BYD $1211 (+1,74%) grows strongly in China
Last year, BYD set the course for a bright future and established itself as the undisputed market leader in China. The company's profit shot up by more than a third to an impressive record high of 40.3 billion yuan in 2024, which corresponds to around 5.1 billion euros. Turnover is also impressive: It climbed by 29 percent to around 99 billion euros. A total of 4.25 million cars were sold, including 1.76 million all-electric cars. BYD has set itself ambitious targets for 2024 and plans to sell between 5 and 6 million vehicles. These impressive figures are the result of a sharp rise in demand for low-cost electric cars in China. While the e-car market in the People's Republic is growing rapidly, foreign manufacturers, especially Volkswagen, are fighting for market share. In 2023, BYD overtook the Volkswagen Group and secured market leadership in China. Even at the start of the new year, the company is showing no signs of slowing down. In contrast, Tesla is facing a number of challenges in the People's Republic. Another BYD highlight is the presentation of an innovative charging system that delivers enough energy for a range of 400 kilometers in just five minutes.
Toronto excludes Tesla $TSLA (+10,24%) from e-car subsidy
A major decision has been made in Toronto, one of Canada's largest cities: Tesla has been excluded from financial support for electric cars. This measure is a direct response to the increasing trade tensions between the US and Canada and will remain in place until the contentious political issues are resolved. Mayor Olivia Chow explained that operators of rental vehicles, such as cabs, will now have to look for other electric cars, as Tesla vehicles are no longer eligible since March 1. Although this regulation is rather symbolic, it sends a clear signal against the policies of Elon Musk, who acts as an advisor to Donald Trump. In recent weeks, Tesla has suffered a decline in new registrations worldwide, with sales figures in the EU and China falling particularly sharply. The company has already warned of possible retaliatory tariffs and emphasized the urgency of ensuring that trade issues do not negatively impact US companies.
Sources:
https://www.n-tv.de/wirtschaft/BYD-waechst-in-China-kraeftig-article25652845.html
