🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Chinese Automakers Surge In UK As Tesla, Ford Sputter: BYD Leads 2,700% Sales Increase In May

Published 06/06/2024, 12:30
Updated 06/06/2024, 13:40
© Reuters.  Chinese Automakers Surge In UK As Tesla, Ford Sputter: BYD Leads 2,700% Sales Increase In May
F
-
TSLA
-
BYDDY
-

Benzinga - by Anan Ashraf, Benzinga Editor.

Chinese automakers including BYD Co Ltd (OTC:BYDDY) (OTC:BYDDF) gained ground in the United Kingdom in May as American automakers including EV giant Tesla Inc (NASDAQ:TSLA) and Ford Motor Co (NYSE:F) faltered.

What Happened: As per data from the Society of Motor Manufacturers and Traders (SMMT), 596 vehicles from BYD were registered in the U.K. in May, marking a nearly 2,700% jump from last year.

SAIC Motor-owned MG saw registrations jump nearly 15% to 7,223 units while Great Wall Motor‘s Ora brand witnessed a near 206% jump in registrations to 101 units.

U.S. automakers Ford and Tesla, however, did not fare well. Tesla registrations slumped 8% to 3,152 units while Ford registrations fell 31% to 7,520 units in May. Through 2024, Tesla registrations in the UK slumped nearly 12.6% as of the end of May while Ford registrations fell nearly 16%.

Why It Matters: Chinese automakers have been focused on increasing their market share in foreign markets amid an economic slowdown at home.

The increased competition among EV brands in the country has also given rise to an intense price war with EV makers including BYD slashing prices to retain market share.

Western nations including the EU and the U.S. are concerned that the low prices on Chinese EVs may harm domestic players.

While the U.S. quadrupled tariffs on EV imports from China to over 100% earlier in May, the EU is currently investigating China subsidies and considering hiking tariffs.

Check out more of Benzinga's Future Of Mobility coverage by following this link.

Read More: SpaceX’s 4th Starship Flight To Stream Exclusively On X As Elon Musk Consolidates Tech Empire

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.