Nissan feels the heat from BYD’s EV price war in China
Nissan is the latest victim of BYD’s “liberation battle” against gas-powered cars. After BYD’s aggressive price cuts this year, Nissan is shutting down a factory in China as it struggles to keep up.
As is the case for many legacy automakers, China is a critical sales market for Nissan. Nearly a third of Nissan’s global sales and net profits are from China.
After slipping out of the top five automakers (by market share) in China in 2022, Nissan’s woes are worsening. Nissan’s sales fell 16% in China last year and the trend has continued into 2024.
Nissan’s sales fell another 2.8% last month, with 64,233 vehicles sold in China. The company cut guidance by 23% last year, with 800,000 vehicle sales expected in fiscal 2024. According to Nikkei, Nissan will do so with one less factory.
Nissan is closing the doors to its plant in Changzhou as the factory is building more cars than it can sell.
The facility accounts for about 8% of Nissan’s production capacity in China, with an annual capacity of around 130,000 units. According to the report, the plant shuts down on Friday.
Under its joint venture with China’s Dongfeng Motor, Nissan has eight plants in the region. Its total annual capacity is around 1.6 million, double Nissan’s projected sales figures for fiscal 2024.
Nissan shuts down China plant amid BYD’s EV price war
The plant shutdown comes as Nissan struggles to keep up in an increasingly competitive China EV market.
China’s largest automaker, BYD, kicked off a “liberation battle” against ICE vehicles earlier this year. The goal is to continue taking market share from gas-powered cars with lower-priced EVs. So far, it seems to be working.
BYD has drastically cut prices while introducing lower-priced EV models. Its cheapest, the Seagull EV, starts under $10,000 (69,800 yuan).
BYD’s CEO, Wang Chaunfu, said EVs have entered “the knockout round” and that the next two years will be critical for automakers to catch up.
With lower-priced, more advanced models hitting the market, BYD sees joint venture brands (like Nissan’s) market share falling from around 40% to 10% in China.
Nissan isn’t the only legacy automaker feeling the heat. Japanese rivals Toyota, Mitsubishi, and Honda have also pulled back in China amid slumping sales.
Meanwhile, BYD looks to expand its global footprint after outgrowing China’s EV market. BYD is closing in on a deal for a plant in Mexico that would be among the biggest in the country. The company expects to sell 50,000 vehicles in Mexico this year.
BYD is also expanding on Nissan and Toyota’s home turf. According to data from the Japan Automobile Importers Association, BYD accounted for over 20% of Japan’s EV imports in January.
With longer-range, lower-priced models rolling out, BYD’s momentum is expected to continue. China’s leading automaker is also expanding into new segments like pickups (check out the new Shark PHEV), mid-size electric SUVs, and luxury.
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EV tire specialist ENSO has launched a new premium range of ultra-high performance (UHP) tires designed for passenger electric vehicles. Soon, US drivers of EVs from Tesla and other high-performance models will be able to purchase this new tire range as ENSO significantly expands its product lineup.
ENSO is a UK-based company that hails itself as the “world’s first tire company dedicated exclusively to EVs.” Like many EV automakers its tires support, the company utilizes a direct-to-consumer sales model to help reduce a customer’s total cost of ownership while providing tires that extend EV range and reduce pollution.
In the fall of 2024, ENSO signed a strategic international partnership with Uber to provide its EV rideshare drivers with low-emission tires. As the only Certified B-Corporation in the tire industry (a highly-polluting one), ENSO uses more sustainable methods to help transform the global economy, benefiting all people and the planet they inhabit.
To carry on this mission, ENSO has unveiled a new Premium line of EV tires engineered specifically for the unique demands of all-electric driving. Better yet, these new tires are coming to the US soon.
ENSO to launch new premium EV tire line in UK and US
According to a release from ENSO this morning, its new Premium line of EV tires are now available to customers in the UK before these go on sale to US drivers this summer. The ultra-high performance tires are A/A EU-labeled, meaning they carry the highest rating for energy efficiency and wet grip performance.
