China’s leading EV maker, BYD, set a new monthly NEV sales record as it battles for market share in an increasingly competitive market. The growth after BYD slashed prices on some of its top-selling electric vehicles. Will it be enough to top Tesla in the second quarter?
BYD sold 341,658 new energy vehicles (NEVs) last month, its highest monthly total ever. After NEV sales surged 35% from last year, BYD surpassed its previous 341,043 NEVs sold in December 2023.
Of them, 145,179 were all-electric, up 13% from the 128,196 sold last June. However, it wasn’t enough to top the 146,395 sold in May.
BYD sold 726,153 fully electric vehicles in the first half of 2024, up 18% from the 616,810 EVs sold in the first half of 2023.
The other 195,032 vehicles sold last month were plug-in hybrids, up 58% YOY. BYD’s PHEV sales have hit a new record for the past four months now.
BYD also sold 26,995 vehicles overseas as it expands into new markets to boost growth. Meanwhile, the BYD’s biggest growth driver is being driven by fierce price cuts.
BYD Dolphin Mini (Seagull) launch in Brazil (Source: BYD)
BYD tops monthly sales record amid China’s EV price war
BYD’s sales are picking up after starting a “liberation battle” earlier this year, targeting foreign gas-powered cars with lower prices.
BYD’s cheapest EV, the Seagull, starts at just $9,700 (69,800 yuan) in China. Overseas, it starts at around $20,000. Lower-priced versions of its top-selling Atto 3, Dolphin, and Seal EVs are also hitting the market.
BYD SEAL (Source: BYD)
The new models are rolling out in overseas markets like Japan and South Korea as BYD looks to rival Toyota and Hyundai in their domestic markets.
BYD launched its third EV in Japan last week, the Seal EV, starting at ¥5.28 million, or around $33,100.
The Seal, BYD’s answer to the Tesla Model 3, is expected to reach South Korea by the end of the year.
BYD Yangwang U9 electric sports car (Source: BYD)
Although BYD is best known for its affordable EVs, the auto giant is expanding into new markets like luxury, mid-size SUVs, pickups and supercars. Its new Yangwang U9 electric supercar was spotted racing around the Nurburgring last week (see the video here). Starting at $233,400 (1,680,000 yuan), the +1,200 horsepower U9 is aimed at Ferrari and Lamborghini.
BYD also launched the Sea Lion 07 in May, its first “medium-sized urban smart electric SUV.” Starting at 189,800 yuan ($26,250), BYD’s new electric SUV undercuts Tesla’s top-selling Model Y, which starts at 249,900 yuan ($34,550) in China.
BYD Sea Lion 07, the brand’s first “mid-sized urban smart electric SUV” (Source: BYD)
Meanwhile, BYD will deal with new tariffs in Europe on Chinese imports. Although some project it could impact sales, BYD makes more on some EVs sold in the EU than in China and may be able to absorb the extra duties.
Will BYD’s price cuts and new models be enough to top Tesla again? BYD sold 426,039 EVs in the second quarter of 2024, up 42% from Q1. Wall St is projecting Tesla will sell around 450,000, and China will be key to hitting its target.
Mitsubishi is partnering with Ample and Yamoto Transports to deploy an innovative new battery swap network for electric cars in its Japanese home market — but it’s not just for electric cars. Mitsubishi Fuso commercial trucks are getting in on the action, too!
Despite a number of early EV adopters with an overdeveloped concept of ownership, battery swap technology has proven to be both extremely effective and extremely positive to the overall EV ownership experience. And when you see how simple it is to add hundreds of miles of driving in just 100 seconds — quicker, in many cases, than pumping a tank of liquid fuel into an ICE-powered car — you might come around, yourself.
That seems to be what Mitsubishi thinks, anyway, and they’re hoping they’ll be your go-to choice when it’s time to electrify your regional and last-mile commercial delivery fleet(s) by launching a multi-year pilot program to deploy more than 150 battery-swappable commercial electric vehicles and 14 modular battery swapping stations across Tokyo, where the company plans to showcase its “five minute charging” tech in full view of hundreds of commercial fleets and, crucially, the executives of the companies that own and manage them.
How battery swap works for electric trucks; via Mitsubishi Fuso.
A truck like the Mitsubishi eCanter typically requires a full night of AC charging to top off its batteries, and at least an hour or two on DC charging in Japan, according to Fuso. This joint pilot by Mitsubishi, Mitsubishi Fuso Trucks, and Ample aims to circumvent this issue of forced downtime with its swappable batteries, supporting vehicle uptime by delivering a full charge within minutes. The move is meant to encourage the transport industry’s EV shift while creating a depository of stored energy that can be deployed to the grid in the event of a natural disaster — something Mitsubishi in Japan has been working on for years.
The pilot is backed by Tokyo Metropolitan Government’s “Technology Development Support Project for Promoting New Energy,” with local delivery operator Yamato Transport testing swappable EVs for delivery operations on both its eCanter light-duty trucks and Mitsubishi Minicab kei-class electric vans.
Electrek’s Take
Fuso eCanter battery swap; via Mitsubishi.
