BYD Co Ltd Class A

Chinese automakers are scouting locations for production bases in Europe after the EU signaled it will introduce local content requirements. Alfredo Altavilla, BYD's adviser for Europe, told Reuters at the opening ceremony of a Denza premium brand dealership in Turin, Italy, that companies are focusing their efforts on inspecting existing auto assembly plants, which can start production faster than building factories from scratch. The European Commission is drafting a "Made in Europe" policy that favors industrial parts and products made within the bloc, and is expected to set minimum local content thresholds for EVs sold in the region, possibly as early as next year. BYD aims to acquire existing plants, take full ownership and then retrofit them; its first European passenger car plant in Hungary is in the early stages of production, and the company is expected to select a second European site within the year. Altavilla said that to grow while meeting EU regulations, BYD will eventually need "three assembly plants and one battery plant" in Europe, adding that Spain and France offer "clearly simpler situations" and are the "most feasible" options. Italy is a "second-best" choice because Stellantis is reluctant to sell plants, he said. Chinese manufacturers have already begun partnerships to share production lines at underutilized European plants: Leapmotor is teaming up with Stellantis in Spain, Dongfeng Motor with Stellantis in France, Geely with Ford Motor in Spain, and Chery has bought a plant in Spain previously owned by Nissan.

Indonesian new vehicle sales rose 32% year-on-year to 81,756 units in August 2026, up from 61,771 units a year earlier, according to wholesale data from the local automotive industry association Gaikindo. For the first eight months of 2026, the market expanded 20% to 599,491 units, with light passenger vehicle sales up over 13% to 437,374 units and commercial vehicle sales up 42% to 162,117 units, including a 54% surge in light- and medium-duty trucks to 131,813 units. Battery electric vehicle sales nearly doubled to 103,300 units year-to-date from 53,100 units, driven by Chinese brands and government tax incentives. Toyota led the first eight months with sales up 9% to 175,931 units, followed by Daihatsu at 100,884 units, Suzuki at 47,908 units and Mitsubishi Motors at 43,753 units, while BYD jumped 98% to 37,696 units to take fifth place ahead of Honda, which fell 37% to 26,437 units. Overall vehicle production rose 13% to 859,256 units in the period, and GlobalData forecasts Indonesia light vehicle sales to rise 3% to 770,000 units in 2026 from 750,000 units in 2025, easing to 765,000 units in 2027.

UBS forecasts that Chinese automakers will raise their global market share to 37% by 2030, up from 22% in the first half of 2026, as consumers increasingly accept Chinese car brands, supporting expansion beyond China. For the European market, UBS raised its forecast for Chinese brands' share to 20% by 2030 from 18%, compared with roughly 8% today, and growth is outpacing earlier expectations. A survey of 12,000 consumers by UBS Evidence Lab found that 36% of European respondents would consider buying an electric vehicle from a Chinese brand, with interest in Chinese brands in Europe rising by more than interest in Japanese and South Korean brands combined. Value for money was the most important factor, cited by 66% of those likely to buy a Chinese electric vehicle globally, while advanced technology was the second, at 61%. In its base case, UBS expects BYD, Geely, Chery, SAIC, Leapmotor and Xiaomi to be the Chinese manufacturers most likely to become major players in overseas markets. In a bull case, Chinese automakers' global market share could reach 45%, and 30% in Europe, by 2030, while a bear case could put it at 33% globally and 15% in Europe.

Honda Motor Co., Ltd. aims to cut more than $9 billion in costs over the next four years and has instructed suppliers to drastically reduce prices, according to internal documents and a person familiar with the matter reported by Reuters on September 2. The automaker is targeting 30% cost reductions in three categories: pressed and forged components, electrical parts, and parts for software-defined vehicles, and is urging its direct suppliers to use standardized parts sourced from lower-tier suppliers and to expand use of Chinese-made components where possible. The plan, aiming to save 1.5 trillion yen, or $9.4 billion, by 2030, comes as BYD and other Chinese EV makers capture a growing share in Southeast Asia, Latin America, and Europe through advanced software, better batteries, and far lower prices. Honda posted its first-ever annual loss as a public company in May and expects EV-related losses to ultimately exceed $12 billion, among the largest such hits of any global automaker, prompting a strategic shift toward gasoline-electric hybrids. Sources described the cost targets as extremely large, with genuine uncertainty about whether suppliers can achieve them.

