Ultime notizie per BYD (OTC:BYDDF) Azioni

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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BYD, rivale di Tesla, apre il suo primo negozio in Sud America, segnando l&#39;espansione nel mercato del Suriname.

La rivale di Tesla, BYD, si espande in Sud America

BYD Co Ltd

Chinese EV giant 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>) hired over 200,000 people from August to October for car and components manufacturing and increased production by nearly 200,000 new energy vehicles, according to the company&#8217;s Executive Vice President He Zhiqi said on Weibo on Saturday.
What Happened: According to BYD, the company made over 1.3 million NEVs in the three months from August to October, compared to nearly 900,000 units that it manufactured in the corresponding period of last year.
New energy vehicles refer to both battery-electric vehicles and plug-in hybrids.
A whopping majority of the vehicles produced in the period were passenger plug-in hybrid vehicles. The company produced over 800,000 units of PHEVs in the period and nearly 500,000 battery-electric vehicles. 
Why It Matters: For the third quarter between July and September, BYD&#8217;s operating revenue rose 24% to <a href="https://www.benzinga.com/news/24/10/41647639/teslas-chinese-rival-byd-outshines-elon-musks-ev-giant-in-quarterly-revenue-for-first-time-since-202">201.12 billion yuan ($28.25 billion)</a>, the company said in a filing late last month.
BYD's American rival Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs">reported a total revenue</a> of only $25.18 billion in the same quarter, making it the first time since 2022 that BYD has trumped Elon Musk's EV giant in quarterly revenue. BYD stopped making combustion engine vehicles in March 2022 to focus on electric vehicles.
Despite reporting higher revenue than Tesla in the third quarter, BYD's net profit continues to trail behind<a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs" target="_blank" rel="noreferrer noopener">&nbsp;Tesla's net income of $2.167 billion</a>. The company reported a diluted earnings per share of 4 yuan (56 cents) for the quarter, lower than Tesla's adjusted earnings per share of 72 cents.
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>
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TSLA

Tesla Rival BYD Hired Over 200K Employees In 3 Months To Speed Up EV Production

Chinese EV giant 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>) on Wednesday reported a net profit of $11.6 billion yuan ($1.63 billion) for the third quarter, marking a growth of 11.5% from the corresponding period last year.
What Happened: Operating revenue of BYD rose 24% in the period to 201.12 billion yuan ($28.25 billion), the company said in a filing.
BYD&#8217;s American rival Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) reported a total revenue of only $25.18 billion in the same quarter, making this the first time since 2022 that BYD has trumped Elon Musk&#8217;s EV giant in quarterly revenue. BYD stopped making combustion engine vehicles in March 2022 to focus on electric vehicles.
BYD, however, sells plug-in hybrids in addition to battery electric vehicles. Tesla, on the other hand, sells only battery-powered electric vehicles. 
BYD sold 1.13 million vehicles worldwide in the third quarter with BEVs accounting for 443,426 of it. Tesla, however, trumped BYD in battery electric vehicle sales with 462,890 units delivered in the period. 
Why It Matters: In the last quarter of 2023, <a href="https://www.benzinga.com/news/24/01/36839203/warren-buffett-backed-byd-sees-higher-profits-for-fy23-after-taking-over-tesla-as-biggest-ev-seller">BYD had trumped Tesla in BEV sales</a> and its revenue for the period closed in on Tesla&#8217;s but missed narrowly. The American EV giant reclaimed the title of the world&#8217;s best-selling BEV maker in the first quarter of 2024 and has been holding on to it since. 
Despite reporting higher revenue than Tesla in the third quarter, BYD&#8217;s net profit continues to trail behind<a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs"> Tesla&#8217;s net income of $2.167 billion</a>. The company reported a diluted earnings per share of 4 yuan (56 cents) for the quarter, lower than Tesla&#8217;s adjusted earnings per share of 72 cents. 
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>
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Chinese EV Behemoth BYD Tops Tesla's Revenue For First Time Since 2022 In Q3

Volkswagen's (OTCPK:VWAGY) chief marketing officer and head of product strategy for China, Jochen Sengpiehl, was deported from China after testing positive for cannabis during a mandatory customs drug test. The test was conducted after Sengpieh's return from a vacation in Koh Samui, Thailand.
After routine test results revealed traces of marijuana in his system, Chinese authorities detained Sengpiehl for questioning, reportedly holding him for more than 10 days, <a href="https://www.wardsauto.com/volkswagen-group/volkswagen-official-deported-from-china-for-cannabis-use">writes</a> wardsauto. Per the reports, Chinese President Xi Jinping ordered his deportation.
The creator of VW's famous slogan "Das Auto," Sengpiehl played a crucial role in positioning the company's electric-vehicle business in a highly competitive Chinese market. He previously worked for top brands like Nissan (OTCPK:NSANY), DaimlerChrysler and Hyundai (OTCPK:HYMTF). 
Thailand decriminalized cannabis in 2022 and <a href="https://www.benzinga.com/markets/cannabis/24/04/38023610/heres-what-you-need-to-know-about-weed-legalization-in-germany-that-just-took-effect">Germany partially legalized it this past April</a>, However, in China, cannabis consumption is treated with zero tolerance.
Following the liberalization of cannabis laws in Thailand, tourists primarily from Asian countries like Japan, Malaysia, China and the Philippines are viewed as <a href="https://www.benzinga.com/markets/cannabis/24/07/39922637/thailand-will-not-re-criminalize-cannabis-prime-minister-agrees-to-regulate-industry-instead-wha">common as cannabis customers</a>. Singapore&#8217;s Central Narcotics Bureau announced plans to randomly test people returning from Thailand. China&#8217;s embassy in Thailand also cautioned Chinese tourists that consuming cannabis abroad could lead to penalties upon their return, as such actions are considered domestic violations.
Read Also: <a href="https://www.benzinga.com/markets/asia/24/09/40832311/inside-the-thai-retreat-with-cannabis-infused-wellness-treatments-that-target-insomnia-and-more">Inside The Thai Retreat With Cannabis-Infused Wellness Treatments That Target Insomnia And More</a>
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<h2 class="wp-block-heading">VW In China</h2>
Volkswagen is under pressure from local manufacturers like BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>), a publicly listed Chinese multinational manufacturing conglomerate. Last year, BYD overtook Volkswagen as China's best-selling car brand.
In September, Volkswagen partnered with the German start-up Revoltech GmbH to research and develop sustainable materials <a href="https://www.benzinga.com/markets/cannabis/24/09/40689578/volkswagen-considers-hemp-to-develop-sustainable-substitute-for-imitation-leather">based on industrial hemp.</a> These could be used as sustainable surface materials in Volkswagen models from 2028.
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Price Action
Volkswagen shares closed Monday's market session 0.10% lower at $10.20 per share.
 Photo: Gyuszko-Photo on Shutterstock

