Chuanfu&#8217;s persistence with the brand, Reuters reported on Thursday. This development follows Mercedes-Benz reducing its stake in their joint premium EV venture from 50% to 10%.
The Denza Z9GT will join Denza&#8217;s N7 and N8 SUVs and D9 multipurpose vehicles, all of which have seen increasing sales, contributing to BYD&#8217;s dominance in the EV market.
&#8220;In the past, traditional luxury brands were defined by their logos. Today, luxury for new energy brands are defined by technology,&#8221; said Denza general manager Zhao Changjiang.
However, the luxury vehicle will enter a saturated domestic market amid a price war. Overseas, governments are scrutinizing Chinese EVs, blaming Chinese overcapacity for market flooding.
See Also: <a href="https://www.benzinga.com/markets/equities/24/04/38350014/elon-musk-reacts-to-teslas-pricing-debate-only-a-fool-thinks?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts To Tesla&#8217;s Pricing Debate: &#8216;Only A Fool Thinks ….&#8217;</a>
BYD&#8217;s success is crucial to its goal of competing with global leaders like Toyota and Volkswagen and shedding its image as a low-cost automaker.
The luxury push is also necessary to increase profitability as the price war squeezes the margins of mainstream models. Denza&#8217;s D9 has become the group&#8217;s most profitable model with annual sales of 119,000 units.
Why It Matters: Earlier this year, BYD <a href="https://www.benzinga.com/markets/asia/24/03/37776137/chinas-ev-market-charges-forward-warren-buffett-backed-byd-predicts-50-nev-penetration-as-top-player">predicted a significant shift</a> in the new energy vehicle (NEV) landscape. The company has been focusing on <a href="https://www.benzinga.com/news/24/03/37616662/teslas-chinese-rivals-are-coming-for-the-throat-byd-xiaomi-sharpen-knives-for-all-out-ev-price-war">making EVs more affordable</a> than their gasoline counterparts. 
Recently, <a href="https://www.benzinga.com/markets/asia/24/02/37305779/teslas-china-rival-byd-raises-luxury-game-with-233k-ev-supercar-to-rival-ferrari-and-lamborghini">BYD unveiled its most expensive vehicle to date</a>, a fully electric supercar valued at $233,450, challenging traditional supercar manufacturers like Ferrari NV and Lamborghini. The company also announced its <a href="https://www.benzinga.com/news/24/04/38352429/warren-buffett-backed-byd-names-cybertruck-challenger-shark-with-plug-in-hybrid-system-for-extra-bit">first electric pickup truck</a>, the BYD Shark.
In 2008, Berkshire invested around $230 million in BYD, obtaining 225 million shares and a 20.49% stake in Class H shares. Over time,<a href="https://www.benzinga.com/news/24/02/36904335/warren-buffett-backed-byd-reports-impressive-33-1-yoy-growth-in-january-sales-continues-to-scale-sal"> it has reduced its stake</a> and now holds approximately 87.6 million BYD H Shares, equivalent to a 7.98% stake.
Price Action: On Wednesday, BYD&#8217;s stock BYDDF closed at $25.65, up by 2.05% while its ADR BYDDY closed at $51.21, up by 1.2% on the same day.
Read Next: <a href="https://www.benzinga.com/general/education/24/04/38388530/heres-how-much-warren-buffett-could-have-made-investing-in-tesla?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Here&#8217;s How Much Warren Buffett Could Have Made Investing In Tesla</a>
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Warren Buffett is one of the most well-known investors and has made some great stock picks over the years. Tesla CEO Elon Musk often likes to remind the billionaire how he missed out on investing in Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) before it became a market leader <a href="https://www.benzinga.com/news/earnings/24/01/36768363/tesla-q4-earnings-highlights-revenue-miss-eps-miss-model-y-a-global-bestseller-next-gen-vehicle-upd">for electric vehicles.</a>
What Happened: Over the years, Musk has taken to social media to remind Buffett and the late Charlie Munger how they <a href="https://www.benzinga.com/trading-ideas/long-ideas/23/03/31505925/did-warren-buffett-miss-tesla-train-at-bargain-200m-valuation-elon-musk-reminds-investme">missed out on investing </a>in Tesla years ago.
The Tesla CEO often references a <a href="https://www.benzinga.com/news/23/02/31061532/elon-musks-investment-advice-to-warren-buffett-invest-in-company-that-starts-with-a-t">2019 lunch meeting </a>with Munger, who served as the Vice Chairman of Berkshire Hathaway Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>)(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) before he passed away in November 2023.
Munger served as the right-hand man to Buffett and often shared investing ideas, which may have included recommending to pass on investing in Tesla.
"I was at a lunch with Munger in 2009 where he told the whole table all the ways Tesla would fail. Made me quite sad, but I told him I agreed with all those reasons &amp; that we would probably die, but it was worth trying anyway," Musk previously <a href="https://twitter.com/elonmusk/status/1494065800482902030?lang=en">said</a>.
Musk references a $200 million valuation of Tesla at the time when Buffett had the opportunity to invest in the company, which would have been before <a href="https://www.benzinga.com/general/education/23/04/31815434/if-you-invested-1-000-in-tesla-stock-at-ipo-heres-how-much-youd-have-today">the company&#8217;s IPO </a>in June 2010.
It's unclear how much Berkshire Hathaway could have bought at the time, but based on the $200 million valuation a 10% investment could have been done for $20 million.
On Tuesday, Tesla has a market capitalization of $463 billion, which mean's Berkshire's hypothetical investment would be worth $46.3 billion today.
This represents a potential return of 231,400%.
Related Link: <a href="https://www.benzinga.com/23/11/35740425/elon-musk-mocks-buffett-over-missed-opportunity-too-bad-he-didnt-invest-in-tesla-when-it-was-0-1-of">Elon Musk Mocks Buffett Over Missed Opportunity: &#8216;Too Bad He Didn&#8217;t Invest In Tesla When It Was 0.1% Of Today&#8217;s Value&#8217;</a>
Why It's Important: Buffett and Berkshire Hathaway never invested in Tesla, but they did get in on the growth of electric vehicles by<a href="https://www.benzinga.com/news/24/04/38352429/warren-buffett-backed-byd-names-cybertruck-challenger-shark-with-plug-in-hybrid-system-for-extra-bit"> investing in Tesla rival </a>BYD Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) in 2008.
The company has also benefitted from an investment made in Apple in 2016, which is now one of the biggest pieces of the valuation of Berkshire Hathaway today.
Berkshire Hathaway is valued at $883 billion today.
While Munger and Buffett may have passed on investing in Tesla in 2009, both investors have often had strong words of praise for the company and for Musk.
Read Next: <a href="https://www.benzinga.com/news/22/04/26775738/lot-of-companies-make-cars-but-you-have-to-make-cars-that-people-want-warren-buffett-on-elon-musk-an-1">You Have To Make Cars That People Want: Warren Buffett On Elon Musk And Tesla</a>
Image generated using artificial intelligence via Midjourney.

Here's How Much Warren Buffett Could Have Made Investing In Tesla

Shenzhen-based EV giant BYD Co (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 revealed that its <a href="https://www.benzinga.com/markets/asia/24/04/38086696/teslas-top-rival-from-china-eyes-launching-cybertruck-challenger-but-heres-why-a-face-off-seems-unli">upcoming electric pickup truck </a>will be called BYD Shark. 
The Shark is due to be launched this year, just months after rival Tesla started to deliver its own version of an <a href="https://www.benzinga.com/government/24/04/38331377/tesla-recalls-over-3-800-cybertrucks-citing-unintended-acceleration-risk">electric pickup called the Cybertruck. </a>
What Happened: BYD has not made electric pickup trucks to date and the Shark will be its first. The company announced the name in a post on Weibo without revealing prices. The truck, it said, will be equipped with a plug-in hybrid system. 
Earlier this month, it was reported that the truck will be launched this year with dimensions exceeding the Toyota Hilux and focussed on the global market. 
Why It Matters: Warren Buffett-backed BYD took over Tesla as the world's biggest EV seller by volume in the last quarter of 2023, only to&nbsp;<a href="https://www.benzinga.com/news/24/04/38068997/elon-musk-dwells-on-wokeness-geopolitics-population-crisis-but-mostly-stays-silent-on-teslas-gloomy" target="_blank" rel="noreferrer noopener">return the crown in the last quarter.</a>
Tesla started delivering its Cybertruck in November. The vehicle is sold only in the U.S., a market where BYD is yet to make inroads.
In January, Tesla CEO Elon Musk <a href="https://www.benzinga.com/news/24/01/36626369/tesla-ceo-elon-musk-tempers-down-expectations-of-cybertruck-rollout-in-china-could-ship-some-prototy" target="_blank" rel="noreferrer noopener">dampened expectations for Cybertruck sales in China </a>saying that it would be "very difficult" to get the stainless steel vehicle road legal in the Asian country. 
BYD, meanwhile, has not announced any intentions to play in the U.S. as of yet, thinning chances of direct competition between the two trucks in the same markets. 
Furthermore, the Cybertruck is a battery-electric vehicle unlike the Shark, placing them in different fuel categories. 
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More: <a href="https://www.benzinga.com/news/24/04/38350966/tesla-ends-referral-benefits-this-month-musk-teases-new-program-in-few-months-what-happens-to-curren">Tesla Ends Referral Benefits This Month: Musk Teases New Program in Few Months — What Happens To Current Credits?</a>
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Warren Buffett-Backed BYD Names Cybertruck Challenger 'Shark' — With Plug-In Hybrid System For Extra Bite

On Wednesday, Volkswagen AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>) revealed that together with its Chinese EV partner, XPeng Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xpev#NYSE">XPEV</a>),&nbsp;they have&nbsp;developed a new architecture&nbsp;for EVs. The EV pioneer Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) has been leading the market when it comes to architecture that reduces the wiring and components in an electric vehicle to lower the cost of its manufacturing, but with the help of XPeng, Volkswagen will finally be able to compete with Tesla on the cost efficiency front.&nbsp;
The new architecture will enable Volkswagen to offer more affordable EVs.
Through&nbsp;a central computer and a zonal structure, the&nbsp;architecture controls&nbsp;all electronics to achieve functionssuch as&nbsp;autonomous driving.&nbsp;By reducing the&nbsp;number of control units, the&nbsp;China Electrical Architecture&nbsp;(CEA)&nbsp;will help&nbsp;Volkswagen&nbsp;achieve a cost reduction target of 40% for its China-developed platform compared to its German-developed MEB platform. Volkswagen plans to use the&nbsp;CEA in locally developed Volkswagen-branded EVs from 2026.
A big step in the Xpeng-Volkswagen partnership.
This is quite a milestone in Volkswagen&rsquo;s&nbsp;development of intelligent connected vehicles&nbsp;for the Chinese market, as the European automaker accelerates its &ldquo;In China, for China&rdquo; strategy. When Volkswagen forged a partnership with XPeng last year by buying 4.99% of XPeng, they planned to jointly launch two Volkswagen-branded EV models by 2026, using XPeng&rsquo;s G9 Edward platform. By joining forces, XPeng and Volkswagen expected to&nbsp;reduce costs and slash development time by 30%.
Lowering the cost of its EV-making by 40% will also help Volkswagen in its efforts to regain its status in China as back in 2022, it got dethroned as the best-selling brand by local EV maker who is also giving Tesla a headache, BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>).&nbsp;
BYD is rapidly expanding its offerings, challenging Tesla and Jeep at the same time.
To compete across market segments, BYD&nbsp;unveiled three new cars for its Fang Cheng Bao brand&nbsp;on Tuesday. BYD launched the&nbsp;Fang Cheng Bao brand&nbsp;last summer to focus on personalized need of consumers, especially for off-road and sports vehicles. With the new vehicles, namely&nbsp;an off-road SUV, an&nbsp;SUV&nbsp;forcity driving and a sports car, it is going both against Tesla on the&nbsp;premium end&nbsp;of the market as well as&nbsp;Jeep in the off-road segment.&nbsp;Therefore, despite Volkswagen&rsquo;s efforts, and the fact the first of the two cars&nbsp;it will develop with XPeng will be an SUV to join this race, Volkswagen is in for a tough EV race.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

