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Founded in 1995, BYD is a leading Chinese manufacturer in the design, development, and production of new energy vehicles, or NEVs. In March 2022, the firm discontinued production of internal combustion engine, or ICE, vehicles. Its products primarily target the growing midpriced mass-market segment in China's passenger vehicle market. The company sold about 3 million passenger NEVs in 2023, accounting for 33% of the Chinese passenger NEV market. Besides automobile production, the company is also engaged in handset components and assembly services, as well as the rechargeable battery and photovoltaics business. After more than 25 years of development, the company has established over 30 industrial parks worldwide.

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Tesla China sales are picking up momentum despite trailing behind Chinese EV maker BYD.

Tesla China&#39;s Weekly Insurance Registrations Points Towards Strong Q4 In Key Market

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Chinese EV giant BYD has made nearly a million new energy vehicles in less than 2 months, the company said on Monday.

BYD Makes A Million NEVs In Less Than 2 Months After Beating Tesla For The First Time Since 2022 In Quarterly Revenue

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BYD reportedly plans to launch passenger cars in South Korea by 2025, competing with Tesla Model 3 and Hyundai IONIQ 6 in the growing EV market.

BYD To Enter South Korea&#39;s Passenger Car Market In 2025, Challenging Tesla Model 3 And Hyundai IONIQ 6: Report

BYD Co Ltd

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) China sales are picking up momentum despite trailing behind Chinese EV maker BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>).
What Happened: Insurance registrations for Tesla vehicles in China came in at 17,100 units for the week ended November 17, down 1.16% from 17,300 in the previous week, <a href="https://cnevpost.com/2024/11/19/china-ev-insurance-registrations-week-ending-nov-17-2024/">reported</a> CnEVPost, citing data shared by Li Auto.
BYD, however, topped Tesla with&nbsp;94,700 insurance registrations in the period, up 10.24 percent from 85,900 vehicles registered the week before. The Chinese EV maker, however, makes both battery electric vehicles and plug-in hybrids, unlike Tesla.
EV startup Li Auto is following Tesla close on heels with weekly registrations touching 12,300 last week. China's newest EV entrant, Xiaomi, also had 5,700 insurance registrations last week. Insurance registrations in China are considered a proxy for sales.
Analyst Take:&nbsp;Tesla Bull&nbsp;and The Future Fund Managing Partner Gary Black deems the latest insurance registration numbers as positive. 
"After 7 weeks, TSLA China 4th quarter is +19.3% YoY and -0.2% QoQ. This was the highest 7th week of a quarter ever," Black wrote. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> China reported 17.1K insured deliveries for the week of Nov 11-17. After 7 weeks, TSLA China 4th quarter is +19.3% YoY and -0.2% QoQ. This was the highest 7th week of a quarter ever. Sources: <a href="https://twitter.com/piloly?ref_src=twsrc%5Etfw">@piloly</a> <a href="https://twitter.com/Tslachan?ref_src=twsrc%5Etfw">@Tslachan</a> <a href="https://t.co/2AapoLlAbE">pic.twitter.com/2AapoLlAbE</a>
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1858744033666912710?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote>
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Why It Matters:&nbsp;Tesla has to deliver at least 514,926 EVs globally in the last quarter if it is to beat its 2023 delivery number of nearly 1.81 million. China is Tesla's&nbsp;<a href="https://www.benzinga.com/news/24/06/39393504/tesla-rolls-out-upgraded-model-3-performance-to-chinese-customers" target="_blank" rel="noreferrer noopener">second-largest market&nbsp;</a>after the U.S., making deliveries in the region key to realizing Tesla&#8217;s annual delivery goal. 
However, Tesla has never managed to deliver over 500,000 EVs in a quarter to date, making this an&nbsp;<a href="https://www.benzinga.com/tech/24/11/41894615/tesla-q4-deliveries-expected-to-set-new-records-but-not-enough-to-avoid-yearly-sales-decline-says-researcher" target="_blank" rel="noreferrer noopener">ambitious target.</a>
In the third quarter, Tesla reported deliveries of 462,890 vehicles, up 6.4% year-over-year and up 4.3% quarter-over-quarter.
Deliveries fell 8.5% year-on-year in the first quarter and by 4.8% in the second quarter.
Price Action: Tesla&#8217;s stock is down 0.33% in premarket trading on Tuesday. Year-to-date, the Tesla stock has gained 36.4%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
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<li><a href="https://www.benzinga.com/general/space/24/11/42025066/elon-musks-spacex-delays-starship-test-flight-next-attempt-now-set-for-tuesday" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s SpaceX Delays Starship Test Flight, Next Attempt Now Set For Tuesday</a></li>
</ul>
Photo courtesy: Shutterstock

Tesla China's Weekly Insurance Registrations Points Towards Strong Q4 In Key Market

Chinese EV giant BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) has made nearly a million new energy vehicles in less than two months, the company said in a post on social media X on Monday.
What Happened: &#8220;BYD celebrated its 30th anniversary with the roll-off of its 10 millionth NEV, marking a significant milestone in sustainable automotive innovation,&#8221; the company wrote. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">BYD celebrated its 30th anniversary with the roll-off of its 10 millionth NEV, marking a significant milestone in sustainable automotive innovation. Chairman and President Mr. Wang Chuanfu reflected on BYD&#39;s journey and commitment to technological advancement, emphasizing its… <a href="https://t.co/4PvXF8Tare">pic.twitter.com/4PvXF8Tare</a>
&mdash; BYD (@BYDCompany) <a href="https://twitter.com/BYDCompany/status/1858653768256286910?ref_src=twsrc%5Etfw">November 18, 2024</a></blockquote>
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NEV or new energy vehicles refers to both battery electric vehicles and plug-in hybrid vehicles. 
BYD made its <a href="https://www.benzinga.com/news/24/09/41043074/byd-makes-a-red-yangwang-u9-supercar-for-its-9-millionth-new-energy-vehicle">nine millionth NEV</a> &#8211; a red Yangwang U9 &#8211; in late September, implying that the company made nearly a million vehicles in less than two months.
BYD Executive Vice President&nbsp;He Zhiqi&nbsp;said on Weibo earlier this month that the company hired over 200,000 people from August to October&nbsp;for car and components manufacturing and increased production by nearly 200,000 vehicles.
According to BYD, the company made over 1.3 million NEVs in the three months from August to October, compared to nearly 900,000 units that it manufactured in the corresponding period of last year.
Why It Matters: For the third quarter between July and September, BYD&#8217;s operating revenue rose 24% to&nbsp;<a href="https://www.benzinga.com/news/24/10/41647639/teslas-chinese-rival-byd-outshines-elon-musks-ev-giant-in-quarterly-revenue-for-first-time-since-202" target="_blank" rel="noreferrer noopener">201.12 billion yuan ($28.25 billion)</a>, the company said in a filing late last month.
BYD's American rival&nbsp;Tesla Inc.&nbsp;<a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs" target="_blank" rel="noreferrer noopener">reported a total revenue</a>&nbsp;of only $25.18 billion in the same quarter, making it the first time since 2022 that BYD has trumped&nbsp;Elon Musk's&nbsp;EV giant in quarterly revenue. BYD stopped making combustion engine vehicles in March 2022 to focus on electric vehicles.<a href="https://www.benzinga.com/quote/tsla" target="_blank" rel="noreferrer noopener"></a>
Despite reporting higher revenue than Tesla in the third quarter, BYD's net profit continued to trail behind <a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs" target="_blank" rel="noreferrer noopener">Tesla's net income of $2.167 billion</a>. The company reported a diluted earnings per share of 4 yuan (56 cents) for the quarter, lower than Tesla's adjusted earnings per share of 72 cents.
BYD has sold over 3.25 million vehicles since the start of this year as of the end of October, marking a growth of about 36% from the corresponding period last year. In October alone, the company sold over half a million vehicles, marking a jump of about 36% from October 2023.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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<li><a href="https://www.benzinga.com/tech/24/11/42033401/porsche-recalls-nearly-16k-taycan-evs-in-china-citing-fire-risk" target="_blank" rel="noreferrer noopener">Porsche Recalls Nearly 16K Taycan EVs In China Citing Fire Risk</a></li>
</ul>
Photo courtesy: Shutterstock

