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Indonesia’s largest taxi operator, PT Blue Bird, anticipates that a new BYD Co. plant will help reduce electric vehicle prices as it aims to expand its fleet. The company plans for electric vehicles to make up 3% of its fleet by next year, with a goal of reaching 20% by 2030, according to Noni Purnomo, president commissioner at Bluebird Group Holding.
Xiaomi Corp. has raised its electric vehicle delivery target for 2024 to 130,000 units, an increase of over 8% from the previous goal of 120,000. Co-founder Lei Jun announced this ambitious objective on social media, highlighting the company's commitment to competing in the crowded EV market alongside giants like Tesla and BYD.
China has reduced or eliminated export tax rebates on select aluminium and copper products, as well as refined oil and batteries, leading to a surge in aluminium futures prices in London. This move, which affects rebates on various aluminium products and other commodities, is seen as a strategic response to ongoing trade tensions, particularly following the recent US presidential elections. Shares of major metal producers in India are closely monitoring the situation as international soyoil prices also rise.
Chinese electric vehicle stocks surged following record deliveries in October, driven by government subsidies. BYD Co. saw its shares rise by 5.6% after delivering over half a million plug-in electric and hybrid vehicles, while competitors Xpeng Inc and Geely Automobile Holdings Ltd also experienced gains exceeding 6%.
BYD Co. achieved a record sales month in October 2024, selling 500,526 vehicles, marking a strong start to the final quarter. The company, known for its pure-electric and plug-in hybrid models, saw hybrid sales lead with 310,912 units delivered, supported by upgraded powertrains offering over 2,000 kilometers of range.
Li Auto Inc. reported a strong third-quarter performance, achieving an adjusted net income of 3.9 billion yuan ($541 million), surpassing analysts' expectations of 3 billion yuan. The automaker's cost controls and efficiency measures contributed to this profitability, making it the third new-energy vehicle manufacturer to reach this milestone after Tesla and BYD.
BYD's revenue surged 24% year-on-year to 201.1 billion yuan ($28.2 billion) for the quarter ending Sept. 30, surpassing Tesla's $25.2 billion for the first time. The Chinese automaker's net income reached a record 11.6 billion yuan, driven by the sale of 1.12 million electric and plug-in hybrid vehicles, despite still trailing Tesla's profit of $2.2 billion.
BYD Co. reported quarterly revenue of 201.1 billion yuan ($28.2 billion) for the three months ending September 30, marking a 24% year-on-year increase. This achievement allowed BYD to surpass Tesla for the first time in revenue, as Tesla's sales reached $25.2 billion during the same period.
Mercedes-Benz Group AG is facing declining sales and profits as the luxury automotive market feels pressure from Chinese manufacturers like BYD Co. These companies are redefining "Made in China" as a symbol of luxury in the electric vehicle sector, challenging established brands in Europe and beyond.

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