VWAGY

XPEV

Volkswagen To Gain A Competitive EV Advantage With A New Architecture It Developed With XPeng

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk&#8216;s management style has come under scrutiny as the electric vehicle (EV) maker faces unexpected delays in Cybertruck deliveries. This has led to a critical investor questioning the leadership of the company.
What Happened: Ross Gerber, the CEO of Gerber Kawasaki Wealth and Investment Management, expressed his skepticism about Musk&#8217;s management style in light of the Cybertruck delivery delays. &#8220;Ever since he left Tesla and bought Twitter, basically nobody has been running the ship,&#8221; Gerber said in an interview with CNBC&#8217;s Last Call on Tuesday.
&#8220;I&#8217;m a skeptic of Elon Musk&#8217;s management style at this point,&#8221; Gerber said. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&quot;I&#39;m a skeptic of <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a>&#39;s management style at this point,&quot; says <a href="https://twitter.com/GerberKawasaki?ref_src=twsrc%5Etfw">@GerberKawasaki</a> as Tesla delays Cybertruck deliveries. &quot;Ever since he left Tesla and bought Twitter, basically nobody has been running the ship.&quot; <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> <a href="https://t.co/rCRloPu08S">pic.twitter.com/rCRloPu08S</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1780383465025810796?ref_src=twsrc%5Etfw">April 16, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Earlier this month, Gerber had publicly criticized Musk&#8217;s behavior, blaming it for <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38062930/ross-gerber-blames-elon-musks-toxic-behavior-for-ev-makers-crappy-q1-sales-calls-fo">Tesla&#8217;s poor Q1 sales</a> performance. Musk responded to these comments, expressing his fury at Gerber&#8217;s accusations. Musk reacted to Gerber&#8217;s criticism by labeling him an &#8220;idiot&#8221; and highlighting a sales decline at <a href="https://www.benzinga.com/markets/equities/24/04/38047077/tesla-stock-dives-as-q1-deliveries-disappoint-but-ev-giant-reclaims-top-spot-from-chinese-rival" target="_blank" rel="noreferrer noopener">Chinese EV maker</a> 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>), hinting that Tesla&#8217;s struggles were not unique. 
On Feb. 13, Ross Gerber&#8217;s investment firm, Gerber Kawasaki Wealth &amp; Investment Management, reported owning 377,918 shares of Tesla, which is a 5.09% decrease from their previous ownership, <a href="https://fintel.io/so/us/tsla/gerber-kawasaki-wealth-investment-management">according</a> to Fintel.
See Also: <a href="https://www.benzinga.com/news/24/04/38270988/elon-musk-reacts-after-trump-posts-screenshot-of-tesla-ceos-post-about-lawfare-not-being-applied-equ?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts After Trump Posts Screenshot Of Tesla CEO&#8217;s Post About &#8216;Lawfare:&#8217; &#8216;Not Being Applied Equally To Joe And Hunter Biden&#8217;</a>
Why It Matters: The delay in Cybertruck deliveries is the latest in a series of challenges for Tesla. The company has also been dealing with <a href="https://www.benzinga.com/news/24/04/38278972/tesla-stock-falls-as-cybertruck-faces-unexpected-delays">weakening demand</a> trends.
These developments have led to speculation about a potential leadership shift within Tesla, particularly following the <a href="https://www.benzinga.com/news/24/04/38265084/did-someone-get-promoted-at-tesla-amid-layoffs-autopilot-heads-x-badge-change-sparks-talk-of-leaders">departure of senior executives</a> and the recent badge change of Tesla&#8217;s Director of Autopilot Software, Ashok Elluswamy.
Meanwhile, Musk has been indicating a strategic shift, recently laying off over 10% of the company&#8217;s global workforce. This move, coupled with Musk&#8217;s social media activity, has led to speculation that he is <a href="https://www.benzinga.com/news/24/04/38263933/elon-musk-re-enters-wartime-ceo-mode-tesla-chief-explains-necessity-of-massive-job-cuts-amid-report">re-entering &#8220;wartime CEO&#8221; mode</a> and refocusing the company on its robotaxi project.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38243353/wow-elon-musk-reacts-to-reminder-of-how-tesla-bulls-optimistic-2021-rivian-predicti?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Wow:&#8217; Elon Musk Stunned By Reminder Of How Tesla Bull&#8217;s Optimistic 2021 Rivian Prediction &#8216;Didn&#8217;t Age Well&#8217;</a>
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Global

Tesla Investor Ross Gerber Says He's Skeptical Of Elon Musk's Management Style As Cybertruck Deliveries Face Delay: 'Nobody Has Been Running The Ship'

Honda Motor Co Ltd (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hm#NYSE">HM</a>) has lagged&nbsp;its&nbsp;European,&nbsp;U.S.&nbsp;and even Chinese&nbsp;competitors in ramping up&nbsp;its&nbsp;EV&nbsp;efforts in attempt to join Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) and BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) in the all-electric race.But on Tuesday,&nbsp;Japan&#39;s second-biggest car&nbsp;maker&nbsp;announced its latest effort to regain its relevance in the world&rsquo;s greatest EV market.
<h3>Honda Unveils A&nbsp;New EV Brand In China</h3>
On Tuesday, Honda revealed it will be launching six next-generation EVs in China by 2027. In addition, Honda is also planning to roll out a total of 10 Honda-brand EV models&nbsp;in China within the same time frame, to ensure its automobile sales in China consist entirely of EVs by 2035. Honda&rsquo;s new EV brand has been named&nbsp;Ye.
Honda and Nissan could team up to make it in the&nbsp;EV world.
Last month, Honda and its Japanese rival, Nissan Motor&nbsp;Co Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>)&nbsp;revealed they are&nbsp;considering&nbsp;to enter a strategic partnership for&nbsp;&nbsp;key components and software&nbsp;in response to their Chinese EV competitors who have ramped up their EV efforts while Japanese automakers remained in the slow lane by focusing on hybrids. Also today, Nissan revealed it plans to begin mass-producing next-generation EV batteries by early 2029. Also, Nissan will join Tesla by adopting the manufacturing process that the EV king pioneered, called gigacasting, to make part of its EVs. In other words, Nissan is looking up to Tesla and its style of EV making to build cheaper EVs. By the end of 2026, Nissan is aiming to lower the cost of EV making by 30%, compared to 2023&rsquo;s cost. Back at the end of March, Nissan also&nbsp;announced&nbsp;it will be&nbsp;launching&nbsp;of 30 new models within the next three years, with 16 among them being electrified.
The story Honda&rsquo;s global EV journey is being written.
Back in&nbsp;January, Honda kicked off the year by&nbsp;unveiling&nbsp;its &quot;Honda 0 Series&quot; EVs and two concept models at the CES trade show in Las Vegas.&nbsp;The new EV series for global markets will be launched in 2027, beginning with North America. Honda decided to develop its newest series with a new approach that is thin, light and wise. Honda is aiming high by promising an artistic design, safety and peace of mind, IoT, the joy of driving and outstanding EV performance. But only time will tell if Japanese automakers can make up for the lost time they spent focusing on hybrids and catch up to Tesla and their other EV rivals in China.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

Asia

Markets

NSANY

Honda Continues Its EV Push With Attempt To Rejuvenate Its Positioning In China

BYD Co., Ltd.&nbsp;(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 intensified its move into luxury SUVs and off-roaders, unveiling two new models to&nbsp;<a target="_blank" href="https://www.benzinga.com/24/04/38223247/the-expansion-of-chinas-ev-makers-could-threaten-the-legacy-of-european-automakers" rel="noreferrer noopener">compete against&nbsp;Jaguar Land Rover Automotive Plc.</a>
China&#8217;s largest automaker debuted the Super 3 and Bao 8 SUVs at its Shenzhen headquarters in a glamorous live-streamed event, Bloomberg&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-16/byd-unveils-two-models-in-latest-luxury-sport-utility-push?srnd=technology-vp&amp;sref=TBDibEcD" rel="noreferrer noopener">reported</a>.
The automaker didn&#8217;t clarify whether the new SUVs are hybrid or fully electric vehicles. Additionally, alongside the two new models, they showcased the Super 9, a conceptual high-performance racing car, Bloomberg added.
The unveiling marks the beginning of a series of launches leading up to the Beijing Auto Show, scheduled from April 25 to May 4, asserting its status as China&#8217;s premier automotive event, the report read.
While BYD is well-known for its budget EVs like the Seagull hatchback, priced at 69,800 yuan (under $10,000), it&#8217;s now venturing into the high-end luxury segment.&nbsp;
Recently, it introduced its priciest car, the 1.68 million yuan ($232,120) Yangwang U9 high-performance electric supercar, aimed at competing with&nbsp;Ferrari N.V.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RACE#NYSE">RACE</a>) and Lamborghini, Bloomberg stated.
Read Next:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38238201/donald-trumps-long-rant-on-stormy-daniels-once-derailed-white-house-talks-with-former-at-t-ceo-r" rel="noreferrer noopener">Donald Trump&#8217;s Long Rant On Stormy Daniels Once Derailed White House Talks With Former AT&amp;T CEO Randall Stephenson About The Threat Of China, Book Reveals</a>
Price Action: BYDDY shares are trading lower by 0.15% to $51.89 on the last check Tuesday.
Image via Shutterstock

Media

RACE

Tesla's Chinese Rival BYD Dives Into Luxury SUV Market, Unveiling Super 3 And Bao 8 Models To Rival Jaguar Land Rover

The Italian government&nbsp;stated that&nbsp;it is talks with Tesla&nbsp;Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>), as well as with&nbsp;Chinese automakers,&nbsp;in attempt to get them to bring their manufacturing to the country and boost the national output after years of decline on the automotive front.
At an event in Turin on&nbsp;Wednesday,&nbsp;Italy&#39;s sole major automaker,&nbsp;Stellantis N.V. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stla#NYSE">STLA</a>) CEO&nbsp;Carlos Tavares&nbsp;warned that the arrival of&nbsp;Chinese car manufacturing in Italy&nbsp;would force&nbsp;some tough&nbsp;and unpopular&nbsp;decisions for&nbsp;the automaker. This move would likely result in&nbsp;Stellantis&nbsp;losing&nbsp;market share and sales volumes, to which it would have to respond by doing whatever it takes to&nbsp;accelerate&nbsp;its&nbsp;efforts to increase productivity&nbsp;and&nbsp;its competitiveness.
On Thursday, Volkswagen Group (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>) revealed its plans to invest 2.68 billion to expand its production and innovation hub in China, more precisely in&nbsp;the city&nbsp;of Hefei in Anhui Province, with the aim of increasing the speed of bringing&nbsp;technologies to market&nbsp;by&nbsp;about&nbsp;30%. In 2022,&nbsp;Volkswagen&nbsp;got dethroned in China by the local BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) who became the&nbsp;best-selling car brand, giving even Tesla a run for its money. Moreover, BYD even shortly dethroned Tesla as the top EV Maker during the last three months of 2023. As part of its e-offensive,&nbsp;Volkswagen continues to prepare the two EVs it is developing with XPeng Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xpev#NYSE">XPEV</a>). Meanwhile, the Chinese EV maker, XPeng, continues to expand beyond the overcrowded market in China. XPeng just signed a distributor deal to expand into Honk Kong and Macau. XPeng already made its European entry and did it by launching two EVs in Germany at the end of March. With joined forces, XPeng and Volkswagen have a win-win scenario. Volkswagen gets to strengthen its footing in China and expand its EV portfolio quickly, with both enjoying an improved cost structure and XPeng gaining a European ally as it continues to expand its global footprint.&nbsp;
During the first quarter, Volkswagen Group reported that deliveries rose 3% YoY to&nbsp;2.10 million vehicles, with China being among the top growth drivers, rising 8%, along with South America and North America that reported growth of 14% and 5%, respectively. But, fully electric models (BEVs) experienced a decline of 3% that was compensated by the 4% rise in deliveries of traditional vehicles with internal combustion engines. However, the good news on the EV front is that there was a strong&nbsp;growth&nbsp;of 91%&nbsp;in China, but it that&nbsp;did not fully offset the&nbsp;24%&nbsp;decline in Europe.
While European automakers face&nbsp;an EV slowdown,&nbsp;Chinese EV makers continue their agressive expansion.
According to market research firm Rho Motion, global EV sales and plug-in hybrids&nbsp;rose 12%&nbsp;YoY in March, but the growth in China and the U.S. were partly offset by Europe&rsquo;s 9% drop. Although still positive, growth has slowed, and Europe&rsquo;s EV enthusiasm seems to be on pause. Meanwhile, Chinese EVs keep arriving to Europe&rsquo;s ports with EV makers like XPeng and BYD expanding to the continent. Other automakers could follow the footsteps of Volkswagen to focus on making friends in China and gaining access to its technology to avoid getting swept by the aggressive push of Chinese EV makers. If the mighty EV pioneer like Tesla had to sacrifice its margins by resorting to slashing prices to boost its competitiveness against BYD, no automaker is safe.&nbsp;
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