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<li>Singing Machine will be launching a globally available in-car karaoke microphone, designed to fully integrate with Stingray Karaoke app and BYD's infotainment system in its vehicles. The first-of-its-kind partnership will have enhanced karaoke features and proprietary technology that allows for unique vocal enhancements such as vocal effects and live pitch-detection for karaoke scoring.</li>
<li>Singing Machine's new microphones, co-developed with BYD Automotive Product Strategy and the New Technology Research Institute, will be manufactured by BYD Electronics and are set to debut during Black Friday events in Brazil and Christmas events in Europe. Starting in early 2025, this feature will be available in an expanding range of BYD vehicles worldwide. Consumers may check with their local dealerships for availability updates.</li>
</ul>

Contracts

RIME

Algorhythm's Subsidiary, Singing Machine Has Entered Into A Strategic Partnership Deal With BYD And Stingray, Starting In Early 2025, This Feature Will Be Available In An Expanding Range Of BYD Vehicles Worldwide

BYD Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), the Chinese electric vehicle (EV) giant, is reportedly set to expand its footprint in South Korea&#8217;s passenger car market next year, following its successful <a target="_blank" href="https://www.benzinga.com/news/24/11/41706373/tesla-rival-byd-hired-over-200k-employees-in-3-months-to-speed-up-ev-production" rel="noreferrer noopener">entry into the local commercial vehicle sector years ago.</a>
The company&#8217;s South Korean subsidiary, BYD Korea, has completed its preparations to launch passenger car models in the domestic market, with an expected rollout scheduled for early 2025, <a target="_blank" href="https://cnevpost.com/2024/11/13/byd-south-korean-passenger-car-market-2025/" rel="noreferrer noopener">reported</a> CnEV Post.
Per a <a target="_blank" href="https://www.teslarati.com/byd-south-korea-auto-market/" rel="noreferrer noopener">report</a> by Teslarati, BYD joined the South Korean market in 2016 with commercial vehicles like buses, forklifts, and trucks. The BYD Seal model is reportedly set to rival the Tesla Model 3 and Hyundai IONIQ 6 in South Korea, two dominant players in the market.
This move comes as BYD continues to make waves in the global automotive industry.
Despite not manufacturing traditional combustion engine vehicles, the company has been rapidly closing in on Ford Motor&#8217;s global sales, with its EV-focused model gaining significant market share.
Also Read: <a target="_blank" href="https://www.benzinga.com/24/11/41874691/chinese-ev-maker-byd-is-now-closing-in-on-fords-global-sales-volume-after-beating-tesla-in-revenue" rel="noreferrer noopener">Chinese EV Maker BYD Edges Closer To Ford&#8217;s Sales Volume After Beating Tesla In Revenue Race</a>
As of October 2024, BYD has sold over 3.25 million vehicles, marking a 36% year-on-year increase. In October alone, the company surpassed half a million units sold, showing impressive growth from the same period in 2023.
If this growth trajectory continues through the end of the year, BYD&#8217;s 2024 sales could exceed 4 million vehicles, positioning the company to potentially surpass Ford, which sold 4.4 million vehicles globally in 2023.
Turning to its South Korean expansion, BYD Korea is actively building a regional network for passenger vehicle sales and services, CnEV Post added.
The company is currently focused on recruiting staff, obtaining necessary vehicle certifications, and finalizing marketing and employee training plans. BYD&#8217;s entry into the South Korean consumer EV market is expected to increase competition in the country&#8217;s growing low-cost EV segment, where domestic players Hyundai Motor and Kia have already started rolling out more affordable electric models.
Image via Shutterstock
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<li><a href="https://www.benzinga.com/trading-ideas/movers/24/11/41947016/whats-going-on-with-rivian-shares-wednesday" target="_blank" rel="noreferrer noopener">What&#8217;s Going On With Rivian Shares Wednesday?</a></li>
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BYD To Enter South Korea's Passenger Car Market In 2025, Challenging Tesla Model 3 And Hyundai IONIQ 6: Report

Chinese EV maker BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) is closing in fast on Michigan-based Ford Motor Co&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) global sales despite the former not manufacturing combustion engine vehicles. 
What Happened: BYD has sold over 3.25 million vehicles since the start of this year as of the end of October, marking a growth of about 36% from the corresponding period last year. In October alone, the company sold over half a million vehicles, marking a jump of about 36% from October 2023. 
If BYD&#8217;s 2024 sales were to increase by 36% through the end of the year, its sales would cross over 4 million. Ford sold just 4.4 million vehicles to dealerships across the world in 2023.
According to a <a href="https://www.bloomberg.com/news/articles/2024-11-11/byd-closing-in-on-ford-deliveries-after-besting-tesla-on-revenue">report</a> from Bloomberg, BYD now has the chance to beat Ford in terms of annual sales, thereby cementing its position as a top 10 automaker globally. Ford has been selling nearly 1.1 million vehicles worldwide on average for the past three quarters, the report noted.
Why It Matters: BYD Executive Vice President&nbsp;He Zhiqi said on Weibo earlier this month that the company hired over 200,000 people from August to October&nbsp;for car and components manufacturing and increased production by nearly 200,000 vehicles. 
According to BYD, the company made over 1.3 million NEVs in the three months from August to October, compared to nearly 900,000 units that it manufactured in the corresponding period of last year.
For the third quarter between July and September, BYD's operating revenue rose 24% to&nbsp;<a href="https://www.benzinga.com/news/24/10/41647639/teslas-chinese-rival-byd-outshines-elon-musks-ev-giant-in-quarterly-revenue-for-first-time-since-202" target="_blank" rel="noreferrer noopener">201.12 billion yuan ($28.25 billion)</a>, the company said in a filing late last month.
BYD&#8217;s American rival&nbsp;Tesla Inc.&nbsp;<a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs" target="_blank" rel="noreferrer noopener">reported a total revenue</a>&nbsp;of only $25.18 billion in the same quarter, making it the first time since 2022 that BYD has trumped&nbsp;Elon Musk&#8217;s&nbsp;EV giant in quarterly revenue. BYD stopped making combustion engine vehicles in March 2022 to focus on electric vehicles.<a href="https://www.benzinga.com/quote/tsla" target="_blank" rel="noreferrer noopener"></a>
Despite reporting higher revenue than Tesla in the third quarter, BYD&#8217;s net profit continued to trail behind<a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs" target="_blank" rel="noreferrer noopener">&nbsp;Tesla&#8217;s net income of $2.167 billion</a>. The company reported a diluted earnings per share of 4 yuan (56 cents) for the quarter, lower than Tesla&#8217;s adjusted earnings per share of 72 cents.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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Photo courtesy: BYD

Chinese EV Maker BYD Edges Closer To Ford's Sales Volume After Beating Tesla In Revenue Race

