Seoul Economic Daily (June 1)
“Chinese imported cars overtook Japanese vehicles in Korea’s import market for the first time in April…. The result is striking, considering that all Chinese imports came from a single brand, BYD.” The “Red Tech threat” extends beyond EVs and looks poised “to engulf the AI and advanced manufacturing ecosystem. Before it is too late, the public and private sectors must mobilize all their capabilities to drive structural reform of mainstay industries such as steel and petrochemicals, where competitiveness is weakening, and to nurture new industries. If we fail to confront the reality of the crisis and respond complacently, we will surrender not only future growth engines but also industrial leadership itself.”
Tags: Advanced manufacturing, AI, BYD, China, Competitiveness, Confront, Crisis, EVs, Future, Growth engines, Industrial leadership, Japan, Korea, Mainstay industries, Mobilize, Petrochemicals, Red Tech threat, Steel, Structural reform, Surrender
Economic Times (July 4)
“The Chinese government is signalling enough is enough when it comes to the fierce competition in the country’s electric car market.” The nation’s “industrial policy has engineered a remarkable transformation to electric vehicles in… the world’s largest auto market,” but it has also “spawned far more makers than can possibly survive.” The government is moving to address “long-simmering concerns about oversupply and debilitating price wars.” The government is now “cracking down… targeting unsustainable price wars led by market giant BYD.” Marking a first step “toward stabilising the market,” the government has introduced “a new pledge to pay suppliers within 60 days.”
Tags: BYD, China, Cracking down, Debilitating, EV market, Fierce competition, Government, Industrial policy, Oversupply, Price wars, Stabilising, Suppliers, Unsustainable
AP (May 13)
“The rapid emergence of low-priced EVs from China could shake up the global auto industry in ways not seen since Japanese makers exploded on the scene during the oil crises of the 1970s. BYD, which stands for ‘Build Your Dreams,’ could be a nightmare for the U.S. auto industry.” So far tariffs have shielded the U.S. market, but “Detroit needs to quickly re-learn a lot of design and engineering to keep up while shedding practices from a century of building vehicles.”
Tags: 1970s, BYD, China, Design, Detroit, Emergence, Engineering, EVs, Global auto industry, Japanese makers, Low-priced, Nightmare, Oil crises, Rapid, Shielded, Tariffs, U.S. market
Wall Street Journal (January 3)
“Chinese automaker BYD for the first time topped Tesla as the world’s largest seller of electric vehicles on a quarterly basis, a sign of China’s emerging strength in the global market for battery-powered cars…. The Chinese rival’s ascent in the global pecking order has put new pressure on Tesla at a time when the U.S. electric-car maker is already leaning on steep price cuts to juice its sales.”
Tags: Ascent, Automaker, Battery-powered, BYD, China, Emerging, EVs, Global market, Pressure, Price cuts, Sales, Strength, Tesla, U.S.