According to ENSO, its Premium EV tires also deliver the highest energy efficiency and safety in their class. They will help customers like Tesla Model 3 and Model Y owners save on TCO, tire pollution, manufacturing emissions, and reduced energy consumption while driving. Per ENSO co-founder and CEO Gunnlaugur Erlendsson:
ENSO’s mission has always been to accelerate EV adoption by making tires that enhance rather than compromise electric performance. With ENSO Premium, we’re plugging a long-standing gap in the tire market by offering EV drivers a purpose-built, affordable, premium and sustainable EV tire alternative that matches the innovation of their EV. We engineered ENSO Premium for the specific needs of EVs. from instant torque to regenerative braking. We’re delivering a tire that not only performs well but also helps EV drivers get more miles from every charge.
When designing its Premium EV tires, ENSO says it looked to match its drivers’ performance and sustainability values, specifically noting Tesla models. The tires were designed to reduce rolling resistance, extend range, and take longer to wear out than traditional tires, especially given the higher weight of EV models due to large battery packs. The result is a tire that enables fewer charging stops, lower energy consumption, and less overall tire pollution – ideal factors for the growing segment of sustainable electric mobility.
This summer, US drivers will be able to purchase the Premium line of EV tires at wholesalers, independent retailers, and directly through the company website.
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The BP logo is displayed outside a petrol station that also offers electric vehicle recharging, on Feb. 27, 2025, in Somerset, England.
Anna Barclay | Getty Images News | Getty Images
Oil giant BP is bracing itself for a shareholder backlash at its annual general meeting (AGM) on Thursday, with a chorus of disgruntled investors planning to voice their concerns over the firm’s green strategy U-turn.
A planned resolution on the reelection of outgoing BP Chair Helge Lund has been billed as an opportunity for investors to signal discontent on climate change, corporate governance and the influence of U.S. hedge fund Elliott Management.
Britain’s beleaguered energy major, which has lagged behind more hydrocarbon-focused industry peers in recent years, has sought to resolve something of an identity crisis by launching a fundamental reset.
Seeking to rebuild investor confidence and boost near-term shareholder returns, BP in February pledged to slash renewable spending and ramp up annual expenditure on its core business of oil and gas.
The strategy reset was broadly welcomed by energy analysts, and BP CEO Murray Auchincloss has since said the pivot attracted “significant interest” in the firm’s non-core assets.
British asset manager Legal & General, a leading shareholder in BP with a roughly 1% stake, said it intends to vote against Lund’s reelection on Thursday — a position that would defy BP’s management recommendation.
Legal & General cited dissatisfaction over major revisions to the firm’s energy strategy, alongside BP’s decision not to allow a shareholder vote on the new direction.
Legal & General’s plans align with those of international asset manager Robeco, U.K. pension funds Nest and Border to Coast, as well as activist investors including Dutch group Follow This — all of which have indicated they will vote against Lund’s reelection.
Norway’s gigantic sovereign wealth fund and a number of U.S. pensions funds, however, have reportedly said they will back Lund’s reelection. Proxy advisors Institutional Shareholder Services and Glass Lewis have also recommended a vote in favor of Lund, according to Reuters.
It paves the way for a shareholder showdown at BP’s AGM, with observers closely monitoring the level of investor opposition to Lund’s reelection. Historically, votes against the chair of BP have remained under 10%.
A BP spokesperson declined to comment when contacted by CNBC.
Energy transition plans
BP’s renewed focus on oil and gas comes at a time when the London-listed energy firm is firmly in the spotlight as a potential takeover target. British rival Shell and U.S. oil giants Exxon Mobil and Chevron have all been touted as possible suitors.
“We value the significant steps BP has taken in recent years regarding its climate-related commitments and efforts, which we have supported through extensive and constructive dialogues, aimed at creating long-term value as the climate transition unfolds,” Legal & General’s investment stewardship team said on April 11.
Murray Auchincloss, chief executive officer of BP, during the “CERAWeek by S&P Global” conference in Houston, Texas, on March 11, 2025.
Bloomberg | Bloomberg | Getty Images
“However, we are deeply concerned by the recent substantive revisions made to the company’s strategy as announced at the 2025 Capital Markets Day on 26 February, coupled with the decision not to allow a shareholder vote on the newly amended climate transition strategy at the 2025 AGM,” they added.