Wedbush Securities predicts Tesla Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) artificial intelligence initiatives could see major gains under a Trump presidency, despite potential headwinds for the <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">broader electric vehicle sector</a>. 
What Happened: Dan Ives, a leading analyst at Wedbush Securities, projects that Donald Trump&#8216;s return to the White House could significantly boost Tesla&#8217;s AI ambitions, potentially unlocking &#8220;$1 trillion of incremental AI valuation&#8221; for the electric vehicle maker over the coming years.
However, the outlook for the broader EV industry appears mixed. Tesla CEO Elon Musk, who actively campaigned for Trump, has acknowledged that the incoming administration would likely eliminate EV subsidies and tax credits, as discussed during Tesla&#8217;s second-quarter earnings call.
&#8220;We believe Trump in the White House changes the landscape for Elon Musk and Tesla,&#8221; Ives said during an appearance on CNBC&#8217;s Squawk Street. The analyst characterized Musk&#8217;s alignment with Trump as a &#8220;major strategic bet&#8221; that could prove &#8220;very bullish for Tesla&#8217;s AI/autonomous story.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We believe Trump in the White House changes the landscape for <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> and <a href="https://twitter.com/Tesla?ref_src=twsrc%5Etfw">@Tesla</a> and will start the unlock the $1 trillion of incremental AI valuation in the Tesla story in our view over the coming years <a href="https://twitter.com/SquawkStreet?ref_src=twsrc%5Etfw">@SquawkStreet</a> &#x1f525;&#x1f3c6;&#x1f402;&#x1f37f; <a href="https://t.co/nDyomh80F7">https://t.co/nDyomh80F7</a>
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1854307652056015007?ref_src=twsrc%5Etfw">November 6, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/general/politics/24/11/41790636/kamala-harris-concedes-calls-for-unity-commitment-to-democracy">Kamala Harris Concedes: Calls For Unity, Commitment To Democracy</a>
Why It Matters: The firm projects Tesla&#8217;s <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41766869/trump-win-biggest-positive-for-elon-musks-tesla-tech-bull-says-it-could-boost-ev-gi">stock could see a $40-$50 price increase under a Trump presidency</a>, representing a potential upside of 16% to 20% based on current trading levels. Analysts attribute this positive outlook to Tesla&#8217;s established market position and manufacturing capabilities.
&#8220;We believe a Trump presidency would be an overall negative for the EV industry as likely the EV rebates/tax incentives get pulled,&#8221; Wedbush analysts wrote on Tuesday. &#8220;However, for Tesla, we see this as a potential positive with some caveats.&#8221;
Beyond Tesla, Ives anticipates significant AI initiatives that could benefit other <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41766869/trump-win-biggest-positive-for-elon-musks-tesla-tech-bull-says-it-could-boost-ev-gi">major tech players</a>, including Microsoft Corp., Amazon.com Inc., Alphabet Inc.&#8216;s Google, and Palantir Technologies Inc.
The analysis comes as Trump prepares to <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">assume office as the 47th president of the United States</a>, marking a period of potential transformation for both the technology and automotive sectors.
Price Action: Tesla Inc. showcased a standout performance on Wednesday, closing up 14.75% at $288.53, marking a significant single-day gain that brought its year-to-date rise to 16.15%. 
In contrast, key U.S.-based EV competitors struggled considerably, including Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) and Nio Inc. (NYSE: NIO). Rivian dropped 8.31% to $9.71, extending its challenging 2024 trajectory with a year-to-date decline of 53.98%. Nio fell 5.30% to $5.00, with a year-to-date slide of 40.62%.
Chinese EV maker Xpeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) and leading Chinese hybrid-electric giant BYD Company (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) also experienced losses, albeit to a lesser extent. Xpeng closed down 3.98% at $12.30, while BYD dropped 4.53% to $71.93, though BYD remains a strong performer overall, up 33.95% year-to-date.
On the ETF side, Tesla&#8217;s momentum mirrored that of Simplify Volt RoboCar Disruption and Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VCAR#NYSE">VCAR</a>), which surged 18.48% on Tuesday. However, the broader EV sector showed mixed results, with the SPDR S&amp;P Kensho Smart Mobility ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAIL#NYSE">HAIL</a>) increasing by only 1.23%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/11/41785495/us-treasuries-take-sharpest-plunge-in-a-year-ahead-of-fed-meeting-could-powell-adjust-stance-in-">US Treasuries Take Sharpest Plunge In A Year Ahead Of Fed Meeting: Could Powell Adjust Stance In Response To Trump?</a></li>
</ul>
Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

HAIL

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Simplify Volt RoboCar Disruption and Tech ETF

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Trump White House Could Unlock Trillion-Dollar AI Potential For Tesla, Says Dan Ives

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares slid over 2% in pre-market trading on Monday after China Passenger Car Association (CPCA) data showed that its deliveries of China-made vehicles in October dropped 5.3% compared to the corresponding period last year.
What Happened: Tesla China sold 68,280 vehicles in October, including exports, CnEVPost <a href="https://cnevpost.com/2024/11/04/tesla-china-sells-68280-cars-oct-2024/">reported</a>, citing CPCA data. 
This is the lowest number of vehicles sold by Tesla China this year since April and marks a drop of 5.32% from October 2023 and a steep slide of 22.7% from September. 
Tesla&#8217;s rival BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), meanwhile, sold 502,657 new energy vehicles in October, including battery electric vehicles and plug-in hybrids, marking a growth of 66.5% from October 2023. 
Why It Matters: Elon Musk-led company&#8217;s gigafactory in Shanghai manufactures Model 3 and Model Y for sale in China as well as export to countries including the UK. According to Tesla's third-quarter shareholder report, the gigafactory in Shanghai has an annual vehicle production capacity of over 950,000 vehicles, implying a daily maximum capacity of about 2,603 vehicles.
For the full year 2023, Tesla delivered 1,808,581 vehicles around the globe. To mark a growth over last year, the company has to deliver at least 514,926 vehicles in the three months through the end of December.
Price Action: Tesla shares closed down 0.35% at $248.98 on Friday. The stock is up by 0.2% year-to-date, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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<li><a href="https://www.benzinga.com/news/24/11/41705641/elon-musks-mother-slams-biden-snubbing-tesla-at-ev-summit-3-years-ago-as-the-worst-thing-that-happen" target="_blank" rel="noreferrer noopener">Elon Musk's Mother Slams Biden Snubbing Tesla At EV Summit 3 Years Ago As The ‘Worst Thing That Happened' To EV Giant</a></li>
</ul>
Image via Tesla

Tesla Shares Slide In Pre-Market As Sales Of Elon Musk-Led Company's Made-In-China EVs Drop In October

Chinese EV giant BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) hired over 200,000 people from August to October for car and components manufacturing and increased production by nearly 200,000 new energy vehicles, according to the company&#8217;s Executive Vice President He Zhiqi said on Weibo on Saturday.
What Happened: According to BYD, the company made over 1.3 million NEVs in the three months from August to October, compared to nearly 900,000 units that it manufactured in the corresponding period of last year.
New energy vehicles refer to both battery-electric vehicles and plug-in hybrids.
A whopping majority of the vehicles produced in the period were passenger plug-in hybrid vehicles. The company produced over 800,000 units of PHEVs in the period and nearly 500,000 battery-electric vehicles. 
Why It Matters: For the third quarter between July and September, BYD&#8217;s operating revenue rose 24% to <a href="https://www.benzinga.com/news/24/10/41647639/teslas-chinese-rival-byd-outshines-elon-musks-ev-giant-in-quarterly-revenue-for-first-time-since-202">201.12 billion yuan ($28.25 billion)</a>, the company said in a filing late last month.
BYD's American rival Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs">reported a total revenue</a> of only $25.18 billion in the same quarter, making it the first time since 2022 that BYD has trumped Elon Musk's EV giant in quarterly revenue. BYD stopped making combustion engine vehicles in March 2022 to focus on electric vehicles.
Despite reporting higher revenue than Tesla in the third quarter, BYD's net profit continues to trail behind<a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs" target="_blank" rel="noreferrer noopener">&nbsp;Tesla's net income of $2.167 billion</a>. The company reported a diluted earnings per share of 4 yuan (56 cents) for the quarter, lower than Tesla's adjusted earnings per share of 72 cents.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
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<li><a href="https://www.benzinga.com/news/24/11/41705641/elon-musks-mother-slams-biden-snubbing-tesla-at-ev-summit-3-years-ago-as-the-worst-thing-that-happen">Elon Musk&#8217;s Mother Slams Biden Snubbing Tesla At EV Summit 3 Years Ago As The &#8216;Worst Thing That Happened&#8217; To EV Giant</a></li>
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Photo courtesy: Shutterstock

Tesla Rival BYD Hired Over 200K Employees In 3 Months To Speed Up EV Production

Chinese EV giant BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) on Wednesday reported a net profit of $11.6 billion yuan ($1.63 billion) for the third quarter, marking a growth of 11.5% from the corresponding period last year.
What Happened: Operating revenue of BYD rose 24% in the period to 201.12 billion yuan ($28.25 billion), the company said in a filing.
BYD&#8217;s American rival Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) reported a total revenue of only $25.18 billion in the same quarter, making this the first time since 2022 that BYD has trumped Elon Musk&#8217;s EV giant in quarterly revenue. BYD stopped making combustion engine vehicles in March 2022 to focus on electric vehicles.
BYD, however, sells plug-in hybrids in addition to battery electric vehicles. Tesla, on the other hand, sells only battery-powered electric vehicles. 
BYD sold 1.13 million vehicles worldwide in the third quarter with BEVs accounting for 443,426 of it. Tesla, however, trumped BYD in battery electric vehicle sales with 462,890 units delivered in the period. 
Why It Matters: In the last quarter of 2023, <a href="https://www.benzinga.com/news/24/01/36839203/warren-buffett-backed-byd-sees-higher-profits-for-fy23-after-taking-over-tesla-as-biggest-ev-seller">BYD had trumped Tesla in BEV sales</a> and its revenue for the period closed in on Tesla&#8217;s but missed narrowly. The American EV giant reclaimed the title of the world&#8217;s best-selling BEV maker in the first quarter of 2024 and has been holding on to it since. 
Despite reporting higher revenue than Tesla in the third quarter, BYD&#8217;s net profit continues to trail behind<a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs"> Tesla&#8217;s net income of $2.167 billion</a>. The company reported a diluted earnings per share of 4 yuan (56 cents) for the quarter, lower than Tesla&#8217;s adjusted earnings per share of 72 cents. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
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<li><a href="https://www.benzinga.com/news/24/10/41644247/elon-musk-congratulates-spacex-team-for-200th-successful-starlink-flight" target="_blank" rel="noreferrer noopener">Elon Musk Congratulates SpaceX Team For 200th Successful Starlink Flight</a></li>
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Photo via Shutterstock

