EV market update: BYD drops its prices. China's SAIC sees stronger growth than Tesla in Europe. EV competition picks up
BYD $BYD COMPANY (01211.HK)$ dropped the price of its flagship Qin Plus Sedan by 10,000 Yuan (that's US$1,391 or AUD$2,120).
That will pressure competitors to drop comparable models (think VW, Nissan, Toyota).
In Europe, Tesla $Tesla (TSLA.US)$ registered 14,466 new vehicles in January, that's +67% YoY (according to new ACEA data). But China's state owned automaker, SAIC motors outpace Tesla's growth. In Europe, SAIC vehicles registered rose 70% YoY in January.
And don't forget China's Geely just launched in Europe and plans to launch in Australia later this. Geely $GEELY AUTO (00175.HK)$'s Zeekr is the third most bought EV in China Zeekr is another brand under theGeely umbrella, alongside like Volvo, Polestar, and Lotus, which are made by Geely.
Earlier this week, BYD announced it will to launch a number of new high-end luxury models this year. See my earlier update on BYD and EVs here. China surpassed Japan as the world's top car exporter; why you want to watch BYD
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MonkeyGee : They can only play the drop the price game for so long. it's death by a thousand cuts. The market is definitely big enough for more than one player.
bullrider_21 MonkeyGee : The price cut is meant to encourage customers to buy PHEVs instead of ICE cars.