BYD sets a sales record in the third quarter, while Toyota's production drops for the first time in four years | Overseas Daily
"Top 3 News"
Tesla Launches New Powerwall 3 Expansion Unit, Significantly Reducing Installation Time
Key Points:
Tesla has recently introduced a new Powerwall 3 expansion unit, an innovative product that is expected to halve the installation time of home energy storage systems. In April of this year, Tesla already disclosed the development plan of this new unit. Compared to the previous generation, the main improvement of Powerwall 3 lies in its power capacity. Although the energy capacity remains unchanged at 13.5 kWh, the power capacity has been increased to 11.5 kW, and Elon Musk even claims that its peak can reach 30 kW. This increased power capacity makes the installation of a single Powerwall possible, solving the problem of insufficient power capacity in the past. Tesla also takes advantage of this high power capacity to launch a new product - the Powerwall 3 expansion unit, also known as the DC expansion unit. This unit is essentially a Powerwall 3 without a power inverter and can be used in combination with the standard Powerwall 3. For each additional expansion unit, the energy capacity of the system increases by 13.5 kWh. The price of this expansion unit is $1,000 cheaper than the standard Powerwall 3, meaning a lower total system cost for users who need more than 13.5 kWh of energy capacity. Tesla has officially launched this product in the United States and claims that it can significantly reduce installation time. According to official data, the installation time of a 2-Powerwall system using the expansion unit is only 22 minutes, while the installation of a regular 2-Powerwall takes 45 minutes. This improvement will bring significant savings for hundreds of thousands of installations each year. Tesla recently stated that they can now produce 700,000 Powerwalls per year. In addition, the combination of Powerwall with solar energy can bring the greatest value and is also a good way to reduce electricity bills. For users who want to find a reliable and reasonably priced solar installer nearby, EnergySage offers a free service to help users easily achieve solar installation, whether they are homeowners or tenants.
Tesla Powerwall 3 (Source: Electrek)
Opinions:
The launch of the Tesla Powerwall 3 expansion unit marks a significant advancement in home energy storage solutions. This innovation not only improves installation efficiency and reduces costs but also provides users with more flexibility and options. With the growing global demand for renewable energy and energy storage solutions, Tesla's move will undoubtedly drive the development of home energy management towards a more efficient and economical direction. From both environmental and economic perspectives, the launch of the Powerwall 3 expansion unit is a positive signal. In terms of environmental protection, it supports the storage and use of renewable energy such as solar energy, helping to reduce reliance on fossil fuels and lower carbon emissions. Economically, by reducing installation costs and improving installation efficiency, it makes it more affordable for more families to enjoy the benefits of clean energy, which is crucial for promoting clean energy technologies. In addition, by providing more efficient products, Tesla is also driving technological progress and market competition in the entire energy storage industry. This not only can stimulate other companies to carry out technological innovation but also can promote the entire industry to develop in a more efficient and environmentally friendly direction. In general, the launch of the Powerwall 3 expansion unit is another important milestone for Tesla in the field of home energy storage, indicating that the future of home energy management will be more intelligent and greener.
Kia's First Pickup Truck, Tasman, Debuts
Key Points:
Kia Motors has recently globally unveiled its first pickup truck model - Tasman, and plans to launch it in the market in 2025. This new pickup truck will offer multiple power configurations, including a diesel version, and Kia is also developing two new electric pickup trucks, which are expected to be sold in the US market in the future. The design of Tasman breaks the boundaries of traditional pickup trucks, indicating Kia's innovation in the electrification transformation. Tasman will first be launched in South Korea and Australia with internal combustion engine versions and will offer a variety of styles and configurations. Although Kia has not yet announced the specific specifications of the electric pickup truck, it is expected to be built based on the Hyundai Motor Group's E-GMP platform and can provide at least 300 miles of range. The launch of the Kia Tasman electric version will further enrich the choices in the electric pickup truck market and promote market development. As the electric pickup truck approaches production, Kia will share more details about its performance and features.
