China’s leading EV maker, BYD, sold more vehicles than Honda and Nissan for the first time in the second quarter. BYD is now the world’s seventh-largest automaker. With low-cost EVs hitting key global markets, BYD is quickly catching up to Ford.
Affordable EVs driving demand
According to MarkLines (via Nikkei), BYD’s new vehicle sales climbed 40% between April and June to 980,000. The growth was enough to overtake Japan’s Honda and Nissan for the first time to become the seventh-largest automaker globally.
A big part of BYD’s surging sales numbers is its incredibly affordable electric cars. BYD continues slashing prices while releasing lower-cost EV models.
Its cheapest EV, the Seagull, starts at just $9,700 (69,800 yuan) in China. Meanwhile, much of BYD’s success this year is thanks to growing overseas sales.
BYD sold 105,000 vehicles outside of China, roughly tripling from last year. After launching in key markets like Mexico, Brazil, Japan, Europe, Thailand, and other Southeast Asian countries, BYD is already a leading EV brand.
Although global auto leaders like Volkswagen and Toyota’s sales numbers fell in Q2, BYD continued to see more demand.
Toyota is the only Japanese automaker that sold more vehicles than BYD in Q2, a stark contrast from past years.
Will BYD top Ford in vehicle sales?
BYD’s growing global presence is symbolic of the auto industry’s shift to electric. Although China is leading the transition, many countries are setting aggressive EV goals as they look toward a cleaner, more sustainable future.
While BYD’s sales jumped 35% in China in June, Honda and many foreign rivals had double-digit sales declines. And it’s not only in China. Honda plans to halve capacity in Thailand, where BYD is already emerging as a market leader.
BYD is also planning to open several overseas plants as it expands its global manufacturing footprint.
It opened its first in Thailand last month, with Hungary, Brazil, Turkey, Mexico, and Pakistan plants in the works.
After topping Honda and Nissan in Q2, BYD is quickly closing in on other legacy automakers, including Ford and America’s “Big Three.”
Ford’s wholesales reached 1.14 million in the second quarter, a slight increase from the 1.12 million in Q2 2023.
The American automaker announced several new EV delays this week, including pushing back its next-gen electric pickup until the second half of 2027, two years later than expected.
Ford also canceled plans for its three-row electric SUV to focus on hybrids, opening the door for rivals like Kia and Volvo to take over the segment. The company said it will give a more complete update on its EV strategy next year.
Meanwhile, BYD plans to expand into Ford’s territory by selling vehicles in Canada. It’s also closing in on a plant in Mexico that will produce 150,000 vehicles in its first stage.
Eventually, the plant will produce 400,000 to 500,000 cars, BYD’s Mexico boss told Reuters this week.
Electrek’s Take
After Japanese automakers like Honda and Nissan were some of the slowest to shift to electric, they are now feeling the heat in several key markets.
Despite many headlines promoting an “EV slowdown,” sales are still climbing while gas-powered vehicles fall out of favor.
Automakers that have failed to keep up with the transition are losing market share, while EV leaders like BYD and Tesla have emerged as leading global auto brands.
BYD is now the seventh-largest automaker globally, up from tenth last year. Can it overtake Ford?
Ford has already announced it’s shifting to smaller, more affordable EVs as it looks to overcome massive losses. The American automaker lost $2.5 billion on its electric vehicles through the first half of 2024 after losing $4.7 billion in 2023.
Meanwhile, a recent study from Rhodium Group found that BYD earns over $15,000 (14,300 euros) on every Seal U model sold in the EU.
Ford’s CEO Jim Farley has praised BYD’s low-cost EVs, calling the Seagull “pretty damn good.” Will it be able to match BYD? Or will Ford have the same fate as Honda and Nissan?
Although BYD is best known for its low-cost EVs, it’s quickly expanding its lineup with new pickup trucks, luxury vehicles, and electric supercars hitting the market. BYD launched the Shark PHEV pickup this summer in Mexico, which will rival Ford’s Ranger and the Toyota Hilux.
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National Grid Renewables has broken ground on its 100 MW Apple River Solar Project in Polk County, Wisconsin.
The Wisconsin solar farm, which will use US-made First Solar Series 6 Plus bifacial modules, will be constructed by The Boldt Company, creating 150 construction and service jobs. Apple River Solar will generate over $36 million in direct economic benefits over its first 20 years.
Once it comes online in late 2025, Apple River Solar will supply clean energy to Xcel Energy, which serves customers throughout the Upper Midwest. According to National Grid Renewables, the solar farm will generate enough energy to power around 26,000 homes annually. It will also offset about 129,900 metric tons of carbon dioxide emissions each year – equivalent to taking 30,900 cars off the road.
“We are excited to see this project begin as it underscores our dedication to delivering clean, reliable and affordable energy to our customers,” said Karl Hoesly, President, Xcel Energy-Wisconsin and Michigan. “This project is an important step in those goals while bringing significant economic benefits to Polk County and the local townships.”
