After selling a record 1.1 million new energy vehicles (EVs and PHEVs) in the third quarter, BYD’s net income surged to $1.6 billion (RMB 11.6 billion) on revenue of $28.2 billion (RMB 201.1 billion). Both were new quarterly records.
China’s EV leader is drastically ramping up production and expanding its workforce to meet the higher demand.
According to BYD’s executive vice president, He Zhiqi (via Reuters ), the company hired nearly 200,000 new employees between August and October. BYD also ramped up production by close to 200,000 units to meet the higher demand.
With 1,169,579 all-electric models sold through the first nine months of 2024, BYD is still slightly behind Tesla in the global EV race with 1,293,656 vehicle deliveries.
According to a recent post citing He Zhiqi, BYD executive vice president, the NEV (new energy vehicle) automaker added production capacity of nearly 200,000 vehicles per month from August to October of this year. The capacity addition of nearly 2.4 million vehicles over the course of a year is greater than Tesla’s total annualized global production (469,796 units in the 3rd quarter multiplied by four equals 1,879,184 units). Note that Tesla’s production capacity, without adding new lines, appears to be about 3 million — but consumer demand is apparently lacking.
Tesla is noted/renowned for “matching” supply with demand.
The above bolded part seems to be showing casing Tesla’s micro-attention to the economics of selling Tesla cars?
Tesla doesn’t do “overcapacity production”.
I’ll also note that, right now, today, China is IN-THE-NEWS for over capacity n over supply, that China is DUMPING on the EU n US markets.
The US n EU, and other countries, are struggling and counter struggling with China over “over capacity dumping”.
Reportedly, China’s internal demand is too low, too weak. China MUST sell its “product”, and, by some reports is selling very cheaply into foreign markets.
This is, again reportedly, causing negative disturbances to those foreign markets, especially negatively impacting the native producers/companies.
CleanTechnica doesn’t disclose this aspect, about potential BYD dumping?
Does this “context” change the “story”?
ralph owns some TSLA.
I don’t mind “negative” stories about Tesla, but I do think the story should be truthful.
Let me be clear: I’m saying CleanTechnica is biased. The “expert” is delivering slanted biased information.
Tesla does price cuts all the time–so the “overcapacity” claim is nonsense. They cut prices when there is “overcapacity” and then adjust future production to the “new normal” price and volume.
Various other Chinese producers are targeting overseas markets because that is where they can sell the most cars. US producers are scared of real competition within the US market. BYD will eat the US producers cake AND ice cream because they have come up with a novel way to reduce costs to a minimum–without subsidies. Looks like BYD outsmarted Musk–again. Wait for the teardown of the 2026 Tesla low-end cars–if they have any. IMO, they will not have anything competitive.
Could be BYD & other Chinese EV makers are expanding into other markets.
Europe certainly is accelerating into EV adoption.as European consumers are rapidly adapting to EVs.
Last year was a banner year for EV sales-14 million bring the total of EVs on the road to 40 million.
Asia is in the beginning stages of EV adoption. But there is great potential there. BYD is building a factory in Thailand.
China seems to be following the pattern of Japanese motor vehicle expansion.
Could the struggle of US & EU be a result of foreign made
superior cheaper products?