Kia Tasman Pickup Truck (Source: Electrek)
Opinions:
The global debut of the Kia Tasman pickup truck is not only an important attempt by the Kia brand in the pickup truck market but also brings new expectations to the electric pickup truck market. Judging from the current information, the design of Tasman breaks the framework of traditional pickup trucks, indicating Kia's bold attempt and innovative spirit in the electrification transformation. The electric pickup truck market is currently in a stage of rapid development, and major automakers are actively laying out their plans. Through the release of Tasman, Kia showcases its technical strength and market ambition in the electric vehicle field. Although the specific specifications of the electric pickup truck have not yet been announced, based on the expectations of the E-GMP platform, we can expect it to have at least a 300-mile range, which is quite competitive in the current electric pickup truck market. From the perspectives of environmental protection and energy transformation, the launch of electric pickup trucks is an important measure for the automotive industry to respond to the global trend of emission reduction. With the progress of battery technology and the improvement of charging infrastructure, electric pickup trucks are expected to achieve wider market penetration in the next few years. The launch of the Kia Tasman electric version will further enrich consumers' choices and promote the development of the electric pickup truck market. For Kia, the success of the Tasman electric version will have a positive impact on its global brand image and market share. In the highly competitive electric vehicle market, Kia needs to win the favor of consumers through technological innovation and a high-quality user experience. The launch of the Tasman electric version will be a crucial step for Kia in its global electric vehicle market layout and an important part of its electrification strategy.
BYD Sets Record in the Third Quarter with Surging Electric Vehicle Sales
Key Points:
China's leading electric vehicle manufacturer, BYD, achieved a record-breaking performance in the third quarter, with significant growth in both sales and revenue. BYD's net profit in the third quarter reached $1.6 billion (approximately 11.6 billion yuan), an increase of 11.5% year-on-year, and its revenue reached $28.2 billion (approximately 201.1 billion yuan), a 28% increase compared to the third quarter of 2023, both setting new quarterly records. In terms of new energy vehicle sales, BYD sold nearly 1.1 million new vehicles (including plug-in hybrid and pure electric vehicles) in the third quarter, breaking the 1 million mark for the first time in a single quarter. In September, BYD's plug-in hybrid vehicle sales reached 252,647 units, an 88% increase year-on-year. As of now, BYD has set a sales record for plug-in hybrid vehicles for seven consecutive months, with a cumulative sales of nearly 1.6 million plug-in hybrid models in the first three quarters. In terms of pure electric vehicle sales, BYD sold 164,956 units in September and a cumulative 443,426 pure electric vehicles in the third quarter. Although BYD's revenue in the third quarter surpassed Tesla for the first time, Tesla still had a slight edge in electric vehicle sales in the third quarter with 462,890 units. In terms of gross margin, Tesla's gross margin rose to 19.8% in the third quarter, while BYD's gross margin reached 21.9%, an increase from 18.7% in the second quarter. BYD's expansion momentum in the global market remains strong. Following its dominant position in the Chinese market, BYD is seeking overseas markets to drive growth. The company is not only frequently launching new models but also rapidly expanding into new market segments globally. BYD launched its first plug-in hybrid pickup truck, Shark, in Mexico earlier this year and then listed it in markets such as Brazil, Panama, Cambodia, and Australia. With the successive launches of new luxury models, medium-sized electric SUVs, and electric supercars, BYD expects its growth momentum to continue.
BYD's Model Portfolio (Source: BYD)
Opinions:
BYD's performance in the third quarter has attracted widespread attention not only in the Chinese electric vehicle market but also globally. This achievement is the result of BYD's efforts in multiple aspects such as technological innovation, market expansion, and brand building. Firstly, BYD's continuous investment in core technologies of electric vehicles, especially breakthroughs in battery technology, provides a solid foundation for the competitiveness of its products. BYD's blade battery technology, with its advantages of high safety, high energy density, and low cost, has become a major selling point for BYD electric vehicles. Secondly, BYD's rapid expansion in the global market shows the effectiveness of its internationalization strategy. BYD not only occupies a leading position in the Chinese market but also actively explores overseas markets, especially in Europe, America, and the Asia-Pacific region. By launching new models that meet the needs of local markets, BYD is gradually establishing a global brand influence. BYD's first-mover advantage in the new energy vehicle field has enabled it to occupy a favorable position in the rapid growth of the global electric vehicle market. With the continuous growth of global demand for new energy vehicles, BYD is expected to maintain its growth momentum and play a more important role in the global electric vehicle market. BYD's success provides valuable experience and inspiration for the new energy vehicle industry in China and even globally.