Legal & General said BP’s announcement earlier this month that Lund will step down, likely next year, was viewed “positively,” but ongoing unease about the firm’s succession plan means it intends to vote against the AGM resolution.
Five years ago, BP became one of the first energy giants to announce plans to cut emissions to net zero “by 2050 or sooner.” As part of that push, BP pledged to slash emissions by up to 40% by 2030 and to ramp up investment in renewables projects.
The company scaled back this emissions target to 20% to 30% in February 2023, saying at the time that it needed to keep investing in oil and gas to meet global demand.
Robeco said in its rationale that BP had refused to repeat a so-called “Say on Climate” vote for its strategy revision, despite previously requesting shareholder support for the firm’s previous and “more ambitious” transition goals.
“We have unsuccessfully requested such a consistent feedback mechanism several times, including in a public letter alongside other investors with GBP 5 trillion in assets under management,” said Michiel van Esch, head of voting at Robeco.
“As a result, we have growing concerns over the company’s resilience through the energy transition, and over the consistency of its approach to climate governance, leading us to vote against the chairman and chair of the safety and sustainability committee,” he added.
Governance concerns
Elliott Management, for its part, is widely thought to be putting pressure on BP to minimize low-carbon investments and prioritize oil and gas. It emerged recently that the activist investor has built a near 5% stake in BP, making it one of the firm’s largest shareholders.
Activist shareholder Follow This, which has a long history of pushing for Big Oil to do more to tackle climate change, said the need to vote against Lund had not disappeared following news of his looming departure. The group added that investors concerned with good governance should voice their dissatisfaction.
“Voting against the board is the only way for shareholders to express their dissent over BP’s refusal to allow a vote on its strategy U-turn,” Mark van Baal, founder of Follow This, said in a statement.
“Now, the board has unilaterally changed course without asking shareholder support with a vote. This raises serious governance concerns. It seems BP’s leadership is afraid of its own shareholders,” he added.
Shares of BP are down nearly 10% year-to-date.
Luxury is a tough concept to pin down, but being constantly connected to work, kids, and telemarketers ain’t it. Genesis gets it, and its latest ultra-luxe off-road concept ditches screens in favor of the view out the windshield – and it’s got enough off-road chops to promise two things about those views: they’re real, and they’re spectacular!
Genesis calls its new X Gran Equator concept an elegant overlander for the modern explorer that marries on-road sophistication with off-road resilience. Whatever they call it, the 4×4’s dashboard is delightfully free from sweeping touchscreens, mood lighting, and any hint of telephonic integration.
Indeed, the interior looked so much like something from the 90s that I double and triple-checked the date on the press release. But don’t take my word for it, check it for yourself.
It’s fantastic
If you zoom in, you can see screens in the instruments. High-definition roll and pitch displays, altimeters, and probably other outdoorsy, overland-y things that the sort of people who want to do that in what would surely be a very well-appointed six-figure SUV for a similarly very well-heeled buyer.
And that buyer? They wouldn’t miss the screen, because the screen doesn’t matter. The real show is out the front windshield – and if someone from the office calls to interrupt the vibe, you won’t even know. I know I’d pay extra for that … and I can’t imagine I’m alone.
This is how Genesis explains it:
Inside, the X Gran Equator Concept orchestrates contrast between analog architecture and digital technologies, crafting a space that feels both functional and evocative. At the center of the cabin is a four-circle display cluster on the center stack, inspired by the vintage camera dials. The interior design features contrasting colors and shapes, with a preference for geometric over organic elements. The dashboard’s linear architecture and absence of decorations focus the driver’s attention on the journey, while swiveling front seats and modular storage solutions enhance practicality.
Genesis didn’t provide pictures of those swiveling seats or modular storage compartments on this concept, but the X Gran Equator Concept will make its in-person debut April 18th at the Genesis booth during the 2025 New York International Auto Show.
After the show, the company will move the concept to a display at Genesis House New York in the Meatpacking District, where it will stay “in residence” until the end of July. If you’re out that way for either event, take a picture of it and tag Electrek on Instagram!
Genesis X Gran Equator photo gallery
SOURCE | IMAGES: Genesis.
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