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VWAGY

Volkswagen Executive Deported From China After Positive Cannabis Test

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) reportedly had a secret partnership with Chinese electric vehicle manufacturer BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) to create long-range electric vehicle batteries.
What Happened: The partnership started in 2017 and aimed to develop a battery system using lithium iron phosphate cells, <a href="https://www.bloomberg.com/news/articles/2024-10-16/apple-secretly-worked-with-china-s-byd-on-long-range-ev-battery?srnd=undefined">reported</a> Bloomberg, citing people familiar with the matter.
While Apple does not own any technology used in BYD&#8217;s current Blade batteries, this development proves Cupertino's efforts to produce a car.
See Also: <a href="https://www.benzinga.com/news/24/10/41357341/as-nvidia-apple-and-microsoft-race-towards-4-trillion-valuation-generative-ai-startups-reportedly-dr">As Nvidia, Apple And Microsoft Race Towards $4 Trillion Valuation, Generative AI Startups Reportedly Draw 40% Of All VC Investment</a>
Previously, it was reported that the tech giant spent <a href="https://www.benzinga.com/news/24/03/37528093/apple-poured-1b-a-year-into-car-project-concocted-by-steve-jobs-for-a-decade-before-realizing-it-nee">roughly $1 billion annually</a> over the past decade on its car project, known internally as "Titan," before pulling the plug.
Today, BYD&#8217;s entire car lineup is powered by the Blade system — a battery pack design shaped by insights gained from its Apple collaboration, the report noted.
Eventually, Apple decided to back away from the partnership and consider systems from other battery manufacturers.
In February, it was reported that the iPhone-maker had abandoned the project.
Apple and BYD did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comments.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: Earlier this week it was reported that <a href="https://www.benzinga.com/news/24/10/41309072/apple-poured-1b-a-year-into-its-car-project-before-abandoning-it-tim-cooks-company-now-pulls-plug-on">Apple has terminated</a> its self-driving vehicle testing permit, which was granted in 2017.
The seeds of Apple Car were sowed by the company's legendary co-founder Steve Jobs, who wanted the tech giant to create "this generation's Volkswagen Beetle."
Now, while Apple has canceled the project, it continues to innovate in the automotive space. For example, in July 2024, it was reported that <a href="https://www.benzinga.com/news/24/07/40009035/months-after-shelving-decade-long-apple-car-project-iphone-maker-patents-camera-system-to-project-li">Apple had patented a novel camera</a> system for cars.
Image via Unsplash
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AAPL

Apple Had A Hush-Hush Relationship With Tesla's Chinese-Rival BYD For Now-Abandoned Car Plans — Cupertino Poured Nearly $1B Each Year For A Decade Into The Project

Leading Chinese carmakers have dismissed the idea of challenging Europe&#8217;s legacy manufacturers with <a href="https://www.benzinga.com/news/24/10/41311787/tesla-rival-byd-slams-eu-tariffs-on-chinese-evs-needs-more-positive-education-trust-is-low">cheaper electric vehicles</a>.
What Happened: At the Paris motor show, Chinese carmakers, including Xpeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) and Guangzhou Automobile Group Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GNZUF#OTC">GNZUF</a>), emphasized their long-term commitment to the European market. This comes amidst a trade war between Beijing and Brussels and fears of a potential &#8220;invasion,&#8221; <a href="https://www.ft.com/content/f0e8cf38-c5b3-4288-b9b3-4f12132628d3">reported</a> the Financial Times on Sunday.
&#8220;We&#8217;re a 10-year-old company. We&#8217;re not going to overthrow anybody who&#8217;s developed over 100 years,&#8221; said Xpeng co-president Brian Gu, while showcasing an electric saloon with advanced artificial intelligence technology. He added that Xpeng aims to be the provider of &#8220;premium electric vehicles&#8221; in Europe and does not intend to compete on price.
Chinese state-owned carmaker GAC, which is also making inroads in the region, echoed a similar sentiment, emphasizing the potential economic benefits of its entry into the European markets and its willingness to collaborate with European suppliers.
See Also: <a href="https://www.benzinga.com/news/24/10/41301725/elon-musk-says-robovans-angular-design-inspired-by-art-deco-trains-unusually-low-ground-clearance-en?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Robovan&#8217;s Angular Design Inspired By Art Deco Trains, &#8216;Unusually Low&#8217; Ground Clearance Enabled By Automatic Load-Leveling Suspension</a>
These statements come amid growing political anxiety in Europe over the potential risks posed to the region&#8217;s industry. In early October, EU member states <a href="https://www.benzinga.com/news/24/07/39635158/eu-imposes-provisional-duties-of-as-much-as-37-6-on-chinese-ev-imports">agreed on tariffs of up to 45% on Chinese EVs</a> in an effort to counter their advance. This has led to a series of profit warnings from local manufacturers.
Why It Matters: The European Union&#8217;s protectionist stance against Chinese EVs has been a point of contention in the industry. The EU&#8217;s decision on tariffs for Chinese EVs could potentially lead to a <a href="https://www.benzinga.com/news/24/10/41143690/european-tariffs-on-chinas-ev-makers-could-backfire">wider trade war with China</a>, as the 27-member bloc&#8217;s protectionist stance could hurt its export-dependent companies, and its EV targets, and threaten critical raw material supplies.
China has also <a href="https://www.benzinga.com/news/24/09/40914629/china-warns-eu-tariffs-on-evs-will-harm-trade-with-germany">warned the EU</a> about the potential negative impacts on trade, especially with Germany, if the EU imposes tariffs on Chinese EVs. The situation has raised concerns about increased costs for consumers and potential impacts on the automotive market.
Meanwhile, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rival BYD Co. Ltd. (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>) has <a href="https://www.benzinga.com/news/24/10/41311787/tesla-rival-byd-slams-eu-tariffs-on-chinese-evs-needs-more-positive-education-trust-is-low">slammed the proposed EU tariffs</a> on Chinese-made EVs, warning that they could increase costs and discourage buyers. This warning comes as European and Chinese automakers compete at the Paris car show, the largest in Europe, during a time of weak demand and rising costs.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