"Big Events"
Volkswagen to Close Electric Vehicle Factory in Brussels
Volkswagen Group recently announced that it will close the Audi factory in Brussels on February 28, 2025. This factory mainly produces the Audi Q8 e-tron electric vehicle model. Previously, Volkswagen had announced the closure of three factories in Germany, which is the first time in the company's 87-year history to close factories in its home country. The closure of the Brussels factory is expected to affect the employment of about 3,000 employees. Although the management is still looking for potential buyers to take over the factory, the union is dissatisfied with the company's excessive resistance to other offers and has triggered protests.
Audi Q8 e-tron Produced in Brussels (Source: Electrek)
In September this year, Volkswagen's Audi brand had expressed the hope to stop the production of the Q8 e-tron and seek to sell the factory. Despite 26 interested parties, according to Automotive News Europe, none of these potential buyers have proposed a feasible solution. The closure of the Brussels factory is not only a blow to local workers but also symbolizes the challenges that European automakers face in the process of electric vehicle transformation. The Audi Q8 e-tron, as an electric SUV with a price of approximately 80,000 euros, has received criticism for its high price and large SUV market positioning.
Volkswagen's sales in China, a core market, have dropped sharply, while it faces competition from Chinese automakers such as BYD entering the European market. This factory closure plan includes cutting tens of thousands of jobs and reducing the salaries of the remaining employees by 10%. This move is undoubtedly a heavy blow to Volkswagen, but it also reflects the severe challenges that traditional automakers face in the process of electrification transformation.
Slow Electric Vehicle Transformation Leads to High Costs, Toyota's Production Drops for the First Time in Four Years
Japan's largest automaker, Toyota, is facing challenges as the rise of low-cost electric vehicle manufacturers in China, such as BYD, tests Toyota's competitiveness in the global market. In the first half of 2024, Toyota's global production dropped for the first time in four years, falling by 7% year-on-year from 5.06 million in the same period last year to 4.71 million. This is also the first decline in Toyota's global production in four years. Due to the suspension of production of the Yaris Cross and Corolla Fielder in Japan due to improper vehicle certification, Toyota's domestic production in Japan dropped by 9.4% in the first half of this year. In addition, the recall of the Prius hybrid vehicle also led to a decline in production. In overseas markets, Toyota's production dropped by nearly 6% to 3.17 million units. In the North American market, production dropped by 1.7%, while in the European market, production increased by 3.2%.
Toyota Press Conference (Source: Electrek)
In China, Toyota's production decline is particularly severe, dropping by 17%. Like other traditional automakers, Toyota is struggling to keep up with the pace of ultra-low-cost models from Chinese electric vehicle leaders such as BYD. BYD's cheapest electric vehicle, the Seagull, starts at less than $10,000 (69,800 yuan) and continues to top the sales charts. From April to September 2024, Toyota's global sales dropped by 2.8% to 5 million units, the first decline in two years, with domestic and foreign sales dropping by 9.3% and 1.6% respectively. Although electric vehicle sales increased by 32.5% to 78,178 units, Toyota has cut its pure electric vehicle production plan for 2026 by 30%. Toyota now expects to produce approximately 1 million electric vehicles by 2026, lower than the previous target of 1.5 million. With Chinese electric vehicle manufacturers such as BYD rapidly expanding their overseas markets, Toyota's transformation in the electric vehicle field is particularly urgent.
Abu Dhabi Investment Company Proposes to Fully Acquire McLaren Automotive Business to Accelerate Electrification Transformation
An investment company in Abu Dhabi has reached a preliminary agreement with McLaren Automotive to fully acquire its automotive business, including its shares in the McLaren Group. The purpose of this acquisition is to bring additional capital to McLaren to accelerate its growth in vehicle development, especially in electric vehicle technology. If the acquisition is approved, McLaren may become the next manufacturer to fully shift to the development of electric supercars. McLaren Automotive is a British luxury car manufacturer that focuses on producing ultra-fast sports cars and Formula One racing car technology. Since manufacturing the M1 racing car in the mid-1960s, the company has held a place in the racing field and became an independent passenger car manufacturer in 2010.
