BYD is now shipping its own EVs as first cargo ship heads to Europe
After overtaking Tesla in global EV sales in the last three months of 2023, BYD looks to continue its expansion. BYD’s first cargo ship has been delivered. The BYD Explorer No. 1 is the first Chinese-made ship designed to carry domestic EVs overseas. And it’s headed for Europe.
First BYD ship sets sights on Europe to deliver EVs
Marking a “new era” for Chinese vehicles, BYD’s first ship designed to carry EVs arrived at Yantai Port on January 9.
The next stop will be Shenzhen, where it will load vehicles before setting sail to Europe. BYD’s ship, the Explorer No. 1, is 653 feet (199 meters) long and can carry 7,000 vehicles.
China International Marine Containers Group (CIMC), which built the vessel, announced the news on WeChat Wednesday.
The ship is owned by Zodiac Maritime, with BYD leasing it as the first addition to its “sea-going fleet.”
BYD’s Explorer No. 1 is the first vessel built by a Chinese shipyard designed for exporting domestic vehicles. The company said it will “ensure BYD’s rapid delivery and expansion of overseas markets.”
As far as propulsion, the ship uses two sets of LNG storage tanks. By using green and clean liquified natural gas as the main fuel, CIMC says it can “significantly reduce emissions.”
Expanding around the globe with new models
The EV leader is rapidly expanding into new markets. BYD is already a leader in key auto markets like Thailand, Brazil, and Columbia. It’s also growing in Mexico, Australia, India, and several others.
BYD, which started as a battery maker, is producing and delivering EVs at a record pace. The company recently revealed several new models to join its growing EV lineup.
The automaker revealed the Yangwang U7 this week, a luxury electric sedan with over 1,000 hp poised to rival the Tesla Model S Plaid.
Meanwhile, BYD is aiming for Tesla’s sweet spot with several mid-size electric SUVs to compete with Tesla’s Model Y. BYD launched the sleek Song L less than a month ago. The electric SUV starts at $27,000 (189,800 yuan) with up to 411 mi (662 km) CLTC range.
The Song L earned over 8,000 orders in its first three days on the market, according to Chinese research firm CarFans.
BYD revealed the Sea Lion 07, another mid-size electric SUV, a month before that. The Sea Lion 07 is designed by former Audi and Lamborghini designer Wolfgang Egger.
Electrek’s Take
BYD receiving its first ship is a major milestone as the Chinese automaker continues expanding into new global markets. China looks like it overtook Japan as the largest auto export nation in 2023 as demand for EVs continues climbing.
After selling nearly 1.6 million all-electric vehicles last year (3 million including PHEVs), BYD looks to expand the brand in 2024.
BYD, which started as a battery maker, continues growing with EVs in key segments. The automaker is best known for its affordable EVs like the Dolphin electric hatch (~$17,000) and Yuan Plus (~$19,000). However, the company is expanding into new segments like luxury.
BYD launched its high-end Yangwang brand last year. Its first vehicle, the U8 off-road SUV, was launched in September. With four electric motors, the SUV cranks out over 1,200 horsepower. But it will cost you over $150,000 (1,098,000 RMB). The new U7 is expected to start at around $140,000 (1 million RMB).
It will be another exciting year as EV leaders like Tesla and BYD continue gaining market share in the largest global auto markets.
Source: Bloomberg, CIMC
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The US Department of Energy (DOE) today announced $1.2 billion in financing to replace Puerto Rico’s fossil fuel plants with solar and battery storage through 2032.
The DOE’s Loan Programs Office announced two conditional commitments and one loan closing to power producers in Puerto Rico. Each supports a project contracted with the Puerto Rico Electric Power Authority. The announcements include:
- The closing of a $584.5 million loan guarantee to subsidiaries of Convergent Energy to finance a 100 MW solar farm with a 55 MW (55 MWh) battery energy storage system (BESS) in the municipality of Coamo and BESS installations in the municipalities of Caguas (25MW/100MWh), Peñuelas (100MW/400MWh), and Ponce (up to 100MW/400MWh)
- A conditional commitment for a loan guarantee of up to $133.6 million to a subsidiary of Infinigen for a 32.1 MW solar farm with an integrated 14.45 MW (4.76 MWh) BESS, and a co-located standalone 50 MW (200 MWh) BESS expansion in the municipality of Yabucoa
- A conditional commitment for a loan guarantee of up to $489.4 million to a subsidiary of Pattern Energy for three stand-alone BESS in the municipalities of Arecibo (50 MW/200 MWh), and Santa Isabel (50 MW /200 MWh and 80 MW/320 MW), and a 70 MW solar farm with an integrated BESS in the municipality of Arecibo.