GNZUF

XPEV

Tesla's Chinese Rivals Move To Calm Fears Of An European 'Invasion' That Threatens Legacy Players: 'Not Going To Overthrow Anybody Who's Developed Over 100 Years'

Tesla&#8217;s Chinese rivals slammed the proposed European Union tariffs on Chinese-made electric vehicles (EVs) during Paris Car Show. The situation has raised concerns about increased costs for consumers and potential impacts on the automotive market.
What Happened: The European Union&#8217;s proposed tariffs on Chinese-made electric vehicles could increase costs and discourage buyers, warned BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) on Monday. This warning comes as European and Chinese automakers compete at the Paris car show, the largest in Europe, during a time of weak demand and rising costs, Reuters reported.
BYD Executive Vice President Stella Li expressed concerns over the tariffs.
&#8220;Europe&#8217;s EV market needs more positive education &#8230; trust is low. The problem is the high price, and that the European Union now charges tariffs,&#8221; Li slammed.
She emphasized that the tariffs could prevent less affluent individuals from purchasing EVs. Nine Chinese brands, including BYD and Leapmotor, are showcasing their latest models at the event, as reported by Paris auto show CEO Serge Gachot.
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Earlier this month, EU member states narrowly approved import duties on Chinese-made EVs of up to 45%, aiming to counter alleged unfair subsidies from Beijing. However, China denies these claims and has threatened retaliatory measures. Despite the tariff concerns, Chinese automakers are continuing their European expansion plans, with GAC (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GNZUF#OTC">GNZUF</a>) and Leapmotor announcing ambitious sales targets in Europe.
Why It Matters: The European Union&#8217;s decision to impose tariffs on Chinese EVs has sparked significant debate. The <a href="https://www.benzinga.com/markets/equities/24/10/41182675/tesla-byd-and-other-ev-stocks-to-watch-as-eu-votes-to-approve-tariffs-on-chinese-ev-imports">European Commission</a> announced earlier this month that the tariffs, reaching up to 35.3%, were supported by EU member states. This move aims to address perceived unfair subsidies by China. However, the tariffs have drawn criticism from various quarters, including <a href="https://www.benzinga.com/news/24/09/40810974/us-ally-urges-eu-to-reconsider-tariffs-on-chinese-evs-we-dont-need-another-war">Spain&#8217;s Prime Minister Pedro Sánchez</a>, who urged the EU to reconsider its stance to avoid escalating trade tensions. The ongoing dispute highlights the delicate balance between protecting domestic industries and maintaining international trade relations. As Chinese automakers continue their push into the European market, the outcome of this tariff battle could have lasting implications for the global EV industry.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Tesla Rival BYD Slams EU Tariffs On Chinese EVs: 'Needs More Positive Education...Trust Is Low'

Chinese electric vehicle giant BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) is setting ambitious targets for the Mexican market, aiming to sell 100,000 electric vehicles by 2025. This comes despite potential tariff challenges from former President Donald Trump that could impact the company&#8217;s growth strategy.
What Happened: Jorge Vallejo, who leads BYD&#8217;s operations in Mexico, announced plans to sell 50,000 EVs in the country this year, with a goal to double that figure by 2025, Reuters reported on Wednesday. Vallejo also mentioned that BYD plans to reveal the location of its first Mexican factory by the end of the year. The facility is expected to initially produce 150,000 vehicles, with a potential expansion to increase output by another 150,000 units.
This comes at a time when Trump has vowed to <a href="https://www.benzinga.com/news/24/09/40913456/trump-vows-200-tariffs-on-chinese-made-cars-in-mexico-warns-of-us-auto-industry-collapse-if-kamala-h">impose 200% tariffs</a> on Chinese made cars in Mexico if he wins the 2024 Presidential election.
BYD, which began importing vehicles to Mexico last year, is seeking an extension of tariff relief for its EV imports. Despite the looming threat of tariffs, the company remains optimistic about its expansion in the Mexican market.
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Why It Matters: BYD&#8217;s expansion plans in Mexico are part of a broader strategy to navigate global tariff challenges. Earlier this year, BYD reportedly <a href="https://www.benzinga.com/markets/equities/24/09/40693961/chinas-ev-giant-byd-reportedly-delays-mexico-move-eyes-us-election-results-before-big-investment">delayed significant investments</a> in Mexico, awaiting the outcome of the U.S. elections. This cautious approach reflects the uncertainties posed by fluctuating American policies.
In July, <a href="https://www.benzinga.com/news/24/07/39662998/chinese-ev-makers-pivot-to-africa-amid-eu-and-us-tariff-hurdles">Chinese EV manufacturers</a>, including BYD, began exploring alternative markets like Africa due to increased tariffs from the EU and U.S. These protectionist measures have prompted Chinese companies to diversify their market presence.
Despite these hurdles, BYD has shown resilience, with <a href="https://www.benzinga.com/markets/asia/24/10/41191924/chinese-ev-stocks-li-auto-byd-nio-to-benefit-from-rebound-analyst">analysts predicting a rebound</a> in the Chinese EV market. BYD&#8217;s aggressive global expansion and new model launches are expected to sustain its growth momentum, underscoring the company&#8217;s strategic adaptability in the face of international trade challenges.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

