BYD sets record by selling over 400,000 vehicles in September amid new subsidies

BYD sets record by selling over 400,000 vehicles in September amid new subsidies

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By: bloomberg
, updated on: 02 October 2024, 08:55 am

  • Chinese automaker BYD Company set a new record for monthly deliveries by selling more than 400,000 vehicles in September for the first time.
Chinese automaker BYD set a new record for monthly deliveries and sold more than 400,000 electric vehicles in September. While sales are up 46 percent compared to September 2023, total vehicle sales this year stand at 2.75 million. (Bloomberg)

Chinese automaker BYD Co. set a new record for monthly deliveries by selling more than 400,000 vehicles in September for the first time.

Passenger vehicle sales last month stood at 417,603 units, including 164,956 battery electric cars and 252,647 plug-in hybrid models, BYD said in an exchange filing on Tuesday.

This is 46 percent higher than in September 2023, reflecting BYD's strong growth as it dominates its domestic market and increases exports abroad. Of those September deliveries, more than 33,000 units were sold overseas.

Also read: Tesla sales increase after China increases electric vehicle subsidies

BYD's total vehicle sales so far this year are 2.75 million. With three full months left to run, the automaker is looking a long way from its annual target of 4 million units, given that the Golden Week holidays in China have just begun and the Christmas season begins after that.

Beijing's recent announcement of a series of economic stimulus measures to boost disposable incomes could also contribute to a strong finish for BYD, already China's best-selling car brand.

BYD last month lifted its 2024 annual sales target to 3.6 million, Morgan Stanley auto analysts led by Tim Hsiao wrote in a note, citing comments from BYD management. BYD later denied that it had increased its annual target.

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Sales of electric and hybrid vehicles widely in China are also being boosted by a newly increased government rebate of 20,000 yuan ($2,900) for eligible models.

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Zhejiang Geely Holding Group Co.'s September sales were 201,949 units, up from 166,955 a year earlier. Year-to-date, its vehicle sales now stand at 1.49 million units, up 32 percent.

But the power of those big automakers is hurting the smaller players to some extent.

Great Wall Motor Co.'s September sales were 108,398 units, including 30,129 new energy cars, down 11 percent year-on-year.

Check out upcoming EV cars in India.

First publication date: 02 October 2024, 08:55 AM IST

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Trump claims Chinese automakers are building factories in Mexico, promises 200% tariffs

Trump claims Chinese automakers are building factories in Mexico, promises 200% tariffs

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By: AP
, updated on: Sep 18, 2024, 08:57 am

Trump made false claims about Chinese auto factories in Mexico, threatening to impose heavy tariffs on vehicles. He warned that a Harris win would devastate the economy

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Donald Trump is not a fan of electric vehicles, nor is he interested in subsidies for these. He is running for President of the United States again and has expressed his views on EV subsidies on several occasions. (Reuters)

Former President Donald Trump on Tuesday repeated false claims that Chinese automakers are building huge factories in Mexico. During a stop in the automobile state of Michigan, he vowed to impose a 200 percent tariff on all vehicles built in these unbuilt plants and shipped to the United States.

Trump also claimed during an event in Flint that if Democratic Vice President Kamala Harris is elected in November, there will be no auto industry in the US because electric vehicle manufacturing will move to China.

The statement comes at a time when employment in the automobile sector has grown since President Joe Biden took office in January 2021, after declining during Trump's first term.

Also read: Stellantis will no longer receive EU funding for Gigafactory in Italy

“If I don't win, within two to three years you're going to have no auto industry,” Trump said, calling any growth under Biden and Harris temporary. “You're going to have no manufacturing plants. China is going to take them all over because of the electric car.”

He told the crowd that he would force foreign automakers to build factories in the U.S. by imposing tariffs on imported vehicles, saying it would be “like taking candy away from a baby.”

Foreign automakers already have several factories in the US, mostly in the southern states.

Auto jobs fell 0.8 percent during Trump’s tenure to a little over 949,000 in January 2021, when he left office, according to the Bureau of Labor Statistics. Since Biden took office that month, auto and parts jobs rose 13.6 percent in August to 1.07 million, so there’s no evidence the industry is disappearing. Auto sales rose 2.4 percent in the first half of this year.

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Trump said his tariffs would prevent Chinese vehicles made in Mexico from being sold in the United States, forcing automakers in China and elsewhere to set up factories in the United States.

“They're being owned and built by China in Mexico, and there are several being built there right now,” Trump said of the Chinese factories.

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Although some Chinese automakers aspire to sell in the U.S., industry analysts say no major Chinese-owned auto factories are under construction in Mexico, and only one small Chinese auto assembly factory is in operation there, run by a company called JAC that builds inexpensive vehicles from kits for sale in that country.

Trump also promised to impose tariffs on vehicles made in the U.S. if other countries impose taxes on vehicles made in the U.S. But tariffs often end up being levied on consumers in the country that assesses them.

The Harris campaign released a statement from Michigan Senator Gary Peters saying a second Trump term would kill auto jobs, “handing Michigan's global auto manufacturing leadership over to the Chinese government.” He said Harris has a plan to bring good-paying manufacturing jobs home “and ensure Michigan workers continue to lead the world in auto manufacturing.”

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First Publication Date: Sep 18, 2024, 08:57 AM IST

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