On Monday, BYD Company Limited (OTC:BYDDY) signed a deal to open a $1 billion electric-vehicle factory in Turkey, directly threatening the dominance of Tesla Inc (NASDAQ:TSLA) in several European markets.
BYD Is Boosting Its Presence In Europe
Although BYD has already been selling its EVs in Europe since 2021, most of its sales are still in China, but the Tesla killer is aggressively expanding its footrpint outside its home market. This will be its second facility in Europe, with the first currently undergoing construction in Hungary. Its facility in Turkey will be located in Manisa province, allowing BYD to avoid 40% tariffs in the country. In addition, Turkey has a customs trade deal with the European Union, which hit BYD with provisional tariffs for imported Chinese electric vehicles last week, adding a 17.4% charge to the existing 10% rate for vehicles that were not manufactured within the EU.
According to Investor's Business Daily, the annual capacity of BYD's facility in Turkey will be 150,000 EV, and it will also include a research and development division.
BYD Continues To Expand Its Global Footprint
Last Thursday, BYD opened its first EV plant in Southeast Asia or more precisely, in Thailand. Its first facility outside Asia will be in Brazil, as BYD took over old plant of Ford Motor (NYSE:F) and started revamping it into an EV facility earlier this year. In June, Bloomberg reported BYD is also finalizing talks for a plant in Mexico, which is expected to create about 10,000 jobs. In this aspect, BYD is following the footsteps of Tesla, taking a leaf from its Gigafactory book.
While Tesla reported a second consecutive fall in deliveries, BYD posted record June and second-quarter sales. Tesla did beat estimates as the global sales drop of 4% was lower than what Wall street analysts expected, but BYD posted record second quarter sales of 986,720 EVs, which translates to an increase of 57%. In June alone, BYD reported a 35% YoY growth as it sold 341,658 EVs. These robust figures are the result of affordable pricing as BYD led a price war during the first quarter with which it hurt its rivals, Tesla included.
Putting BYD's agressive approach aside, challenges and competitive threats remain.
However, even BYD has challenges ahead with much smaller rivals and startups intensifying their efforts. One example is Nio Inc (NYSE:NIO) that also reproted record June and second quarter sales last week. Last month, Nio revealed its affordable EV brand, Onvo. Also, Nio will be bringing an affordable EV to Europe next year. With Nio, along with other startups, planning to launch more affordable EVs in the coming months, the competitive threat is intensifying both for Tesla and BYD, whose margins have been hurt by price wars which they both used to boost demand.
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比亞迪公司(OTC:BYDDY)週一簽署了一份協議,將在土耳其開設一個價值10億美元的電動汽車工廠,直接挑戰特斯拉公司(NASDAQ:TSLA)在歐洲市場的主導地位。
比亞迪正在增強其在歐洲的存在
儘管比亞迪自2021年以來已經在歐洲銷售其電動汽車,但大部分銷售仍在中國。但這家特斯拉殺手正在積極擴大其在海外市場的影響力。這將是其在歐洲的第二個工廠,第一個工廠目前正在匈牙利建設中。土耳其的該設施將位於馬尼薩省,讓比亞迪避免了該國40%的關稅。此外,土耳其與歐盟有一項海關貿易協議,上週對從中國進口的比亞迪電動汽車徵收了臨時關稅,使還不在歐盟內生產的汽車的10%的稅率增加了17.4%。
據投資者商業日報報道,比亞迪在土耳其的年產能將達到15萬輛電動汽車,還將包括研發部門。
比亞迪不斷拓展其全球業務版圖
上週四,比亞迪在東南亞或更確切地說是在泰國開設了其第一家電動汽車工廠。它在亞洲以外的第一個設備將在巴西,因爲比亞迪曾接管福特汽車(紐交所:F)的舊廠,並於今年早些時候開始改造成爲電動汽車工廠。彭博社在6月份報道稱,比亞迪還在最後敲定在墨西哥建廠的談判,預計將創造約1萬個就業機會。在這方面,比亞迪效仿特斯拉,從其Gigafactory的經驗中吸取教訓。
特斯拉連續第二次交付量下降,而比亞迪則報告了創紀錄的六月和第二季度銷售。特斯拉的全球銷售下降了4%,低於華爾街分析師的預期,但比亞迪報告了創紀錄的第二季度銷售額爲986,720輛電動汽車,同比增長了57%。僅在六月份,比亞迪就以35%的增長率銷售了341,658輛電動汽車。這些強勁的數字歸功於價格實惠,比亞迪在第一季度發起了一場價格戰,傷害了其競爭對手,包括特斯拉。
拋開比亞迪的進取心不談,挑戰和競爭威脅仍然存在。
然而,即使是比亞迪也面臨着許多小型競爭對手和初創企業加強其努力的挑戰。其中一個例子是Nio Inc(紐交所:NIO),上週也報告了創紀錄的六月和第二季度銷售。上個月,Nio發佈了其負擔得起的電動車品牌Onvo。此外,Nio將在明年將一款價格實惠的電動汽車推向歐洲。Nio與其他初創企業計劃在未來幾個月推出更多價格實惠的電動汽車,這加劇了特斯拉和比亞迪的競爭威脅,他們的利潤率已經受到價格戰的打擊,這些價格戰都是爲了提高需求。
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