BYD captured 35.4% of China's passenger new energy vehicle exports in August, while Tesla China fell to fourth place with 7.0%, according to China Passenger Car Association figures published by CnEVPost. BYD exported 183,746 passenger NEVs in August, up 130.8% from a year earlier and 5.8% from July, with its share climbing from July's 32.2%. Tesla China exported 36,119 vehicles, down 45.5% month over month, as its share fell from 12.3% in July and it dropped from third to fourth behind Geely and Chery. Through the first eight months of 2026, BYD shipped 1,126,797 NEVs abroad for a 33.9% share, against Tesla China's 331,443 and 10.0%. BYD now expects to sell more than 2.5 million vehicles overseas in 2027, a target disclosed in a Deutsche Bank research note after management's post-earnings call, and it lifted 2026 overseas guidance to between 1.9 million and 2.0 million vehicles from 1.3 million at the start of the year. Profit per vehicle sold overseas ran about 20,000 yuan, or roughly $2,950, in the first half despite currency headwinds, management said on the call.

China aims for 70% of new vehicles sold in the country to be electric or hybrid by 2030 under its latest five-year automotive industry plan, drafted by nine government agencies and published on Friday. The 15th Five-Year National Economic and Social Development Plan also targets 40% of new commercial vehicles sold by 2030 to be electric, while expecting several Chinese automakers to rise into the world's 10 largest carmakers and to play a bigger role in setting global automotive industry standards. Currently, BYD, SAIC Motor and Geely Automobile rank among the world's 10 largest automakers by sales last year, but still lag the top three of Toyota Motor, Volkswagen and Hyundai Motor Group. The previous plan in 2021 had targeted EVs and hybrids at 20% of new car sales by 2025, but China far exceeded that goal, with data from the China Passenger Car Association showing the share rose to 54% last year, and new energy vehicles most recently accounting for 65% of car sales in August. Although the plan sets no numerical target for autonomous driving cars, its emphasis on expanding the use of driverless vehicles is a positive signal for the industry, after China suspended approval of new Robotaxi permits for several months this year following system failures in Baidu's vehicles in Wuhan. China's domestic car market is facing challenges, with car sales in the first eight months of this year down 21%, while a prolonged price war erodes manufacturers' profit margins. Beijing has therefore issued more than half a dozen new standards and regulations, covering everything from door handles and driver-assistance technology to batteries, to raise safety levels, and said in the plan that it wants to push forward reform of automakers, encourage mergers and acquisitions, and open the way for inefficient manufacturers to exit the market to ease the industry's overcapacity problem. Battery technology and recycling are another key agenda item, with the plan calling for standards for new forms of battery cell technology such as solid-state batteries, as well as improving the recovery and reuse of key metals including lithium, cobalt and nickel.

DP World has handled the largest single maritime delivery of new energy vehicles to Chile, discharging 1,918 fully electric and plug-in hybrid vehicles at its multipurpose terminal in San Antonio. The arrival also marked the first call by a BYD car carrier at a Chilean port, with the BYD Changzhou visiting the country as part of its inaugural route to South America. According to BYD, the shipment represents the largest number of new energy vehicles ever delivered to Chile aboard a single vessel. The milestone comes as Chile's electric vehicle market continues to expand rapidly, with sales up 165.4% year over year in the first half of 2026 according to the Chilean Automotive Association, and plug-in vehicles reaching 6.5% of the country's new light- and medium-duty vehicle market. The operation reinforces DP World in San Antonio's position as Chile's leading gateway for automotive cargo, with more than 95% of the country's vehicle imports moving through the terminal. The shipment follows another automotive milestone at the terminal earlier this year, when the M/V Morning Lily discharged 6,338 vehicles in a single vessel operation, the largest overall vehicle discharge in Chilean history.