Chinese EV Behemoth BYD Tops Tesla's Revenue For First Time Since 2022 In Q3

Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market&#39;s attention and produce exceptional returns. But finding a great growth stock is not easy at all.
In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end.
However, the Zacks Growth Style Score (part of the <a href="https://www.zacks.com/style-scores-education/" target="_blank">Zacks Style Scores</a> system), which looks beyond the traditional growth attributes to analyze a company&#39;s real growth prospects, makes it pretty easy to find cutting-edge growth stocks.
Byd Co., Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) is on the list of such stocks currently recommended by our proprietary system. In addition to a favorable Growth Score, it carries a top Zacks Rank.
Research shows that stocks carrying the best growth features consistently beat the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.
While there are numerous reasons why the stock of this company is a great growth pick right now, we have highlighted three of the most important factors below:
<h3>Earnings Growth</h3>
Earnings growth is arguably the most important factor, as stocks exhibiting exceptionally surging profit levels tend to attract the attention of most investors. And for growth investors, double-digit earnings growth is definitely preferable, and often an indication of strong prospects (and stock price gains) for the company under consideration.
While the historical EPS growth rate for Byd Co. is 129.7%, investors should actually focus on the projected growth. The company&#39;s EPS is expected to grow 19.5% this year, crushing the industry average, which calls for EPS growth of -8.1%.
<h3>Impressive Asset Utilization Ratio</h3>
Asset utilization ratio -- also known as sales-to-total-assets (S/TA) ratio -- is often overlooked by investors, but it is an important indicator in growth investing. This metric exhibits how efficiently a firm is utilizing its assets to generate sales.
Right now, Byd Co. has an S/TA ratio of 1.04, which means that the company gets $1.04 in sales for each dollar in assets. Comparing this to the industry average of 0.61, it can be said that the company is more efficient.
While the level of efficiency in generating sales matters a lot, so does the sales growth of a company. And Byd Co. is well positioned from a sales growth perspective too. The company&#39;s sales are expected to grow 21.9% this year versus the industry average of 0.3%.
<h3>Promising Earnings Estimate Revisions</h3>
Superiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
There have been upward revisions in current-year earnings estimates for Byd Co. The Zacks Consensus Estimate for the current year has surged 2.4% over the past month.
<h3>Bottom Line</h3>
While the overall earnings estimate revisions have made Byd Co. a Zacks Rank #1 stock, it has earned itself a Growth Score of B based on a number of factors, including the ones discussed above.
You can see <a href="https://www.zacks.com/stocks/buy-list/?ADID=zp_1link&amp;ICID=zpi _1link" target="_blank">the complete list of today&#39;s Zacks #1 Rank (Strong Buy) stocks here</a>.
This combination indicates that Byd Co. is a potential outperformer and a solid choice for growth investors.
<a href="https://www.zacks.com/stock/news/2356149/is-byd-co-byddy-a-solid-growth-stock-3-reasons-to-think-yes?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_11_growth-2356149">To read this article on Zacks.com click here.</a>

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Is Byd Co. A Solid Growth Stock? 3 Reasons To Think "Yes"

