International News 19/12
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Make History! BYD Factory Annual Production to Surpass 1 Million Units by 2024
In 2024, BYD, the leading NEV manufacturer in China, reached a significant production milestone, surpassing 1 million units at its Xi'an, Shaanxi Province plant. This achievement reinforces Xi'an's status as BYD's primary electric vehicle production hub. The Xi'an plant has the capacity to produce 4,000 to 4,400 vehicles per day, with four assembly lines operating simultaneously. The plant reached the milestone on 13 December 2024. Over the past two decades, the Xi'an factory has served as the backbone of BYD's production operations, while also housing a diverse range of businesses, including NEV components, consumer electronics, rail transport, power batteries, and automotive financing. The increased production capacity in Xi'an is further supported by the completion of the first phase of the BYD component project, with the second phase currently in progress. It is projected that by 2022, the Xi'an plant will produce 1.02 million NEVs, representing 14% of China's total NEV production, with the BYD Xi'an plant accounting for approximately 98% of that.
Honda and Nissan Reportedly in Merger Talks, Strengthening Electric Car Sector
Japanese automakers Honda and Nissan are engaged in discussions regarding a potential merger, driven by increasing competition in the global automotive industry, particularly in the areas of electric vehicles (EVs) and autonomous technology. Although neither company has confirmed the merger talks, they have acknowledged exploring the possibility of a strategic collaboration since March 2024. Both Honda and Nissan have emphasised the value of combining their research and development resources, particularly in the area of electric vehicles. Furthermore, they have agreed on a strategic partnership framework that includes joint investment in EVs. A potential merger could provide a long-term strategic solution for both automakers, enabling them to leverage each other's strengths and collaborate to overcome the challenges of the EV market.
With just one six-word tweet, Elon Musk sent Tesla's stock plummeting by IDR 221 trillion
In 2020, Elon Musk, the CEO of Tesla, caused a US$14 billion drop in Tesla shares by sending a tweet that shocked the world. Despite his status as one of the world's wealthiest individuals with a net worth exceeding US$400 billion, Mr. Musk believed that the company's shares were overvalued. In a concise six-word tweet, he stated, "In my opinion, the Tesla stock price is currently excessive." The tweet prompted an immediate response in the stock market, resulting in a 12% decline in Tesla's share price. According to CNBC, Musk's tweet erased US$14 billion from Tesla's market value and caused him to lose approximately US$3 billion from his personal stake in the company. Despite this significant loss, Tesla has remained operational and currently has a market capitalisation of US$1.31 trillion as of December 2024.