STLA

The Expansion Of China's EV Makers Could Threaten The Legacy Of European Automakers

With many concerns in the air about the EV revolution running out of steam as even the EV king, Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) came short of estimates as it posted its first deliveries drop in four years, Volkswagen AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>) and Bayerische Motoren Werke Aktiengesellschaft (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bmwyy#OTC">BMWYY</a>) provided some much-needed optimism on the EV front.
Helped by price cuts, Volkswagen&rsquo;s e-offensive is showing results in the world&rsquo;s biggest car market.
While Volkswagen faced a diminishing EV demand in Europe, Europe&rsquo;s largest carmaker reported a first quarter success in China where its deliveries of both internal combustion engine and electric vehicles expanded by almost 8% during the first three months of the year. Specifically, deliveries of battery-run vehicles rose 91% YoY. Ralf Brandst&auml;tter, the head of Volkswagen Group in China, summed up that the company recorded strong growth, especially with pure-battery vehicles, amid a difficult price war that Tesla ignited last year. With many fierce domestic rivals, including BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>), Volkswagen CEO Oliver Blume is aware that staying on the top in China is a utopian dream it cannot afford. Last year, Volkswagen spent 5 billion euros to defend its position in China, yet it failed to win ground from Tesla and BYD. Back in 2019, Volkswagen was the world&rsquo;s biggest automaker that had everything it takes to dethrone Tesla by 2025 and become the world&rsquo;s biggest EV brand. But, Volkswagen failed to execute what it had mapped out for its EV future. Still, Volkswagen reported global deliveries of its entire portfolio rose 3% year to date, fueled by growth in China and the Americas. These figures show that despite a tricky EV journey, Volkswagen still has a lot of strengths to exploit.
BWM is finally starting to see its efforts resulting in growth on the BEV front.
BMW reported strong EV sales growth during the first quarter along with a major milestone. During the first three months of the year, BMW sold its one millionth EV. The BMW brand sold 531,039 cars across the globe, with first quarter sales rising 2.5%. But EV sales went up considerably more, more precisely 40.6% up. By hitting a major EV milestone, along with reporting a surge in first quarter sales, BMW kicked off the new year by outpacing its rivals.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

BMWYY

Volkswagen And BMW Report Unexpected Good News Of Their EV Progress

Electric vehicle stocks sold off in the week ended April 5 amid the <a href="https://www.benzinga.com/markets/equities/24/04/38117766/traders-rethink-interest-rate-cuts-labor-market-heats-up-oil-prices-quietly-reach-6-month-high-t">broader market swoon due to waning rate-cut hopes</a> and some company-specific catalysts. The first quarter was tough for the industry, which was reflected in the sales of major players.
Here are the key events that happened in the EV space during the week:
Tesla&#8217;s Rare Deliveries Drop, Model 2 Rumors And More: Stung by demand and supply concerns, Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) reported its <a href="https://www.benzinga.com/markets/equities/24/04/38047077/tesla-stock-dives-as-q1-deliveries-disappoint-but-ev-giant-reclaims-top-spot-from-chinese-rival">first year-over-year sales decline since the second quarter of 2020, which was hit by COVID-19. </a>
The Elon Musk-led company&#8217;s first-quarter deliveries came in at 386,810 vehicles, down from 422,875 a year earlier. Production also fell year-over-year. The company blamed the predicament on the transition to new Model 3 production at the Fremont factory and the production disruptions at the Giga Berlin factory. The weak numbers elicited negative reactions from bulls and bears alike, although the former group largely clung to its positive long-term outlook.
Musk remained tightlipped about the weak sales for the most part but was triggered to comment when fund manager Ross Gerber blamed the shortfall squarely on the billionaire and called for an overhaul of the board, citing inaction on its part. In a scathing response to Gerber&#8217;s comments, Musk called him an &#8220;idiot&#8221; and said even Chinese BYD Company 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>), backed by Warren Buffett, had a dismal quarter. Incidentally, BYD, which wrested the global EV crown from Tesla in the December quarter, ceded it back to Tesla as it delivered only 300,114 battery EVs in the first quarter.
Following the deliveries update, the Tesla stock ended Tuesday&#8217;s down 4.9%. Tesla shares were punished on Friday when a Reuters report said the company is planning to pull the plug on its low-cost EV platform. Musk, however, cleared the air and said the report was false. Analysts began contemplating the prospect of Tesla ditching the sub-$30,000 EV in favor of achieving full automation in order to float its robotaxi service.
All through Tesla&#8217;s weakness this week, Cathie Wood&#8217;s Ark Invest remained a firm believer in the stock and bought $76 million worth of the EV maker&#8217;s shares in aggregate.
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best Electric Vehicle Stocks</a>
Rivian&#8217;s Hits Production Milestone: Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>), which has been hailed as a credible EV play by analysts, reported this week that <a href="https://www.benzinga.com/markets/equities/24/04/38089876/rivian-ceo-rj-scaringe-cheers-hitting-6-figure-production-mark-even-as-stock-languishes">it has produced its 100,000th vehicle.</a> The milestone vehicle is a white R1S SUV. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Our 100,000th Rivian! <a href="https://t.co/7ZKwCASQBR">pic.twitter.com/7ZKwCASQBR</a>
&mdash; RJ Scaringe (@RJScaringe) <a href="https://twitter.com/RJScaringe/status/1775542775259541992?ref_src=twsrc%5Etfw">April 3, 2024</a></blockquote>
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The company has a production goal of 57,000 EVs this year. The Irvine, California-based company has yet to become profitable and continues to incur huge losses per vehicle it manufactures. It recently held a global launch event for its next-vehicle platform called R2, which is priced below its current lineup.
Nikola&#8217;s Q1 Deliveries Beat: Hydrogen and battery electric truck maker Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>) said it delivered 40 hydrogen fuel-cell energy trucks in the first quarter, ahead of the 30-unit consensus estimate. The company produced 43 trucks during the quarter. 
&#8220;We are on track for a successful 2024 by continuing the momentum set in 2023,&#8221; said Nikola CEO Steve Girsky.
&#8220;We anticipate further sales growth in future quarters as our HYLA hydrogen fueling solutions come online.&#8221;
Ford Delays EV Plans: Legacy automaker Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) said this week it would postpone production of its three-seater SUV in Canada from 2025 to 2027. The next-gen electric pickup truck, codenamed &#8220;T3,&#8221; is also being pushed back from late 2025 to 2026. The company, however, reaffirmed its plans to offer hybrid options for its all North American vehicle lineup by 2030.
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>.
Canoo&#8217;s Disappointing Quarter: Struggling EV startup Canoo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CANOO#NASDAQ">CANOO</a>) saw its shares tumble over 40% this week after the company <a href="https://www.benzinga.com/news/earnings/24/04/38036342/ev-maker-canoos-stock-falls-on-mixed-q4-results">issued a bleak 2024 forecast and continued to flash a &#8220;going concern&#8221; warning. </a>The fourth-quarter&#8217;s results were mixed, with the loss narrower than expectations, while revenue came in below forecast.
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 0.27% at $22.16, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a> For the week, the ETF fell 1.34%.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38130387/gene-munster-backs-teslas-focus-on-robotaxis-over-low-cost-ev-gary-black-skeptical-">Gene Munster Backs Tesla&#8217;s Focus On Robotaxis Over Low-Cost EV, Gary Black Skeptical Of Strategy: &#8216;Institutions Would Dump The Stock&#8217;</a>
EV Stock Performances For Week:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Performances (+/-)</td>
</tr>
<tr>
<td>Tesla</td>
<td>-6.20%</td>
</tr>
<tr>
<td>Nio, Inc.(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>)</td>
<td>-2.44%</td>
</tr>
<tr>
<td>XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>)</td>
<td>-3.78%</td>
</tr>
<tr>
<td>Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)</td>
<td>-1.49%</td>
</tr>
<tr>
<td>Fisker</td>
<td>-76.67%</td>
</tr>
<tr>
<td>Workhorse Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>)</td>
<td>-12.32%</td>
</tr>
<tr>
<td>Hyzon Motors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>)</td>
<td>+3.15%</td>
</tr>
<tr>
<td>Canoo</td>
<td>-40.34%</td>
</tr>
<tr>
<td>Rivian</td>
<td>-7.76%</td>
</tr>
<tr>
<td>Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>)</td>
<td>-8.42%</td>
</tr>
<tr>
<td>Faraday Future Intelligent Electric, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NASDAQ">FFIE</a>)</td>
<td>-21.60%</td>
</tr>
<tr>
<td>Nikola </td>
<td>-1.92%</td>
</tr>
<tr>
<td>VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>)</td>
<td>-16.30%</td>
</tr>
</tbody>
</table>
</figure>
Photo: Shutterstock

CANOO

FFIE

HYZN

KARS

LCID

NKLA

RIVN

WKHS

Tesla Alienates Bears And Bulls Alike, Nikola On The Mend, Canoo's Struggles And More: Biggest EV Stories Of The Week

It&rsquo;s been a mixed week for Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) who drastically underperformed in terms of first quarter sales. Still, it got its biggest EV seller crown back from its biggest rival, BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) who snatched this quarterly crown away from Tesla during the last three months of 2023. But even BYD reported a significant quarter-over-quarter slowdown which allowed Tesla to regain its throne. However, Tesla&rsquo;s nightmare is far from over.
BYD continues with its aggressive expansion.
Its rapid expansion plans come at a cost, but BYD continues to accelerate. Moreover, it plans to launch its first electric pickup later this year, challenging both Tesla and its Cybertruck as well as Ford Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>) and its F-150 that has been America&rsquo;s best-selling vehicle for over four decades. If BYD prices its pickup below the price point of the electric F-150, the Lightning, Ford will have a problem. Moreover, Ford already has a problem as the demand for the Lightning fell short of expectations amid the EV slowdown that pressured Ford to focus more on hybrids. Moreover, Ford recently slashed two thirds of its F-150 Lightning plant workforce which is another confirmation of softer than expected demand. Even Ford couldn&rsquo;t make its best-selling truck more affordable as for now, electric pickups come with a hefty price tag.
Moreover, BYD also announced its latest ultra-cheap car, increasing its competitiveness against Tesla who is still not able to bring affordability into its offerings. But BYD is going for all market segments as it also unveiled its supercar in March aimed at conquering the premium end of the EV universe.
Rivian Automotive (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rivn#NASDAQ">RIVN</a>) reached the 100,000 EV milestone.
On April 3rd, Rivian CEO&nbsp;RJ Scaringe&nbsp;issued a post on the platform owned by its rival CEO, Elon Musk, proudly stating that Rivian has officially made 100,000 EVs. Back in March, Rivian revealed the R2, a smaller counterpart to the R1S electric SUV, along with a surprise sibling, a smaller SUV named the R3 and its sporty version, R3X. Along with unveiling three new EVs, Rivian also announced&nbsp;$2.25 billion in cost savings.
Its growth is expected to continue and Rivian needs to grow in order to survive the rising EV competition. If it succeeds, it will enter EV history as the first startup after Tesla to have made it in the U.S. After all, it already made history by bringing the world&rsquo;s first electric pickup to the road before Tesla.
Tesla is still leading the EV pack. But automakers are racing to catch up and innovating, which always means a redistribution of power could be in the cards.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Trading Ideas

