Chinese EV giant BYD posts 24.4% rise in profit

China and Canada just don't like Chinese EV growth.

https://www.reuters.com/business/autos-transportation/trudeau-says-canada-impose-100-tariff-chinese-evs-2024-08-26/

https://edition.cnn.com/2024/06/13/cars/eu-ev-tariffs-china-effects-analysis-intl-hnk/index.html

Trudeau is still smarting from the dressing down by Xi all those years ago at a G20 summit. My Canadian friend told me that Canada must have a national election soon. Trudeau's party will be tossed aside, that's for sure.

deanzaZZR:

Either that, or maybe because his Canadian spy was exposed and both that spy and his government were sued by another Canadian which ended in a settlement. Trudeau loves being embarrassed. I guess the next elections will provide more embarrassment for him.

What does it mean artificially low? Fact is Chinese companies can cut cost and are more efficient which result in lower prices and that's why most of western companies have manufacturing centers China.

Fact is Chinese companies can cut cost and are more efficient which result in lower prices and that's why most of western companies have manufacturing centers China.

But they cry and cry about how Chinese companies paying low wages and don’t seem to understand outsourcing.

Chinese manufacturers make a product of the same quality and sell it for 1/3 the price. You can disagree on the quality but the market decides the price/quality point.

They have the potential to decimate any and all of your local industries.

What does it mean artificially low?

It means cutting overhead costs via state subsidies. Without subsidies, the market price would be higher is the narrative but Canada and the US are not without government subsidies, a fact they conveniently disregard.

US subsidies for industry are not taken from the hard earned money through blood sweat and tears of taxpayers, the debt comes from their “artificial” printed or digital money. They can subsidize more if they wish. It’s not China’s fault that they don’t wish to subsidize more and go further into debt.

Additionally, the battery manufacturers are in China and the materials to refine batteries are in China. Artificially low is a step down from predatory pricing.

In short, China has nearly decimated the entire EV Industry with only Tesla still hanging around.

The others are utterly reliant on China on batteries or Refined Rare Earth Technology needed for batteries. They are trying to make their own batteries but costs are too high.

China, imo, has decimated the Green Industry that began in Europe and US completely.

they are trying to establish business in Japan too from last year...so far doing better than their rival Hyundai...

Excellent, well done BYD..

GO CHINA!!..

https://citywestcountry.co.uk/24-fun-facts-about-byd/

Having manufactured most parts of their cars themselves, BYD has been able to save a lot of money which is what makes their models a lot more affordable.

All components of the BYD Dolphin, except for the tyres and windows, are made in-house.

BYD quality is at least as good as Tesla.

Can you see the future...?

Leading Chinese automaker BYD posted on Wednesday a 24.4 percent rise in net profit for the first half of 2024

Wow, that is an achievement, what would that number be like without government subsidies and Tax breaks??

@WoodyLee

what would that number be like without government subsidies and Tax breaks??

Government subsidies for BYD has already ended over a year now.

No more made in Chinese bashing, almost all automobiles in china, most of Africa, the middle east, East Europe, South America, and South East Asia are driving Made in Korea, and or Made in china automobiles.

In the U.S. Korean Kia and Hyundai are selling well too for a long time.

It's only a matter of time as people learn and experiment with EV and as prices $$$ drop passing the learning curve China will take the lead in both combustion and the EV automobiles.

I have driven a KIA back home foe about 3 years and it is just as good as any reliable automobile and much cheaper, about $7,000 cheaper.

Tariff barriers for Chinese-made EVs are being raised in the EU, the US, and Canada. That's because they're cheap and sell well. But are those cars safe?

And what about disposing of used batteries?

As with charging infrastructure, there seem to be many more issues to be addressed.

By the way, why are Korean cars stolen in the US?

The answer is simple: they have poor security.

Other cars are stolen because they can be sold for a high price in other countries, but unfortunately that doesn't seem to be the case for Korean cars.

They're copies of Japanese cars, so I don't recommend driving a Korean car that only looks good!

How does a company that is getting 50% state subsidies only have 23% profits? THAT is impressive.

According to the information in BYD's annual reports, direct government subsidies to that company totalled €3.4 billion in the period from 2018 to 2022. They increased massively, recently, from about €0.2 billion in 2020 to €0.6 billion in 2021, and to €2.1 billion in 2022 alone

Just sayin'.

Tariff barriers for Chinese-made EVs are being raised in the EU, the US, and Canada. That's because they're cheap and sell well. But are those cars safe?

No, that isn't the reason. The primary concern is unfair trade with huge govt subsidies. All new vehicles sold in the US and Canada have to meet the federal govt standards for safety. So, that isn't a concern, provided the NHTSA has actually tested enough of the vehicles, randomly, to know for certain.

They sell well, because they are cheaper than alternatives. If they compete fairly without any govt subsidies, then their prices would be $10-$20K higher. Basically, being so much cheaper means that buyers who aren't buying for status will definitely sit in the car and likely take it for a test drive. Many people like to get things on the lower end of price, assuming the quality isn't THAT much lower than the more expensive alternative.

I do expect Chinese made vehicles to be cheaper. They have lower labor costs and don't follow the same labor laws other countries have. Shipping should be a huge cost, but thanks to the WTO Developing Nation status, that is subsidies by the G7.

In 2000, I bought a Honda new. It has never left me stranded anywhere, even when the transmission needed to be rebuilt after 20 yrs, it got me home before it stopped working completely. I expect to keep that car another 10 yrs, so it costs about $1200/yr to purchase and own, including maintenance costs like new tires, oil changes, 2 visits to a shop for things I couldn't fix myself. Excluding fuel, though we pay more for insurance than fuel since around 2009. EVs don't make sense for us at this point.

Do they pass the USA/EU safety testing and standards? There's no mystery box here unless you create one yourself.

Better yet take a look at how BYD is doing in the UK and Australia. You can even check out some car reviews if you have the time and an open mind.

But are those cars safe?