Tesla's August retail sales in China fell 12.4% year-over-year to 50,047 units, marking its weakest August since 2022, even as the company rolls out its Cybercab robotaxis. The decline contrasts with a 0.8% rise in overall battery-electric vehicle sales in China, while new electric vehicles including plug-in hybrids dropped 10.1%. Tesla ranked fifth in the country, far behind leader BYD, which sold 233,943 units. Exports from Tesla's Shanghai factory rose 38.7% year-over-year, but that lagged the 154.7% growth in Chinese new electric vehicle exports. Analysts note that monthly sales data now matter less to Tesla's stock, which is up 0.17% to $368.80 on Wednesday, up 12% over the past month but down 15.4% year-to-date in 2026.

BYD plans an international expansion that could save nearly $6,000 per vehicle, intensifying pressure on Tesla as Chinese auto demand weakens. The electric-vehicle manufacturer expects overseas shipments to exceed 2.5 million vehicles in 2027, with Deutsche Bank forecasting 1.9 to 2 million exports in 2026, nearly double its 2025 total. Shipping constraints limited this year's volume, so BYD is expanding its carrier fleet and overseas production, with factories in Brazil and Hungary anchoring the strategy. The Hungary facility is expected to begin assembling vehicles in November or December, and local manufacturing could help BYD avoid European Union tariffs of 27% on Chinese battery-electric vehicles and Brazil's 34% import duty. Citi estimates that producing vehicles locally could save nearly $6,000 per car, which could fund lower prices, protect margins, or support increased spending on dealerships, charging, and marketing. BYD also plans to construct 90,000 flash-charging stations by 2028, and its domestic market share has risen to 18% from 8% at the beginning of 2026, targeting 25%. Despite the ambitious forecasts, BYD shares slipped, suggesting investors want proof that higher overseas volume will produce attractive margins.

The China Passenger Car Association (CPCA) reported that passenger car exports in August increased by 77.5% year-on-year to 894,000 units, although the growth rate slowed from 88.2% in July. Meanwhile, domestic sales fell by 23.7% to 1.55 million units, marking the 11th consecutive month of decline and a sharper drop than July's 21.1% decrease. Exports of electric vehicles and plug-in hybrids surged by 154.7%, contrasting with a 10.1% decline in domestic sales. BYD and Geely achieved record-high export figures. Chinese automakers are aggressively expanding into European and emerging markets despite increasing trade restrictions from several countries. The CPCA secretary-general forecasts that China will export 12 million vehicles this year, potentially rising to 18-20 million annually by 2030. The accelerated export pace has raised concerns that the price war in China could spread overseas. Regulators have issued guidelines warning automakers against severe price cuts, and BYD, Geely, and Chery have pledged compliance, though no penalties have been imposed yet.

Chinese electric vehicle maker BYD expects overseas shipments to exceed 2.5 million vehicles in 2027, according to brokerages citing a group meeting with management. Deutsche Bank said BYD guided overseas shipments to reach 1.9 million to 2 million vehicles in 2026, nearly double last year's level, and that shipping constraints limited exports this year. The bank noted BYD's Hungary plant is expected to start assembly in November or December, with additional overseas manufacturing locations under evaluation. Citi said local production would help BYD avoid the EU's roughly 27% tariff on battery electric vehicles and Brazil's 34% import tariff, saving more than 40,000 yuan per vehicle. BYD also plans to build 90,000 flash-charging stations by 2028, and targets a 25% share of China's domestic car market, up from 18% in July.

Volkswagen has received approval to cut an additional 50,000 jobs as part of its restructuring, bringing total planned layoffs to 100,000 out of a workforce of about 650,000. The German automaker's shares rose 8.5% on the news. The decision is surprising given strong worker protections and municipal ownership in Germany, but the company faces intense competition from Chinese automakers like BYD, which offer cheaper electric vehicles. Analysts note that Volkswagen's high production costs and the need to fund EV development make it difficult to compete globally.