Tesla Regained Its World's Top EV Seller Crown But It Is Still In The Woods

Chinese EV giant 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>) is reportedly eyeing entry into the <a href="https://www.benzinga.com/news/24/04/38067126/are-you-listening-tesla-and-rivian-most-potential-ev-buyers-arent-looking-for-a-fancy-truck-they-jus">EV pickup truck market</a> like its U.S. counterpart Tesla. 
What Happened: BYD will launch its first new energy pickup truck this year, CnEVPost <a href="https://cnevpost.com/2024/04/03/byd-to-launch-1st-new-energy-pickup-this-year/?utm_source=substack&amp;utm_medium=email">reported</a>, citing a source familiar with the matter. The truck will reportedly have dimensions exceeding the Toyota Hilux and will be focused on the global market. 
There are heightened restrictions in terms of maximum speed and years of use on pickup trucks in China as compared to other passenger vehicles like sedans and SUVs. 
Several cities also have restrictions on pickup trucks entering urban areas, the report noted, while adding that it might be why BYD&#8217;s pickup truck is focused on the global market instead of home ground. 
Warren Buffett-backed BYD took over Tesla as the world&#8217;s biggest EV seller by volume in the last quarter of 2023, only to <a href="https://www.benzinga.com/news/24/04/38068997/elon-musk-dwells-on-wokeness-geopolitics-population-crisis-but-mostly-stays-silent-on-teslas-gloomy">return the crown in the last quarter.</a>
The company did not immediately respond to Benzinga&#8216;s request for confirmation on the report. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">BYD to launch 1st new energy pickup truck for global market within this year<a href="https://t.co/W9WT4WEx4w">https://t.co/W9WT4WEx4w</a><a href="https://twitter.com/search?q=%24BYDDY&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BYDDY</a> <a href="https://twitter.com/search?q=%24BYDDF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BYDDF</a>
&mdash; CnEVPost (@CnEVPost) <a href="https://twitter.com/CnEVPost/status/1775549143060283828?ref_src=twsrc%5Etfw">April 3, 2024</a></blockquote>
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</figure>
Same Vehicle Type, Different Markets: Tesla started delivering its EV pickup truck called the Cybertruck in November. The vehicle is sold only in the U.S., a market where BYD is yet to make inroads. 
In January, Tesla CEO Elon Musk <a href="https://www.benzinga.com/news/24/01/36626369/tesla-ceo-elon-musk-tempers-down-expectations-of-cybertruck-rollout-in-china-could-ship-some-prototy">dampened expectations for Cybertruck sales in China </a>saying that it would be &#8220;very difficult&#8221; to get the stainless steel vehicle road legal in the Asian country. 
BYD, too, has not announced any intentions to play in the U.S. as of yet. So when BYD rolls out its electric pickup, it&#8217;s unlikely that it will directly compete against the Cybertruck in the same markets.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More: <a href="https://www.benzinga.com/news/24/04/38084446/while-tesla-ceo-musk-cries-tough-quarter-fords-evs-charge-ahead-with-86-sales-jump-in-america">While Tesla CEO Musk Cries &#8216;Tough Quarter,&#8217; Ford&#8217;s EVs Charge Ahead With 86% Sales Jump In America</a>
Image via Shutterstock

Rumors

Tesla's Top Rival From China Eyes Launching Cybertruck Challenger — But Here's Why A Face-Off Seems Unlikely For Now

On Tuesday, the mighty EV king, Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) posted its first annual drop in sales since the first year of the pandemic. Simply put, rising EV competition from both Chinese, U.S. and European automakers ate into demand. General Motors (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>) posted a drop in deliveries as well as in EVs for the first quarter of 2024. On the other hand, Ford Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>) reported a strong start of the year.
Darker days could be ahead for Tesla.
Tesla reported it&nbsp;built 433,000 vehicles but delivered only 387,000 during the first three months of the year. This is a drop compared to 484,507&nbsp;that Tesla delivered during the final three months of 2023, during which BYD (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) took its best EV seller quarterly crown, as well as&nbsp;from&nbsp;422,875 vehicle sold during last year&rsquo;s comparable quarter. Tesla fueled a price war last year in an effort to boost demand, and although it is more profitable than traditional automakers, the price cuts have been harming its profit margins. But even with the sharp drop in sales, Tesla still reclaimed the global EV title from BYD. Compared to the end of 2023, BYD experienced an even bigger drop of pure battery-powered vehicles sales.&nbsp;&nbsp;Excluding hybrids,&nbsp;BYD sold only 300,114 EVs during the first quarter, which is quite a steep fall from the 525,409 it sold during the last three months of 2023. But unlike Tesla, BYD reported its EV sales rose 13%.
Despite the disappointing news, GM&rsquo;s performance remains on track&nbsp;
On Tuesday, General Motor reported a decline in first quarter sales due to weaker EV demand and a drop in fleet deliveries.&nbsp;&nbsp;Overall domestic retail sales rose 6% to 594,233 vehicles. However, the Envolve unit plunged 23% as temporary production constraints for midsized pickup trucks and vans reduced volume of commercial vehicles. Those issues have now been remedied. Due to the discontinuation of the Chevy Bolt, EV sales tanked 20.5% to 16,425 vehicles. However, sales of the Cadillac Lyriq rose as much as 52% compared to the previous quarter. Moreover, Cadillac Lyriq outsold EVs from Mercedes-Benz (), BMW, Audi and Volvo. Also, its&nbsp;other newer EV models along with the Cadillac Lyric, namely the GMC Hummer SUV and pickup, as well as the EV versions of the Chevrolet Blazer and Silverado &ndash;&nbsp;combined, posted a 841% jump in sales, which is a bright spot in a disappointing quarter for GM overall.&nbsp;GM senior vice president and president of North American operations, assured investors that GM&rsquo;s brands &quot;are all performing well.
Ford is off to a strong start.&nbsp;
Fueled by strong demand for its pickup trucks and crossover SUVs, Ford Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>)&nbsp;reported U.S. auto sales rose 6.8% during the first quarter. As a result, Ford sold 508,083 vehicles.&nbsp;Ford reported that hybrid vehicles rose 42% YoY to 38,421 units sold. Moreover, Ford posted an EV sales jump of as much as 86.1%. The electric version of America&rsquo;s best-selling pickup, F-150, the Lightning, reported an 80% sales rise with&nbsp;7,743 truckssold.&nbsp;By the looks of it, Ford started the year on a strong note.
Ford and GM already scaled back their EV production plans as the growth pace of EVs has slowed down, but they are certainly not giving up on EVs. Moreover, both Chinese and Western EV makers threaten to disrupt the long-term Tesla&nbsp;narrative.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Ford Had a Different Start of 2024 Compared To General Motors And Even Tesla

Editor&#39;s note: This story was updated with Elon Musk&#39;s reaction to Gerber&#39;s comments.
Gerber Kawasaki Wealth and Investment Management&nbsp;CEO&nbsp;Ross Gerber slammed&nbsp;Tesla, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) CEO&nbsp;Elon Musk&nbsp;for the company&rsquo;s&nbsp;<a href="http://www.benzinga.com/markets/equities/24/04/38047077/tesla-stock-dives-as-q1-deliveries-disappoint-but-ev-giant-reclaims-top-spot-from-chinese-rival" target="_blank">dismal first-quarter performance</a>&nbsp;on Tuesday, grabbing Musk&#39;s attention in the process.
What Happened:&nbsp;&ldquo;Basically Tesla can&rsquo;t sell its cars due to Elon&rsquo;s behavior. Let&rsquo;s stop blaming the Houthi rebels or German environmental terrorists. Or a recession that never came. Or interest rates,&rdquo; Gerber said. &ldquo;Only one person [is] responsible for this,&rdquo; he added.
Gerber&#39;s firm, Gerber Kawasaki, holds 3,000 Tesla shares valued at roughly $500,000 in its flagship actively-managed exchange-traded fund&nbsp;AdvisorShares Gerber Kawasaki ETF&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gk#NYSE">GK</a>), with Tesla representing a portfolio weighting of 2.37%.
Expressing a bearish sentiment towards Tesla, Gerber warned of potential downward revisions of future earnings estimates following the first-quarter delivery miss, anticipating analysts to adjust their 2024 and 2025 EPS estimates accordingly.
See Also:<a href="https://www.benzinga.com/money/everything-you-need-to-know-about-tesla-stock" target="_blank">&nbsp;Everything You Need to Know About Tesla Stock</a>
Tesla CEO Reacts: Musk reacted to Gerber&#39;s criticism by labeling him an &quot;idiot&quot; and highlighting a sales decline at <a href="https://www.benzinga.com/markets/equities/24/04/38047077/tesla-stock-dives-as-q1-deliveries-disappoint-but-ev-giant-reclaims-top-spot-from-chinese-rival">Chinese EV maker&nbsp;BYD Co. Ltd.</a> (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>), hinting that Tesla&#39;s struggles were not unique. &quot;He&rsquo;s such an idiot that he can&rsquo;t even tell he&rsquo;s an idiot. BYD sales dropped by 42% from last quarter. This was a tough quarter for everyone,&quot; Musk said on X.
What More Does Gerber Want?&nbsp;&ldquo;Unfortunately Tesla shareholders are paying the price for the reality Elon has created,&rdquo; he added. &ldquo;For over a year I&rsquo;ve been warning about this potential reality. Now it&rsquo;s here. It&rsquo;s time for shareholders to assess the blame where due.&quot;
&ldquo;The Tesla BOD should be replaced immediately with independent directors as required by law,&quot; he added.
In an&nbsp;<a href="http://www.foxbusiness.com/video/6350156666112" target="_blank">interview</a>&nbsp;with Fox News, Gerber criticized Tesla&#39;s board for its lack of independence and failure to address Musk&#39;s controversial Twitter behavior, which he claimed had damaged the brand.&nbsp;
&ldquo;They, basically all work for Elon and we know it,&rdquo; Gerber said.
Tesla&rsquo;s EVs are best in terms of quality and performance and despite the fact if the company can&rsquo;t sell vehicles, it is due to its CEO, the fund manager said. The problem is not about production but it is about sales, he added.
When asked if&nbsp;<a href="https://www.benzinga.com/news/24/01/36652560/elon-musk-wants-to-own-25-of-tesla-heres-how-much-of-the-ev-stock-the-ceo-owns" target="_blank">Musk would be successful in increasing his stake in the EV maker,</a>&nbsp;Gerber said, it is unlikely, given he might have to comply with restrictions such as giving up his role at Twitter and becoming the sole CEO of Tesla.
Tesla ended Tuesday&rsquo;s session down 4.90% to $166.63, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank">Benzinga Pro data.</a>
Check out more of Benzinga&#39;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank">following this link</a>
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/equities/24/04/38061949/cathie-woods-ark-invest-unfazed-by-teslas-big-q1-sales-miss-hoards-39m-of-ev-giants-stock-tuesda" target="_blank">Cathie Wood&#39;s Ark Invest Unfazed By Tesla&#39;s Big Q1 Sales Miss, Hoards $39M Of EV Giant&#39;s Stock Tuesday &mdash; Nvidia Offloading Continue</a>
﻿Image via Shutterstock

Analyst Color

Analyst Ratings

'He Can't Even Tell He's An Idiot:' Elon Musk Furious As Ross Gerber Accuses Tesla CEO's 'Toxic' Behavior For 'Crappy' Q1 Sales And Demands Board Overhaul (UPDATED)

