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China's BYD ends full combustion engine cars to focus on electric, plug-in hybrids

Stock Markets Apr 03, 2022 12:30PM ET
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© Reuters. FILE PHOTO: A man cycles past an entrance to the headquarters of Chinese electric car maker BYD in Shenzhen's Pingshan district, Guangdong province, China October 25, 2019. REUTERS/Yilei Sun/File Photo

(Refiles to clarify in headline, first paragraph that BYD stops making fully combustion engine cars but smaller gasoline engines still used in plug-in hybrids)

BEIJING (Reuters) -China's largest electric vehicle (EV) maker BYD Co (OTC:BYDDF) Ltd (002594.SZ) said that as of last month it stopped making combustion engine vehicles and now produces full electric and heavily electrified plug-in hybrid cars only.

"In the future, BYD will focus on pure electric and plug-in hybrids in the automobile sector," the company said in a statement filed to the Hong Kong Stock Exchange on Sunday.

BYD will not completely stop making gasoline engines since smaller highly efficient engines will continue to be used in plug-in hybrid cars.

Its move is in response to Beijing's pledge to boost green energy consumption to bring carbon emissions to a peak by 2030.

BYD is among six carmakers - the others being Volvo, Ford, General Motors (NYSE:GM), Mercedes-Benz and Jaguar Land Rover - to have signed up to a global campaign to phase out combustion engine vehicles by 2040.

BYD sold 104,878 units of new energy vehicles (NEV) in March, surging from just 24,218 units in the same month a year earlier, and marking its highest monthly sales ever. Last month's sales comprised 53,664 pure EV and 50,674 plug-in hybrid cars and 540 commercial NEV cars.

The company also said in the statement that it will continue providing comprehensive services and supplies of spare parts throughout the life cycle to existing fuel vehicle customers.

China's BYD ends full combustion engine cars to focus on electric, plug-in hybrids
 

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Comments (4)
John Laurens
John Laurens Apr 03, 2022 7:16PM ET
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Nobody cares.
Fernando Saldanha
Fernando Saldanha Apr 03, 2022 7:16PM ET
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Wrong. Those who own BYD shares do care.
Steven Kilgore
Steven Kilgore Apr 03, 2022 1:08PM ET
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The auto makers may have pleged to phase out combustion engins, will last right up until they lose market share to another auto maker that sells them. Granted that is 18 ish years away, but the tech is no close enough to convert the US population. Need better/cheaper bateries and cars overall. Not to mention the extrem polution each EV battery comes with isn’t a prblem thats close to being solved yet either.
Fernando Saldanha
Fernando Saldanha Apr 03, 2022 1:08PM ET
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The US market shares of Ford, General Motors and Volkswagen are plunging.
Darshpreet Singh
Darshpreet Singh Apr 03, 2022 12:41PM ET
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Expect gap up for tomorrow
Darshpreet Singh
Darshpreet Singh Apr 03, 2022 12:41PM ET
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Expect gap up for tomorrow
 
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