If all are finalized, these projects would more than double LPO’s support for utility-scale solar generation and battery energy storage in Puerto Rico.
LPO provides low-cost financing and a rigorous due diligence process, making it a valuable resource for Puerto Rico as it works to rebuild an affordable, reliable, and clean energy system. As a result of reliance on imported fuel, the persistent threat of tropical storms, and underinvested infrastructure, Puerto Ricans today face average energy costs that are twice the US average – all while consuming only one-quarter of the energy of the US per capita.
LPO’s initial loan to a power producer in Puerto Rico, Project Marahu, closed in October 2024, and when complete will add more than 200 MW of solar and up to 285 MW of stand-alone energy storage to Puerto Rico’s grid.
Through its September 2023 partial loan guarantee to Project Hestia, LPO also supports virtual power plant (VPP)-ready rooftop solar and battery storage installations in Puerto Rico. As a nationwide project, Hestia’s sponsor is committed to at least 20% of installations under Project Hestia going to homeowners in Puerto Rico.
As part of its procurement plan, Puerto Rico Electric Power Authority seeks to install 1,500 MW of battery storage and requires a minimum capacity of storage to be co-located with each utility-scale solar project. Energy storage systems currently online in Puerto Rico are being dispatched every day.
When including Marahu, LPO’s closed and conditionally committed financing supports over 100% of the capacity Puerto Rico Electric Power Authority aimed to procure under its initial request for energy storage project proposals, the first of six.
Read more: Cleantech investments to top fossil fuels for the first time in 2025
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Chevy just introduced new deals on the Equinox and Blazer EV models to make them even more affordable. With 0% interest and a new trade-in bonus, Chevy is offering over $5,000 in savings.
Chevy adds new Equinox and Blazer EV deals in January
Although the Chevy Equinox EV is already “the most affordable” EV in its class with over 315 miles range, it’s getting even cheaper.
Earlier this week, Chevy launched new deals on the 2024 Equinox and Blazer EV models. According to a note sent to dealers, viewed by CarsDirect, the electric SUVs are now available with 0% APR financing for 60 months. You can also choose from 0.9% AP for 72 months and 2.9% APR for 84 months.
This marks the best financing offer on Chevy’s newest EVs to date. The previous best rates were 0.9% APR for 60 months, 3.9% for 72 months, and 5.9% for the longer 84-month option.
On a 7-year $45,000 loan, online auto research firm CarsDirect estimates the new deals amount to around a $5,200 price cut. The lower APR rates are already offered on the Chevrolet Silverado EV pickup.
In addition, Chevy is offering a trade-in bonus of up to $3,000 on the Silverado EV and $1,000 on the electric Equinox and Blazer models. If you choose to lease, the bonus is cut in half: $1,500 for the Silverado and $500 for the electric SUVs.
Chevy’s new EV deals started on January 14 and run through March 3, 2025. The deals come as rivals like Hyundai and Ford recently launched new EV promotions.
On Thursday, Hyundai launched a new promo on the upgraded 2025 IONIQ 5, which includes monthly leases as low as $199 and a free ChargePoint home EV charger (or $400 charging credit). Meanwhile, Ford extended its “Power Promise” program earlier this month, which also includes a free home charger, among several other benefits.
The 2024 Chevy Equinox EV started at $41,900 with up to 315 miles range. Prices for the electric Chevy Blazer start at $43,690 with up to 279 miles range.
If you are ready to try out Chevy’s new electric SUVs for yourself, we’ve got you covered. You can use our links below to view offers on the Chevy Equinox, Silverado, and Blazer EV models near you.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss non-Tesla EVs getting Supercharger access, Cybertruck sales in the spotlight, Rivian getting some money from Biden, and more.
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