BYD Co Ltd Class A

Tesla's third-quarter deliveries beat company-compiled analyst expectations by 5.3%, though they declined 2.1% from a year earlier, a drop partly cushioned by Q3 2025's tax credit boost. Seeking Alpha analyst Oliver Rodzianko said the biggest takeaway is that traditional EV demand remains resilient as Tesla pivots toward autonomous taxi services and humanoid robotics as its dominant operating models, while energy storage deployment numbers missed expectations. Rodzianko noted that Chinese rival BYD saw its battery-electric passenger-car sales rise 30.9% year-over-year in the third quarter, underscoring fierce competition in China. Analyst Alexander Grover argued the delivery number is a distraction, since Tesla's valuation assumes unsupervised self-driving at scale, and flagged that Alphabet's Waymo is running more than 500,000 paid driverless rides a week across 15 U.S. metros with LiDAR in its stack, while Tesla still does not disclose how many of its robotaxis run without a safety monitor.

China's electric vehicle giant BYD sold 463,561 vehicles worldwide in September, up 17% from a year earlier and marking a fifth consecutive month of growth, supported by strong exports. Overseas shipments of passenger cars and pickup trucks surged 153.9% to 179,877 units, growing in prominence as a pillar offsetting sluggish domestic demand. The growth rate slowed from 17.8% in August. Sales for January through September totaled 3,131,576 units, of which overseas shipments of passenger cars and pickup trucks accounted for 1,337,831 units. Competition is intensifying in China's domestic market, with rival Geely unveiling a faster charging system, and according to securities firms, BYD expects its overseas shipments to exceed 2.5 million units in 2027.

Ford, GM and Stellantis each invest less than $400 toward EV research, development and production for every passenger vehicle they sell, while Chinese automakers including BYD, SAIC and Geely invest between $1,700 and $2,750 per vehicle, according to Dale Hall of the International Council on Clean Transportation. Writing in Automotive News, Hall said the Detroit 3 ranked among the world's five least capital-invested automakers in EVs on a sales-adjusted basis as of last year, and warned that no amount of American ingenuity and innovation can close the gap with China's lead. He pointed to the federal government's phase-out of tax credits for new and used electric vehicles and charging infrastructure and its freeze and termination of grants for EV and battery manufacturing, after U.S. makers invested billions in EV projects backed by Inflation Reduction Act assurances. Ford took a $19.5-billion hit tied to scaling back its electric program amid lower-than-expected demand, high costs and regulatory changes. Hall noted China supplies an estimated 70% of the world's car batteries and 80% of car battery cells and has more than 24 times more publicly-accessible EV chargers than the U.S., while BYD overtook Tesla as the world EV leader in 2025.

Marie Jaroni, CEO of Thyssenkrupp Steel Europe, the steel subsidiary of Germany's Thyssenkrupp and Europe's second-largest steelmaker, said on the 28th that the expansion of production in Europe by Chinese automakers will more than offset the decline in regional steel demand caused by the struggles of established manufacturers. Speaking at an investor meeting, Jaroni said demand for automotive steel sheet from Chinese automakers in the European Union is expected to reach about 900,000 tons by 2033. That would grow from zero in 2025 and account for 6.3 percent of total EU automotive steel sheet demand. She also mentioned BYD, Chery Automobile, and Geely Automobile, saying Chinese manufacturers are building factories and supply chains.

EU new passenger car registrations rose 4.5% year over year to 708,211 units in August, extending the market's growth streak to seven consecutive months, the ACEA reported Thursday. August growth accelerated from a 3% increase in July, with all four of the EU's largest car markets posting gains: Spain at 11.8%, France at 7.4%, Italy at 3.2%, and Germany at 2.6%. For the first eight months of 2026, new EU car registrations increased 5.3% despite persistent geopolitical uncertainty and rising energy prices, and battery electric vehicles accounted for 21.7% of registrations through August, up from 15.8% a year earlier, while hybrids held the largest share at 36.6% and plug-in hybrids 10%. Among major markets, BEV registrations rose 74.2% in France, 53.1% in Germany, and 40.9% in Denmark in the first eight months of 2026, with those three countries together accounting for 64% of total EU BEV registrations during the period. Year to date, Chinese automakers continued to post strong gains in the EU, with Chery Automobile up 250.9% to 116,318 units and BYD Company up 163% to 177,752 units, while Tesla sales climbed 65.9% to 142,165 units, SAIC Motor gained 19.8% to 163,707 units, and Geely Group rose 7.8% to 205,047 units; among major traditional automakers, Volkswagen Group rose 1.3% to 1.99M units and Stellantis increased 5.2% to 1.20M units, while Ford Motor fell 17.7%, Renault Group declined 4%, and Hyundai dropped 2.2%.