Editor&#8217;s Note: This article has been corrected to reflect the accurate manufacturer&#8217;s suggested retail price of the 2023 Ocean Extreme trim, which is $37,499.
Despite the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/38001174/bitcoin-vs-gold-vs-spy-which-asset-class-wouldve-given-best-returns-on-1000-investm">broader market finishing at a record high,</a> the mood in the electric vehicle space continued to be mixed. From established players such as Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) to startups such as Fisker, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSR#NYSE">FSR</a>), companies have faced challenging conditions in the industry.
Here are the key events that happened in the EV space during the week:
Tesla Analysts Temper Targets, FSD Free Trialing And More: This week, more sell-side analysts reduced their first-quarter deliveries target for Tesla. Bullish analyst Daniel Ives from Wedbush reduced his target from 475,000 units to 425,000 units, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37975506/tesla-bull-trims-price-target-ahead-of-q1-deliveries-update-warns-of-darker-days-ah">citing a &#8220;perfect storm&#8221; of demand issues that hit the quarter</a>, which in turn hurt delivery and sales. The analyst also lowered his price target for the stock from $315 to $300. RBC Tom Narayan from Capital Markets revised his first-quarter sales estimate from 500,000 units to 446,000 units. He attributed this adjustment to a demand pull forward from the expiration of certain Model 3s&#8217; IRS tax credits and the shutdown of Giga Berlin for approximately two weeks.
Tesla executive Rohan Patel was active on social media, promoting Tesla&#8217;s 30-day complementary trial of the company&#8217;s full-self driving software. 
&#8220;Please encourage your friends and family who may have a Tesla to try this free 30-day trial of Supervised FSD,&#8221; Patel&nbsp;said on X, formerly Twitter.
Patel, who is vice president of public policy and business development at Tesla, said that the progress made by Tesla on the artificial intelligence front is &#8220;mind-blowing&#8221; and that users will be inspired to either buy the software or subscribe to it after experiencing it during the free trial. RBC&#8217;s Narayan said recently that the free trial will help to drive volumes higher in the second quarter. 
&#8220;Higher FSD attach rates are also central to our investment thesis on the stock,&#8221; he said.
Cathie Wood&#8217;s Ark Invest accumulated Tesla shares this week amid their volatility. On Thursday, the firm bought about $14 million worth of the stock, on top of the over $28 million worth of shares it added on Monday. The total purchases for the week amounted to about $42 million.
Fisker Sharply Reduces EV Prices: Struggling EV startup Fisker announced this week a sharp reduction in its EV prices. The 2023 Ocean Extreme trim&#8217;s manufacturer&#8217;s suggested retail price was reduced by $24,000 to $37,499, the Ultra trim&#8217;s from $52,999 to $34,999, and the Sport&#8217;s from $38,999 to $24,999.
&#8220;Fisker is strategically positioning the all-electric Ocean SUV to be a more affordable and compelling EV choice,&#8221; the company said in a statement. 
The development came amid rumors of the company hurtling toward bankruptcy. After announcing that it was in talks with a major automaker —&nbsp;allegedly Nissan Motor Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) — for a strategic partnership that would include a cash infusion, Fisker hasn&#8217;t shared any updates on further progress. 
Nikola Amid Positive News Flow: Alternative energy truck maker Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>), which pulled out its battery EV trucks out of the market due to fire incidents, <a href="https://www.benzinga.com/news/24/03/38001915/second-chance-for-nikola-electric-trucks-return-to-customers-after-fire-recalls-with-new-features">teased their return.</a> 
&#8220;Next stop &#8211; California! Our battery-electric truck is returning to duty as BEV 2.0, heading on a zero-emissions journey provided by the Nikola hydrogen fuel cell electric truck. One truck, two powertrain options,&#8221; the company said in a post on X. 
The company also announced this week the opening of its inaugural HYLA high-pressure modular refueling station and facility in Southern California. Separately, Nikola said Blackjacks Roadhouse&nbsp;unveiled Alberta's first commercial hydrogen fueling station, and the project was supported by Nikola&#8217;s Canadian subsidiary.
Canoo Buys Assets Of Bankrupt Arrival: Canoo Inc. (NASDAQ:&nbsp; GOEV) said it completed the acquisition of a substantial portion of the advanced manufacturing assets that were previously owned by Arrival Automotive UK Limited. The latter filed for bankruptcy in February. Canoo said the purchased assets would be collected into more than 20 containers and shipped by sea to its manufacturing facilities in Oklahoma. In January, the company announced the acquisition of essentially all of the new and like-new assets owned by Arrival Automotive USA, Inc. These assets were transported from Arrival's North Carolina facility and received at Canoo's Oklahoma facility, where commissioning is underway, the lifestyle EV manufacturer said.
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>.
BYD Reportedly Eyes 20% Sales Growth: Warren Buffett-backed Chinese EV maker BYD Company Limited (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>) aims to sell 3.6 million new-energy vehicles in 2024, a 20% increase from its record 2023 sales, Reuters said, citing people familiar with the matter. The company&#8217;s chairman, Wang Chuanfu, reportedly told at an investor meet that the company plans to generate overseas sales to the tune of 500,000 units.
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 down 2.01% at $22.44, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a> For the week, the ETF fell 0.36%.
Read Next: <a href="https://www.benzinga.com/24/03/37951739/tesla-bull-says-investors-misdiagnosing-fundamentals-flags-this-razorblade-factor-as-catalyst-for-fu">Tesla Bull Says Investors &#8216;Misdiagnosing&#8217; Fundamentals, Flags This &#8216;Razorblade&#8217; Factor As Catalyst For &#8216;Future Penetration Gains&#8217;</a>
EV Stock Performances For Week:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Performances (+/-)</td>
</tr>
<tr>
<td>Tesla</td>
<td>+2.90%</td>
</tr>
<tr>
<td>Nio, Inc.(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>)</td>
<td>-7.98%</td>
</tr>
<tr>
<td>XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>)</td>
<td>-9.68%</td>
</tr>
<tr>
<td>Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)</td>
<td>-0.72%</td>
</tr>
<tr>
<td>Fisker</td>
<td>-28.21%</td>
</tr>
<tr>
<td>Workhorse Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>)</td>
<td>+11.82%</td>
</tr>
<tr>
<td>Hyzon Motors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>)</td>
<td>+9.97%</td>
</tr>
<tr>
<td>Canoo</td>
<td>-16.60%</td>
</tr>
<tr>
<td>Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>)</td>
<td>+1.39%</td>
</tr>
<tr>
<td>Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>)</td>
<td>+2.89%</td>
</tr>
<tr>
<td>Faraday Future Intelligent Electric, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NASDAQ">FFIE</a>)</td>
<td>-24.07%</td>
</tr>
<tr>
<td>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>)</td>
<td>+57.02%</td>
</tr>
<tr>
<td>VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>)</td>
<td>+0.20%</td>
</tr>
</tbody>
</table>
</figure>
Photo: Shutterstock

Tesla Q1 Worries Mount, Fisker's Pricing Ploy To Stay Alive, Nikola Stock Soars By 57% And More: Biggest EV Stories Of The Week (CORRECTED)

The EV king, Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) kicked off the week by&nbsp;raising prices for all Model Y cars in the United States by $1,000. But last week, Bloomberg reported that Tesla has cut production at its Shanghai factory in response to intense competition and unsatisfactory growth in China. Besides the&nbsp;homegrown competitor&nbsp;BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) that even dethroned it during the last three months of 2023 as the top EV maker, Tesla also has startups to worry about, as well as other new entrants that keep on coming.&nbsp;
One such threat is Xiaomi Corporation (OTC: <a class="ticker" href="https://www.benzinga.com/stock/xiacy#OTC">XIACY</a>) that is going for its piece of the EV pie. Xiaomi informed its potential buyers that they could face four to seven months of waiting for its first-ever vehicle due to robust demand.&nbsp;
Xiaomi is coming for its piece of the EV pie
On Thursday, the smartphone and consumer electronics maker began taking orders for its SU7 electric sedan. Xiaomi revealed that within the first 24 hours, 88,898 pre-orders were made. Within 36 hours, that figure went up to 120,000. While newcomers face a challenging environment, Reuters evaluated that Xiaomi has deeper pockets compared to many EV startups. Moreover, its smartphone expertise gives it an edge when it comes to smart dashboards, which are a highly valued feature by Chinese consumers. In other words, Xiaomi promises to be a worthy opponent to Tesla, just like it is to Apple Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) on the smartphone front.
The EV growth slowdown seems to be imminent.&nbsp;
EV growth in China has slowed down. Besides an unfavorable macroeconomic backdrop, the government pulled back a decade-long promotion of the sector. According to China&rsquo;s Passenger Car Association,&nbsp;Tesla delivered 131,812 vehicles during the first two months of 2024. This figure represents a 6% YoY drop. Moreover, only 53% of those shipments went to the local market,&nbsp;despite the effort Tesla made to boost demand with price cuts. Early April is also when the Sweeping Day is celebrated in China, which will additionally quiet down consumption. The China Passenger Car Association&nbsp;still expects shipments of new-energy vehicles to dealers to grow this year but at a slower pace. The PCA guided for 25% growth to 11 million units, which is lower than 2023&rsquo;s 36% and 2022&rsquo; 96% growth. Even the mighty Tesla seems to be struggling with weakness plaguing its major regions, but BYD sales also took a dive in January and February amid the typically weak Lunar New Year holidays. With the sporty EV priced below Tesla&rsquo;s Model 3, Xiaomi promises to make Tesla&rsquo;s troubles even worse.&nbsp;
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

AAPL

XIACY

Xiaomi's Entry To An Already Crowded EV Market Could Make Things Even Worse For Tesla

Back in 1995, BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) was a battery manufacturer. Today, BYD is China&rsquo;s leading EV seller who even stole the quarterly crown of the EV king, Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) during the last three months of 2023 as it became the world&rsquo;s largest EV seller. The rise of BYD, as well as of startups,&nbsp;XPeng Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xpev#NYSE">XPEV</a>),&nbsp;Li Auto Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/li#NASDAQ">LI</a>) and Nio Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>) is a reflection of China&rsquo;s growing dominance on the EV front.&nbsp;
March data
During the first quarter, BYD sold 626,263 new-energy vehicles which represents a 13% YoY rise. This figure includes roughly&nbsp;300,114&nbsp;EVs and about&nbsp;324,000&nbsp;plug-ins.
On Monday, the Tesla rival revealed that after slipping during the first two months of 2024, sales rose 46%. Moreover, BYD also reported exports also rose. New energy-vehicle sales nearly tripled overseas to 38,434 units, while plugin hybrids expanded 14% and pure battery EVs expanded 13%.&nbsp;
Tesla is due to release delivery figures on Tuesday.&nbsp;
By contrast, FactSet analysts forecast that Tesla delivered 457,000 vehicles. Bloomberg analysts fear Tesla is on track for the first YoY decline in deliveries since the pandemic spring of 2020. Back in January, Tesla CEO Elon Musk did warn of a notably slower growth this year. Also, Tesla stock is about 29% down year to date.
Nio
In March, Nio delivered&nbsp;11,866&nbsp;premium smart electric SUVs&nbsp;and smart electric sedans, representing a 14.3% YoY increase in vehicle deliveries.&nbsp;For the first quarter ended in March, Nio delivered 30,053 vehicles.
Li Auto was even the first to reach a milestone.
For the first quarter, Li Auto posted a 52.9% jump in deliveries. Li Auto delivered 80,400 units during the three months period. As for March alone, Li Auto delivered&nbsp;28,984 vehicles, representing a 39.2% YoY rise. Moreover, this figure established Li Auto as the first Chinese emerging new energy automaker to reach a milestone of 700,000 cumulative deliveries as of end of March 2024.&nbsp;
XPeng met its delivery guidance
XPeng deliveries rose 20% to 21,821 vehicles during the first quarter, which falls within its previously guided range between 21,000-22,500 vehicles. This reprensents a YoY growth of 19.7%. In March, XPeng delivered 9,026 vehicles which is a 98.6% rise from February and 28.9% YoY increase.&nbsp;
Together, Nio, Li and XPeng delivered about&nbsp;132,000 vehicles during the first quarter, which represents a 30% YoY increase. Even besides BYD, Tesla also has this Chinese EV trio to worry about.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

