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BYD net profit hits $1.3b in second quarter

Chinese electric vehicle maker BYD reported improved net profits in the second quarter thanks to its extended market leadership, even though it led a protracted price war with aggressive discounts on its best-selling models. BYD's net profit hit 9.1 billion yuan ($1.3 billion) in the April-June quarter, up 32.8 percent from the same quarter of 2023. It was also its fastest growth since the end of 2023. Revenue grew 25.9 percent to 176.2 billion yuan, it said in a stock exchange filing. The Shenzhen, Guangdong province-based carmaker has taken a significant lead in the Chinese electric and plug-in hybrid vehicle sector, leveraging its vertical integration strategy by using key components such as batteries made by the company.

UK car production slumps for fifth month

Car production fell in the United Kingdom for the fifth consecutive month in July, hurt by manufacturers shifting to new models and temporary disruptions in the supply chain, industry data showed on Thursday. A total of 65,478 cars were produced in July, down 14.4 percent from a year earlier, the Society of Motor Manufacturers and Traders said. Production of electrified vehicles, which included fully electric models, plug-in hybrids and full hybrids, constituted 37.5 percent of the total output, compared with 39.5 percent a year ago. "An ongoing degree of volatility is likely as the industry restructures to transition to zero emission vehicle production," SMMT chief executive Mike Hawes said in a statement.

Hyundai aims to win back Indian market

Hyundai Motor, long the most successful foreign automaker on Indian roads, is hoping to regain market share from increasingly formidable domestic rivals by launching a series of new SUVs as it gears up for a $3 billion public listing in the country. The SUV rollout will begin with its first India-made electric vehicle in early 2025 and the launch of at least two gasoline-powered models tailored for the market starting in 2026, said three sources with knowledge of the company's plans. The strategy of adding higher-margin offerings, pursued in tandem with Hyundai's first listing outside South Korea, indicates its bullish outlook on the world's third-largest car market as its China footprint shrinks and sales at home decline.

Reduced forecast for NEV sales in United States

Electric vehicle sales in the United States are expected to reach just 9 percent of the market this year, consulting firm J.D. Power said in a report on Wednesday, lowering its previous forecast of 12 percent. The automotive consultant attributed the cut in sales forecast to a slower-than-expected growth rate for the first half of 2024 due to increased competition in the market for gasoline-powered vehicle alternatives. The revised forecast comes days after Ford Motor said it was scrapping a planned three-row electric SUV and pushing back a new electric version of its best-selling pickup, the F-150, as it focuses on cutting costs to stimulate demand.

Tesla asked Canada for lower import tariff

Before Canada said it was imposing a 100 percent duty on Chinese-made electric vehicles, Tesla approached Ottawa and asked for a lower tariff on its autos, a Canadian government source said on Wednesday. Canada, following the lead of the United States, said last week that it was setting the tariff for all Chinese-made vehicles sold in the country because of "overcapacity". The duties — effective from Oct 1 — apply to all EVs shipped from China, including those made by Tesla. Ottawa flagged its intention to impose duties in June. Canadian imports of automobiles from China to its largest port, Vancouver, jumped 460 percent year-on-year to 44,356 in 2023, when Tesla started shipping Shanghai-made EVs to Canada.

Motoring - Agencies