Streetbeat News

BYDDY

BYD Co

http://www.byd.com/

Open

67.72

Mkt cap

110B

Volume

46K

High

67.93

P/E Ratio

21.07

52-wk high

83.67

Low

67.45

Div yield

0.01

52-wk low

43.62

Rivian Automotive, Inc. (RIVN) stock dropped over 8% in a day, adding to a 25.60% loss due to poor 2024 production guidance. Tesla investor Gary Black supports Rivian as a potential number two in the EV market, citing its high-quality product and brand recognition. Black also sees Rivian's cash position as strong and hints at a possible acquisition by Amazon (AMZN). Rivian's upcoming R2 launch event is seen as a key catalyst. Future Fund Active ETF (FFND) holds shares in both Tesla and Rivian.

Portfolio Pulse from Shanthi Rexaline

February 23, 2024 | 6:35 pm

Auto parts giant Forvia SE is restructuring its workforce, planning to cut up to 10,000 jobs to save around €500 million annually by 2028. This move is in response to the shift towards electric vehicles (EVs), influenced by EU policies, declining European car sales, and competition from Chinese EV manufacturers. Forvia reported a 10.9% year-over-year increase in 2023 sales, reaching €27.25 billion. The company aims to improve profitability in Europe and reduce reliance on the Chinese market, amidst the automotive industry's challenges in transitioning to EVs. Notably, BYD Co Ltd has overtaken Tesla Inc as the leading global EV seller.

Portfolio Pulse from Vandana Singh

February 20, 2024 | 5:00 pm

During the Chinese New Year holiday, BYD Co Ltd and Tesla Inc owners in China drove over 4.46 billion kilometers collectively. BYD owners accounted for 3.76 billion kilometers, with over 66% using battery power. Tesla owners contributed over 700 million kilometers, reducing CO2 emissions by approximately 160,000 tons. This period highlights the intense competition between BYD and Tesla in China, their significant market. In the last quarter of 2023, BYD surpassed Tesla in BEV sales, selling 526,000 units compared to Tesla's 485,000.

Portfolio Pulse from Anan Ashraf

February 20, 2024 | 11:42 am

Tesla Inc. (NASDAQ:TSLA) saw a 67% year-on-year increase in new vehicle registrations in the EU in January, with 14,466 new vehicles. However, this growth was slightly outpaced by Chinese state-owned SAIC Motors, which reported a 69.5% increase with 9,746 new registrations. Despite Tesla's growth, it lost the title of the world's top-selling BEV maker to BYD Co Ltd (OTC:BYDDY) (OTC:BYDDF) last year. SAIC Motors' performance indicates that BYD is not the only Chinese competitor challenging Tesla's dominance in the electric vehicle market.

Portfolio Pulse from Anan Ashraf

February 20, 2024 | 10:16 am

BYD Co Ltd, backed by Warren Buffett, announced a stock buyback and plans to expand luxury car production amid a stock price slump and market challenges. Despite a 74.5% net profit increase in 2023 and surpassing Tesla in EV sales, BYD's shares have fallen 11.4% this year due to concerns over a potential price war and China's economic performance. The company aims to revive its stock price and diversify its product line with these new strategies.

Portfolio Pulse from Benzinga Neuro

February 19, 2024 | 7:23 am

Electric vehicle stocks had mixed performances in the week ending Feb. 16, with Tesla seeing a third week of gains and Rivian pulling back after a previous rally. Key events included Tesla's Model 3 LR price hike, Stellantis adopting Tesla's charging standard, a temporary relaxation of a strike against Tesla, Rivian teasing its R2 platform, Lucid's price cuts and CEO bonus controversy, and GM and Ford's openness to partnerships against Chinese rivals. Fisker announced dealer partnerships, and the KraneShares Electric Vehicles ETF saw a weekly gain.

Portfolio Pulse from Shanthi Rexaline

February 17, 2024 | 2:18 pm

South Korea has introduced a new EV policy favoring domestic automakers Hyundai and Kia over foreign competitors like Tesla and BYD. The policy aims to give Hyundai and Kia a competitive edge by adjusting subsidies based on vehicle range, price, and battery type, disadvantaging EVs with LFP batteries, predominantly used by Tesla and BYD. This move comes as Tesla's Model Y gains global popularity and BYD leads in BEV sales, with the policy potentially increasing Hyundai's market position.

Portfolio Pulse from Benzinga Neuro

February 16, 2024 | 6:53 am

Ford Motor Co views Chinese EV makers as a significant strategic threat to its business in the U.S., with Ford's EV COO Marin Gjaja highlighting the technological advancements and strategic moves, such as potential factory setups in Mexico by Chinese companies like BYD Co Ltd, to circumvent U.S. tariffs. Ford is focusing on cost and efficiency in its EV development to compete with Tesla and affordable Chinese EVs.

Portfolio Pulse from Anan Ashraf

February 15, 2024 | 8:15 am

BYD Co. is planning to establish a new production facility in Mexico to serve as an export hub for the U.S. market, intensifying its competition with Tesla Inc., which is also expanding in Mexico with a new Gigafactory. This move comes as BYD overtakes Tesla as the biggest EV seller and expects a significant increase in net profit for FY 2023.

Portfolio Pulse from Benzinga Neuro

February 14, 2024 | 7:12 am

China's leading battery and car manufacturers, including BYD Co Ltd (OTC:BYDDY) and CATL, have formed the China All-Solid-State Battery Collaborative Innovation Platform (CASIP) to develop solid-state batteries for electric vehicles (EVs). This initiative aims to establish a solid-state battery supply chain by 2030, challenging the dominance of Japanese and Western companies in the EV market. The move is significant amid a U.S. ban on Pentagon battery procurements from Chinese manufacturers, set to commence in October 2027.

Portfolio Pulse from Benzinga Neuro

February 13, 2024 | 9:52 am

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