Penny Stocks

BYD, Nio, Li and XPeng Report Deliveries Rose In March

Electric car giant Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) reported a dip in first-quarter deliveries, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38017649/tesla-bull-anticipates-lower-q1-volume-but-does-not-rule-out-stock-rally-if-this-ha" target="_blank" rel="noreferrer noopener">just as many feared</a>, sending its stock lower <a href="https://www.benzinga.com/quote/TSLA">in premarket trading</a>.
Tesla&#8217;s Q1 Numbers: Tesla delivered 386,810 vehicles in the first quarter, down from 422,875 a year earlier. Production figures were also lower, at 433,371 compared to 440,808 units in the year-ago period. This marks Tesla&#8217;s first year-over-year decline in deliveries since pandemic-hit 2020.
Tesla Misses Analyst Estimates: The company fell short of analyst expectations. The company-compiled median consensus estimate shared by Future Fund&#8217;s Gary Black was 431,000 units. Independent Tesla observer Troy Teslike on X, formerly, Twitter, estimated first-quarter production and sales of 409,000 units and 429,954 units, respectively.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Q1&#8217;24 (units)</td>
<td>Q1&#8217;23 (units)</td>
<td>Y-o-Y Growth</td>
<td>Q4&#8217;23 (units)</td>
<td>Q-o-Q Growth</td>
</tr>
<tr>
<td>Production</td>
<td>433,371</td>
<td>440,808</td>
<td>-1.69%</td>
<td>494,989</td>
<td>-12.45%</td>
</tr>
<tr>
<td>Deliveries</td>
<td>386,810</td>
<td>422,875</td>
<td>-8.53%</td>
<td>484,507</td>
<td>-20.16%</td>
</tr>
</tbody>
</table>
</figure>
&#8220;Decline in volumes was partially due to the early phase of the production ramp of the updated Model 3 at our Fremont factory and factory shutdowns resulting from shipping diversions caused by the Red Sea conflict and an arson attack at Gigafactory Berlin,&#8221; the company said.
Tesla Takes Back Crown: Tesla reclaimed the title of the world&#8217;s leading battery electric vehicle manufacturer by volume after getting edged out in the fourth quarter of 2023 by Warren Buffett-backed BYD Company Limited (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>).
Rival Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) reported first-quarter deliveries of 13,588 EVs and affirmed its 2024 production goal of 57,000 units.
Tesla&#8217;s Price War Backfires: Tesla&#8217;s price cuts in China and globally failed to significantly boost sales volume. Competitors, particularly in China, matched the reductions, limiting the impact.
Tesla&#8217;s Other Headwinds: Analysts also highlighted softness in European demand and potential supply disruptions in the U.S. due to the Model 3 refresh and a brief shutdown of the Giga Berlin factory.
Tesla Model Breakdown: Tesla&#8217;s lineup includes the more affordable Model Y and Model 3, the premium Model S and X, and the Tesla Semi and Cybertruck. 
Curiously enough, the EV giant again did not reveal the exact number of Cybertrucks that were made and delivered, casting doubt on some analyst theories about the truck being a game-changer.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Production (in units)</td>
<td>Deliveries (in units)</td>
</tr>
<tr>
<td>Model Y/3</td>
<td>412,376</td>
<td>369,783</td>
</tr>
<tr>
<td>Other Models</td>
<td>20,995</td>
<td>17,027</td>
</tr>
</tbody>
</table>
</figure>
See Also: <a href="https://www.benzinga.com/money/everything-you-need-to-know-about-tesla-stock">Everything You Need To Know About Tesla Stock</a>
Tesla Looking Ahead: Tesla&#8217;s first-quarter earnings report, due on April 23, is the next key event for investors. Analysts estimate earnings per share of 60 cents on revenue of $24.07 billion, down from 85 cents and $23.33 billion a year ago. These estimates may be revised after the delivery figures are announced.
Investors will likely be looking for updates on a sub-$30,000 electric vehicle and the progress of the Full Self-Driving (FSD) software rollout during the earnings call.
Tesla Stock Slides: Tesla&#8217;s stock price fell by  6.8% to $163.31 in premarket trading Tuesday, according to <a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>. The stock has been on a downward trend since peaking in November 2021.
Despite a strong first half of 2023 fueled by price cuts, the stock has struggled recently due to slowing volume growth and declining margins. It ended 2023 up about 102% thanks to the early-year gains but has lost 29.5% so far in 2024, making it&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38023142/nvidia-leads-tesla-lags-among-magnificent-seven-stocks-q1-market-shake-up" target="_blank" rel="noreferrer noopener">the worst performer</a>&nbsp;on the S&amp;P 500.
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:<a href="https://www.benzinga.com/markets/equities/24/03/38016222/its-like-magic-says-elon-musk-as-teslas-supervised-fsd-opens-to-rave-reviews-on-one-month-free-t"> &#8216;It&#8217;s Like Magic,&#8217; Says Elon Musk As Tesla&#8217;s Supervised FSD Opens To Rave Reviews On One-Month Free-Trialing</a>
Photo via Shutterstock

Tesla Stock Dives As Q1 Deliveries Disappoint — But EV Giant Reclaims Top Spot From Chinese Rival

Hyundai Motor Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) and Kia Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KIMTF#OTC">KIMTF</a>) have been accelerating their electric vehicle (EV) efforts, prompting speculation about their potential to challenge Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>).
What Happened: On Monday, during a recent episode of CNBC&#8217;s Last Call, Ross Gerber, the CEO of Gerber Kawasaki Wealth and Investment Management, weighed in on the matter. &#8220;These are cheaper vehicles than Tesla, and certainly not as good,&#8221; Gerber said. &#8220;When I&#8217;m watching March Madness, I&#8217;m seeing ads for these vehicles, and that will entertain consumers into looking at these vehicles.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"These are cheaper vehicles than Tesla, and certainly not as good," says <a href="https://twitter.com/GerberKawasaki?ref_src=twsrc%5Etfw">@GerberKawasaki</a> on Hyundai and Kia ramping up EV efforts. "When I'm watching March Madness, I'm seeing ads for these vehicles, and that will entertain consumers into looking at these vehicles." <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> <a href="https://t.co/l9jUAOLX6F">pic.twitter.com/l9jUAOLX6F</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1774946995481760129?ref_src=twsrc%5Etfw">April 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/38015148/congrats-tesla-team-says-elon-musk-as-ev-giant-hits-6m-production-milestone-what-do?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Congrats Tesla Team,&#8217; Says Elon Musk As EV Giant Hits 6M Production Milestone: What Does It Mean For Q1 Deliveries?</a>
Despite the competition, Tesla&#8217;s stock has been performing well. On Mar. 30, a Tesla bull, Ross Gerber, argued that the company already offers a $25,000 car, <a href="https://www.benzinga.com/news/24/03/38012245/tesla-bull-says-ev-giant-already-has-a-25k-car-its-called-a-used-model-y">a used Model Y</a>. This suggests that Tesla is already catering to the demand for more affordable EVs.
Why It Matters: The South Korean government has been taking measures to support its domestic automakers. In February, a new EV policy was introduced to <a href="https://www.benzinga.com/markets/asia/24/02/37174589/south-koreas-answer-to-teslas-model-y-byd-dominance-a-new-ev-policy-that-favors-hyundai-kia">bolster Hyundai and Kia&#8217;s position</a> in the face of competition from Tesla and Chinese automaker BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>).
Despite the challenges, Hyundai has been making strategic moves to stay competitive. In November, the company announced a <a href="https://www.benzinga.com/news/23/11/35768916/hyundai-announces-25-wage-hike-for-alabama-and-georgia-production-team-amid-labour-unrest">25% wage hike</a> for its production teams in Alabama and Georgia, a move aimed at retaining its skilled workforce.
On the other hand, Tesla has been facing its own set of challenges. In March, long-time Tesla bear and GLJ Research CEO Gordon Johnson raised concerns about a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37910054/tesla-bear-wonders-if-price-hike-warnings-are-signs-of-looming-production-slump-sim">potential production slump</a> at Tesla following the company&#8217;s warnings of upcoming price hikes.
Read Next: <a href="https://www.benzinga.com/news/24/04/38024286/elon-musks-reputational-downfall-may-lead-to-potential-sales-dip-for-tesla-report?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s &#8216;Reputational Downfall&#8217; May Lead To Potential Sales Dip For Tesla: Report</a>
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HYMTF

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Hyundai, Kia Gunning For Tesla With Low-Cost EVs, But Ross Gerber Says They Are 'Not As Good'

