BYD just hit a new weekly EV sales record for 2024 in China ahead of key model launches
China’s leading electric car maker, BYD, just hit a new YTD EV sales record last week in its home country. BYD expects the momentum to continue with new EVs rolling out in key segments globally.
BYD hit a new weekly EV sales record in May
New data from Morgan Stanley (via Investing.com) shows electric vehicles outpaced their gas-powered rivals last week after recovering from the recent holiday in China.
Domestic brands had the biggest gains, with automakers like BYD, Li Auto, and NIO all seeing double-digit week-over-week (WOW) sales improvements. BYD had the biggest WOW improvement, with registrations up 30% to 69,500 last week.
Through May 12, BYD had 101,300 registrations in China. BYD sold 300,114 EVs globally in the first three months of the year, up 13.4% YOY. In April, BYD sold another 134,465 EVs, up 17% over April 2023. Through the first four months of 2024, BYD sold 434,579 electric cars.
Other domestic EV makers like Li Auto saw sales climb 50% WOW to around 8,000. NIO had a 23% improvement with new promotions pushing sales to 4,400 units.
NIO introduced the first EV, the L60 electric SUV, under its mass-market Onvo brand Wednesday. Starting at just $30,500 (219,900 yuan), NIO aims to compete with Tesla’s Model Y.
Meanwhile, Tesla’s sales declined 11% in China last week, with around 9,800 units sold. According to China Passenger Car Association data, Tesla sold 31,421 cars in China in April, down nearly 50% from the 62,398 sold in March.
New models launching
BYD launched its own Tesla Model Y rival last week, the Sea Lion 07. The BYD Sea Lion 07 starts at $26,250 (189,900 yuan) as the first EV based on its new e-Platform 3.0 Evo.
Designed by ex-Lamborghini and Audi designer Wolfgang Egger, you can see influence from the iconic brands integrated into the electric SUV’s design.
The new electric SUV is available in three powertrains, two single-motor, and one dual-motor AWD option.
| BYD Sea Lion 07 trim | Starting price | Range (CLTC) |
| 550 Standard | 189,800 yuan ($26,250) | 550 km (341 miles) |
| 610 Long Range | 199,800 yuan ($27,625) | 610 km (379 miles) |
| 610 Smart | 219,800 yuan ($30,389) | 610 km (379 miles) |
| 550 4WD Smart Navigation | 239,800 yuan ($33,154) | 550 km (341 miles) |
The single motor variants are offered with 71.8 kWh or 80.64 kWh BYD Blade batteries for up to 550 km (341 mi) or 610 km (341 mi) CLTC range, respectively. The dual motor model gets up to 550 km (341 mi) CLTC range.
BYD’s new electric SUV undercuts Tesla’s best-selling Model Y, which starts at 249,900 yuan ($34,550) with up to 554 km (344 mi) CLTC range.
The new electric SUV comes after BYD revealed a series of lower-cost “Honor Edition” versions of its most popular EVs. For example, its cheapest Seagull EV Honor Edition starts at just $9,700 (69,800 yuan).
BYD plans to launch a new Seal electric car, which currently competes with the Tesla Model 3. Little is known about the new EV, but it’s expected to debut in June.
The automaker is expanding into new segments like luxury with its Yangwang brand launching several new EVs.
Most recently, BYD introduced its first PHEV pickup, the BYD Shark, this week in Mexico. The BYD Shark will start at 969,800 pesos ($58,100) to rival the Toyota Hilux and Ford Ranger.
Source: CnEVPost, Investing.com
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Chevron is not seeing signs that the U.S. is close to a recession even as President Donald Trump’s tariffs weigh on expectations for oil demand, CEO Mike Wirth said Tuesday.
“There’s no signs that we see at this point that we are in or close to a recession,” Wirth told CNBC’s “Squawk Box.” “There are signs that growth may be slowing and we have to always be prepared for that.”
The International Monetary Fund on Monday cut its growth outlook for the U.S. this year to 1.8%, down from 2.7% previously.
The oil market is expecting reduced demand as a consequence of Trump’s tariffs and the decision by OPEC+ increase production faster than expected, Wirth said. Chevron isn’t changing its capital spending plans in response to drop in prices, the CEO said.
U.S. crude oil prices have fallen about 11% since Trump announced his tariffs on April 2. West Texas Intermediate was last up about 72 cents at $63.80 per barrel. OPEC and the International Energy Agency have cut their demand outlooks for this year.
Wirth said U.S. onshore oil production in patches like the Permian Basin is likely to pull back if prices hit $60 per barrel. Offshore production likely won’t be affected, he said.
“That’s an area where if we were to be at a $60 price or even lower you’re likely to see activity pull back in this sector and you’ll see the production response over a few months,” Wirth said. “That’s what we should watch, not so much the deep water activity.”
Chevron is not expecting a major direct impact on its business from Trump’s tariffs as energy has largely been exempt from the levies, Wirth said.
“The effects that we feel are likely to be more the macroeconomic effects as they flow through the economy,” Wirth said. “The bigger issues would be what would it mean for growth, and global trade and how does that evolve.”
Executives at oil and gas companies were scathing in their criticism of Trump’s tariffs in an anonymous March survey by the Federal Reserve Bank of Dallas, warning that steel tariffs were raising their costs and low prices could impact their activity.
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Little is known about super-secretive EV startup Slate, but the fledgling brand is rumored to be backed by Jeff Bezos and determined to shake up the existing electric order with an affordable lineup of compact SUVs and pickups with that golden $25,000 price tag.
Now, at least, we know what it’s gonna look like. The battle of the billionaires is on!
Redditor jonjopop over at the spotted subreddit spotted what looks like an early prototype of an unbranded SUV with bizarre “CryShare” wrap. CryShare, as a concept, seems to combine the functionality of a ride sharing app like Uber or Lyft with the familiar (to parent, anyway) idea that small babies will often sleep better in a moving car than in their own cribs … but that’s not what’s important here.
Instead, focus on the vehicle itself – parked on Abbot Kinney Boulevard in Los Angeles without explanation or fanfare, this is our best look yet at the kind of vehicle(s) Slate is likely to reveal in the coming days.
Stumbled upon the Bezosmobile [Slate Automotive…idk?] being revealed with an absolutely bizarre marketing campaign
byu/jonjopop inspotted
Other local automotive journalists caught wind of the public unveiling, too – and our friends at The Autopian (Hi, Matt!) sent their own David Tracy out on the streets of LA to check it out. Tracy took the following video and posted it to Instagram.
The Slate breaking cover and causing buzz just ahead of what’s sure to be a painful Q1 earnings call for Tesla is a masterstroke of marketing – especially as doubts surrounding the viability of a “less expensive” Tesla Model Y or Model 3 continue to mount amid the uncertainty of Trump’s tariffs and declining sales of the brand’s more profitable models both at home and abroad.
As with so much involving Slate, however, there is nothing here written in stone – or even cast in cheese. Nothing has been announced, nothing is promised, and for all we know this might have more to do with the affordable Rivian brand launch, a new BYD, or be a viral marketing bit from some local Art Center design student in (relatively) nearby Pasadena. In fact, about the only thing I think we can say about Bezos (?) new Slate project with confidence today is this: Elon could probably use that drink.
SOURCES | IMAGES: Reddit, The Autopian.
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