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Permalink | Email this | CommentsCATL will participate in the vehicle development and production of BAIC-affiliated NEV companies, and provide power battery products and services.
(Image credit: CATL)
BAIC Group, which has lagged behind many of its local counterparts in the transition to electrification, appears to be stepping up its efforts.
CATL and BAIC signed a strategic cooperation agreement on March 13, in which they plan to jointly develop power battery products and tap into the new energy vehicle (NEV) market, according to a press release from the power battery giant yesterday.
CATL will participate in the vehicle development and production of BAIC-affiliated NEV companies and provide power battery products and services, according to the press release.
The two sides will build a close strategic partnership and cooperate fully in power batteries, the release said.
BAIC's efforts in the NEV market are mainly carried out by its subsidiary Beijing Electric Vehicle Co Ltd (BJEV), but its performance has been lukewarm.
BJEV sold 50,179 units for the full year 2022, up 92.06 percent from 26,127 units in 2021, but lags behind most Chinese electric vehicle startups, according to data released by its parent company BAIC BluePark New Energy Technology Co.
In the first two months of this year, BJEV sales were 4,812 units, up 42.16 percent from 3,385 units in the same period last year.
In August 2022, Bloomberg reported that smartphone giant Xiaomi was in talks with BAIC Group to collaborate on the production of electric vehicles, which could see vehicles built by BAIC BluePark and co-branded with Xiaomi.
BAIC Group later told local media that the company had "not heard of this."
That comes after BAIC BluePark announced on July 15 that it plans to raise up to 8 billion yuan ($1.16 billion) in additional shares to no more than 35 specific targets.
The stock offering is intended to increase the company's capital strength, as it continues to increase the size of its business and invest in product development amid the rapid growth of China's NEV industry, BAIC BluePark said at the time.
BAIC BluePark's share price has been weak over the past year and is currently down about 40 percent from its high last June.
($1 = RMB 6.8715)
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CATL will participate in the vehicle development and production of BAIC-affiliated NEV companies, and provide power battery products and services.
(Image credit: CATL)
BAIC Group, which has lagged behind many of its local counterparts in the transition to electrification, appears to be stepping up its efforts.
CATL and BAIC signed a strategic cooperation agreement on March 13, in which they plan to jointly develop power battery products and tap into the new energy vehicle (NEV) market, according to a press release from the power battery giant yesterday.
CATL will participate in the vehicle development and production of BAIC-affiliated NEV companies and provide power battery products and services, according to the press release.
The two sides will build a close strategic partnership and cooperate fully in power batteries, the release said.
BAIC's efforts in the NEV market are mainly carried out by its subsidiary Beijing Electric Vehicle Co Ltd (BJEV), but its performance has been lukewarm.
BJEV sold 50,179 units for the full year 2022, up 92.06 percent from 26,127 units in 2021, but lags behind most Chinese electric vehicle startups, according to data released by its parent company BAIC BluePark New Energy Technology Co.
In the first two months of this year, BJEV sales were 4,812 units, up 42.16 percent from 3,385 units in the same period last year.
In August 2022, Bloomberg reported that smartphone giant Xiaomi was in talks with BAIC Group to collaborate on the production of electric vehicles, which could see vehicles built by BAIC BluePark and co-branded with Xiaomi.
BAIC Group later told local media that the company had "not heard of this."
That comes after BAIC BluePark announced on July 15 that it plans to raise up to 8 billion yuan ($1.16 billion) in additional shares to no more than 35 specific targets.
The stock offering is intended to increase the company's capital strength, as it continues to increase the size of its business and invest in product development amid the rapid growth of China's NEV industry, BAIC BluePark said at the time.
BAIC BluePark's share price has been weak over the past year and is currently down about 40 percent from its high last June.
($1 = RMB 6.8715)
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A BYD spokesperson, responding to CnEVPost's request for comment, said the information was untrue and did not correspond to reality.
BYDDY.US | BYD HK | TSLA.US
(File photo shows BYD's blade battery. Credit: BYD)
Tesla will not continue to use BYD's batteries after its contract with the latter expires, according to a report in a South Korean media outlet yesterday. BYD denied it today.
Tesla has decided not to use BYD's batteries due to quality issues arising from a series of fire accidents with the latter's LFP (lithium iron phosphate) batteries, South Korea's Korea Economic Daily said in a report yesterday.
Tesla first used BYD's 10 GWh batteries last year for its low-end models in Europe, according to the report.
Earlier this year, Tesla did not request the additional supply of BYD batteries for the standard, low-cost trim version of the Model 3 after its contract to supply them expired, the report said, citing industry sources.
Fires in electric vehicles where BYD applied its own batteries have occurred several times in China, triggered by quality problems, the report said.
Contrary to BYD's explanation, there is no reason for Tesla to use BYD batteries as accidents become more frequent, a source from the battery industry said. That seems to be the reason for it, he said.
Tesla's reliance on LG Energy Solution, which is accelerating the development of LFP batteries for electric vehicles at Tesla's request, is expected to grow, according to the report.
Tesla uses LG Energy Solution and CATL in Europe and Panasonic products in North America. Existing companies will most likely fill BYD's vacancy, the report noted.
A BYD spokesperson, responding to CnEVPost's request for comment, said the information was untrue and did not correspond to reality.
