BYD is buying back stock to fuel its dominant global expansion with new EVs
The world’s EV leader, BYD (OTC: BYDDY), announced a stock buyback plan as it continues expanding into new markets. BYD is pushing into different segments with new luxury EVs and mid-size electric SUVs.
Expanding into new EV segments
After selling a record 526,409 all-electric vehicles in the fourth quarter of 2023, BYD topped Tesla to become the best-selling EV maker globally.
The automaker’s success was fueled by its lineup of affordable EVs like the Dolphin, Atto 3 (Yuan Plus in China), and Seal. However, BYD is quickly expanding into new segments.
BYD launched its Yangwang, an ultra-luxury brand, in January 2023, showcasing two vehicles, the U8 off-roader and the U9 electric supercar. The brand launched the rugged Yangwang U8 SUV as its first vehicle in September, with a $150,000 (1,098,000 RMB) price tag.
The luxury off-roader packs 1,200 hp and includes innovative features like 360-degree tank turns, tire blowout stabilization, and wading. It even includes a “float mode” to navigate through deep water during an emergency.
Last month, BYD revealed the luxury brand’s first sedan, the U7. BYD’s Yangwang U7 includes four electric motors for 1,300 combined hp (960 kW).
With a 135.5 kWh LFP battery pack from BYD’s FinDreams battery unit, the U7 has up to 497 miles (800 km) CLTC range. The U7 comes in base (447 mi) and long-range (497 mi) models with prices starting around $140,000 (1,000,000 RMB).
BYD will officially launch the U9 electric supercar on February 29, 2024, according to invitations sent out.
The Yangwang luxury U9 supercar EV features the same 1,300 hp (960 kW) quad motor system for a 0 to 60 mph sprint in under 2 seconds.
Meanwhile, BYD is launching several new mid-size electric SUVs aimed at Tesla’s sweet spot with its best-selling Model Y.
BYD unveiled its Sea Lion 07 in November, calling it its “first mid-size urban smart electric SUV.” At 4,830 mm long, 1,925 mm wide, and 1,620 mm tall, the Sea Lion 07 will directly compete with Tesla’s Model Y (4,760 mm long, 1,921 mm wide, and 1,624 mm tall).
The Sea Lion 07 is expected to start at around 200,000 RMB to 260,000 RMB ($28,000 – $35,900). BYD launched another mid-size SUV, the Song L, in December, starting at 189,800 RMB ($26,700) with up to 662 km (411 mi) CLTC range.
BYD issues stock buyback
BYD announced a stock buyback plan, according to a filing, as it looks to turn around falling share prices and lure investors to fuel its expansion.
Share prices have fallen nearly 32% from a 52-week high of $71.70 in July to around $48.70. BYD stock is up about 4% on Monday as investors welcome a buyback.
Companies will often buy shares to show investors they are confident in their vision. It’s essentially a way of “putting your money where your mouth is.” It can also create more shareholder value.
BYD’s overseas expansion has mainly consisted of low-cost EVs, but the automaker is considering introducing its new higher-end models in Europe. The company could bring its Yangwang U8 off-roader to Europe to take on the Mercedes-Benz G-Class, Range Rover, and other premium brands.
The company is not the only EV maker with falling share prices. Tesla, Rivian, Lucid, NIO, and essentially the entire segment has slipped over the past few months with global macroeconomic fears and ongoing price cuts leading to deteriorating margins.
That said, BYD and other EV stocks have rebounded this month, with BYDDY shares up nearly 12% after hitting a yearly low of $43.62 earlier this month.
Source: Automotive News
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Southern California truck spotters will have plenty of electric semi trucks to watch out for as Amazon adds fifty Class 8 EVs to its commercial fleet.
The fully electric Volvo semi trucks purchased will haul both heavy cargo containers and customer package loads in Amazon’s first- and middle-mile operations in California. The trucks will join the hundreds of last-mile electric vans from Ford and Rivian that are already delivering packages across the golden state.
These are the first-ever electric trucks in the company’s ocean freight operations, also known as drayage operations. They’ve already started hitting the road at the ports of Los Angeles and Long Beach, with a dozen expected to be in service by the end of the year.
“We’re proud to launch our largest fleet of electric heavy-duty vehicles yet in California,” said Udit Madan, vice president of Worldwide Amazon Operations. “Heavy-duty trucking is a particularly difficult area to decarbonize, which makes us all the more excited to have these vehicles on the road today. We’ll use what we learn from deploying these vehicles as we continue to identify and invest in solutions to reduce emissions in our transportation network, and to impact sustainability in the trucking industry more broadly.”
Amazon picks Volvo VNR Electric semi
Amazon’s electric semi of choice this time is the Volvo VNR Electric. These class 8 trucks have a range of up to 275 miles with a gross combined vehicle weight rating (GVWR) of 82,000 pounds. The heavy-duty Volvo trucks ship with a number of safety features that will be familiar to Volvo Car owners, including active collision mitigation, blind-spot detection, lane departure warning, lane keeping assist, and adaptive cruise control.
Altogether, the Volvo VNRs Amazon just added to its fleet are projected to travel more than 1 million miles each year with zero harmful carbon and diesel particulate emissions coming out of their exhaust pipes.
Electrek’s Take
On the one hand, Amazon is making a big deal out of buying electric drayage trucks – which isn’t really big a deal in 2024, since that’s a legal requirement at this point. You literally can’t buy a new, internal combustion drayage truck in California as of this year.
That said, I’m a “celebrate every positive change” kind of guy, and the people who live and work around Amazon’s operations will be literally and figuratively breathing easier with these trucks in operation. As such, I’m willing to give California Governor Gavin Newsom a victory lap.
“California continues to lead the way in setting world-leading climate goals. No other state has created the kind of environment where Amazon and other businesses can lead on sustainability and take major steps forward like deploying this fleet of electric trucks,” said Gavin, in a statement. “California’s climate action continues powering our economy and creating jobs.”
SOURCE | IMAGES: Amazon.
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Thanks to the $10,000 Polestar Clean Vehicle Incentive introduced last week, 2024 Polestar 2 lease prices are now over $120 a month cheaper.
CarsDirect reports that through May 31, the 2024 Polestar 2 Long Range Dual Motor can be leased for $299 for 27 months with $3,299 due at signing.
The auto research portal says that’s a $50 drop in the monthly payment with $2,050 less required at signing. As a result, the effective cost fell $126, from $547 per month to $421 before taxes & fees.
The Polestar 2 Dual Motor – list price $55,300 – is a much better deal to lease than the Single Motor model – list price $49,900 – because amazingly, they have the same lease price. That’s basically a free upgrade to the Dual Motor model.
The Polestar 2 first made its debut in 2019 as the automaker’s first fully electric car. It launched in mid-2020 and the milestone 150,000th car rolled off the assembly line in August 2023.
The Polestar 2 is expected to be phased out in 2027, and company says the Polestar 7 will succeed it.
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