According to data from research firm New Automotive, registrations of new battery electric vehicles (BEVs) in the UK in August rose by approximately 30% year-on-year, making them the largest fuel type in the market. Total new car registrations increased by 17.5% to 93,977 units, of which BEVs accounted for 27,876 units, representing a market share of about 30%. Hybrid vehicles held a share of about 29%, while petrol cars accounted for about 21.5%. Amid a global oil shock due to the situation in Iran, which has driven up fuel costs, customers are turning to alternatives, accelerating EV adoption in Europe. Ben Nelmes, CEO of New Automotive, said that while policymakers and lobbyists debate the details of the ZEV mandate, the industry is working hard to supply EVs and electric light commercial vehicles, for which consumer demand is rising. By manufacturer, US EV giant Tesla led with an 8.8% market share year-to-date, followed by South Korea's Kia at 6.7%, and China's BYD at 6.4%. Kia maintained its position as the leader in new BEV registrations for the second consecutive month.

Battery electric vehicle (BEV) sales in Australia hit a new record high in August, accounting for nearly one in four of all new car sales, amid growing popularity of Chinese cars. The Federal Chamber of Automotive Industries (FCAI) revealed that BEV sales made up 24.9% of all new car sales in August, breaking the previous record of 23.3% set in June, and marking the fourth consecutive month with a share of at least 20%. Sales surged 171% compared to the same month last year. Chinese automakers including BYD, GWM, MG, Geely, and Chery all ranked among the top 10 most popular car brands in Australia. BYD delivered 8,231 vehicles in August, ranking second behind Toyota, up from 4,877 units a year earlier. Meanwhile, Geely sold 4,504 units, soaring over 1,000% from 401 units in the same period last year. FCAI Chief Executive Tony Weber said the Australian car market is undergoing a significant structural shift, with sustained high BEV sales and changing brand preferences reflecting rapid transformation in the new car market.

Honda Motor Co. is seeking aid from suppliers to find more than $9 billion in savings as Chinese carmakers alter the economics of the global vehicle market. The company plans to cut costs by 1.5 trillion yen ($9.4 billion) by 2030, according to internal documents and a person familiar with the strategy. Honda aims to reduce costs by around 30% in three areas: pressed and forged parts, electrical parts, and parts used in software-defined cars. The automaker is also pushing suppliers to consider more use of Chinese vendors, as BYD and other Chinese manufacturers gain market share in Asia, Europe, and Latin America with cheaper prices and improved technology. Honda has shifted focus to hybrids amid losses in its EV strategy, making this cost program more than an ordinary efficiency push, as it strives to bridge a structural price gap with Chinese rivals while maintaining investment in software, batteries, and new vehicles.

Chinese electric vehicle giant BYD has begun mass production of chips for 4D millimeter-wave radar. These chips are said to support Level 4 (L4) autonomous driving. BYD plans not only to install these chips in its own vehicles but also to supply them externally. With the start of mass production, BYD aims to strengthen its competitiveness in autonomous driving technology and solidify its market position.

SUB A CAR, the personal car rental service under the Akanei Capital group, has announced the addition of five alternative energy vehicles, including hybrids (HEV) and fully electric vehicles (BEV): the Toyota Yaris Cross HEV Premium, Toyota Corolla Cross HEV Premium Luxury, Honda HR-V e:HEV EL, BYD Atto 2 Premium, and MG4 X Long Range. This move responds to modern travel trends where consumers prioritize convenience, technology, and alternative energy. The company stated that this expansion allows customers to try alternative energy vehicles before making a purchase decision, while enhancing the rental experience with home delivery and pickup, a single fee with no surcharges, unlimited mileage, no deposit required, and first-class insurance on all vehicles.

BYDCOM80 rose 3% following reports that BYD is considering taking over Stellantis's Brampton assembly plant in Canada, which is currently idle. The mayor of Brampton revealed that BYD approached discussions about six months ago regarding using the plant to produce buses, but no official confirmation has been made. Asia Plus Securities views this as slightly positive strategically; if BYD actually invests, it would enhance flexibility in expanding overseas markets, but it has no impact on current earnings estimates, and they do not recommend speculating on this news. BYDCOM80's latest price is 0.38 baht, up 0.01 baht, or 2.70%.