Electrifying the commercial truck fleet is a key part of decarbonizing city truck fleets – not just here in the US, but around the world. I called the eCanter, “a great product for moving stuff around densely packed city streets,” and eliminating the corporate fear of EV charging in the wild just makes it an even better product for that purpose.
Here’s hoping we see more “right size” electric solutions like this one (and more battery swapping tech) in small towns and tight urban environments stateside somewhat sooner than later.
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After becoming the first European brand to offer fully electric versions of every model it sells — and at the same price as the ICE models — Opel is going even further, with a new, AWD electric SUV that should give American Jeep fans hope for a new electric Cherokee!
Now part of the Stellantis, rather than GM portfolio of brands, Rüsselsheim-based Opel showed off the first official pictures of its new Opel Grandland Electric AWD — the company’s first all-electric SUV to feature the “Blitz” performance emblem and all-wheel drive.
“Our top-of-the-range Grandland SUV is a milestone for Opel,” says Opel CEO Florian Huettl. “Customers already have a choice of battery-electric drive, plug-in hybrid and hybrid with 48-volt technology. We are now offering even more choice with the Grandland Electric AWD and thus ensuring that our customers can enjoy maximum efficiency and safety in diverse weather and road conditions, combined with plenty of driving fun.”
Stellantis gets it right in Europe
Opel says its new, AWD Grandland is its most aerodynamically efficient model yet, with a drag coefficient (Cd) of just 0.278. That efficiency, paired with similarly efficient electric motors and a 73 kWh li-ion NMC battery give the electric crossover a 501 km (311 mile) WLTP range, while a combined 325 hp and 375 lb-ft of torque should make for suitably spirited acceleration to go along with all that green cred.
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Suspension and handling, too, are promised to deliver on what Opel claims is a “typical” Teutonic driving experience in the Grandland AWD:
Both driving pleasure and comfort are further emphasized by dampers with frequency selective damping technology. This unique technology comes as standard on the Grandland Electric AWD and incorporates a second hydraulic circuit in the damper chamber to mechanically adapt the damping force in relation to the frequency. Depending on the situation, road surface conditions and driving style, it enables different damping characteristics for comfortable gliding at high frequencies – i.e. with short impacts such as on cobblestones or a manhole cover – as well as for a sporty, ambitious driving style with more direct contact with the road at low frequencies. The Grandland reacts even more immediately and directly to any command from the driver and, as is typical for Opel, remains stable when braking, cornering and at high speeds on the Autobahn.
OPEL PRESS RELEASE
The Opel Grandland Electric AWD ships with four standard drive modes that include “normal,” eco, sport, and 4WD mode, which simulates locking axles and true 4×4 off-road performance. The ESP and traction control systems adopt specific settings to enhance grip in 4WD mode as well, and maximum power and torque are instantly available.
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Like a 90s “gifted” kid that was supposed to be a lot of things, the electric Jeep Wagoneer S never really found its place — but with dealers discounting the Jeep brands forward-looking flagship by nearly $25,000, it might be time to give the go-fast Wagoneer S a second look.
Whether we’re talking about Mercedes-Benz, Cerberus, Fiat, or even Enzo Ferrari, outsiders have labeled Jeep as a potentially premium brand that could, “if managed properly,” command luxury-level prices all over the globe. That hasn’t happened, and Stellantis is just the latest in a long line of companies to sink massive capital into the brand only to realize that people will not, in fact, spend Mercedes money on a Jeep.
That said, the Jeep Wagoneer S is not a bad car (and neither is its totally different, hideously massive, ICE-powered Wagoneer sibling, frankly). Built on the same Stellantis STLA Large vehicle platform that underpins the sporty Charger Daytona EVs, the confusingly-named Wagoneer S packs dual electric motors putting out almost 600 hp. That’s good enough to scoot the ‘ute 0 to 60 mph in a stomach-turning 3.5 seconds and enough, on paper, to convince Stellantis executives that they had developed a real, market-ready alternative to the Tesla Model Y.
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With the wrong name and a sky-high starting price of $66,995 (not including the $1,795 destination fee), however, that demand didn’t materialize, leaving the Wagoneer S languishing on dealer lots across the country.
That could be about to change, however, thanks to big discounts on Wagoneer S being reported at CDJR dealers in several states, according to our friends at the Car Dealership Guy podcast.
Jimmy Britt Chrysler Dodge Jeep Ram in Georgia, has a Wagoneer S with an MSRP of $67,590 listed at $43,104 ($24,486 off)
In Florida, Taverna Chrysler Dodge Jeep Ram Fiat has a $67,590 Wagoneer S slashed to $43,138 ($24,452 off)
Chris Nikel Chrysler Jeep Dodge Ram Fiat in Oklahoma has a Wagoneer S listed for $43,425 ($24,165 off)
“Stellantis bet big on electric versions of iconic American brands like Jeep and Dodge, but consumers aren’t buying the premise,” writes CDG’s Marcus Amick. “(Stellantis’ dealer body) is now stuck with expensive EVs that need huge discounts to move, eating into already thin margins while competitors focus on [more] profitable gas-powered vehicles.”
All of which is to say: if you’ve found yourself drawn to the Jeep Wagoneer S, but couldn’t quite stomach the $70,000+ window stickers, you might want to check in with your local Jeep dealer and see how you feel about it at a JCPenneys-like 30% off!
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