The automotive industry is poised for substantial expansion, thanks to the rising demand for EVs and the adoption of advanced automotive technologies. Given this backdrop, it could be wise to buy top auto stocks BYD Company (BYDDY), PACCAR (PCAR), and AB (publ) (VLVLY). Read more... The automotive industry is thriving due to factors like rapid urbanization and population growth, along with rising per capita income, which influences demand for new vehicles and the adoption of electric vehicles. Given the industry's tailwinds, investors could consider buying fundamentally sound auto stocks BYD Company Limited (<a href="https://stocknews.com/stock/BYDDY/">BYDDY</a>), PACCAR Inc (<a href="https://stocknews.com/stock/PCAR/">PCAR</a>), and AB Volvo (publ) (<a href="https://stocknews.com/stock/VLVLY/">VLVLY</a>) this month.
The global automotive industry is projected to grow at a <a href="https://www.globenewswire.com/news-release/2024/03/14/2846022/0/en/Global-Automotive-Industry-Market-Size-To-Exceed-USD-6-861-45-Billion-By-2033-CAGR-Of-6-77.html">6.8% CAGR</a>, reaching $6.86 trillion by 2033.
The automotive industry's growth is influenced by various factors, such as the adoption of electric vehicles, the development and manufacturing of long-range batteries, the installation of fast and ultra-fast charging points, the introduction of autonomous vehicles, and the deployment of 5G connectivity.
BloombergNEF's electric vehicle outlook projects <a href="https://assets.bbhub.io/professional/sites/24/2431510_BNEFElectricVehicleOutlook2023_ExecSummary.pdf">730 million passenger EVs</a> on the road by 2040, comprising 44% of global passenger vehicle sales by 2030.
In addition, Artificial Intelligence (AI) is revolutionizing the automotive industry, driving advancements in autonomous vehicles and improving production capabilities, supported by growing consumer demand and government initiatives. The global automotive AI market is expected to grow at a <a href="https://www.grandviewresearch.com/industry-analysis/automotive-artificial-intelligence-market-report">CAGR of 22.7%</a> by 2030.
Considering these encouraging trends, let's take a look at the fundamentals of the three best <a href="https://stocknews.com/category/auto-vehicle-makers/">Auto &amp; Vehicle Manufacturers</a> industry stocks, beginning with the third choice.
Stock #3: BYD Company Limited (<a href="https://stocknews.com/stock/BYDDY/">BYDDY</a>)
Headquartered in Shenzhen, China, BYDDY deals in automobiles and batteries business in the People's Republic of China, Hong Kong, Macau, Taiwan, and internationally. The company operates in two segments: Mobile Handset Components, Assembly Service and Other Products; and Automobiles and Related Products and Other Products.
BYDDY's trailing-12-month <a href="https://www.investopedia.com/terms/e/ebitda-margin.asp">EBITDA margin</a> of 12.34% is 11.2% higher than the industry average of 11.10%. Also, the stock's trailing-12-month net income margin and ROCE of 4.99% and 24.02% are 5.5% and 110.9% higher than the industry averages of 4.73% and 11.39%, respectively.
On March 25, 2024, BYDDY became the world's first automaker to roll off its seven millionth new energy vehicle, the DENZA N7, unveiled at its Jinan factory in China, symbolizing another groundbreaking accomplishment for the brand.
On February 26, BYDDY unveiled the first pure electric supercar model U9 under its high-end sub-brand, YANGWANG, priced at RMB1.68 million ($232.08 thousand), and announced that the delivery will start this summer.
In the nine months ended September 30, BYDDY's total operating revenue rose 57.8% year-over-year to RMB422.27 billion ($58.33 billion). Its other income grew 145% from the prior-year period to RMB2.82 billion ($389.55 million). Also, its total profit amounted to RMB26.07 billion ($3.60 billion), up 115.1% from the prior-year period.
Analysts expect BYDDY's revenue for the first quarter (ended March 2024) to increase 5% year-over-year to $41.44 billion. For the fiscal year ending December 2025, its revenue is likely to grow 27.8% year-over-year to $106.61 billion.
BYDDY's stock has soared 5.6% over the past month to close the last trading session at $53.46.
BYDDY's <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a> reflect its promising outlook. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system. The POWR Ratings are calculated by considering 118 different factors, with each factor weighted to an optimal degree.
The stock has an A grade for Sentiment and a B in Quality and Value. It is ranked #16 in the 52-stock <a href="https://stocknews.com/category/auto-vehicle-makers/">Auto &amp; Vehicle Manufacturers</a> industry.
Beyond what is stated above, we've also rated BYDDY for Growth, Momentum, and Stability. Get all BYDDY ratings <a href="https://stocknews.com/stock/BYDDY/">here</a>.
Stock #2: PACCAR Inc (<a href="https://stocknews.com/stock/PCAR/">PCAR</a>)
PCAR designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Europe, Mexico, South America, Australia, and internationally. It operates through three segments: Truck; Parts; and Financial Services.
PCAR's trailing-12-month EBIT margin of 17.20% is 72.7% higher than the industry average of negative 9.96%. Its trailing-12-month EBITDA margin of 18.44% is 35% higher than the 13.66% industry average. Also, the stock's trailing-12-month net income margin of 13.10% is 121.8% higher than the 5.91% industry average.
During the fourth quarter, which ended December 31, 2023, PCAR's sales and revenues grew 11.7% year-over-year to $9.08 billion. The company's net income and net income per share rose 53.8% and 53.4% from a year-ago quarter to $1.42 billion and $2.70, respectively.
As of December 31, 2023, its current assets amounted to $40.82 billion, compared to its previous fiscal year's current assets of $33.28 billion.
PCAR's revenue and EPS are expected to be $31.58 billion and $8.06, respectively, for the fiscal year ending December 2024. The company surpassed its revenue and EPS estimates in each of the trailing four quarters, which is promising.
Shares of PCAR have gained 25.7% over the past three months to close the last trading session at $118.88.
PCAR's POWR Ratings reflect bright prospects. The stock has an overall rating of B, which equates to Buy in our proprietary rating system.
PCAR has a B grade for Stability. It is ranked #15 in the same industry.
In addition to the POWR Ratings highlighted above, one can access PACR's ratings for Sentiment, Value, Quality, Growth and Momentum, <a href="https://stocknews.com/stock/PCAR/">here</a>.
Stock #1: AB Volvo (publ) (<a href="https://stocknews.com/stock/VLVLY/">VLVLY</a>)
Headquartered in Gothenburg, Sweden, VLVLY and its subsidiaries manufacture and sell trucks, buses, construction equipment, and marine and industrial engines internationally.
VLVLY's trailing-12-month EBIT margin of 14.50% is 46.1% higher than the industry average of 9.92%, and its trailing-12-month EBITDA margin of 15.64% is 14.2% higher than the industry average of 13.69%. In addition, the stock's trailing-12-month net income margin of 9.01% is 52.3% higher than the 5.92% industry average.
On April 12, VLVLY announced its plans to build a new heavy-duty truck plant in Mexico to bolster its U.S. production. This move will aid the growth of Volvo and Mack Trucks in the U.S. and Canadian markets and support Mack truck sales in Mexico and Latin America. Operations are slated to start in 2026.
During the fiscal fourth quarter, which ended on December 31, 2023, VLVLY's net sales increased 10.3% year-over-year to SEK148.12 billion ($13.80 billion). The company's adjusted operating income stood at SEK18.38 billion ($1.72 billion), reflecting a 51% increase year-over-year.
Moreover, its income for the period and EPS rose 80.7% and 81.9% from the previous year's quarter to SEK12.09 billion ($1.13 billion) and SEK5.93, respectively.
Street expects VLVLY's EPS and revenue for fiscal year 2025 to increase 8.6% and 5.2% year-over-year to $2.38 and $49.99 billion, respectively.
VLVLY's strong fundamentals are reflected in its POWR Ratings. The stock has an overall rating of B, which equates to Buy in our proprietary rating system.
VLVLY has a B grade for Stability and Quality. It is ranked #13 in the same industry.
<a href="https://stocknews.com/stock/VLVLY/">Click here</a> to access the additional VLVLY ratings (Growth, Value, Momentum, and Sentiment).
What To Do Next?
43 year investment veteran, Steve Reitmeister, has just released his 2024 market outlook along with trading plan and top 11 picks for the year ahead.
<a href="https://report.stocknews.com/sign-up/stock-market-outlook-2024/?formplacement=artbotad_smo24_rep">2024 Stock Market Outlook &gt;</a>

<hr />
BYDDY shares were trading at $52.61 per share on Friday afternoon, down $0.85 (-1.58%). Year-to-date, BYDDY has declined -4.81%, versus a 7.51% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Nidhi Agarwal</h2> <img src='https:/wp-content/uploads/2023/03/Nidhi-Agarwal_Headshot-3.jpg' style="float:left; padding:5px;width:125px;">Nidhi is passionate about the capital market and wealth management, which led her to pursue a career as an investment analyst. She holds a bachelor's degree in finance and marketing and is pursuing the CFA program.

Her fundamental approach to analyzing stocks helps investors identify the best investment opportunities.<a href="https://stocknews.com/authors/?author=nidhi-agarwal">More...</a>The post <a href=https://stocknews.com/news/byddy-pcar-vlvly-3-auto-stocks-investors-are-bullish-on-in-april/>3 Auto Stocks Investors Are Bullish on in April</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Auto Stocks Investors Are Bullish on in April

Tesla: An Underappreciated Problem With FSD

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
As the Chinese electric vehicle (EV) market faces growing challenges, one business leader is taking a somewhat unorthodox approach. On April 13, William Li, CEO of Nio (NYSE:<a href="https://investorplace.com/stock-quotes/nio-stock-quote/">NIO</a>) spoke at Harvard University, where <a href="https://www.reuters.com/business/autos-transportation/china-ev-maker-nio-urges-openness-us-speech-amid-tensions-2024-04-14/">he addressed</a> China&rsquo;s economic landscape. Specifically, he discussed it as it relates to EVs and what he sees as the path forward. News of his speech hasn&rsquo;t done much for NIO stock, though, which has spent the day trending downward, continuing its recent losing streak. Even with its CEO making headlines, this troubled company remains in focus for the wrong reasons. 



Does this mean that investors should turn away from NIO stock and find other investments? Let&rsquo;s dig deeper into Li&rsquo;s take on the industry and assess its implications for his company and its peers.



<h2>What&rsquo;s Happening With NIO Stock </h2>



As noted, NIO has spent the past month in a slow race to the bottom. Actually, it has spent the past six gradually bleeding value. Shares are currently down more than 50% for the past two quarters and they aren&rsquo;t showing any signs of a rebound. Even while some Wall Street analysts <a href="https://investorplace.com/2024/04/wall-street-favorites-3-ev-stocks-with-strong-buy-ratings-for-april-2024/">remain optimistic</a> about its long-term growth prospects, it&rsquo;s hard to have much faith in a company that has struggled so much lately. 



That said, in his speech, Li made clear that he believes his company is on the path to success. He <a href="https://eletric-vehicles.com/nio/nio-ceo-praises-tesla-and-teases-new-battery-swapping-partners/">highlighted the need</a> for openness and transparency, noting the problems posed by rising competition in China&rsquo;s fierce market. In his words:




&ldquo;As a company, we certainly know that competition will lead to greater investment, longer profitability, less room for mistakes, and lower chances of success. Nevertheless, we still don&rsquo;t expect China to adopt a closed policy to protect local companies, because I also understand the other side of the matter. Openness will ultimately benefit industry and society, and it will also make us better in the end.&rdquo;




Li also praised Tesla (NASDAQ:<a href="https://investorplace.com/stock-quotes/tsla-stock-quote/">TSLA</a>) for its promotion of EVs as a viable product in China. As he sees it, the company&rsquo;s work has &ldquo;spurred every manufacturer to strive to offer better products and services.&rdquo; It is this openness and competition that he believes will ultimately &ldquo;benefit consumers, industries, and society.&rdquo; While this sentiment is positive, it raises an important question: When exactly will this openness start to help struggling companies like Nio? 



That&rsquo;s likely what investors are most curious about.



<h2>What Comes Next</h2>



Li&rsquo;s methodology harkens back to the classical economic theory of competition driving markets. In his &ldquo;invisible hand theory,&rdquo; economist Adam Smith described self-interest and competition as key forces that <a href="https://www.stlouisfed.org/education/economic-lowdown-podcast-series/episode-3-the-role-of-self-interest-and-competition-in-a-market-economy">help spur growth</a> in a classic market economy. Li is employing a similar way of thinking, one that many scholars and business leaders have echoed. But in his case, his argument doesn&rsquo;t account for the possibility of larger companies gaining a monopoly that makes it hard for smaller companies to grow. 



Right now, China&rsquo;s EV market runs the risk of becoming dominated by a few key players. Recent reports show that <a href="https://insideevs.com/news/715427/tesla-ev-production-shanghai-vs-global/#:~:text=That's%2051%25%20of%20the%20global,preceded%20by%20a%2060%25%20share.">half of Tesla&rsquo;s EVs</a> are being built in China. Meanwhile, the Chinese government is heavily invested in helping its own EV leader, BYD (OTCMKTS: <a href="https://investorplace.com/stock-quotes/byddy-stock-quote/">BYDDY</a>), maintain industry dominance, recently in the form of a <a href="https://electrek.co/2024/04/12/china-gave-byd-an-incredible-3-7-billion-to-win-the-ev-race/">$3.7 billion subsidy package</a>. 



As Nio is still a much smaller company, this trend could pose negative consequences for the already troubled NIO stock. Investors will likely want to see Li address how he plans on actually committing with his much larger rivals.



On the date of publication, Samuel O&rsquo;Brient&nbsp;did not hold (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the&nbsp;InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
<div>Samuel O&rsquo;Brient is a Reporter for InvestorPlace, where his work focuses primarily on financial markets, global economic trends, and public policy. O&rsquo;Brient writes a weekly column on recent political news that investors should be following.</div><h3>More From InvestorPlace</h3>
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	The post <a href="https://investorplace.com/2024/04/nio-stock-ceo-william-li-calls-for-u-s-openness-to-chinese-evs/">NIO Stock: CEO William Li Calls for U.S. Openness to Chinese EVs</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

NIO Stock: CEO William Li Calls for U.S. Openness to Chinese EVs

So Many Headwinds, Is Tesla Toast?

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
As the world moves towards green energy, savvy investors are looking for <a href="https://investorplace.com/industries/consumer-discretionary/automotive/electric-vehicles/">EV stocks</a> to buy now &mdash; despite facing headwinds such as supply chain disruptions and fluctuating demand. The market for electric vehicles is poised for exponential growth.



By 2030, over one in four new passenger cars will be electric, as <a href="https://www.spglobal.com/mobility/en/topic/electric-vehicle-trends.html">per</a> S&amp;P Global. Major automakers are expected to drive this transition towards EVs, accounting for over 70% of global EV production by 2030.



Despite the increasing interest in EVs, 2024 will see some moderation in EV sales. The growth is forecasted to <a href="he%20article%20notes%20a%20projected%20slowdown%20in%20growth%20to%2021%25%20from%2033%25%20in%202023,%20attributing%20this%20to%20factors%20like%20market%20saturation%20in%20China%20and%20challenging%20economic%20conditions.%20Despite%20this,%20global%20sales%20are%20still%20anticipated%20to%20hit%2016.7%20million%20units,%20with%20a%20majority%20being%20fully%20electric%20vehicles.">slowdown</a> to 21% in 2024 from 33% in 2023. However, global sales are still anticipated to hit 16.7 million units, with a majority being fully electric vehicles.



