BYD has its sights set on Toyota. The world’s largest EV maker believes that once it reaches Toyota’s scale, it will make more money per vehicle. This year alone, BYD expects overseas sales to double. The company’s CEO even says that most of BYD’s profits will eventually come from overseas sales.
Can BYD make more money per vehicle than Toyota?
After its record-setting year in 2024, BYD believes this is only just the start. The Chinese EV giant announced earlier this week that revenue reached a record 777.1 billion yuan, or a whopping $107 billion, in 2024.
Even with some of the most affordable vehicles, including its Seagull EV, which starts at under $10,000 (69,800 yuan) in China, BYD is making money.
CEO Wang Chuanfu is confident that once BYD matches Toyota’s output, its vehicles will be more profitable. Wang told analysts this week (via Reuters) that BYD’s cost control was better and as sales continue growing, it will be evident.
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With 10.8 million vehicles sold in 2024, Toyota remained the world’s top-selling carmaker. On the other hand, BYD sold just over 4.27 million new energy vehicles (NEVs), or EV and PHEVs.
BYD Seagull EV (Dolphin Mini) testing in Brazil (Source: BYD)
BYD stopped making vehicles fully powered by an internal combustion engine (ICE) in 2022 to focus on plug-in hybrid (PHEV) and electric vehicles (EVs). So far, the move has paid off, with sales surging 41% in 2024 compared to the prior year.
Wang’s confidence comes as the brand continues expanding into new global markets. He told analysts that BYD aims to sell over 800,000 vehicles overseas in 2025, more than double the 417,204 it sold in 2024.
BYD Sealion 07 electric SUV launched in Norway (Source: BYD)
The company sees “great opportunities” for growth in Latin America and Southeast Asia, which are more open to Chinese auto brands. BYD also expects a “substantial rise” in market share in Britain, which is also more open.
Wang said BYD will be able to keep costs down by assembling its vehicles locally while it still sources key parts from China. He said “at a certain stage” the majority of company profits will be from overseas sales, but didn’t say when it would happen.
BYD’s wide-reaching electric vehicle portfolio (Source: BYD)
BYD is already a leading EV brand in places like Brazil, Australia, Mexico, Thailand, and other parts of Southeast Asia.
After opening a manufacturing plant in Thailand last year, BYD is building facilities in Brazil, Hungary, Turkey, and Indonesia. It’s also eyeing a third in Europe, possibly in Germany.
Electrek’s Take
Although most know BYD for its low-cost EVs, like the Seagull, it is also rolling out a slate of new luxury vehicles, smart SUVs, and electric supercars. The company is also quickly advancing new battery tech, smart driving systems, ultra-fast chargers, and more to drive growth over the next few years.
BYD’s beginnings as a battery maker have helped propel it to where it is today, but the company continues to advance new technology to stay ahead.
By making nearly every vehicle component in-house, BYD can offer vehicles at extremely affordable prices. For example, BYD builds every part for the Dolphin except for the windows and tires.
With Toyota delaying its EV battery plant in Japan this week, it could set itself further behind BYD and others as the industry moves to smarter, more advanced electric vehicles.
Will BYD eventually reach Toyota’s size, and will it be more profitable? Let us know what you think in the comments.
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Porsche is launching a new EV battery recycling pilot to recover valuable raw materials from its cars’ high-voltage battery packs at the end of their useful life in vehicles. The new pilot hopes to develop a “closed-loop” raw material cycle that would have new batteries made from old batteries without the need for new, high carbon cost mineral mining.
With this new initiative, Porsche engineers hope to address the growing importance of recycled battery raw materials and promote the responsible handling of high-voltage batteries at the end of life.
In the long term, a recycling network for EV batteries is planned to be established in collaboration with external partners.
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“With the help of innovative recycling processes, we strive to increase our independence from volatile and geopolitically unstable raw material markets,” says Barbara Frenkel, Executive Board Member for Procurement at Porsche. “Circular Economy is a core pillar of our sustainability strategy, and with this pilot project, we want to underscore our ambitions.”
Three phase plan
“Second Life” concept uses EV batteries as backup power; via Porsche.
Porsche is advancing its commitment to sustainability by embracing the principles of, “reduce, reuse, recycle.” The company is developing more efficient electric vehicles with longer-lasting batteries, which are repurposed in “Second Life” Battery Energy Storage Systems (BESS) like the one implemented at its Leipzig plant (above). Now, through a new closed-loop recycling pilot, Porsche is emphasizing that “recycle” part by approaching the project in three phases.
In the first project phase, EV batteries from development vehicles are mechanically shredded at the end of their use-phase and processed into “black mass” that contains valuable raw materials like nickel, cobalt, manganese, and lithium. So far, the program has produced about 65 tons of processed black mass.
In the next phase, the black mass is further separated and refined until the materials reach both the levels of quality and purity Porsche demands from the “virgin” materials it buys for its new batteries.
In the third phase, Porsche takes the raw materials recovered from its decommissioned high-voltage batteries and makes new batteries with them, demonstrating Porsche’s, “holistic understanding of the circular economy.”