BYD Targets 100K EV Sales In Mexico By 2025 As Trump Vows 200% Tariffs On Chinese-Made Cars In North American Nation

Macquarie Equity Research issued a positive outlook for the short-term Chinese EV market following <a href="https://www.benzinga.com/24/09/41089098/jim-cramer-hand-picks-these-3-stocks-to-ride-the-crest-of-the-chinese-stimulus-frenzy">a $142 billion</a> (<a href="https://www.benzinga.com/24/09/41089098/jim-cramer-hand-picks-these-3-stocks-to-ride-the-crest-of-the-chinese-stimulus-frenzy">one trillion yuan) stimulus package</a>. Analysts listed several positive catalysts, including new model launches, expanded margins due to operating leverage, the end of subsidies pulling demand forward, reduced discounting pressures and clarity on potential <a href="https://www.benzinga.com/markets/asia/24/10/41188462/european-automakers-criticize-chinese-ev-tariffs">European Union (EU) tariffs</a>, which had previously been uncertain for Chinese automakers.
The firm sees BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) and NIO Inc &#8211; ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) benefiting from the shift. BYD led the charge, selling 419,400 units in September, marking a 46% year-over-year increase. The company's aggressive expansion overseas surprised the EV market.
Launching new models, particularly those based on its highly efficient DM-i hybrid technology, should help sustain its growth momentum in the coming months. Macquarie remains optimistic and has raised the price target for BYD shares to about $46.35 (HK$ 360), indicating a potential upside of over 20%.
Although on a much lower scale, Nio also had a successful September, selling 21,200 units, indicating a 35% year-over-year growth. The company successfully introduced a battery-as-a-service model, lowering consumers&#8217; upfront costs.
Still, Macquarie sees the risks from domestic and foreign competition, believing that the battery-swapping technology is not widely adopted. It rates the stock as Neutral, with its U.S-listed share price target of $8.20, representing a modest upside of around 13.5%.
Li Auto Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) faces a more challenging outlook despite performing well in sales. The company sold 53,700 units in September, marking a 49% year-over-year increase. But, Macquarie believes there is a lack of a clear catalyst in the second half of the year, particularly as no new models are scheduled for release during this period.
Li Auto's extended-range electric vehicles (EREVs) have been popular, but the market is notably shifting toward pure battery electric vehicles (BEVs). The company risks losing momentum without new BEV models or innovations in the near term.
Macquarie's analysts point out that price competition pressuring the margins is one of the key risks, alongside a potential decline in demand for EREVs as consumers shift to fully electric vehicles.
Still, they acknowledge the possibility of Li Auto outperforming if its L series continues selling well and if it can successfully launch a BEV SUV in 2025. For now, Macquarie has set the price target at $33, giving it an upside of 10.4%. The firm also gave<a href="https://www.benzinga.com/quote/LI"> Li Auto</a> stock a downgrade from Outperform to Neutral.
Read Next:<a href="https://www.benzinga.com/markets/equities/24/10/41182930/china-was-tipping-into-a-japan-style-lost-decade-of-deflation-and-stagnation-before-late-septemb"> </a> • <a href="https://www.benzinga.com/markets/equities/24/10/41182930/china-was-tipping-into-a-japan-style-lost-decade-of-deflation-and-stagnation-before-late-septemb">China Was Tipping Into A Japan-Style &#8216;Lost Decade&#8217; Of Deflation And Stagnation Before Late-September Stimulus Announcements, Says Legal Expert</a>
Photos: Li Auto, BYD, Nio vehicles via Shutterstock

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Chinese EV Stocks Li Auto, BYD, Nio To Benefit From Rebound: Analyst

<a href="https://www.wsj.com/business/autos/eu-to-move-ahead-with-new-tariffs-on-chinese-made-evs-1d9e7a05?mod=latest_headlines">https://www.wsj.com/business/autos/eu-to-move-ahead-with-new-tariffs-on-chinese-made-evs-1d9e7a05?mod=latest_headlines</a>
&nbsp;
The European Union will move ahead with tariffs of up to 45% on electric vehicles made in China, defying pleas from some European auto executives who fear retaliation from Beijing and an escalating trade war.
EU member states voted Friday to impose the new import duties that will apply for the next five years in a move aimed at protecting European carmakers amid rising competition from Chinese-made vehicles.