Bualuang Securities upgraded WHA stock from Hold to Buy, keeping its target price unchanged at 5.50 baht. It sees uncertainty over data center regulations beginning to ease, and expects EV excise tax reform to spur Chinese automakers and parts makers to relocate production to Thailand. The stock has fallen more than 11% since the downgrade, and the broker believes most of the overhang is already reflected in the price. The new data center rules are expected to be announced by mid-October, requiring hyperscale data centers of 100MW or more, and data centers classified as industrial activities, to be located in industrial estates. There are 57 data center projects already approved by the BOI, worth about 811 billion baht. WHA has a clear customer base, including a major US client that bought more than 1,000 rai of land with an investment value of 36 billion baht, Beijing Haoyang, which is building a 300MW hyperscale data center worth 72.67 billion baht, and K2 Strategic, which is developing a 50MW colocation project at WHA ESIE 4. On EV tax restructuring, the EV board approved a three-tier excise tax structure, with domestic manufacturers using a high share of local parts paying the lowest tax, while the EV 3.5 conditions tighten from 1:2 in 2026 to 1:3 in 2027. BEV registrations in the first seven months of 2026 rose 88% year on year to 126,950 units. WHA already has an existing base supporting BYD's 600-rai plant and Changan's 250-rai plant, a total of 850 rai.

SUSCO Public Company Limited, or SUSCO, has announced a second-half plan to expand its fuel service stations in high-potential locations while developing the station format into more of a Lifestyle Destination through the SUSCO SQUARE concept, which will bring together shops, restaurants and various brands to serve customers within the stations. Chaiyarit Simaroj, Managing Director of SUSCO, said this strategy prioritises the quality of locations and their revenue-generating potential over simply increasing the number of branches. This runs alongside the electric vehicle business for the BYD and DENZA brands, as well as the hire-purchase and car rental business, which has continued to receive strong interest from both government and private-sector customers. SUSCO is building its game on three core pillars: the fuel business, its existing revenue base; the expansion of Non-Oil to increase value per station; and the EV-Mobility business to create a new Growth Engine, aiming toward its goal of becoming a Smart Energy & Mobility Solutions Provider.

BYD Company Limited has rolled out its most advanced European commercial vehicle portfolio, anchored by the flagship ETT 44, which supports ultra-fast charging of up to 1.5MW and can add more than 400 kilometers of range in 20 minutes. The lineup also includes rigid trucks such as the T020 and T028, vocational vehicles for last-mile delivery and municipal applications, and fully electric yard tractors. In May 2026, BYD introduced Full Damage Coverage for its Urban Navigate on Autopilot function under the God's Eye driver assistance system in China, making it the first automaker to offer dual coverage for advanced driver assistance features, and the company plans to invest more than RMB 100 billion in intelligent driving R&D. In March 2026, BYD introduced its self-developed FLASH Charging technology, capable of delivering up to 1,500kW through a single connector, alongside the second-generation Blade Battery, which increases energy density by 5% while substantially improving charging performance. BYD reported an 18% year-over-year increase in global sales to 440,293 units in August 2026, marking its fourth consecutive month of growth after eight months of declines, driven by a 134% surge in overseas sales to 189,466 vehicles.

Chinese automakers are scouting locations for production bases in Europe after the EU signaled it will introduce local content requirements. Alfredo Altavilla, BYD's adviser for Europe, told Reuters at the opening ceremony of a Denza premium brand dealership in Turin, Italy, that companies are focusing their efforts on inspecting existing auto assembly plants, which can start production faster than building factories from scratch. The European Commission is drafting a "Made in Europe" policy that favors industrial parts and products made within the bloc, and is expected to set minimum local content thresholds for EVs sold in the region, possibly as early as next year. BYD aims to acquire existing plants, take full ownership and then retrofit them; its first European passenger car plant in Hungary is in the early stages of production, and the company is expected to select a second European site within the year. Altavilla said that to grow while meeting EU regulations, BYD will eventually need "three assembly plants and one battery plant" in Europe, adding that Spain and France offer "clearly simpler situations" and are the "most feasible" options. Italy is a "second-best" choice because Stellantis is reluctant to sell plants, he said. Chinese manufacturers have already begun partnerships to share production lines at underutilized European plants: Leapmotor is teaming up with Stellantis in Spain, Dongfeng Motor with Stellantis in France, Geely with Ford Motor in Spain, and Chery has bought a plant in Spain previously owned by Nissan.