The European Union's NIS 2 cybersecurity directive, now enforceable, mandates companies to bolster their cybersecurity<a target="_blank" href="https://www.benzinga.com/news/24/10/41380184/as-apple-microsoft-battle-eu-regulations-this-new-cybersecurity-rule-can-cost-companies-up-to-10m-if" rel="noreferrer noopener"> practices or face hefty fines</a>.
Chinese researchers have successfully used&nbsp;D-Wave‘s quantum annealing systems to break classic encryption RSA, potentially accelerating the timeline for when quantum computers could pose a&nbsp;real threat to widely <a target="_blank" href="https://www.benzinga.com/news/24/10/41325429/chinese-researchers-use-quantum-computers-to-reportedly-crack-rsa-encryption-raising-alarms-in-cyber" rel="noreferrer noopener">used cryptographic systems</a>.
Republican presidential nominee&nbsp;Donald Trump's&nbsp;2024 campaign has decided not to advertise on&nbsp;Snap Inc.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) Snapchat, a <a target="_blank" href="https://www.benzinga.com/news/24/10/41373962/trump-campaigns-snapchat-absence-potentially-gives-harris-edge-among-young-voters" rel="noreferrer noopener">platform favored by young voters</a>.
Amid growing concerns from the U.S. about the potential diversion of advanced chip technology to China, the UAE has assured its commitment <a target="_blank" href="https://www.benzinga.com/news/24/10/41350661/amid-fear-of-chinas-access-to-nvidia-amd-chips-through-middle-east-this-ceo-assures-uae-reliable-par" rel="noreferrer noopener">to safeguarding these technologies</a>.
The assurance comes as the Biden administration considers imposing restrictions on chip sales from NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) <a href="https://www.benzinga.com/news/24/10/41323155/nvidia-amd-face-chip-export-curbs-as-biden-administration-considers-restrictions-on-middle-east-coun">to the Middle East</a>.
Gaming
The latest figures from Circana reveal a dip in U.S. video game spending for August 2024, with total expenditure dropping 7% year-on-year to&nbsp;$4.1 billion. Hardware sales fell 36%,<a href="https://www.benzinga.com/general/gaming/24/10/41319267/us-gaming-market-sees-7-spending-decline-in-august-madden-nfl-25-debut-a-bright-spot" target="_blank" rel="noreferrer noopener"> driven by a 41% decline in Switch sales</a>.
Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) discontinued its $1 for 14 days Game Pass trial just before the launch of Call of Duty: Black Ops 6, which is set to release directly<a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41365519/microsoft-ends-1-game-pass-trial-ahead-of-call-of-duty-black-ops-6-launch" rel="noreferrer noopener"> on&nbsp;Game Pass next week</a>.
Microsoft settles the antitrust lawsuit over its $69 billion Activision Blizzard acquisition, with <a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41342256/microsoft-settles-antitrust-lawsuit-filed-by-gamers-over-activision-blizzard-acquisition" rel="noreferrer noopener">undisclosed terms and no refiling allowed</a>.
Microsoft is set to expand its cloud gaming capabilities by introducing support for player-owned Xbox games, a long-anticipated feature that will allow users to stream titles <a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41318405/microsoft-to-test-cloud-gaming-for-owned-xbox-games-in-november-report" rel="noreferrer noopener">from their&nbsp;personal game libraries</a>.
Electronic Arts Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>) will shut down Plants vs. Zombies 3 on November 15, 2024, halting downloads and in-app purchases in<a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41365831/plants-vs-zombies-3-servers-shut-down-as-ea-plans-major-overhaul" rel="noreferrer noopener"> preparation for a&nbsp;"major overhaul."</a>
Riot Games, the studio behind&nbsp;League of Legends, announced a series of layoffs affecting its League of Legends PC development team, <a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41367265/riot-games-lays-off-27-developers-as-part-of-league-of-legends-restructure" rel="noreferrer noopener">alongside plans for&nbsp;future expansion</a>.
Bandai Namco Holdings, Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NCBDY#OTC">NCBDY</a>) faces workforce shifts and project cancellations despite the success of Dragon B<a target="_blank" href="https://www.benzinga.com/markets/asia/24/10/41344105/inside-bandai-namcos-workforce-struggles-100-staff-members-quit-during-project-overhauls" rel="noreferrer noopener">all Z: Sparking! Zero&#8217;s 3 million unit sales</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/entertainment/24/10/41352155/elon-musk-applauds-spotify-after-streaming-giant-reveals-its-audiobook-catalog-has-doubled-" rel="noreferrer noopener">Elon Musk Applauds Spotify After Streaming Giant Reveals Its Audiobook Catalog Has Doubled To 300K Titles</a>
Smartphones
Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) reportedly had a secret partnership with Chinese electric vehicle manufacturer&nbsp;BYD Co Ltd&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) to create <a target="_blank" href="https://www.benzinga.com/news/24/10/41372383/apple-had-a-hush-hush-relationship-with-teslas-chinese-rival-byd-for-now-abandoned-car-plans-cuperti" rel="noreferrer noopener">long-range electric vehicle batteries</a>.
Apple is expanding its payment offerings within Apple Pay, providing users with more flexible online and&nbsp;in-app purchase options. The company is introducing installment loan features and increasing the <a target="_blank" href="https://www.benzinga.com/fintech/24/10/41385123/apple-pay-expands-buy-now-pay-later-with-affirm-adds-support-for-third-party-browsers-and-more" rel="noreferrer noopener">availability of rewards programs</a>.
Apple unveiled the&nbsp;upgraded version&nbsp;of its&nbsp;iPad Mini, marking the first significant upgrade to <a target="_blank" href="https://www.benzinga.com/news/24/10/41349691/apple-mini-gets-an-ai-upgrade-3-years-after-last-facelift-price-starts-at-499" rel="noreferrer noopener">the compact tablet since 2021</a>.
Apple has set a new sales record for its&nbsp;iPhone&nbsp;during the third quarter of 2024, coinciding with a broader <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41328252/apples-iphone-16-powers-record-sales-in-q3-just-behind-samsung-in-global-market-share-battle" rel="noreferrer noopener">recovery in the global smartphone market</a>.
Apple is reportedly ramping up its efforts to compete with&nbsp;Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>). The iPhone maker&#8217;s discounted version of the&nbsp;first-generation mixed-reality&nbsp;headset,&nbsp;Vision Pro, <a href="https://www.benzinga.com/news/24/10/41306527/apples-low-cost-vision-pro-could-hit-the-shelves-next-year-everything-you-need-to-know-about-iphone" target="_blank" rel="noreferrer noopener">could be ready by next year</a>.
Apple has terminated its self-driving vehicle testing permit in California. The decision follows the company's&nbsp;earlier<a target="_blank" href="https://www.benzinga.com/news/24/10/41309072/apple-poured-1b-a-year-into-its-car-project-before-abandoning-it-tim-cooks-company-now-pulls-plug-on" rel="noreferrer noopener"> abandonment&nbsp;of its electric vehicle project</a>.
Apple is reportedly experiencing a shortage in inventory&nbsp;for several of its products,&nbsp;leading to speculation about the <a target="_blank" href="https://www.benzinga.com/24/10/41322912/apple-to-launch-new-macbooks-pro-ipad-minis-and-imacs-analyst-says-inventory-dwindling-for-these-giz" rel="noreferrer noopener">imminent launch of new models</a>.
Samsung Electronics Co Ltd.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) is reportedly preparing to unveil its "Special Edition"&nbsp;Galaxy <a target="_blank" href="https://www.benzinga.com/news/24/10/41374294/apple-rival-samsung-to-unfold-special-edition-of-its-latest-flagship-foldable-phone" rel="noreferrer noopener">Z Fold 6&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/24/10/41374294/apple-rival-samsung-to-unfold-special-edition-of-its-latest-flagship-foldable-phone" rel="noreferrer noopener">as&nbsp;early as next week</a>.
Social Media, AI &amp; Technology
YouTube, a subsidiary of&nbsp;Alphabet Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) Google, is extending its "Premium Lite" plan to additional countries, offering a more <a target="_blank" href="https://www.benzinga.com/news/24/10/41373073/youtubes-premium-lite-plan-that-removes-some-ads-but-doesnt-offer-any-other-perks-is-rolling-out-to" rel="noreferrer noopener">affordable subscription with fewer ads</a>.
YouTube&nbsp;has unveiled a significant update that introduces a range of new features designed to enhance the user experience and foster a stronger connection between <a target="_blank" href="https://www.benzinga.com/general/entertainment/24/10/41350347/youtube-rolls-out-new-features-including-sleep-timer-collaborative-playlists-and-enhanced-m" rel="noreferrer noopener">creators and their audiences</a>.
Google&nbsp;has requested the 9th Circuit Court of Appeals to put a stop to the impending changes mandated by Judge&nbsp;James Donato's&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41375089/google-urges-9th-circuit-to-halt-dangerous-epic-ruling-cites-substantial-new-security-risks" rel="noreferrer noopener">ruling in the Epic v. Google case</a>.
Google&nbsp;has officially begun rolling out Android 15, the latest version of its&nbsp;mobile operating system, <a target="_blank" href="https://www.benzinga.com/news/24/10/41350862/google-rolls-out-android-15-with-theft-detection-lock-privacy-features-for-sensitive-apps-and-more" rel="noreferrer noopener">to Pixel devices today</a>.
Meta confirmed layoffs across multiple teams, including&nbsp;Instagram,&nbsp;<a href="https://www.benzinga.com/news/24/10/41375934/meta-confirms-layoffs-across-instagram-whatsapp-and-reality-labs-amid-strategic-reshuffle" target="_blank" rel="noreferrer noopener">WhatsApp</a><a href="https://www.benzinga.com/news/24/10/41375934/meta-confirms-layoffs-across-instagram-whatsapp-and-reality-labs-amid-strategic-reshuffle" target="_blank" rel="noreferrer noopener">, and&nbsp;</a><a href="https://www.benzinga.com/news/24/10/41375934/meta-confirms-layoffs-across-instagram-whatsapp-and-reality-labs-amid-strategic-reshuffle" target="_blank" rel="noreferrer noopener">Reality Labs</a>.
On Tuesday, U.S. District Judge&nbsp;Yvonne Gonzalez&nbsp;Rogers&nbsp;in California rejected Meta's attempt to dismiss the claims made&nbsp;in two separate <a href="https://www.benzinga.com/news/24/10/41349398/mark-zuckerbergs-meta-to-face-lawsuits-over-teen-social-media-addiction-judge-rejects-dismissal-moti" target="_blank" rel="noreferrer noopener">lawsuits filed&nbsp;last year</a>. The lawsuits involving over 30 states,&nbsp;including California, New York, and Florida, accuse Meta of contributing to mental health issues among teenagers by making its platforms addictive.
Taiwan Semiconductor Manufacturing Co. Ltd.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) reportedly started manufacturing A16 chips for&nbsp;Apple&nbsp;at its Phoenix, Arizona facility. This move is part of the U.S. strategy to<a target="_blank" href="https://www.benzinga.com/news/24/10/41356479/apple-spark-hope-for-americas-semiconductor-comeback-key-supplier-tsmc-reportedly-begins-producing-c" rel="noreferrer noopener"> enhance domestic semiconductor production</a>.
Sebastien Bubeck, the vice president of GenAI research at&nbsp;Microsoft is set t<a href="https://www.benzinga.com/news/24/10/41322687/sam-altman-led-openai-welcomes-microsofts-genai-research-vp-following-wave-of-executive-departures" target="_blank" rel="noreferrer noopener">o join&nbsp;</a><a href="https://www.benzinga.com/news/24/10/41322687/sam-altman-led-openai-welcomes-microsofts-genai-research-vp-following-wave-of-executive-departures" target="_blank" rel="noreferrer noopener">ChatGPT</a><a href="https://www.benzinga.com/news/24/10/41322687/sam-altman-led-openai-welcomes-microsofts-genai-research-vp-following-wave-of-executive-departures" target="_blank" rel="noreferrer noopener">-parent,&nbsp;</a><a href="https://www.benzinga.com/news/24/10/41322687/sam-altman-led-openai-welcomes-microsofts-genai-research-vp-following-wave-of-executive-departures" target="_blank" rel="noreferrer noopener">OpenAI</a>.
Read: <a target="_blank" href="https://www.benzinga.com/news/24/10/41309060/nvidias-jensen-huang-says-chatgpt-led-to-awakening-of-ai-praises-sam-altmans-openai-as-one-of-most-c" rel="noreferrer noopener">Nvidia&#8217;s Jensen Huang Says ChatGPT Led To &#8216;Awakening Of AI,&#8217; Praises Sam Altman&#8217;s OpenAI As One Of Most Consequential Companies Of Our Time</a>

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Consumer Tech News (Oct 14-18): Biden Administration Considers Imposing Restrictions On Chip Sales, Apple Inks Secret Deal With BYD & More