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Reported Earlier, 'EU To Move Ahead With New Tariffs On Chinese-Made EVs; Import Duties Of Up To 45% Will Be Imposed For The Next Five Years, Despite Retaliation Fears' - WSJ

European Union&#8217;s member states have expressed sufficient support for imposing <a href="https://www.benzinga.com/news/24/10/41143690/european-tariffs-on-chinas-ev-makers-could-backfire">definitive additional tariffs of up to 35.3%</a> on China-made battery electric vehicle imports, the European Commission said in a statement on Friday. 
What Happened: &#8220;Today, the European Commission&#8217;s proposal to impose definitive countervailing duties on imports of battery electric vehicles (BEVs) from China has obtained the necessary support from EU Member States for the adoption of tariffs,&#8221; the commission said. 
The commission added that it would continue to work with China to find an alternative solution. 
EU first announced that it would impose tariffs on China-made EVs in June, alleging that EV manufacturers in China benefit from &#8220;unfair subsidies&#8221; and that their cheaper offerings pose a threat to European manufacturers. Provisional duties were imposed in July. 
Potentially Impacted Stocks: The stocks that might potentially be affected by the definitive tariffs <a href="https://www.benzinga.com/news/24/09/40914629/china-warns-eu-tariffs-on-evs-will-harm-trade-with-germany">include</a>:
<ol>
<li>BYD Co Ltd. (OTCPK: BYDDY) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>): The Chinese EV giant exports significantly into Europe. In September alone, the company sold 33,012 units of its vehicles overseas, of which 30,512 were exported, including to Europe.</li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>): Tesla, in addition to manufacturing within Germany, also imports vehicles into Europe from its gigafactory in Shanghai. EU has slapped an additional tariff of 7.8% on Tesla EVs made in China and sold in Europe.</li>
<li>Nio Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) and Xpeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>): Shanghai-based Nio and Guangzhou-based XPeng also export their vehicles from China into Europe.</li>
</ol>
Other automakers to be impacted by the tariffs include BMW, Volkswagen, and SAIC Motors.
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:
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<li><a href="https://www.benzinga.com/news/24/10/41135581/tesla-discontinues-cheapest-model-3-variant-entry-level-trim-now-starts-at-42-490" target="_blank" rel="noreferrer noopener">Tesla Discontinues Cheapest Model 3 Variant: Entry Level Trim Now Starts At $42,490</a></li>
</ul>
Photo courtesy: Shutterstock

Tesla, BYD, And Other EV Stocks To Watch As EU Votes To Approve Tariffs On Chinese EV Imports

Retail investors can make a bet or take on an opposing view with increased odds of success whenever a market gets too crowded on the long or short side. Like the 2008 financial crisis, when everyone bet in favor of housing only to find out they all had to run for the exit all at once, only a few investors could spot this unfair advantage opportunity.
In today&#39;s stock market, investors can look at this report from Bank of America, which covers the weighing in thematic trades and investments. The most crowded trade is now in the United States&#39; so-called &quot;Magnificent Seven&quot; stocks; the second most crowded trade is shorting Chinese stocks. Now that everyone is rushing to close their shorts, Chinese names like&nbsp;Alibaba Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>)&nbsp;and&nbsp;Baidu Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bidu#NASDAQ">BIDU</a>) have triggered a major short squeeze.
The same could happen if any downturn were to occur in crowded technology stocks like Meta Platforms Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>), Apple Inc., and even investor favorite Tesla Inc.&nbsp;A rush to exit these names at once could cause what&#39;s termed a pain trade, where most of the participants will be brought to maximum risk tolerance and forced to liquidate and accelerate the selloff.
<h2>Pain Trade #1: Why Tesla Stock Could Be at Risk </h2>
Tesla is riding on two major tailwinds and thesis today. First, the robotaxi unveiling might or might not be here as soon as investors think. Second, the pace of delivery numbers to be released this week places a significant weight on the potential future path of Tesla stock.
The good news for bulls is that China is back online, and Tesla has been expanding its footprint in Asia&#39;s powerhouse. Peers in the region, like NIO Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>) and BYD (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddf#OTC">BYDDF</a>), have both reported record deliveries for the third quarter, with BYD hitting a significant 1 million milestone in deliveries.
Now, here&#39;s the bad news. Tesla stock trades at a price-to-book (P/B) of 12.4x today, compared to NIO stock&#39;s 6.7x and BYD&#39;s 6.4x valuations today. In the United States, most automotive stocks trade at an average P/B valuation of less than 1.5x, which means Tesla&#39;s potential delivery growth might already be priced into the stock today.
This means that, even if delivery numbers are bullish, Tesla has little room to keep moving higher. This is why Wall Street analysts now only forecast $0.63 earnings per share (EPS) in the next 12 months, calling for net growth of 21.1% from today&#39;s $.52.
While this EPS growth may be impressive, the issue of it already being priced into the stock remains. Those at Guggenheim landed on a $153 price target for Tesla stock, calling for as much as 40.1% downside from where the stock trades today. Even the consensus of $209.9 is bad enough to call for an 18.6% downside for Tesla.
<h2>Pain Trade #2: Why Apple Is No Longer a Buffett Favorite</h2>
That&#39;s right. Warren Buffett cut as much as 50% of his stake in Apple stock during the past quarter. While he quoted the sale as being driven by tax efficiency purposes, a deeper reason could be related to the weakening consumer discretionary sector.
With new interest rate cuts coming from the Federal Reserve (the Fed), the dollar is set to weaken, as interest rates are one of the main drivers of currency valuations. This means the U.S. consumer will suffer from even thinner buying power after inflation has already had its round of negative effects on it.
Even though Apple is an international giant able to cushion whatever consumption tailwinds come from the United States, the same reasoning applies when it comes to pricing in this safety and growth potential. Apple stock now trades at 51.6x P/B compared to other peers in the technology space, like Alphabet Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>) and its 6.9x valuation.
Analysts at Barclays now see a valuation of $186 for Apple stock, which calls for a net downside of 17.8% from where the stock trades today. This reiterates the potential for Apple to become a pain trade in the coming months.
<h2>Pain Trade #3: Meta&#39;s Heavy Cash Outlay Mirrors the Metaverse Flop</h2>
In 2022, Meta stock traded down to $90, one of the lowest prices seen since the COVID-19 pandemic. The reason for the crash was the strategy behind the Metaverse, which burned through billions of the company&#39;s free cash flow in a project that never took off.
The same cycle is happening today as Meta looks for new disruptive ideas and technologies to make a new splash; Mark Zuckerberg (Meta&#39;s CEO) has decided to venture into artificial intelligence glasses that could supposedly replace smartphones if done right.
How much cash will Meta burn through this time on this project, and will it have any return? Investors do know that the stock trades at its 52-week high, and analysts at Goldman Sachs don&#39;t think it can break through that ceiling.
With a $555 share price target, Goldman Sachs thinks Meta has a potential downside of 5% from where it trades today. However, that could only be the tip of the iceberg, as the financial impacts of this new project are not yet known.
The article &quot;<a href="https://www.marketbeat.com/stock-ideas/why-the-magnificent-7-could-become-a-pain-trade-for-investors/">Why the Magnificent 7 Could Become a Pain Trade for Investors</a>&quot; first appeared on MarketBeat.