Electrekreported in February that Xcel Energy, Minnesota’s largest utility, expects to cut more than 80% – and possibly up to 88% – of its emissions by 2030, putting it on track to hit Minnesota’s goal of net zero by 2040. It also says it’s on track to achieve its clean energy goals for all the Upper Midwest states it serves – Minnesota, Wisconsin, North Dakota, South Dakota, and Michigan.
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Tesla has announced that it will finally deliver 500 kW charging as it is about to install its long-awaited V4 Supercharger cabinets.
The rollout of Supercharger V4 has been a strange one, to say the least.
Tesla has been deploying the new charging stations for two years and calling them “Supercharger V4”, but it has only been deploying the charging stalls.
Supercharger stations are made of two main parts: the stalls, which are where the charging cable is located, and the cabinets, which are generally located further back and include all the power electronics.
For all these new “Supercharger V4”, Tesla was actually using Supercharger V3 cabinets. This has been limiting the power output of the charging stations to 250 kW – although
Today, Tesla officially announced its “V4 Cabinet”, which the automaker claims will enable of “delivering up to 500kW for cars and 1.2MW for Semi.”
Here are the main features of the V4 Cabinet as per Tesla:
Faster charging: Supports 400V-1000V vehicle architectures, including 30% faster charging for Cybertruck. S3XY vehicles enjoy 250kW charge rates they already experience on V3 Cabinet — charging up to 200 miles in 15 minutes.
Faster deployments: V4 Cabinet powers 8 posts, 2X the stalls per cabinet. Lower footprint and complexity = more sites coming online faster.
Next-generation hardware: Cutting-edge power electronics designed to be the most reliable on the planet, with 3X power density enabling higher throughput with lower costs.
Tesla reports that its first sites with the new V4 Cabinets are going into permitting now. The company expects its first sites to open next year.
We recently reported about Tesla’s new Oasis Supercharger project, which includes larger solar arrays and battery packs to operate the charging station mostly off-grid.
Early in the deployment of the Supercharger network, Tesla promised to add solar arrays and batteries to all Supercharger stations, and Musk even said that most stations would be able to operate off-grid.
While Tesla did add solar and batteries to a few stations, the vast majority of them don’t have their own power system or have only minimal solar canopies.
Back in 2016, I asked Musk about this, and he said that it would now happen as Tesla had the “pieces now in place” with Supercharger V3, Powerpack V2, and SolarCity:
It took about 8 years, but it sounds like the pieces are now getting actually in place with Supercharger V4, Megapacks, and this new Oasis project.
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Hyundai has a new secret weapon it’s about ready to unleash. To revamp the brand in China and counter BYD’s surge, Hyundai is launching a new AI-powered EV next year. The new model will be Hyundai’s first dedicated electric car for the world’s largest EV market.
With the help of Haomo, a Chinese autonomous startup, Hyundai will launch its first EV equipped with generative AI. It will also be its first model designed specifically for China.
A Hyundai Motor official said (via The Korea Herald) the company is “working to load the software” onto the new EV model, “which will be released in the Chinese market next year.” The spokesperson added, “The level of autonomous driving is somewhere between 2 and 2.5.”
In comparison, Tesla’s Autopilot is considered a level 2 advanced driver assistance system (ADAS) on the SAE scale (0 to 5), meaning it offers limited hands-free features.
With Autopilot, you still have to keep your eyes on the road and hands on the steering wheel, or the system will notify you and eventually disengage.
Haomo’s system, DriveGPT, unveiled last spring, takes inspiration from the OpenAI’s popular ChatGPT.
The system can continuously update in real-time to optimize decision-making by absorbing traffic data patterns. According to Haomo, DriveGPT is used in around 20 models as it looks to play a bigger role in China.
Hyundai hopes new AI-powered EV boosts sales in China
Electric vehicle sales continue surging in China. According to Rho Motion, China set another EV sales record last month with 1.2 million units sold, up 50% from October 2023.
Over 8.4 million EVs were sold in China in the first ten months of 2024, a notable 38% increase from last year.
BYD continues to dominate its home market. According to Autovista24, BYD accounted for 32.9% of all PHEV and EV (NEV) sales in China through September, with over half of the top 20 best-selling EV models.
Tesla was second with a 6.5% share of the market, but keep in mind these numbers only include plug-in models (PHEV).
Like most foreign automakers, Hyundai is struggling to keep up with the influx of low-cost electric models in China. Beijing Hyundai’s sales have been slipping since 2017. Through September, Korean automaker’s share of the Chinese market fell to just 1.2%.
According to local reports, Hyundai is partnering with other local tech companies like Thundersoft, a smart cockpit provider, and others in China to power up its next-gen EVs
With its first AI-powered EV launching next year, Hyundai hopes to turn things around in the region quickly. The new model will be one of five to launch in China through 2026.
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