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has dominated the electric vehicle sector for years, but is seeing its global market share under pressure in China and other territories with Chinese EV companies <a href="https://www.benzinga.com/markets/equities/24/09/40669363/teslas-china-rivals-report-steady-august-sales-performance-amid-intense-price-competition-what-i">launching low-cost models.</a>
What Happened: Tesla and the <a href="https://www.benzinga.com/electric-vehicles">electric vehicle sector </a>could have another rival soon with Chinese company Skywell unveiling new electric vehicles at the 2024 Paris Auto Show this week.
Skywell may not be a household name in the U.S. yet, but there's a chance that consumers are familiar with the company's Skyworth affordable televisions that are sold in America by Walmart and Amazon.
Skywell unveiled the Q hatchback electric vehicle at the auto show, as <a href="https://electrek.co/2024/10/17/this-maker-of-cheap-tvs-just-launched-a-solid-looking-ev/">reported </a>by Electrek. The vehicle could compete against other similar electric vehicle offerings like the VW ID.3, Cupra Born and BYD Dolphin, according to the report.
The Q is expected to go on sale in 2025 in Europe and be "competitively priced." While not all details have been released, the report notes that a larger battery option available could provide up to 300 miles of range and the 0-60mph time is quicker than the strong-selling BYD Dolphin.
The company best known for its televisions and electronics previously launched the BE11 in the U.K. and sold electric vehicles in Israel previously, Electrek reported.
Are you buying when the CEOs of the Magnificent 7 are selling?
<ul>
<li>Stay in the know with our Insider Trades page — <a href="https://www.benzinga.com/sec/insider-trades/">see when leaders like Mark Zuckerberg, Elon Musk, and Jensen Huang are offloading their own shares.</a></li>
</ul>
Why It's Important: While it's early into the Q launch phase, the Electrek report said the vehicle looks to be a potential contender in the electric vehicle space.
While a transition from making affordable televisions to affordable electric vehicles may sound like a stretch, many technology companies have evolved from their early roots.
Electrek shares the examples of BYD Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) previously making mobile phones before cars, and Volvo owner Geely making refrigerator parts before vehicles. Let's not forget that Nintendo got its start as a playing cards company before getting into video games.
How the company got its start shouldn&#8217;t be the concern here for Tesla and other EV makers, the major concern should be the potential lower price point. 
The Skywell vehicle might not hit the market and might never be available for sale in the U.S. The potential release and focus on a lower price point will likely put the potential vehicle in competition with BYD and other Chinese electric vehicle companies.
These Chinese companies continue to put pressure on Tesla's global market share. While Tesla has been competitive on pricing for years thanks to its vertical integration, the company is getting beat in price by several models in the competitive battle for market share and units sold.
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</ul>
Photos: Unsplash/Pixabay

Tesla Has A New Chinese Electric Vehicle Competitor: How A Company That Used To Sell Cheap TVs Is Entering EV Race

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) reportedly had a secret partnership with Chinese electric vehicle manufacturer BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) to create long-range electric vehicle batteries.
What Happened: The partnership started in 2017 and aimed to develop a battery system using lithium iron phosphate cells, <a href="https://www.bloomberg.com/news/articles/2024-10-16/apple-secretly-worked-with-china-s-byd-on-long-range-ev-battery?srnd=undefined">reported</a> Bloomberg, citing people familiar with the matter.
While Apple does not own any technology used in BYD&#8217;s current Blade batteries, this development proves Cupertino's efforts to produce a car.
See Also: <a href="https://www.benzinga.com/news/24/10/41357341/as-nvidia-apple-and-microsoft-race-towards-4-trillion-valuation-generative-ai-startups-reportedly-dr">As Nvidia, Apple And Microsoft Race Towards $4 Trillion Valuation, Generative AI Startups Reportedly Draw 40% Of All VC Investment</a>
Previously, it was reported that the tech giant spent <a href="https://www.benzinga.com/news/24/03/37528093/apple-poured-1b-a-year-into-car-project-concocted-by-steve-jobs-for-a-decade-before-realizing-it-nee">roughly $1 billion annually</a> over the past decade on its car project, known internally as "Titan," before pulling the plug.
Today, BYD&#8217;s entire car lineup is powered by the Blade system — a battery pack design shaped by insights gained from its Apple collaboration, the report noted.
Eventually, Apple decided to back away from the partnership and consider systems from other battery manufacturers.
In February, it was reported that the iPhone-maker had abandoned the project.
Apple and BYD did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comments.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: Earlier this week it was reported that <a href="https://www.benzinga.com/news/24/10/41309072/apple-poured-1b-a-year-into-its-car-project-before-abandoning-it-tim-cooks-company-now-pulls-plug-on">Apple has terminated</a> its self-driving vehicle testing permit, which was granted in 2017.
The seeds of Apple Car were sowed by the company's legendary co-founder Steve Jobs, who wanted the tech giant to create "this generation's Volkswagen Beetle."
Now, while Apple has canceled the project, it continues to innovate in the automotive space. For example, in July 2024, it was reported that <a href="https://www.benzinga.com/news/24/07/40009035/months-after-shelving-decade-long-apple-car-project-iphone-maker-patents-camera-system-to-project-li">Apple had patented a novel camera</a> system for cars.
Image via Unsplash
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
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Apple Had A Hush-Hush Relationship With Tesla's Chinese-Rival BYD For Now-Abandoned Car Plans — Cupertino Poured Nearly $1B Each Year For A Decade Into The Project

Leading Chinese carmakers have dismissed the idea of challenging Europe&#8217;s legacy manufacturers with <a href="https://www.benzinga.com/news/24/10/41311787/tesla-rival-byd-slams-eu-tariffs-on-chinese-evs-needs-more-positive-education-trust-is-low">cheaper electric vehicles</a>.
What Happened: At the Paris motor show, Chinese carmakers, including Xpeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) and Guangzhou Automobile Group Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GNZUF#OTC">GNZUF</a>), emphasized their long-term commitment to the European market. This comes amidst a trade war between Beijing and Brussels and fears of a potential &#8220;invasion,&#8221; <a href="https://www.ft.com/content/f0e8cf38-c5b3-4288-b9b3-4f12132628d3">reported</a> the Financial Times on Sunday.
&#8220;We&#8217;re a 10-year-old company. We&#8217;re not going to overthrow anybody who&#8217;s developed over 100 years,&#8221; said Xpeng co-president Brian Gu, while showcasing an electric saloon with advanced artificial intelligence technology. He added that Xpeng aims to be the provider of &#8220;premium electric vehicles&#8221; in Europe and does not intend to compete on price.
Chinese state-owned carmaker GAC, which is also making inroads in the region, echoed a similar sentiment, emphasizing the potential economic benefits of its entry into the European markets and its willingness to collaborate with European suppliers.
See Also: <a href="https://www.benzinga.com/news/24/10/41301725/elon-musk-says-robovans-angular-design-inspired-by-art-deco-trains-unusually-low-ground-clearance-en?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Robovan&#8217;s Angular Design Inspired By Art Deco Trains, &#8216;Unusually Low&#8217; Ground Clearance Enabled By Automatic Load-Leveling Suspension</a>
These statements come amid growing political anxiety in Europe over the potential risks posed to the region&#8217;s industry. In early October, EU member states <a href="https://www.benzinga.com/news/24/07/39635158/eu-imposes-provisional-duties-of-as-much-as-37-6-on-chinese-ev-imports">agreed on tariffs of up to 45% on Chinese EVs</a> in an effort to counter their advance. This has led to a series of profit warnings from local manufacturers.
Why It Matters: The European Union&#8217;s protectionist stance against Chinese EVs has been a point of contention in the industry. The EU&#8217;s decision on tariffs for Chinese EVs could potentially lead to a <a href="https://www.benzinga.com/news/24/10/41143690/european-tariffs-on-chinas-ev-makers-could-backfire">wider trade war with China</a>, as the 27-member bloc&#8217;s protectionist stance could hurt its export-dependent companies, and its EV targets, and threaten critical raw material supplies.
China has also <a href="https://www.benzinga.com/news/24/09/40914629/china-warns-eu-tariffs-on-evs-will-harm-trade-with-germany">warned the EU</a> about the potential negative impacts on trade, especially with Germany, if the EU imposes tariffs on Chinese EVs. The situation has raised concerns about increased costs for consumers and potential impacts on the automotive market.
Meanwhile, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rival BYD Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) has <a href="https://www.benzinga.com/news/24/10/41311787/tesla-rival-byd-slams-eu-tariffs-on-chinese-evs-needs-more-positive-education-trust-is-low">slammed the proposed EU tariffs</a> on Chinese-made EVs, warning that they could increase costs and discourage buyers. This warning comes as European and Chinese automakers compete at the Paris car show, the largest in Europe, during a time of weak demand and rising costs.
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<li><a href="https://www.benzinga.com/news/24/10/41309072/apple-poured-1b-a-year-into-its-car-project-before-abandoning-it-tim-cooks-company-now-pulls-plug-on?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Poured $1B A Year Into Its Car Project Before Abandoning It. Tim Cook&#8217;s Company Now Pulls Plug On Autonomous Vehicle Testing Permit In California: Here&#8217;s More</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Eurozone