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Why the Magnificent 7 Could Become a Pain Trade for Investors

Chinese EV giant&nbsp;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>) said on Tuesday that the company sold 417,603 new energy passenger vehicles in September, marking a jump of nearly 46% from last year, thanks to a major jump in plug-in hybrid vehicles sales. 
What Happened:&nbsp;Pure EV sales of the Chinese player rose to 164,956 in September, marking a rise of 9% from the corresponding month of last year. 
Plug-in hybrid passenger vehicle sales in the period rose 86.2% to 252,647 units. 
The company also sold 1,823 commercial vehicles in September, including 306 buses. 
Why It Matters: BYD is the biggest rival to American EV giant Tesla Inc. The company <a href="https://www.benzinga.com/news/24/01/36839203/warren-buffett-backed-byd-sees-higher-profits-for-fy23-after-taking-over-tesla-as-biggest-ev-seller" target="_blank" rel="noreferrer noopener">took over Tesla</a> as the world's largest BEV seller in the fourth quarter of 2023. However, Tesla took back the crown in the first quarter of 2024 and has been holding on to it since.
Through the end of the third quarter, BYD sold 443,426 battery-electric vehicles. Tesla, however, is yet to report its <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/41082647/tesla-could-report-slight-q3-deliveries-miss-amid-musks-political-controversies-mun">delivery numbers for the quarter</a>. 
Tech venture capitalist and Deepwater Asset Management Managing Partner&nbsp;Gene Munster expects Tesla&#8217;s deliveries for the quarter to come at around 452,000 units, trailing Wall Street estimates but higher than the 435,059 units the EV giant delivered in the third quarter of 2023. 
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:
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<li><a href="https://www.benzinga.com/news/24/10/41111955/ford-ceo-jim-farley-brings-european-insights-home-offers-free-ev-chargers-for-us-buyers-till-jan-2">Ford CEO Jim Farley Brings European Insights Home, Offers Free EV Chargers for US Buyers Till Jan 2</a></li>
</ul>
Photo courtesy: Shutterstock

Chinese Carmaker BYD's September Sales Jump 46% On Rising Popularity Of Plug-in Hybrid EVs

Shares of Chinese electric-vehicle startups Nio, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>), XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) and Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) are rallying<a href="https://www.benzinga.com/premarket"> in premarket trading</a> on Tuesday, signaling a potential rebound from Monday&#8217;s pullback.
The optimism came on the back of<a href="https://www.benzinga.com/markets/equities/24/10/41109111/tesla-rivals-li-auto-xpeng-clock-record-september-deliveries-end-q3-on-a-strong-note"> stellar deliveries these companies reported for September</a> and the third quarter. Here&#8217;s how each of them fared:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Sept. Deliveries (units)</td>
<td>Y-o-Y</td>
<td>Q-o-Q</td>
<td>Q3 Deliveries (units)</td>
<td>Q3 Guidance (units)</td>
</tr>
<tr>
<td>Nio</td>
<td>21,181</td>
<td>+35.4%</td>
<td>+4.98%</td>
<td>61,855</td>
<td>61,000-63,000</td>
</tr>
<tr>
<td>XPeng</td>
<td>21,352</td>
<td>+39%</td>
<td>+52.12%</td>
<td>46,533</td>
<td>41,000-45,000</td>
</tr>
<tr>
<td>Li Auto</td>
<td>53,709&nbsp;</td>
<td>+48.9%</td>
<td>+11.61%</td>
<td>152,831</td>
<td>145,000-155,000</td>
</tr>
<tr>
<td>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>)</td>
<td>164,956&#x2A;</td>
<td>+9.10%</td>
<td>+11.10%</td>
<td>443,426</td>
<td>N/A</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">&#x2A;includes only battery EVs</figcaption></figure>
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best EV Stocks</a>
Most of these companies are now focusing on the low end of the market. XPeng said the first month deliveries of its XPeng Mona M03, an affordable electric sedan launched in late August, topped 10,000 units. Nio, which has so far focused on the premium end of the market has forayed into the mass market with its Onvo brand. Deliveries of the first vehicle launched by the sub-brand, codenamed L60, began in late September.
Given China&#8217;s efforts to stimulate the domestic economy, the EV makers could see demand recovery, which bodes well for their fundamentals.
Incidentally, Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is scheduled to release its quarterly global deliveries report on Wednesday. Analysts, on average, expect the company to report sales of 465,000 units for the third quarter, with China primarily responsible for much of the upside. 
According to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data </a>in premarket trading:
<ul>
<li>Nio rose 4.49% to $6.98.</li>
<li>XPeng rallied 3.69% to $12.63.</li>
<li>Li Auto moved up 3.70% to $26.60.</li>
</ul>
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/09/41082193/teslas-chinese-rival-nio-snags-1-9b-investment-from-parent-strategic-investors-as-it-forays-into" target="_blank" rel="noreferrer noopener">Tesla's Chinese Rival Nio Snags $1.9B Investment From Parent, Strategic Investors As It Forays Into Mass Market</a></li>
</ul>
Photo Via Shutterstock

