From 5h agoChina’s BYD has overtaken Elon Musk’s Tesla to become the world’s top-selling electric car maker.BYD, which has been backed by the US investment billionaire Warren Buffett since 2008, is on track to beat Tesla’s production for a second consecutive year.BYD, which stands for Build Your Dreams, said that it produced 3.02m new energy vehicles in 2023, ahead of Tesla which announced Tuesday that it made 1.84m cars.However, BYD’s sales figures include 1.6m battery-only cars, and 1.4m hybrids, which means Tesla is still the leader in the production of electric battery-only cars.Nevertheless, in the final quarter of last year BYD outsold Tesla in battery-only car sales – 526,000 to 484,000 – for the first time.Most of BYD’s vehicles sell at a lower price point than Tesla, which derives about 20% of its sales from the Chinese market.Chinese electric car makers such as BYD and Nio have set their sights on becoming major players in international markets, with a particular focus on Europe.In December, BYD, which currently sells five models in Europe and has plans to launch three more this year, announced plans to build a new production plant in Hungary.Last year, the company said it did not consider building its first European car factory in the UK because of the impact of Brexit.China’s top-selling electric car maker is targeting sales of about 800,000 cars annually in Europe by 2030.BYD said that the UK had not even made a top 10 list of possible locations to build its first European car plant.The Hong Kong-listed BYD, which was founded by former university professor Wang Chuanfu and began developing batteries in 1995, intends to become a global powerhouse in the electric vehicle market.Key events4h agoClosing summary5h agoTesla overtaken by China’s BYD as the world’s top-selling electric vehicle seller5h agoBT misses deadline to remove Huawei kit from mobile network over security concerns7h agoChip equipment maker ASML forced to stop some exports to China as tech battle escalates8h agoBitcoin surges to 21-month high topping $45,000 on hopes of wider trading8h agoUK manufacturing production declines for 17th successive month9h agoFood inflation falls to 18-month low but retail bosses warn on acceleration risks10h agoDigital bank Chase UK targets profitability next year as savers look for deals11h agoOil prices rise after Iran sends warship to the Red Sea after Houthi ship attacks11h agoIntroduction: Aldi and Lidl enjoy record Christmas sales as shoppers seek to stretch festive budgetsFilters BETAKey events (10)US (5)UK (5)BYD (4)At the end of the first day of trading for 2024 here are today’s main stories.Oil prices rise after Iran rejects calls to end support for Houthi Red Sea attacksRead moreAldi and Lidl report record Christmas sales amid cost of living crisisRead moreUK shop inflation sticks at 4.3% despite lower food price risesRead moreUK factory output lower than expected after fall in domestic and export orders Read moreNumber of UK first-time buyers in 2023 was lowest in a decadeRead moreValue of X has fallen 71% since purchase by Musk and name change from TwitterRead moreFitter working for Sharps takes legal action over employment rightsRead moreJimmy Lai pleads not guilty to all charges at Hong Kong national security trialRead moreSix things to watch in 2024 global economy, from tax cuts to AIRead moreChina’s BYD has overtaken Elon Musk’s Tesla to become the world’s top-selling electric car maker.BYD, which has been backed by the US investment billionaire Warren Buffett since 2008, is on track to beat Tesla’s production for a second consecutive year.BYD, which stands for Build Your Dreams, said that it produced 3.02m new energy vehicles in 2023, ahead of Tesla which announced Tuesday that it made 1.84m cars.However, BYD’s sales figures include 1.6m battery-only cars, and 1.4m hybrids, which means Tesla is still the leader in the production of electric battery-only cars.Nevertheless, in the final quarter of last year BYD outsold Tesla in battery-only car sales – 526,000 to 484,000 – for the first time.Most of BYD’s vehicles sell at a lower price point than Tesla, which derives about 20% of its sales from the Chinese market.Chinese electric car makers such as BYD and Nio have set their sights on becoming major players in international markets, with a particular focus on Europe.In December, BYD, which currently sells five models in Europe and has plans to launch three more this year, announced plans to build a new production plant in Hungary.Last year, the company said it did not consider building its first European car factory in the UK because of the impact of Brexit.China’s top-selling electric car maker is targeting sales of about 800,000 cars annually in Europe by 2030.BYD said that the UK had not even made a top 10 list of possible locations to build its first European car plant.The Hong Kong-listed BYD, which was founded by former university professor Wang Chuanfu and began developing batteries in 1995, intends to become a global powerhouse in the electric vehicle market.BT has missed the deadline to remove Huawei equipment from its mobile network, following a UK government order that the Chinese company’s technology posed a security risk.In 2020, the government ordered UK telecoms operators to replace Huawei technology used in core 5G mobile and broadband networks, where personal data is processed, as part of a wider ban over national security concerns that the Chinese government may be able to access customer information.Huawei, which had been the preferred supplier of the hi-end technology for next generation UK telecoms networks, has always denied the allegations.BT estimated that the work removing and replacing the technology from alternative suppliers would cost the telecoms group £500m.At the time, Philip Jansen, the former chief executive of BT, said that the company would have “no problem” meeting the 31 December deadline.