China's leading electric vehicle (EV) manufacturer, BYD Co., Ltd. BYDDF BYDDY, has reportedly launched its inaugural chartered cargo ship, marking a significant step in the expansion of its global electric vehicle exports.
The "BYD Explorer No. 1," with a capacity to transport 7,000 vehicles, is en route to Europe, making stops at the Chinese ports of Yantai and shortly thereafter in Shenzhen, as per a report by Bloomberg, which references a WeChat post by the vessel's builder, China International Marine Containers Group Co.
Managed by Zodiac Maritime Ltd., this ship is being rented to BYD, the report read.
BYD, after dominating the domestic market and emerging as the top-selling car brand in China, is now swiftly expanding its presence abroad. In the fourth quarter, it surpassed Tesla, Inc. TSLA to become the world's largest manufacturer of electric vehicles. In fact, the company was recently in the headlines for setting up a reward scheme offering 2 billion yuan for its dealers upon reaching their sales targets in 2023.
The inaugural journey of the BYD Explorer No. 1 began in Longkou, a coastal city located in China's northeastern Shandong province, the report read.
It made a stop at Yantai on January 9 and is currently en route to Shenzhen, the location of BYD's headquarters.
Also See: EV Showdown 2024: Tesla, BYD, NIO, XPeng, Li - Which Offers Greater Value?
In Shenzhen, the vessel will pick up additional cargo before setting sail for Europe, as indicated by maritime tracking data, Bloomberg added.
CIMC has stated that the BYD Explorer No. 1 represents the "first" cargo ship constructed by a Chinese shipbuilder specifically for the export of Chinese automobiles, per the report.
The ship is outfitted with two tanks designed to store liquefied natural gas, which will serve as the primary fuel source in an effort to lower emissions, the report read.
Price Action: BYDDY shares traded higher by 3.39% at $54.32 on the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