Porsche hopes its new pilot will help prepare the company for upcoming regulatory changes – for example, the expected requirements for batteries in the European Union by 2031. By adopting recycled materials early, the company says it intends to make an active contribution to the technology while further reducing its environmental impact.
New 5-passenger G30Es electric golf cart (right); via Yamaha.
Yamaha has announced plans to launch a pair of new five-seater electric golf carts featuring new lithium-ion batteries and vehicle control units developed in-house this June. The launch is scheduled to coincide with the company’s 50 year anniversary in the golf car/golf cart business.
Yamaha Motor launched its first golf cart, the YG292 “Land Car,” in June 1975. That original golf cart was powered by the company’s air-cooled, 292cc 2-stroke snowmobile engine, while its fiber-reinforced plastic (FRP) composite bodywork was developed using the companies maritime and boat-building expertise.
The in-house developed batteries use lithium iron phosphate (LFP) chemistry in their cells, with the company claiming higher levels of reliability and an extended lifespan compared to other battery chemistries it’s worked with. The Yamaha batteries are available in both 4 kWh and 6 kWh capacities, enabling buyers to tailor their choice based on their individual driving range requirements, course conditions, and individual play/mobility preferences.
Both new models are 144.5″ (367 cm) long and 49.5″ (125 cm) wide, with an 84.25″ (214 cm) wheelbase, and are powered by an AC motor with, “superior speed and torque control, combined with optimized regenerative braking and a brushless design,” that, according to Yamaha, give the brand’s new golf carts far greater efficiency than the company’s previous models, resulting in 30% better efficiency.
You can check out more detailed pictures of the Yamaha-developed parts and full specs, below, then let us know what you think of the tuning fork brand’s newest mobility products in the comments.
Before you rush to comments and start accusing me of fear-mongering, I fully understand that the tariffs won’t have any real impact on the cost of vehicles currently on dealer lots. Those cars and trucks were imported long ago, pre-tariffs, and any newly imposed import tariffs won’t be retroactively applied (not yet, anyway).
I also fully understand that dealers’ gon’ deal, and I’ve already seen both Chicago-area ads from dealers hawking “pre-tariff deals” on new cars and at least a handful of social media posts about the cars at Manheim (one of the industry’s largest used car auction houses) getting blanket price increases in the wake of Trump’s announcement.
So, while we’ve already done a list of what EVs are built where, I’ve taken the next logical step and put together a list of which EV deals are most likely to disappear once the tariffs hit.
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I’ve done a couple of these now, so you probably already know that there were plenty of ways for me to present this information. “Best EVs ..?” Too opinion based. “Cheapest EVs ..?” Too much research. In the end, I went with alphabetical order, by make. And, as for which deals are new this month? You’re just gonna have to read the article. Enjoy!
Audi e-tron EVs
2025 Audi Q6 e-tron; via Audi.
Almost all of Audi’s e-tron EVs, from the Q4 all the way up to the stunning RS e-Tron GT Quattro are made in Germany – and have some kind of promotional offer, from Costco cash, to 0.99% subsidized financing to $12,500 in customer bonus cash when you purchase or lease a select, new 2024 Audi RS e-Tron GT Quattro.
If that appeals to you, you’ll want to snatch up one of these BMW’s before the tariffs jack up their already high price tags.
Jeep Wagoneer S
Jeep Wagoneer S; via Stellantis.
The original inspiration for this article, the Jeep Wagoneer S seems like an automotive Harmonia – the daughter of Ares (Aries) and Aphrodite whose lineage was cursed by Hephaestus, who was himself enraged by Aphrodite’s infidelity with Ares. Similarly, the Wagoneer S was born out of Stellantis’ misguided attempt to spin an upscale “Wagoneer” sub-brand, Hyundai Genesis-style, out of its Jeep brand. And, like Harmonia, the Wagoneer S had no chance.
The battery-powered Jeep is manufactured entirely in Mexico at Stellantis’ Toluca Assembly Plant, making it subject to the 25% tariff starting April 2nd. But if you buy one before EOD on March 31st, Jeep is offering Wagoneer S models with 0% financing for up to 72 months along with up to $3,000 Bonus Cash Allowance.
Polestar 2
2025 Polestar 2 (RWD); via Polestar.
Designed in Sweden and manufactured at a factory in Luqiao, China that’s owned by Volvo parent company Zhejiang Geely Holding Group before being imported into the US and marketed as a direct competitor to Tesla, if there was ever an EV that was in the crosshairs of a Musk-led Trump Administration, it would be Polestar.
Despite having a US battery plant that appears to be sitting pretty, Toyota’s bZ4X (along with its Subaru-badged sibling, the Soltera) is manufactured in Japan and imported into the US, which means this five-passenger EV will definitely get slapped around by Trump’s tariffs.
Even so, the bZ4X EV might be the best deal in Toyota’s current lineup with big discounts on both 2024 and 2025 model year bZ4X crossovers happening now.
Disclaimer: the deals described above were sourced from CarsDirect, CarEdge, USA Today, and (where mentioned) the OEM websites – and were current as of 30MAR2025. These deals may not be available in every market, with every discount, or for every buyer (the standard “with approved credit” fine print should be considered implied). Check with your local dealer(s) for more information.
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