Chinese EV Trio Nio, XPeng, Li Auto Surge Higher In Tuesday's Premarket: What's Going On

Chinese automaker BYD Co Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) is recalling 96,714 electric vehicles owing to risks of a part overheating, the country&#8217;s market regulator said on Monday.
What Happened: The recall population includes domestically produced Dolphin and Yuan PLUS EVs made between November 2022 and December 2023. It is not clear whether all the recalled vehicles are in operation within China or whether some were also exported. 
The capacitor within the column-assist electric power steering (CEPS) system may have cracks which can cause a short circuit, increasing risks of overheating or even fire, the regulator said.
BYD dealers will deploy a physical fix on the vehicles at no cost to the customer to resolve the issue, it added. 
The company did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comment.
Why It Matters: BYD, the biggest Chinese EV maker, sold 2,328,449 new energy vehicles (NEVs) this year through the end of August, including both passenger and commercial vehicles, marking an increase of nearly 30% from the corresponding period last year. NEV refers to both battery-electric vehicles and plug-in hybrid vehicles.
In the last quarter of 2023, BYD&nbsp;<a href="https://www.benzinga.com/news/24/09/40768611/elon-musk-shoots-down-reports-of-teslas-china-woes-amid-intense-competition-says-giga-shanghai-is-ru" target="_blank" rel="noreferrer noopener">took over American EV giant</a>&nbsp;Tesla Inc.&nbsp;in battery electric vehicle sales with 526,409 BEVs sold as compared to Tesla's 484,507 EVs. However, Tesla&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">took back the crown</a>&nbsp;in the first quarter of 2024.
Last week, the company announced that it made its<a href="https://www.benzinga.com/news/24/09/41043074/byd-makes-a-red-yangwang-u9-supercar-for-its-9-millionth-new-energy-vehicle"> 9 millionth NEV- a red Yangwang U9 supercar </a>produced by the company under its luxury car brand Yangwang.
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:
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<li><a href="https://www.benzinga.com/news/24/09/41063317/toyotas-global-output-tumbles-11-after-suspension-of-production-of-2-suvs-in-north-america">Toyota&#8217;s Global Output Tumbles 11% After Suspension Of Production Of 2 SUVs In North America</a></li>
</ul>
Photo courtesy: Shutterstock

BYD Recalls Nearly 97K EVs Over Concerns Of Overheating Part, Potential Fire

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>) on Wednesday made its 9 millionth new energy vehicle (NEV) to date, the Chinese EV giant said.
What Happened: &#8220;MAJOR MILESTONE: BYD's 9 Millionth NEV Rolls Off Production,&#8221; BYD wrote in a post on social media platform X. The post was adjoined by a picture of a red Yangwang U9, a supercar produced by the BYD under its luxury car brand Yangwang. The vehicle is priced at 1.68 million yuan ($0.24 million).
&#8220;The YANGWANG U9&#8217;s selection for this milestone underscores BYD&#8217;s advancement in luxury and performance segments,&#8221; BYD said on Wednesday. 
BYD made its 8 millionth NEV merely two months before in July. 
<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">MAJOR MILESTONE: BYD's 9 Millionth NEV Rolls Off Production This accomplishment comes just two months after BYD&#39;s 8 millionth NEV. The YANGWANG U9&#39;s selection for this milestone underscores BYD&#39;s advancement in luxury and performance segments. BYD&#39;s rapid progress from 8 to 9… <a href="https://t.co/OYJQHivJgU">pic.twitter.com/OYJQHivJgU</a>
&mdash; BYD (@BYDCompany) <a href="https://twitter.com/BYDCompany/status/1839016952892895250?ref_src=twsrc%5Etfw">September 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: New energy vehicle refers to battery electric vehicles and plug-in hybrid vehicles. BYD sold 2,328,449 NEVs this year through the end of August, including both passenger and commercial vehicles, marking an increase of nearly 30% from the corresponding period last year.
In the last quarter of 2023, BYD <a href="https://www.benzinga.com/news/24/09/40768611/elon-musk-shoots-down-reports-of-teslas-china-woes-amid-intense-competition-says-giga-shanghai-is-ru">took over American EV giant</a> Tesla Inc. in battery electric vehicle sales with 526,409 BEVs sold as compared to Tesla&#8217;s 484,507 EVs. However, Tesla <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">took back the crown</a> in the first quarter of 2024.
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:
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<li><a href="https://www.benzinga.com/news/24/09/41040877/stellantis-recalls-nearly-16k-fiat-124-spider-roadster-vehicles-in-the-us-over-improper-airbag-deplo">Stellantis Recalls Nearly 16K Fiat 124 Spider Roadster Vehicles In The US Over Improper Airbag Deployment Concerns</a></li>
</ul>
Photo courtesy: Shutterstock