Indonesian new vehicle sales rose 32% year-on-year to 81,756 units in August 2026, up from 61,771 units a year earlier, according to wholesale data from the local automotive industry association Gaikindo. For the first eight months of 2026, the market expanded 20% to 599,491 units, with light passenger vehicle sales up over 13% to 437,374 units and commercial vehicle sales up 42% to 162,117 units, including a 54% surge in light- and medium-duty trucks to 131,813 units. Battery electric vehicle sales nearly doubled to 103,300 units year-to-date from 53,100 units, driven by Chinese brands and government tax incentives. Toyota led the first eight months with sales up 9% to 175,931 units, followed by Daihatsu at 100,884 units, Suzuki at 47,908 units and Mitsubishi Motors at 43,753 units, while BYD jumped 98% to 37,696 units to take fifth place ahead of Honda, which fell 37% to 26,437 units. Overall vehicle production rose 13% to 859,256 units in the period, and GlobalData forecasts Indonesia light vehicle sales to rise 3% to 770,000 units in 2026 from 750,000 units in 2025, easing to 765,000 units in 2027.

UBS forecasts that Chinese automakers will raise their global market share to 37% by 2030, up from 22% in the first half of 2026, as consumers increasingly accept Chinese car brands, supporting expansion beyond China. For the European market, UBS raised its forecast for Chinese brands' share to 20% by 2030 from 18%, compared with roughly 8% today, and growth is outpacing earlier expectations. A survey of 12,000 consumers by UBS Evidence Lab found that 36% of European respondents would consider buying an electric vehicle from a Chinese brand, with interest in Chinese brands in Europe rising by more than interest in Japanese and South Korean brands combined. Value for money was the most important factor, cited by 66% of those likely to buy a Chinese electric vehicle globally, while advanced technology was the second, at 61%. In its base case, UBS expects BYD, Geely, Chery, SAIC, Leapmotor and Xiaomi to be the Chinese manufacturers most likely to become major players in overseas markets. In a bull case, Chinese automakers' global market share could reach 45%, and 30% in Europe, by 2030, while a bear case could put it at 33% globally and 15% in Europe.

Honda Motor Co., Ltd. aims to cut more than $9 billion in costs over the next four years and has instructed suppliers to drastically reduce prices, according to internal documents and a person familiar with the matter reported by Reuters on September 2. The automaker is targeting 30% cost reductions in three categories: pressed and forged components, electrical parts, and parts for software-defined vehicles, and is urging its direct suppliers to use standardized parts sourced from lower-tier suppliers and to expand use of Chinese-made components where possible. The plan, aiming to save 1.5 trillion yen, or $9.4 billion, by 2030, comes as BYD and other Chinese EV makers capture a growing share in Southeast Asia, Latin America, and Europe through advanced software, better batteries, and far lower prices. Honda posted its first-ever annual loss as a public company in May and expects EV-related losses to ultimately exceed $12 billion, among the largest such hits of any global automaker, prompting a strategic shift toward gasoline-electric hybrids. Sources described the cost targets as extremely large, with genuine uncertainty about whether suppliers can achieve them.

BYD captured 35.4% of China's passenger new energy vehicle exports in August, while Tesla China fell to fourth place with 7.0%, according to China Passenger Car Association figures published by CnEVPost. BYD exported 183,746 passenger NEVs in August, up 130.8% from a year earlier and 5.8% from July, with its share climbing from July's 32.2%. Tesla China exported 36,119 vehicles, down 45.5% month over month, as its share fell from 12.3% in July and it dropped from third to fourth behind Geely and Chery. Through the first eight months of 2026, BYD shipped 1,126,797 NEVs abroad for a 33.9% share, against Tesla China's 331,443 and 10.0%. BYD now expects to sell more than 2.5 million vehicles overseas in 2027, a target disclosed in a Deutsche Bank research note after management's post-earnings call, and it lifted 2026 overseas guidance to between 1.9 million and 2.0 million vehicles from 1.3 million at the start of the year. Profit per vehicle sold overseas ran about 20,000 yuan, or roughly $2,950, in the first half despite currency headwinds, management said on the call.

