Tag Archives: BYD

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VW to invest 2.5 billion euros in EV production in China

At the end of 2022, Volkswagen lost the title of the best-selling car brand in China, and the throne was taken over by the domestic electric vehicle manufacturer BYD. In order to remain competitive, VW decided to invest 2.5 billion euros in the expansion of the production and innovation center in the Chinese city of Hefei, which will enable 30 percent faster placement of technology and increase the production of their electric vehicles in China.

The German company has announced a series of new models in the electrification of its Chinese portfolio to regain lost share in the world’s largest car market. In 2023, VW invested 700 million dollars in the Chinese car manufacturer XPENG, becoming the owner of nearly 5% of the company, with which it agreed a partnership on the production of two models of this German brand. Both models will hit the market in 2026.

Since the beginning of the year, VW has premiered several new models such as their first all-electric station wagon VW ID.7 Tourer, ID.3 GTX Performance, ID.7 GTX Tourer, Golf R, and ID.Buzz GTX van. Also, the manufacturer discontinued the production of some models such as VW Arteon and T-Roc Cabriolet. The return of some models such as the VW Scirocco, which was discontinued in 2017, was also announced.

Source: VW

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BYD produced 7 million electric and plug-in hybrid vehicles

The Chinese car manufacturer BYD is one of the largest manufacturers of electric vehicles in the world and recently became the first in the world to produce seven million electric and plug-in hybrid vehicles. This is not a coincidence, because the latest results show that BYD is in a big expansion. In 2023, BYD produced 3,024,417 vehicles, so the company ordered an additional seven cargo ships to transport its vehicles faster to Europe, which is the main target for Chinese companies.

BYD was founded in 2003 and it took 18 years to produce one million electric vehicles. In 2023, production increased sharply, and in August, BYD announced that it had produced its 5 millionth NEV (New Energy Vehicle). In November 2023, the Chinese brand announced the production of the 6 millionth vehicle. Now some predict that by the end of 2024, this manufacturer could exceed the number of more than 10 million vehicles produced.

The company announced on its official website and social network Weibo that the 7 millionth NEV was the Denza N7 SUV, their premium brand car created as a joint venture between BYD and Daimler.

How serious a player BYD is is also shown by the fact that it invests 14 billion dollars in the development of advanced technology, especially the ADAS system, which will make its cars safer on the road. The company also invests in marketing, thus becoming an official partner of UEFA Euro 2024, which will be held in Germany this summer.

Source: BYD

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BYD produced 7 million electric and plug-in hybrid vehicles
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Leapmotor T03 will be produced in Poland

Chinese car manufacturers are trying in every way to avoid problems with importing electric cars to the European market, and one of the ways is production on European soil. After BYD and Chery decided to produce their cars on European soil, another Chinese company will do the same. Leapmotor has announced that it will assemble its small electric car, the T03, in Poland.

In October 2023, Stellantis formed a joint venture with Leapmotor, where the world’s largest conglomerate will have a 51 percent stake with the rights to export, sell and manufacture Leapmotor electric vehicles outside of China. Stellantis’ factory in Poland will be the place where the T03 will be produced, and production will start in Q2 of this year.

The car will be manufactured using SKD assembly, which is the simplest way to assemble the car. It should be noted that the Fiat 500 and Jeep Avenger are produced in the same factory. Currently, T03 can be bought in France, and the plan is to expand to other European markets.

In 2023, Stellantis bought 20% of Leapmotor for €1.5 billion. It was a good financial injection for the Chinese company, which will improve its sales results in the domestic market, but also expand its business outside of China. Shares of Leapmotor have risen about 22 percent in Hong Kong in 2023, making the company’s market value exceed $5.4 billion. On that occasion, the company’s founder Zhu Jiangming said: “Today it is a great milestone in Leapmotor’s history, and I am thrilled to witness this moment together with Mr. Tavares and his team. We believe in win-win partnerships formed by strong players in the fast-evolving environment. Working with Stellantis, we will continue to be innovative and creative in technology and business synergies and will bring Leapmotor EV cars to the global market.”

Source: Reuters, Photo: CNEV

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Leapmotor T03 will be produced in Poland