“All 4G and 5G data sessions and voice calls are now delivered by non-Huawei core equipment – meaning that over 99% of all core traffic is now being served by non-Huawei kit,” said a BT spokesman.The remaining 1% of data that is yet to be migrated off of Huawei tech is on EE’s old 2G and 3G networks.BT said the process of removing Huawei kit from the core of its networks, which involves migrating 30 million active customers, has been “unprecedented in terms of scale, cost and complexity”.Companies that miss the year-end target could be fined as much as 10% of their revenue, or £100,000 for every day they aren’t compliant, although officials are likely to look leniently on the timeline for completion of such a complex task.Virgin Media O2 has said it has removed all the required equipment from its broadband and mobile networks.Vodafone has said that it did not have Huawei kit in its core networks.The government is allowing Huawei to be involved in the non-core parts of the UK’s 5G network, the masts and towers, but with a 35% cap on use of the Chinese company’s equipment which must be met by 2027.Chipmaking equipment manufacturer ASML has been ordered by the Dutch government to restrict the shipment of some of its exports to China, prompting Beijing to urge the Netherlands to “respect market principles”.The company said that the “partial revocation” of its export licence, which affects several lines of its state-of-the-art laser lithography machines which are crucial in the mass production of microchips, said the ban would only affect a “small number of customers in China”.The move comes ahead of new restrictions coming into effect at the end of January, after the Netherlands followed the US and Japan in imposing strict curbs on technology exports.In a statement the company said that after discussions with the US government it has “obtained further clarification of the scope and impact of the US export control regulations”.The company added: “We do not expect the current revocation of our export license or the latest US export control restrictions to have a material impact on our financial outlook for 2023.”Wang Wenbin, a spokesman for the Chinese foreign ministry, urged the Netherlands “to be impartial, respect market principles and the law, take practical actions to protect the common interests of both countries and their companies and maintain the stability of international supply chains”.Bitcoin hit a 21-month high of just over $45,000 as investors hope that US regulators will give the greenlight to the wider trading of the world’s largest cryptocurrency and its rivals.Bitcoin hit an intra-day high of $45,532 (£35,737) on Monday night, the highest level since April 2022, and the first time it has traded above the $45,000 mark since then.Traders, who drove big big price gains for bitcoin all last year, are excited at the prospect that the US Securities and Exchange Commission (SEC) could approve the first bitcoin exchange traded fund (ETF).This would open the market to allow investors to buy a product that tracks the share price of bitcoin without actually having to own the cryptocurrency.Investors are also awaiting the impact of a process known as “halving”, where every few years the reward offered to miners is slashed, which reduces the market supply and has historically resulted in share price rises.Victoria Scholar, head of investment at Interactive Investor, said: “After the heavy selling in 2022, bitcoin and other cryptocurrencies have been enjoying a resurgence and it feels like the crypto winter is over,” “After rallying over 150% in 2023, bitcoin continues its ascent. Growing hopes that US regulators will approve a bitcoin ETF are providing a tailwind to the cryptocurrency. The upcoming bitcoin halving event is also creating a lot of excitement among crypto investors. Historically bitcoin prices have picked up following a halving event.” The UK manufacturing sector declined for a seventeenth successive month in December, capping a dismal year marked by job cuts and falls in new orders and output.The latest flash estimate fromm the S&P Global/CIPS purchasing managers’ index (PMI) fell back to 46.2 in December – a score of 50 represents the neutral mark – having hit a six-month high in November.The flash report also found that business optimism fell to a 12-month low in December “reflecting a faltering economy, client closures and high interest rates”Caroline Litchfield, partner and head of manufacturing and supply chain sector at Brabners, said: “December was reflective of a dismal year for the sector. Nevertheless, many manufacturers are optimistic for the year ahead as fresh stimuli – including the Government’s £4.5 billion advanced manufacturing pot and regional Investment Zones – create more fertile grounds for investment.” UK #manufacturing PMI fell back to 46.2 in December from 47.2 in November, remaining below the neutral 50 mark for the 17th month running…
Tesla overtaken by China’s BYD as world’s top-selling electric car maker; UK manufacturing production declines for 17th successive month – as it happened