GNZUF

Tesla's Chinese Rivals Move To Calm Fears Of An European 'Invasion' That Threatens Legacy Players: 'Not Going To Overthrow Anybody Who's Developed Over 100 Years'

Tesla&#8217;s Chinese rivals slammed the proposed European Union tariffs on Chinese-made electric vehicles (EVs) during Paris Car Show. The situation has raised concerns about increased costs for consumers and potential impacts on the automotive market.
What Happened: The European Union&#8217;s proposed tariffs on Chinese-made electric vehicles could increase costs and discourage buyers, warned BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) on Monday. This warning comes as European and Chinese automakers compete at the Paris car show, the largest in Europe, during a time of weak demand and rising costs, Reuters reported.
BYD Executive Vice President Stella Li expressed concerns over the tariffs.
&#8220;Europe&#8217;s EV market needs more positive education &#8230; trust is low. The problem is the high price, and that the European Union now charges tariffs,&#8221; Li slammed.
She emphasized that the tariffs could prevent less affluent individuals from purchasing EVs. Nine Chinese brands, including BYD and Leapmotor, are showcasing their latest models at the event, as reported by Paris auto show CEO Serge Gachot.
See Also: <a href="https://www.benzinga.com/news/24/10/41303750/elon-musks-new-cybercab-does-not-have-stainless-steel-exterior-panels-like-cybertruck-despite-other?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s New Cybercab Does Not Have Stainless Steel Exterior Panels Like Cybertruck Despite Other Resemblances, Says Tesla Engineer: &#8216;Mass And Cost…Is Undesirable&#8217;</a>
Earlier this month, EU member states narrowly approved import duties on Chinese-made EVs of up to 45%, aiming to counter alleged unfair subsidies from Beijing. However, China denies these claims and has threatened retaliatory measures. Despite the tariff concerns, Chinese automakers are continuing their European expansion plans, with GAC (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GNZUF#OTC">GNZUF</a>) and Leapmotor announcing ambitious sales targets in Europe.
Why It Matters: The European Union&#8217;s decision to impose tariffs on Chinese EVs has sparked significant debate. The <a href="https://www.benzinga.com/markets/equities/24/10/41182675/tesla-byd-and-other-ev-stocks-to-watch-as-eu-votes-to-approve-tariffs-on-chinese-ev-imports">European Commission</a> announced earlier this month that the tariffs, reaching up to 35.3%, were supported by EU member states. This move aims to address perceived unfair subsidies by China. However, the tariffs have drawn criticism from various quarters, including <a href="https://www.benzinga.com/news/24/09/40810974/us-ally-urges-eu-to-reconsider-tariffs-on-chinese-evs-we-dont-need-another-war">Spain&#8217;s Prime Minister Pedro Sánchez</a>, who urged the EU to reconsider its stance to avoid escalating trade tensions. The ongoing dispute highlights the delicate balance between protecting domestic industries and maintaining international trade relations. As Chinese automakers continue their push into the European market, the outcome of this tariff battle could have lasting implications for the global EV industry.
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<li><a href="https://www.benzinga.com/news/24/10/41285210/tesla-stock-falls-nearly-3-in-overnight-trading-on-robinhood-after-self-driving-cybercab-unveil?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Stock Falls Nearly 3% In Overnight Trading On Robinhood After Self-Driving Cybercab Unveil</a></li>
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Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Tesla Rival BYD Slams EU Tariffs On Chinese EVs: 'Needs More Positive Education...Trust Is Low'

Chinese electric vehicle giant BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) is setting ambitious targets for the Mexican market, aiming to sell 100,000 electric vehicles by 2025. This comes despite potential tariff challenges from former President Donald Trump that could impact the company&#8217;s growth strategy.
What Happened: Jorge Vallejo, who leads BYD&#8217;s operations in Mexico, announced plans to sell 50,000 EVs in the country this year, with a goal to double that figure by 2025, Reuters reported on Wednesday. Vallejo also mentioned that BYD plans to reveal the location of its first Mexican factory by the end of the year. The facility is expected to initially produce 150,000 vehicles, with a potential expansion to increase output by another 150,000 units.
This comes at a time when Trump has vowed to <a href="https://www.benzinga.com/news/24/09/40913456/trump-vows-200-tariffs-on-chinese-made-cars-in-mexico-warns-of-us-auto-industry-collapse-if-kamala-h">impose 200% tariffs</a> on Chinese made cars in Mexico if he wins the 2024 Presidential election.
BYD, which began importing vehicles to Mexico last year, is seeking an extension of tariff relief for its EV imports. Despite the looming threat of tariffs, the company remains optimistic about its expansion in the Mexican market.
See Also: <a href="https://www.benzinga.com/general/restaurants/24/10/41198120/elon-musk-vs-mcdonalds-tesla-fans-wanted-collaboration-instead-they-get-new-product-launch-co?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Vs. McDonald&#8217;s: Tesla Fans Wanted Collaboration, Instead They Get New Product Launch Competing With Robotaxi Day</a>
Why It Matters: BYD&#8217;s expansion plans in Mexico are part of a broader strategy to navigate global tariff challenges. Earlier this year, BYD reportedly <a href="https://www.benzinga.com/markets/equities/24/09/40693961/chinas-ev-giant-byd-reportedly-delays-mexico-move-eyes-us-election-results-before-big-investment">delayed significant investments</a> in Mexico, awaiting the outcome of the U.S. elections. This cautious approach reflects the uncertainties posed by fluctuating American policies.
In July, <a href="https://www.benzinga.com/news/24/07/39662998/chinese-ev-makers-pivot-to-africa-amid-eu-and-us-tariff-hurdles">Chinese EV manufacturers</a>, including BYD, began exploring alternative markets like Africa due to increased tariffs from the EU and U.S. These protectionist measures have prompted Chinese companies to diversify their market presence.
Despite these hurdles, BYD has shown resilience, with <a href="https://www.benzinga.com/markets/asia/24/10/41191924/chinese-ev-stocks-li-auto-byd-nio-to-benefit-from-rebound-analyst">analysts predicting a rebound</a> in the Chinese EV market. BYD&#8217;s aggressive global expansion and new model launches are expected to sustain its growth momentum, underscoring the company&#8217;s strategic adaptability in the face of international trade challenges.
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Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

BYD Targets 100K EV Sales In Mexico By 2025 As Trump Vows 200% Tariffs On Chinese-Made Cars In North American Nation

Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) is having its Robotaxi Day this week. The &lsquo;We, Robot&rsquo; event will be held on October 10th&nbsp;in Hollywood as Tesla booked the massive&nbsp;Warner Bros. Discovery Inc. Studios to unveil its latest model. Considering the impressive venue and the fact&nbsp;that Tesla had delayed this&nbsp;event in order to make some important changes, expectations are high and there are many speculations of what the EV king plans to unveil, the day promises to be &quot;one&nbsp;for the history books&quot;.
Optimizing the charging process.&nbsp;
Yet, the week got kicked off by Nissan Motor Co Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>)&nbsp;deciding to join Bayerische Motoren Werke Aktiengesellschaft (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bmwyy#OTC">BMWYY</a>), Ford Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>), and Honda Motor Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hmc#NYSE">HMC</a>), or more precisely the trio&rsquo;s EV integration joint venture.&nbsp;Through its investment, Nissan revealed it will become an equal 25% investor&nbsp;in ChargeScape. BMW and Honda had presented ChargeScape&rsquo;s software that optimizes charging. Through ChargeScape, BMW, Honda, Ford and now Nissan, will provide bidirectional charging, allowing EVs to send power back to the grid when needed, while optimizing the charging process by coordinating with real-time grid demands. Also, BMW, Ford, Honda and Nissan will be providing financial incentives to EV owners to reduce energy use during peak times.&nbsp;
Bringing more clean energy to the EV table.
Having already established a reputation for its &lsquo;made-in-the-USA&rsquo; hybrid and clean energy solutions for light trucks, Worksport Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wksp#NASDAQ">WKSP</a>) is preparing for a market release of its solar-powered tonneau cover, SOLIS&nbsp;&nbsp;and the COR portable energy system. This clean energy power duo that promises off-grid power on the go has the potential to propel Worksport&rsquo;s mid to long-term revenues. Worksport already has an ongoing collaboration with Hyundai who secured access to these groundbreaking accessories. Also, Worksport will be releasing one of the most in-demand tonneau cover models, AL4 premium tonneau Cover, in the fourth quarter, with innovative four-fold design that offers enhanced functionality and ease of the use. By launching three new product lines, Worksport is aiming to strengthen its positioning and expand market reach. In the fourth quarter, Worksport will also be implementing cost-saving measures to&nbsp;enhance margins and&nbsp;lower operational overhead&nbsp;without compromising growth. With these key strategic advances that will undoubtedly accelerate revenue growth and boost margings, Worksport is aiming for&nbsp;cash flow positivity un 2025.&nbsp;
While Tesla still holds the EV crown, long gone are the days it had the EV throne to itself. Besides already sharing the crown with BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) on some fronts, both traditional automakers and newcomers are also shaping the EV landscape that is in the making, such as Worksport whose SOLIS and COR off-grid clean power duo promises to revolutionize the pickup experience altogether.&nbsp;
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Penny Stocks