As the Q2 2024 begins, it&rsquo;s a prime time for investors to consider EV stocks that could benefit from the industry&rsquo;s momentum. These three EV stocks are worth a closer look this quarter.



<h2>BYD</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2023/02/byd-stock-red-car-1600-300x169.jpg" alt="Close-up of BYD (BYDDY) logo on red car, symbolizing BYDDY stock"><div>Source: shutterstock.com/Trygve Finkelsen</div></div>BYD (OTCMKTS:<a href="https://investorplace.com/stock-quotes/byddy-stock-quote/">BYDDY</a>) stands as a leading force in the electric vehicle industry. BYD&rsquo;s unique position as both a vehicle manufacturer and a battery technology supplier provides a competitive edge.



The company&rsquo;s strategic market expansion is evident in its operations across continents. In Europe, BYD has established production facilities that cater to an increasing demand for EVs, while in Southeast Asia and South America, the company is capitalizing on <a href="https://www.cnbc.com/2024/03/19/tesla-rival-byd-pushes-into-emerging-markets-amid-western-uncertainty.html">emerging</a> market opportunities.



In the fiscal year 2023, BYD reported a <a href="https://seekingalpha.com/symbol/BYDDF/income-statement">remarkable</a> 42% increase in revenues, reflecting robust demand for its EVs and battery products. The company&rsquo;s aggressive expansion has not compromised its profitability, with earnings per share rising by over 70% from the previous year. This financial health is pivotal as BYD continues to invest heavily in research and development and expand its global footprint.



Last year, BYD achieved a significant milestone by selling <a href="https://www.nytimes.com/2024/01/01/business/byd-2023-sales.html">more</a> than 1.5 million EVs, capturing a substantial share of the Chinese market, which is the largest EV market globally.



<h2>Li Auto</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/01/shutterstock_2018142317-300x169.png" alt="Li Auto electric car in store. Li Auto Also known as Li Xiang, is a Chinese electric vehicle (EV) company"><div>Source: Robert Way / Shutterstock.com</div></div>Li Auto (NASDAQ:<a href="https://investorplace.com/stock-quotes/li-stock-quote/">LI</a>) specializes in producing smart, electric SUVs with a focus on range extension technology. The EV maker&rsquo;s approach, particularly with the <a href="https://cnevpost.com/2023/04/07/li-auto-to-unveil-all-electric-solution-on-apr-18/">range extender</a>, sets it apart in a market leaning towards fully electric powertrains. This strategy appeals especially to consumers who may have concerns about electric charging infrastructure and range limits.



In the fiscal year 2023, Li Auto reported impressive results that underscored its growth trajectory and market acceptance. The company&rsquo;s delivery <a href="https://ir.lixiang.com/news-releases/news-release-details/li-auto-inc-december-2023-delivery-update">figures</a> were also remarkable, with 376K vehicles delivered in 2023, representing a year-over-year increase of 182.2%. Li Auto&rsquo;s ability to maintain lower estimated average selling prices while expanding margins is a testament to its operational efficiency and strategic pricing.



The company&rsquo;s stock has done well over the past year. However, analysts are still <a href="https://finance.yahoo.com/quote/LI/">bullish</a> and have an average price target of $51 on the stock. This presents a potential 75% upside in the near-term.



<h2>Rivian</h2>



<a href="https://investorplace.com/wp-content/uploads/2022/07/rivian-r1t.png"><img width="300" height="188" src="https://investorplace.com/wp-content/uploads/2022/07/rivian-r1t-300x188.png" alt="An image of a blue electric pick-up truck; Rivian's R1T"></a>Despite a sharp decline in stock price, Rivian (NASDAQ:<a href="https://investorplace.com/stock-quotes/rivn-stock-quote/">RIVN</a>) presents a compelling case for investors seeking long-term EV opportunities. Rivian&rsquo;s unique market position as a producer of adventure-oriented EVs, such as the R1T pickup truck, sets it apart from competitors.



Despite the operational challenges, Rivian maintains a robust financial position, with <a href="https://seekingalpha.com/symbol/RIVN/balance-sheet">over</a> $7 billion in cash reserves. This liquidity is crucial to supporting the company through its restructuring phase and towards achieving gross margin profitability by the end of 2024.



Looking ahead, Rivian is focusing on expanding its product lineup and improving operational efficiency. The introduction of new models, such as the <a href="https://bgr.com/lifestyle/rivian-r2-range-price-specs-release-date-and-everything-else-you-need-to-know/">anticipated</a> R2, is expected to broaden Rivian&rsquo;s market appeal and drive future sales. Furthermore, Rivian&rsquo;s ongoing efforts to enhance production efficiency and reduce costs are pivotal to its strategy to achieve and sustain profitability.



Wall Street analysts remain bullish on the stock and have an <a href="https://finance.yahoo.com/quote/RIVN/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAHMqpWQgAK9mLsl0-9uVCHzuBZFYG_CudQG6rHejiIoR-UNjpj1oaaV4iLjLlVzVXUHilHK6M9yX-Ijb_Q5a7WTEzdWs5_h4xCEX0GXL1ss-H4IRDgoNscJ_hsIezLBQFzt85BxYRcEnUicfFuEQGnCQQERDwnodRSETuctTvmGr">average</a> price target of $17.5 on the stock. This provides a near-term potential upside of 98%.



On the date of publication, Mohammed Saqib did not hold (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines</a>.
<div>Mohammed Saqib is a research analyst with experience in equity research and financial modeling. He has extensively covered stocks listed in the tech sector using fundamental analysis as the cornerstone of his approach. Currently pursuing a master&rsquo;s degree in finance, Saqib is dedicated to obtaining the CFA charter to augment his expertise in the field further.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/04/3-ev-stocks-to-buy-now-q2-edition/">3 EV Stocks to Buy Now: Q2 Edition</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

3 EV Stocks to Buy Now: Q2 Edition

The price wars in China, one of the world's biggest EV markets, are intensifying. Over the weekend, EV major Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) slashed the prices...

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<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
When you look at the technology, it&rsquo;s hard not to be bullish on the future of electric vehicles. The environmental impact alone should be enough to realize that EV adoption will continue to rise as time goes on. As cars move away from being automobiles and more towards computerized vehicles, the benefits of EV technology far outweigh the benefits of traditional internal combustion engines (<a href="https://investorplace.com/stock-quotes/ice-stock-quote/">ICE</a>).&nbsp;



So if you&rsquo;re bullish on EV technology, one way to play the sector is to invest in <a href="https://investorplace.com/industries/energy/renewable-energy/battery/">battery stocks</a>. Batteries are like the picks and shovels of the industry. Without a fast charge and a long range, it will be difficult to convince most people to consider buying an electric vehicle. While the sector is in a lull, load up on these battery stocks for when EV demand rebounds in the future.



<h2>BYD (BYDDY)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/06/byd-1600-300x169.png" alt="BYD Company Limited logo in front of their website. BYDDY stock."><div>Source: T. Schneider / Shutterstock</div></div>BYD (OTCMKTS:<a href="https://investorplace.com/stock-quotes/byddy-stock-quote/">BYDDY</a>) is the leading electric vehicle maker in the Chinese market. Despite being a Chinese company, U.S. investors can buy shares of the American Depository Receipt or ADR on the Over-the-Counter markets. The stock does not receive much coverage from American analysts, but the ones that do have an average <a href="https://finance.yahoo.com/quote/BYDDY/analysis">price target</a> of $51.30 and a Wall Street high target of $69.00.&nbsp;



The stock was once a preferred investment of Warren Buffet who chose China&rsquo;s EV market over domestic companies like Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). The two companies are head-to-head in global <a href="https://www.reuters.com/business/autos-transportation/byd-may-hand-back-top-ev-seller-title-tesla-after-q1-sales-decline-2024-04-02/">EV sales</a> with BYD narrowly trailing Tesla in the first quarter of 2024. One thing that may surprise you is that Tesla uses BYD batteries for its Model Y, so the two companies are as much partners as they are rivals.&nbsp;



One look at BYD&rsquo;s valuation and it might be easy to see why Buffett chose BYD over Tesla. BYDDY trades at <a href="https://finance.yahoo.com/quote/BYDDY/key-statistics">16x forward earnings</a> and 0.9x sales. This is compared to 49.7x forward earnings and 5.2x sales for TSLA. With BYD&rsquo;s five-year <a href="https://www.alphaspread.com/security/szse/002594/financials/income-statement/revenue">revenue</a> CAGR of 36%, this stock has plenty of room to rise in the future.&nbsp;



<h2>Albemarle (ALB)&nbsp;</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/05/alb1600a-300x169.jpg" alt="Albemarle (ALB) logo on a mobile phone screen"><div>Source: IgorGolovniov/Shutterstock.com</div></div>Albemarle (NYSE:<a href="https://investorplace.com/stock-quotes/alb-stock-quote/">ALB</a>) is an American chemical manufacturer that was founded in 1994 in Charlotte, NC. This stock has a wide range of opinions from analysts on Wall Street as the one-year <a href="https://finance.yahoo.com/quote/ALB/analysis">price target</a> range is as low as $81.00 and as high as $216.00. The average price target of $149.34 implies a 25% upside from its current price.&nbsp;



This company is the world&rsquo;s largest lithium provider for EV battery production. Albemarle already has standing partnerships with electric vehicle manufacturers. While lithium production continues to rise, prices have dropped off a cliff as demand for EVs has waned in this high-interest rate environment.&nbsp;



Because of the decline in lithium prices, Albemarle and the entire lithium sector have seen stock prices plunge. Shares of ALB are down by nearly 25% since the start of 2024 and are now trading at just <a href="https://finance.yahoo.com/quote/ALB/key-statistics">1.3x sales</a>. Wall Street certainly thinks Albemarle&rsquo;s stock will rise so it is one to target before demand for EVs returns.&nbsp;



<h2>Piedmont Lithium (PLL)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/11/pll1600-300x169.png" alt="Person holding cellphone with logo of US mining company Piedmont Lithium Inc. (PLL) on screen in front of business webpage. Focus on phone display. Unmodified photo."><div>Source: T. Schneider / Shutterstock.com</div></div>Piedmont Lithium (NASDAQ:<a href="https://investorplace.com/stock-quotes/pll-stock-quote/">PLL</a>) is an American mining company that was founded in 1983. Anyone looking to buy low on lithium will certainly want to add Piedmont to their watchlist. PLL has an average analyst <a href="https://finance.yahoo.com/quote/PLL/analysis">price target</a> of $43.00 with a street-high target of $65.00. Shares of PLL have fallen by more than 80% over the past 52 weeks and are currently trading at just under $12.00.&nbsp;



This lithium company is much smaller than Albemarle but has a lot of similarities. Both are based in the North Carolina area and both have operations overseas in major lithium projects. Piedmont is also a major supplier to Tesla of both lithium and spodumene concentrate SC6 which is a lithium-aluminium pyroxene mineral. SC6 is a critical component for EV batteries as well as smartphones and medications.&nbsp;



As you might have guessed, the significant drawdown in PLL&rsquo;s price has led to a rock bottom multiple. Shares of PLL are trading at just 5.7x forward earnings and <a href="https://finance.yahoo.com/quote/PLL/key-statistics">5.5x sales</a>. Piedmont is another company that will rise and fall with the demand for EVs. While demand is at a near-term low, Piedmont is worth considering before the EV industry rises again.&nbsp;



On the date of publication, Ian Hartana and Vayun Chugh did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines</a>.
<div>Chandler Capital is the work of Ian Hartana and Vayun Chugh. 

Ian Hartana and Vayun Chugh are both self-taught investors whose work has been featured in Seeking Alpha. Their research primarily revolves around GARP stocks with a long-term investment perspective encompassing diverse sectors such as technology, energy, and healthcare.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/04/prepare-for-a-charge-3-battery-stocks-to-buy-before-an-ev-rebound/">Prepare for a Charge: 3 Battery Stocks to Buy Before an EV Rebound</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.