China aims for 70% of new vehicles sold in the country to be electric or hybrid by 2030 under its latest five-year automotive industry plan, drafted by nine government agencies and published on Friday. The 15th Five-Year National Economic and Social Development Plan also targets 40% of new commercial vehicles sold by 2030 to be electric, while expecting several Chinese automakers to rise into the world's 10 largest carmakers and to play a bigger role in setting global automotive industry standards. Currently, BYD, SAIC Motor and Geely Automobile rank among the world's 10 largest automakers by sales last year, but still lag the top three of Toyota Motor, Volkswagen and Hyundai Motor Group. The previous plan in 2021 had targeted EVs and hybrids at 20% of new car sales by 2025, but China far exceeded that goal, with data from the China Passenger Car Association showing the share rose to 54% last year, and new energy vehicles most recently accounting for 65% of car sales in August. Although the plan sets no numerical target for autonomous driving cars, its emphasis on expanding the use of driverless vehicles is a positive signal for the industry, after China suspended approval of new Robotaxi permits for several months this year following system failures in Baidu's vehicles in Wuhan. China's domestic car market is facing challenges, with car sales in the first eight months of this year down 21%, while a prolonged price war erodes manufacturers' profit margins. Beijing has therefore issued more than half a dozen new standards and regulations, covering everything from door handles and driver-assistance technology to batteries, to raise safety levels, and said in the plan that it wants to push forward reform of automakers, encourage mergers and acquisitions, and open the way for inefficient manufacturers to exit the market to ease the industry's overcapacity problem. Battery technology and recycling are another key agenda item, with the plan calling for standards for new forms of battery cell technology such as solid-state batteries, as well as improving the recovery and reuse of key metals including lithium, cobalt and nickel.

DP World has handled the largest single maritime delivery of new energy vehicles to Chile, discharging 1,918 fully electric and plug-in hybrid vehicles at its multipurpose terminal in San Antonio. The arrival also marked the first call by a BYD car carrier at a Chilean port, with the BYD Changzhou visiting the country as part of its inaugural route to South America. According to BYD, the shipment represents the largest number of new energy vehicles ever delivered to Chile aboard a single vessel. The milestone comes as Chile's electric vehicle market continues to expand rapidly, with sales up 165.4% year over year in the first half of 2026 according to the Chilean Automotive Association, and plug-in vehicles reaching 6.5% of the country's new light- and medium-duty vehicle market. The operation reinforces DP World in San Antonio's position as Chile's leading gateway for automotive cargo, with more than 95% of the country's vehicle imports moving through the terminal. The shipment follows another automotive milestone at the terminal earlier this year, when the M/V Morning Lily discharged 6,338 vehicles in a single vessel operation, the largest overall vehicle discharge in Chilean history.

Tesla's August retail sales in China fell 12.4% year-over-year to 50,047 units, marking its weakest August since 2022, even as the company rolls out its Cybercab robotaxis. The decline contrasts with a 0.8% rise in overall battery-electric vehicle sales in China, while new electric vehicles including plug-in hybrids dropped 10.1%. Tesla ranked fifth in the country, far behind leader BYD, which sold 233,943 units. Exports from Tesla's Shanghai factory rose 38.7% year-over-year, but that lagged the 154.7% growth in Chinese new electric vehicle exports. Analysts note that monthly sales data now matter less to Tesla's stock, which is up 0.17% to $368.80 on Wednesday, up 12% over the past month but down 15.4% year-to-date in 2026.

BYD plans an international expansion that could save nearly $6,000 per vehicle, intensifying pressure on Tesla as Chinese auto demand weakens. The electric-vehicle manufacturer expects overseas shipments to exceed 2.5 million vehicles in 2027, with Deutsche Bank forecasting 1.9 to 2 million exports in 2026, nearly double its 2025 total. Shipping constraints limited this year's volume, so BYD is expanding its carrier fleet and overseas production, with factories in Brazil and Hungary anchoring the strategy. The Hungary facility is expected to begin assembling vehicles in November or December, and local manufacturing could help BYD avoid European Union tariffs of 27% on Chinese battery-electric vehicles and Brazil's 34% import duty. Citi estimates that producing vehicles locally could save nearly $6,000 per car, which could fund lower prices, protect margins, or support increased spending on dealerships, charging, and marketing. BYD also plans to construct 90,000 flash-charging stations by 2028, and its domestic market share has risen to 18% from 8% at the beginning of 2026, targeting 25%. Despite the ambitious forecasts, BYD shares slipped, suggesting investors want proof that higher overseas volume will produce attractive margins.