Chinese automaker BYD Co. has inquired about taking over an idle Stellantis NV plant in the Toronto suburbs, according to Brampton Mayor Patrick Brown, who said BYD approached him about six months ago to discuss making buses at the factory. The plant, which has not produced vehicles since late 2023, was being retooled for the Jeep Compass until Stellantis halted that plan amid US tariffs on foreign autos. Brown also received inquiries from Leapmotor International, a joint venture between Zhejiang Leapmotor Technology Co. and Stellantis, and from an Italian automaker. Unifor, the union representing workers, said Stellantis is considering selling the plant, and Brown noted that global companies want Canadian manpower if the US trade stance persists. The future of the 40-year-old factory remains uncertain as President Donald Trump's 25% tariffs on foreign cars and trucks, with a possible increase to 50% in January, cloud the outlook for Canadian auto exports.

Mr. Pornchai Thiraveja, Director-General of the Excise Department, revealed progress on restructuring the excise tax for electric vehicles, following policy directives from Deputy Prime Minister and Finance Minister Mr. Ekniti Nitithanprapas and Permanent Secretary of the Ministry of Finance Mr. Lavaron Sangsnit. The restructuring is based on three principles: not focusing solely on importing EVs but using imports to attract investment and technology transfer; expanding production capacity to export and become an Export Hub; and promoting the use of high-value local content. The Excise Department and the Ministry of Finance are preparing to propose measures to the National Electric Vehicle Policy Committee (EV Board) and the Cabinet to make this strategy concrete. Currently, there are 9-10 EV manufacturing plants under the EV3 and EV3.5 measures, including BYD, MG, and GWM. There are approximately 170,000 EV users, and investment in the EV and parts industry has exceeded 140 billion baht, generating about 25,000 jobs. Additionally, in the first 11 months of fiscal year 2026, the Excise Department arrested 35,739 cases of illegal goods, an increase of 5.84%, with fines and estimated penalties totaling 6.27477 billion baht, up 14.98%. The most common illegal goods were tobacco, followed by alcohol and oil.

Germany's business sector is stepping up pressure on Chancellor Friedrich Merz to adopt a tougher policy toward China, calling on the government to address unfair competition from Chinese rivals. This marks a shift in the stance of the business community, which had previously avoided supporting protectionist measures for fear of Chinese retaliation. Volker Treier, head of foreign trade at the German Chamber of Commerce and Industry (DIHK), said Germany should discuss the situation with China, and if it finds that competition is due to Chinese government subsidies or is unfair, action must be taken. This pressure comes as Germany's trade deficit with China, its largest trading partner, widened by around 22 billion euros last year to 89.3 billion euros (104.05 billion dollars), with imports up 8.8% and exports down 9.7%. German automakers such as Volkswagen have been overtaken by BYD in the Chinese market and are facing increasing competition from Chinese carmakers expanding into Europe. OECD data shows that Chinese manufacturers receive government support as a share of revenue that is roughly 3-8 times higher than their OECD counterparts, with subsidies accounting for nearly 60% of the increase in Chinese companies' global market share. Merz's coalition government has begun to signal a tougher stance toward China, seeking to reduce economic dependence, while still emphasizing that China is an important trading partner. On Wednesday (August 26), Merz said he had tasked the cabinet with preparing proposals to address the trade imbalance between the EU and China, following disagreements within the coalition. Germany's stance will help shape the EU's trade policy toward China, as the EU and China are scheduled to hold trade talks in October.

Chinese electric vehicle giant BYD has announced that its fast-charging stations have reached 10,000 locations, with plans to expand to 20,000 by the end of 2026. These 10,000 stations are part of the company's overall fast-charging network, and it intends to double this number in the future. BYD is rapidly building out charging infrastructure, primarily in China, aiming to boost the adoption of electric vehicles.

SUSCO Public Company Limited, or SUSCO, has announced an interim dividend payment from its operating results for the first six months of fiscal year 2026, at a rate of 0.10 baht per share. The ex-dividend date (XD) is set for September 10, with the dividend payment to be made on September 25, 2026. Meanwhile, for the second quarter of 2026, the company reported a net profit of 120.60 million baht, an increase of 797% compared to the same period last year. For the first six months, net profit stood at 213.06 million baht, up 104% from the previous year. The company plans to expand its fuel service stations in high-potential areas and develop new station formats through the SUSCO SQUARE concept to increase customer traffic and support long-term revenue. Additionally, its electric vehicle distribution business for BYD and DENZA is expected to grow in line with rising demand.