BMWYY

NSANY

WKSP

The EV Evolution Goes On With New Developments

Shares of Rivian Automotive, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rivn#NASDAQ">RIVN</a>) fell 3.2% to $10.44 after it announced third-quarter 2024 production and delivery results and lowered its 2024 production guidance. The electric vehicle maker produced 13,157 vehicles at its manufacturing facility in Normal, IL, down from 16,304 units in the same quarter of 2023.
It delivered 10,018 vehicles, down from 15,564 units in the same period last year. Deliveries also missed expectations. FactSet&#39;s compiled analyst estimates anticipated third-quarter deliveries of 13,000 vehicles.
The company is facing production issues due to a component shortage on the R1 and RCV platforms. The supply shortage, which started in the third quarter, has worsened in recent weeks. As a result, Rivian now expects its annual vehicle production in the range of 47,000-49,000 units, down from the previous projection of 57,000 units. However, it maintains its annual delivery estimate in the range of 50,500-52,000 vehicles.
In June, Rivian announced a $5 billion joint venture with Volkswagen AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>), a global automotive giant. The collaboration will focus on software and electrical architecture design and development. However, the partnership will not cover battery technology, propulsion systems, high-voltage platforms, or autonomous driving. Per the JV, Volkswagen will initially invest $1 billion, followed by an additional $4 billion. Rivian anticipates finalizing the JV in the fourth quarter.
<h2>RIVN Applies for Federal Loan to Fund Factory Construction</h2>
The EV maker has applied for a federal loan to help fund the construction of an EV factory in Georgia, per a filing with the U.S. Department of Energy. Although Rivian has submitted the application, the department has not made a final call and the filing did not specify the loan amount or terms.
The factory is expected to begin partial operations in the third quarter of 2027, with full operation of its first production capacity block by 2028. Rivian had paused construction of the $5 billion Georgia plant to expedite the production of vehicles on the R2 midsize platform and to conserve cash. To save $2.25 billion and boost production, Rivian shifted manufacturing of the R2 midsize SUV, which will compete with Tesla&#39;s Model Y, to its Illinois facility. The production of R2 is scheduled to begin in 2026.
Rivian had secured $827 million in incentives from the State of Illinois to expand its Normal facility, where it also produces electric delivery vans for Amazon. In 2022, the company secured $1.5 billion in state and local incentives for the Georgia plant.
<h2>Rivian&#39;s Zacks Rank &amp; Key Picks</h2>
RIVN currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Blue Bird Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/blbd#NASDAQ">BLBD</a>) and BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>), each sporting a Zacks Rank #1 (Strong Buy) at present.
The Zacks Consensus Estimate for BLBD&#39;s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved by 65 cents and 80 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BYDDY&#39;s 2024 sales and earnings suggests year-over-year growth of 21.88% and 17.12%, respectively. EPS estimates for 2024 and 2025 have each improved by a penny in the past 30 days.
<a href="https://www.zacks.com/stock/news/2346896/rivian-shares-fall-3-after-it-slashes-2024-production-guidance?cid=CS-BENZ-FT-analyst_blog|company_news_corporate_actions-2346896">To read this article on Zacks.com click here.</a>

Large Cap

Guidance

Small Cap

Analyst Ratings

BLBD

VWAGY

Rivian Shares Fall 3% After It Slashes 2024 Production Guidance

European Union&#8217;s member states have expressed sufficient support for imposing <a href="https://www.benzinga.com/news/24/10/41143690/european-tariffs-on-chinas-ev-makers-could-backfire">definitive additional tariffs of up to 35.3%</a> on China-made battery electric vehicle imports, the European Commission said in a statement on Friday. 
What Happened: &#8220;Today, the European Commission&#8217;s proposal to impose definitive countervailing duties on imports of battery electric vehicles (BEVs) from China has obtained the necessary support from EU Member States for the adoption of tariffs,&#8221; the commission said. 
The commission added that it would continue to work with China to find an alternative solution. 
EU first announced that it would impose tariffs on China-made EVs in June, alleging that EV manufacturers in China benefit from &#8220;unfair subsidies&#8221; and that their cheaper offerings pose a threat to European manufacturers. Provisional duties were imposed in July. 
Potentially Impacted Stocks: The stocks that might potentially be affected by the definitive tariffs <a href="https://www.benzinga.com/news/24/09/40914629/china-warns-eu-tariffs-on-evs-will-harm-trade-with-germany">include</a>:
<ol>
<li>BYD Co Ltd. (OTCPK: BYDDY) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>): The Chinese EV giant exports significantly into Europe. In September alone, the company sold 33,012 units of its vehicles overseas, of which 30,512 were exported, including to Europe.</li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>): Tesla, in addition to manufacturing within Germany, also imports vehicles into Europe from its gigafactory in Shanghai. EU has slapped an additional tariff of 7.8% on Tesla EVs made in China and sold in Europe.</li>
<li>Nio Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) and Xpeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>): Shanghai-based Nio and Guangzhou-based XPeng also export their vehicles from China into Europe.</li>
</ol>
Other automakers to be impacted by the tariffs include BMW, Volkswagen, and SAIC Motors.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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Tesla, BYD, And Other EV Stocks To Watch As EU Votes To Approve Tariffs On Chinese EV Imports

Five out of China&rsquo;s six biggest EV makers posted record sales in September. Fueled by discounts and promotions, the Chinese EV pack led by BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>)&nbsp;revived demand. While Li Auto Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/li#NASDAQ">LI</a>) and Xpeng Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xpev#NYSE">XPEV</a>) also had a record sales month,&nbsp;Nio Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>) was the only major Chinese carmaker that missed hitting record deliveries, but had sales grow by more than 35%.&nbsp;
BYD continues to race to take over Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>).
According to CnEVPost, BYD sold as many as 419,426 NEVs which include both EVs and plug-in-hybrids (PHEVs). Besides being the fourth straight month that BYD posted record sales, it is also the first time that BYD hit the 400,000 milestone in monthly sales. BYD also reached the 1 million mark in shipped vehicles in a single quarter. Keeping up with the larger trend to combat the EV slowdown, BYD also reported its hybrid sales went up more than 86% YoY. However, EV sales continued to pick up, rising 9% YoY and 11% from August.&nbsp;&nbsp;
Li Auto also had a month of bumper sales.
In September, Li Auto&nbsp;shipped a record 53,709 vehicles, which translates to a YoY rise of 48.94%. With this figure, Li Auto exceeded its prior record from July by 5%.&nbsp;
This means that Leapmotor posted its fourth consecutive monthly sales record.
In September, Stellantis N.V. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stla#NYSE">STLA</a>)-backed Leapmotor delivered 33,767 NEVs, which translates to a YoY increase of 113.7%.
Putting EVs aside, hybrid makers are emerging as winners on the mainland.
While BYD reached glory thanks to its affordable EVs, it continues to expand its portfolio, including pickups and luxury models, challenging Tesla who will report its full third quarter earnings on October 23rd. After two quarters of declines, Tesla sales seem to be picking up. For the three-month period ending in September, Tesla made 469,796 vehicles and delivered 462,890 of them, which means production rose 14.4% and deliveries grew 5.8% from the second quarter. &nbsp;
But before it releases the full figure third quarter report, Tesla will be revealing its long-awaited robotaxi on October 10th&nbsp;and provide a glimpse of its future and new identity as an AI and robotics company. But while its rivals continue to set new records, Tesla reported a smaller-than-expected rise in third quarter deliveries.&nbsp;
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

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