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BYD Unveils $233,450 EV Supercar to Rival Ferrari and Lamborghini & Market Potential Surges with EU Battery Recycling Mandate & After Separation from BorgWarner, Finia Sees Hybrid Shift Rising
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Here you will find trending news topics in the automotive and mobility markets around the world.
We carefully select interesting news in the automotive industry, both domestic and international, and translate and summarize the contents for your reference. We hope you will find it useful in catching up with the latest news in the industry.
BYD Unveils $233,450 EV Supercar to Rival Ferraris and Lamborghinis
Feb 25, 2024
BYD unveiled a high-performance, fully electric supercar priced at 1.68 million yuan (about $233,450) that competes with luxury gasoline-powered cars such as Ferrari and Lamborghini.This Eyangwang U9 (Yangwang U9) is initially limited to the Chinese market, accelerating from 0 to 100 km/h (62 mph) in 2.36 seconds and reaching a top speed of 309.19 km/h.
BYD, which surpassed Tesla as the world’s largest EV seller in the fourth quarter of 2023, has a strong image as an affordable EV provider, but also offers luxury vehicles under the Eyangwang and Fang Chen Bao brands. With a post-New Year price war looming in China, BYD is trying to maximize profits from its luxury products.
Later this year, more ostentatious luxury EVs are scheduled to be launched in China, including a sedan priced at about RMB 1 million. The current production model, the U8 luxury SUV, is priced at RMB 1.1 million, with 3,653 units delivered by the end of January.
BYD’s share price rose up to 4.7% on Monday, with shares listed in Hong Kong. Shareholder Chairman Wang Chuan-fu proposed doubling the company’s share buyback in China to RMB400 million, which would boost investor confidence and stabilize and enhance the company’s value, according to the announcement. BYD is also restructuring its EV lineup to lower prices, targeting internal combustion engine models from Nissan, Toyota, and others.

Source: BYD’s New $233,450 EV Supercar to Rival Ferrari, Lamborghini
Market potential soars with EU battery recycling mandate
Feb 22, 2024
The EU Battery Regulation, which will take effect on February 18, 2024 , requires that new batteries contain a certain percentage of recycled material beginning in 2031. The regulation aims to increase the recycling capacity of European batteries from an expected 4 GWh or less by 2025 to 200 GWh by 2040, a goal that is of particular interest to Korean officials.
Currently, 70% of Europe’s battery recycling facilities are supplied by local companies, with foreign companies such as Redwood Materials and SungEel Hitech also attracting attention Redwood Materials, led by Tesla’s former CTO, has an annual capacity of 10,000 tons acquired Redux Recycling, a European company with an annual capacity of 10,000 tons.
SungEel Hitech operates two recycling plants in Hungary with the capacity to process 10,000 tons of waste from battery production and 50,000 tons of waste from electric vehicles annually. Other Korean companies such as Ecopro and IS Dongseo are also eyeing the European battery recycling market, with Ecopro announcing a cooperative venture with SK ecoplant and TES-Envirocorp Pte to build a battery recycling plant in Hungary. IS Dongseo has acquired BTS Technology and plans to build a battery processing plant in Europe.
Approximately 48-54% of the components of a lithium-ion battery are reusable, and an electric vehicle battery pack typically contains 41 kg of nickel, 9 kg of cobalt, 12 kg of manganese, and 8 kg of lithium. However, procurement of materials such as nickel, lithium, and cobalt is a challenge due to country-specific constraints.
Thus, beyond environmental reasons, battery recycling offers an opportunity to diversify the supply chain for procurement of critical battery materials. According to the Korea Trade-Investment Promotion Agency (KOTRA), by 2030, the global lithium-ion battery recycling market is expected to reach $25.3 billion, with Europe supplying approximately 320,000 tons of electric vehicle battery waste.
Source: EU’s battery recycling mandates spark surge in market potential
After Separation from BorgWarner, Finia Sees Hybrid Shift Rising
Feb 21, 2024
Spun off as a corporation from BorgWarner, Phinia Inc. is already off to a good start just six months after its establishment, and is expected to benefit from automakers’ retreat to HEVs amid rough progress by EV makers.
The company exceeded its revenue targets for the fourth quarter, showing a strong performance with adjusted earnings of $127 million on sales of $858 million. Shares were up 8.33% at $34.09 per share. Increased interest from new and existing customers in gas direct injection fuel systems and a doubling of orders for hybrid solutions indicate that hybrids are becoming a priority CEO Brady Ericson said, “Hybrid solutions are a very good solution for many consumers and global markets. We recognize that hybrid solutions are a very good solution for many consumers and global markets,” said CEO Brady Ericson.
Meanwhile, BorgWarner, which focuses on EVs, faces a short-term challenge due to the slow rate of EV adoption; while the increased penetration of EVs is expected to result in a 5% decline in engine production, Phinia is looking to ride the industry’s hybrid demand, expand its presence in the market, and plans to take advantage of and compensate for reduced competition.
Source :Phinia sees upside of hybrid shift after BorgWarner spinoff
Need help with your job search?
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- I want to start thinking about career planning.
Turnpoint Consulting is a recruitment agency specializing in the automotive and mobility industry. Our industry experts will support you in your career.
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- top
- Turnpoint Media
- Job Change x Trending News
- BYD Unveils $233,450 EV Supercar to Rival Ferrari and Lamborghini & Market Potential Surges with EU Battery Recycling Mandate & After Separation from BorgWarner, Finia Sees Hybrid Shift Rising