The China Passenger Car Association (CPCA) reported that passenger car exports in August increased by 77.5% year-on-year to 894,000 units, although the growth rate slowed from 88.2% in July. Meanwhile, domestic sales fell by 23.7% to 1.55 million units, marking the 11th consecutive month of decline and a sharper drop than July's 21.1% decrease. Exports of electric vehicles and plug-in hybrids surged by 154.7%, contrasting with a 10.1% decline in domestic sales. BYD and Geely achieved record-high export figures. Chinese automakers are aggressively expanding into European and emerging markets despite increasing trade restrictions from several countries. The CPCA secretary-general forecasts that China will export 12 million vehicles this year, potentially rising to 18-20 million annually by 2030. The accelerated export pace has raised concerns that the price war in China could spread overseas. Regulators have issued guidelines warning automakers against severe price cuts, and BYD, Geely, and Chery have pledged compliance, though no penalties have been imposed yet.

Chinese electric vehicle maker BYD expects overseas shipments to exceed 2.5 million vehicles in 2027, according to brokerages citing a group meeting with management. Deutsche Bank said BYD guided overseas shipments to reach 1.9 million to 2 million vehicles in 2026, nearly double last year's level, and that shipping constraints limited exports this year. The bank noted BYD's Hungary plant is expected to start assembly in November or December, with additional overseas manufacturing locations under evaluation. Citi said local production would help BYD avoid the EU's roughly 27% tariff on battery electric vehicles and Brazil's 34% import tariff, saving more than 40,000 yuan per vehicle. BYD also plans to build 90,000 flash-charging stations by 2028, and targets a 25% share of China's domestic car market, up from 18% in July.

Volkswagen has received approval to cut an additional 50,000 jobs as part of its restructuring, bringing total planned layoffs to 100,000 out of a workforce of about 650,000. The German automaker's shares rose 8.5% on the news. The decision is surprising given strong worker protections and municipal ownership in Germany, but the company faces intense competition from Chinese automakers like BYD, which offer cheaper electric vehicles. Analysts note that Volkswagen's high production costs and the need to fund EV development make it difficult to compete globally.

According to data from research firm New Automotive, registrations of new battery electric vehicles (BEVs) in the UK in August rose by approximately 30% year-on-year, making them the largest fuel type in the market. Total new car registrations increased by 17.5% to 93,977 units, of which BEVs accounted for 27,876 units, representing a market share of about 30%. Hybrid vehicles held a share of about 29%, while petrol cars accounted for about 21.5%. Amid a global oil shock due to the situation in Iran, which has driven up fuel costs, customers are turning to alternatives, accelerating EV adoption in Europe. Ben Nelmes, CEO of New Automotive, said that while policymakers and lobbyists debate the details of the ZEV mandate, the industry is working hard to supply EVs and electric light commercial vehicles, for which consumer demand is rising. By manufacturer, US EV giant Tesla led with an 8.8% market share year-to-date, followed by South Korea's Kia at 6.7%, and China's BYD at 6.4%. Kia maintained its position as the leader in new BEV registrations for the second consecutive month.

Battery electric vehicle (BEV) sales in Australia hit a new record high in August, accounting for nearly one in four of all new car sales, amid growing popularity of Chinese cars. The Federal Chamber of Automotive Industries (FCAI) revealed that BEV sales made up 24.9% of all new car sales in August, breaking the previous record of 23.3% set in June, and marking the fourth consecutive month with a share of at least 20%. Sales surged 171% compared to the same month last year. Chinese automakers including BYD, GWM, MG, Geely, and Chery all ranked among the top 10 most popular car brands in Australia. BYD delivered 8,231 vehicles in August, ranking second behind Toyota, up from 4,877 units a year earlier. Meanwhile, Geely sold 4,504 units, soaring over 1,000% from 401 units in the same period last year. FCAI Chief Executive Tony Weber said the Australian car market is undergoing a significant structural shift, with sustained high BEV sales and changing brand preferences reflecting rapid transformation in the new car market.

Honda Motor Co. is seeking aid from suppliers to find more than $9 billion in savings as Chinese carmakers alter the economics of the global vehicle market. The company plans to cut costs by 1.5 trillion yen ($9.4 billion) by 2030, according to internal documents and a person familiar with the strategy. Honda aims to reduce costs by around 30% in three areas: pressed and forged parts, electrical parts, and parts used in software-defined cars. The automaker is also pushing suppliers to consider more use of Chinese vendors, as BYD and other Chinese manufacturers gain market share in Asia, Europe, and Latin America with cheaper prices and improved technology. Honda has shifted focus to hybrids amid losses in its EV strategy, making this cost program more than an ordinary efficiency push, as it strives to bridge a structural price gap with Chinese rivals while maintaining investment in software, batteries, and new vehicles.