BYD Makes A Red Yangwang U9 Supercar For Its 9 Millionth New Energy Vehicle

Chinese electric vehicle manufacturer BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) and Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rival plans to establish its <a href="https://www.benzinga.com/markets/equities/24/09/40946478/chinas-nio-says-40-of-its-store-managers-are-ex-tesla">first South Asian assembly plant in Pakistan</a>. The move follows a rejection from India.
What Happened: The plant, expected to be operational by 2026, is a collaboration with Pakistan&#8217;s largest private electricity producer, Hub Power (Hubco). Hubco&#8217;s subsidiary, Mega Motor, will partner with BYD to set up the facility near Karachi's Port Qasim, <a href="https://www.ft.com/content/bf1e6817-5313-4b6e-8e47-9e2960d30ecc">reported</a> Financial Times on Sunday. 
Hubco CEO Kamran Kamal said that the goal is for Pakistan to begin exporting vehicles from the plant. The government is encouraging BYD to target markets in Africa and South Asia, including Bangladesh and Sri Lanka.
"We have big ambitions to be the leading carmaker in this country by the end of the decade," Kamal said. "For any industry in Pakistan to be competitive, they should be focused on the export market."
BYD&#8217;s expansion into Pakistan comes amid broader international growth, with new factories planned in Turkey, Hungary, Thailand, and Brazil. The company is also considering a new factory in Mexico.
BYD declined to comment further on the specifics of the Pakistan project, which is still under discussion. The company aims to sell 100,000 plug-in hybrid and fully electric cars annually in Pakistan by 2030, according to the report.
See Also: <a href="https://www.benzinga.com/news/24/09/40899599/elon-musk-said-spacex-competitors-only-take-up-less-than-we-do-and-they-take-nothing-down-and-they-g?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Said SpaceX Competitors Only &#8216;Take Up Less Than We Do, And They Take Nothing Down, And They Get Paid Twice As Much&#8217; — 10 Years Later, Its Rival In Space Boeing Has Frozen Hiring And Is Weighing Furloughs</a>
Why It Matters: The decision by BYD to establish a plant in Pakistan follows a series of global strategic moves by Chinese automakers to counteract increasing trade barriers and tariffs. 
Recently, the President Joe Biden administration imposed <a href="https://www.benzinga.com/markets/asia/24/09/40886450/50-of-new-car-sales-in-china-are-electric-but-in-the-us-its-only-10-are-protectionist-policies-widen">a 100% tax on electric vehicles made in China</a>, affecting companies like BYD and Geely. This move is part of a broader effort to relocate manufacturing and boost U.S. jobs.
China has also advised its automakers to keep advanced EV technology within the country, even as they expand globally. This includes exporting knock-down kits for assembly abroad, and ensuring <a href="https://www.benzinga.com/news/24/09/40825946/china-wants-automakers-to-safeguard-their-ev-technology-and-keep-it-within-the-country-as-companies">key parts remain produced in China</a>.
BYD&#8217;s expansion is not just limited to Pakistan. The company has been making significant strides in Europe, showcasing their vehicles at trade fairs like the Automechanika in Frankfurt, <a href="https://www.benzinga.com/markets/equities/24/09/40818732/chinese-ev-manufacturers-byd-and-geely-storm-frankfurt-fair-as-eu-tariffs-threaten-to-crimp-thei">despite looming EU tariffs</a>.
Furthermore, the competitive <a href="https://www.benzinga.com/markets/equities/24/09/40946478/chinas-nio-says-40-of-its-store-managers-are-ex-tesla">landscape in China is intensifying</a>. Companies like NIO are also expanding aggressively, with a significant portion of their management coming from Tesla.
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Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Tesla's Chinese Rival BYD Plans To Assemble EVs In Pakistan After India Said No: 'We Have Big Ambitions'

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

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

Macro Notification

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

iShares MSCI Turkey Investable Market Index Fund

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In a bold move to counter domestic profitability challenges and global trade barriers, nearly 900 Chinese auto suppliers and several EV manufacturers are showcasing their products at a Frankfurt trade fair.
What Happened: Chinese automakers like BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>), Geely (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>), Hongqi, and GAC International are set to present their vehicles at the Automechanika fair. This marks a new trend for the event, which has traditionally been a platform for suppliers.
Despite the emergence of trade barriers in Europe and North America, aimed at limiting the influx of China-made EVs, China&#8217;s auto sector continues to invest heavily in overseas expansion. The &#8220;EV Expo&#8221;, which opens on Tuesday, was established in partnership with the China Council for the Promotion of International Trade.
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Automechanika&#8217;s director, Olaf Musshoff, expressed at a press conference, &#8220;We want EVs made by Chinese carmakers which are currently to some extent unknown to gain trust in the industry.&#8221;
Moody&#8217;s data shows that the auto sector&#8217;s share of China&#8217;s total outbound investments rose from 16% in 2018 to 22% in 2023, and car exports have hit record highs this year. The significant presence of Chinese suppliers at the fair, almost double the number of German suppliers, highlights their expanding role in the global supply chain. Chinese automakers are increasingly planning local production in Europe and other regions to circumvent trade tariffs limiting imports.
Why It Matters: The Chinese auto industry&#8217;s move to expand globally comes in the wake of European Commission&#8217;s <a href="https://www.benzinga.com/news/24/07/39635158/eu-imposes-provisional-duties-of-as-much-as-37-6-on-chinese-ev-imports">additional tariffs of up to 37.6% </a>on EV imports from China in July. The tariffs were a response to concerns that state-subsidized, cheaper EVs from China could push domestic players out of the market. The EU&#8217;s steps are similar to the ones taken by the U.S. and Canada to restrict access of Chinese EVs into these markets.
In response to these tariffs, Chinese EV manufacturers began <a href="https://www.benzinga.com/news/24/07/39662998/chinese-ev-makers-pivot-to-africa-amid-eu-and-us-tariff-hurdles">exploring Africa as a potential market</a>. However, China also <a href="https://www.benzinga.com/news/24/08/40484760/china-hits-back-at-eus-unfair-ev-tariffs-that-gave-relief-to-chinese-made-tesla-will-take-all-necess">voiced strong opposition </a>to these tariffs in August, labeling them as "unfair" and assuring its commitment to safeguard its EV industry against such actions.
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Photo via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

GELYF

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