BYD, the Chinese electric vehicle (EV) maker, is diversifying its business by entering the sea freight industry. The company has assembled a fleet of at least eight car-carrier ships to transport its EVs from Chinese factories to European, South American, and other markets. BYD’s move into shipping comes as its sales of EVs soar overseas. In 2023, the company sold three million electric cars and plug-in hybrid models, making it the world’s top-selling EV company in the fourth quarter of that year. While the majority of BYD’s sales are in China, its export business has been expanding significantly. However, the lack of car-carrier ships worldwide has been a barrier to growth, with rising costs to hire these ships due to a bust cycle in the international shipping industry since 2008, technological challenges in making ships greener, and existing vessels being reserved by automakers in other countries. BYD’s entry into the shipping industry follows a similar movement by other Chinese automakers such as SAIC Motor. While the move appears promising for BYD, there are potential risks involved, as demonstrated by a failed attempt by another Chinese car company, Chery, to build its own car-carrier ships in the 2000s.+
BYD’s bold voyage: breaking into shipping
Latest from News
Synnex Technology International: 2023 Earnings Surpass Revenue Expectations, Meet EPS.
TLDR: Synnex Technology International’s full year 2023 earnings saw revenues beating expectations. The company’s EPS was in line with analyst estimates. Synnex Technology International
Underdog uses AI to win against Biden in US election.
TLDR: Jason Palmer, a longshot Democratic candidate, credited artificial intelligence for helping him beat President Biden in the American Samoa caucus. Using AI programs,
Turkey on the cutting edge with 5G, pushes ahead with 6G.
TLDR: Transportation and Infrastructure Minister Abdulkadir Uraloğlu announced advancements in 5G technology and preparations for 6G in Türkiye. He emphasized the importance of digital
Is The Market Wrong About Shenzhen Senior Tech Material Co.?
TLDR: Shenzhen Senior Technology Material (SZSE:300568) has seen a 16% decrease in its share price over the past three months. The company’s Return on
Get kids ready for success and protect them from screens.
TLDR: Children today are given technology at a young age, shaping their development. Ciro Candia’s initiative, ProParent, aims to guide parents in creating a