In February 2022, rumors surfaced that Tesla had officially placed an order with BYD's battery manufacturing division, FinDreams Battery, for blade batteries for 204,000 vehicles per year.
In early June 2022, BYD executive vice president Lian Yubo said in an interview with state-owned media outlet CGTN host Kui Yingchun that BYD would soon be supplying batteries to Tesla.
Lian provided no further details at the time, and a video of that interview posted on Weibo was subsequently deleted.
On August 10, 2022, Sina Tech cited multiple sources familiar with the matter as saying that BYD's blade battery supplies to Tesla had already begun to be delivered to the latter's plant in Berlin, Germany, the first Tesla Gigafactory to use BYD batteries.
Tesla's competitive relationship with BYD is also one of the reasons it will not extend its contract in Europe, according to Korea Economic Daily. Tesla asked LG Energy Solution to develop LFP batteries to keep its electric vehicle rival in check, the report said.
In October 2022, Steve Westly, a former Tesla board member and founder of Westly, said the only one that can truly compete with the US electric vehicle giant on a global scale is BYD.
"For the first time, I think there is a real challenger and that challenger's name is BYD," Westly said in a CNBC interview that aired on October 20 of last year.
"BYD will likely hit one million EV units produced and sold this year. That's something that should keep your eye on," he said, adding, "In contrast, it is good to compare, Ford, probably has 60,000 units and GM struggling to hit 50,000 units. They are barely 4 to 5 percent of Tesla."
So right now, it looks like it's Tesla and the Chinese battle, Westly said.
BYD sold 1,863,494 new energy vehicles (NEVs) in 2022, including 946,239 plug-in hybrid passenger cars, 911,140 pure electric passenger cars, and 6,115 commercial vehicles, according to data monitored by CnEVPost.
For comparison, Tesla delivered 1,313,851 vehicles worldwide in 2022, with 439,770 delivered to Chinese consumers.
Charlie Munger, a renowned US investor, said on February 15 that Tesla pales in comparison to BYD in China.
"Tesla last year reduced its prices in China twice. BYD increased its prices. We are direct competitors. BYD is so much ahead of Tesla in China, it's almost ridiculous," Munger said.
In addition to being an NEV giant, BYD is also one of the world's largest power battery manufacturers.
BYD installed 5.8 GWh of power batteries globally in January, up 78.8 percent from 3.3 GWh in the same month last year, according to a report released by South Korean market research firm SNE Research on March 6.
BYD ranked second globally with a 17.6 percent market share, up from the 11.6 percent share in the same period last year.
CATL installed 11.2 GWh of batteries globally in January, continuing to rank first with a 33.9 percent market share, but lower than the 37.6 percent share in the same month last year.
LG Energy Solution installed 4.3 GWh of power batteries in January, ranking third with a 13.0 percent market share, up from 10.1 percent in the same month last year.
BYD so far ahead of Tesla in China that 'it's almost ridiculous,' says Charlie Munger
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The initial order will include the BYD Atto 3, which will be available under the Salary Sacrifice program.
BYDDY.US | BYD HK
(Image credit: BYD)
BYD (OTCMKTS: BYDDY), which just last week officially announced its entry into the UK passenger car market, has signed a purchase agreement with a local car rental company.
BYD entered into a partnership with UK-based Octopus Electric Vehicles (Octopus EV) on March 10, which plans to buy 5,000 BYD electric vehicles over the next 3 years, according to a press release today.
The initial order will include the BYD Atto 3, an all-electric C-segment SUV that debuted in the UK this month.
The vehicles will be offered with the Salary Sacrifice program, one of the most affordable ways to lease BYD vehicles in the UK, according to the Chinese new energy vehicle (NEV) maker.
The start of this commercial relationship lays the foundations for Octopus EV to become a BYD partner for the Salary Sacrifice scheme in the UK, with plans for further orders in the future, the release said.
A salary sacrifice program is an agreement to reduce an employee's cash compensation entitlement, usually in exchange for a non-cash benefit.
Founded in 2018, Octopus EV is a subsidiary of Octopus Energy Group, one of Europe's largest renewable energy investors based in the UK.
Octopus EV offers services including electric vehicle leasing, charging post installation, and special discounted tariffs for electric vehicles through its parent company.
On March 8, BYD announced the official start of sales of the Atto 3 in the UK, its first passenger car offered in the country.
The model will start at £36,490 ($43,230) in the UK and local deliveries will begin on March 15, BYD said last week.
The first BYD pioneer stores will open soon, in the backbone of the U.K., including Birmingham, Manchester, Glasgow and Milton Keynes, the company said.
The Atto 3, known in China as the Yuan Plus, went on sale on February 19, 2022, and is the first SUV on BYD's all-electric platform, e-platform 3.0.
BYD to deliver 100,000 EVs to German car rental firm SIXT over next six years
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CATL's RMB 6.4 billion restructuring proposal was approved unanimously by lithium miner Sinuowei's creditors, according to local media.
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Seres and Huawei will jointly launch a new vehicle platform, the first flagship model of which is scheduled for release in 2023.
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Newrizon was founded in September 2020 by former NIO senior vice president Huang Chendong.
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BYD will sell all-electric versions of its Tang SUV and Han sedan through seven dealers in Mexico in 2023, an executive said last year.
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CATL will provide technology and service support for the production of the LFP battery plant, while Ford will be responsible for cell and vehicle integration.
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