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BYD sets lower sales growth & warns of looming price war

(Credit: BYD)

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BYD set lower sales growth goals for 2024, warning of a looming price war and overcapacity in Mainland China’s electric vehicle (EV) sector.

BYD Chairman and President Wang Chuanfu held an investors conference earlier this week. According to SCMP, Wang told investors that the company’s expects deliveries to top at 3.6 million units this year, 20% more compared to 2023’s 3.02 million units. The BYD Chairman also forecasted that exports would more than double to 500,000 units this year. 

The top EV manufacturer forecasts for 2024 are hopeful. However, BYD’s delivery estimates for 2024 are a third of 2023’s sales growth, which was 62.3%. The Chinese automaker estimates account for some challenges BYD expects this year. 

“Overall demand for EVs [in China] is set to fall in 2024, as consumers refrain from buying items such as cars due to concerns about job prospects and incomes. A 20% increase will not be easy to achieve, given the current weak market sentiment,” said Zhao Zhen, a sales director at Wan Zhuo Auto—a car dealer in Shanghai. 

In the first two months of 2024, BYD delivered 325,706 cars, up 2.9% year-over-year. In February, it slashed the prices of all its vehicles between 5% to 20%. The Chinese carmaker also slowed down construction plans for its EV factory in Vietnam

Tesla and BYD appear to be on the same page. The American EV manufacturer is reportedly trimming production output at Giga Shanghai. Tesla’s factory in Shanghai is the company’s main export hub.

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Starlink rival Amazon’s Project Kuiper invests $20M in Indonesia

Amazon’s Project Kuiper eyes $90M in Indonesia by 2035. With Starlink already active, who will win the race for rural connectivity? 

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(Credit: Amazon)

Starlink rival Amazon’s Project Kuiper plans to invest $20 million in Indonesia. Similar to SpaceX’s Starlink internet services, Project Kuiper is Amazon’s low earth orbit (LEO) connection service.

The initial investment will go toward building six gateway stations in the country as Amazon prepares to start Kuiper operations. Amazon plans to invest up to $90 million in Project Kuiper in Indonesia by 2035. The company aims to expand infrastructure and expand internet access in various regions of the country.

Indonesia’s Minister of Communication and Digital Application, Meutya V. Hafid, supported Amazon’s Project Kuiper.

“We want to ensure that every citizen, regardless of location, has equal access to digital technology. With the support of investment and innovation from the private sector, we can accelerate digital transformation and create greater opportunities for the community,” Meutya said.

Amazon has already applied for operational permits in Indonesia for Project Kuiper. The company is in the middle of processing telecommunications licenses and satellite leasing rights. Amazon Kuiper is also seeking to receive a Business Identification Number (NIB) to comply with Indonesia’s latest regulations on operations by foreign companies.

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“We understand that connectivity is still a challenge in many remote areas. Therefore, we want to work with the government and local partners to provide wider internet access for the people of Indonesia,” said the Global Head of Licensing and International Regulatory Affairs at Amazon Project Kuiper, Gonzalo de Dios.

Besides Indonesia, Amazon’s Project Kuiper is also competing with SpaceX’s Starlink in the United Kingdom. As of September 2024, Amazon was reportedly close to receiving a license to start Project Kuiper operations in the UK.

SpaceX’s Starlink launched in Indonesia last year. Elon Musk visited Indonesian President Joko Widodo during Starlink’s debut in the Southeast Asian country.

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SpaceX is in talks with another potential Starlink partner in India

Vodafone explores SpaceX Starlink partnership to boost rural internet in India! Rivals Bharti Airtel & Jio are already on board.

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(Credit: SpaceX)

SpaceX is in talks with another potential Starlink partner in India: Vodafone Idea Ltd. The Indian telecom company has not confirmed a partnership with SpaceX to offer Starlink internet services to its customers.

“We are in exploratory talks with various Satcom providers, including Starlink,” commented Vodafone.

Vodafone Idea’s share price was up by 4.93% on Wednesday after news spread that the telecom company was talking with SpaceX about Starlink internet services. However, Vodafone clarified that its talks with SpaceX are a routine business strategy to continue enhancing the quality of its services and expand its telecommunication offerings.

Vodafone is talking with multiple Satcom providers at the moment, not just SpaceX. The company’s Chief Technology Officer, Jagbir Singh, noted that satellite services could help Vodafone expand its fixed and mobile networks to areas that traditional infrastructure can not reach. He added that the telecom company aims to offer fixed wireless broadband in rural areas and small towns.

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Two of Vodafone’s rivals in India have already inked deals with SpaceX to offer Starlink services, namely Bharti Airtel and Jio Platforms.

Despite the agreements with Bharti Airtel and Jio Platforms, SpaceX’s Starlink has not received regulatory approval to operate in India. As of November 2024, Starlink India had only one box to check in order to receive approval. It needs to fully comply with the Indian government’s security regulations, specifically related to data storage.

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Tesla attacks deemed a ‘federal crime’ by FBI after Las Vegas fire

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Credit: Patrick Bean | X

Tesla attacks have been deemed a federal crime by the FBI’s Las Vegas Field Office after several Tesla vehicles were shot at and set on fire in Sin City.

“To those who might think that something like this is justifiable or potentially even admirable, we want you to know this is a federal crime,” commented Special Agent Spencer Evans, who is in charge of the FBI’s Las Vegas Field Office.

Surveillance footage from the Las Vegas Tesla attack revealed a person dressed in black clothing shooting at the electric cars and then setting them on fire with Molotov cocktails. One Molotov cocktail, which failed to explode, was found inside a Tesla vehicle and is currently being examined as evidence.

Fortunately, no one sustained any injuries in the Las Vegas Tesla attack. The fire department that responded to the fire was able to extinguish the fires before they could reach the Tesla batteries.

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According to Assistant Sheriff Dori Koren from the Las Vegas Metropolitan Police Department, several 911 calls were made at around 2:45 am. The calls reported a fire at a Tesla facility.

“Officers discovered several vehicles on fire as well as the word ‘Resist’ spray-painted on the front doors of the business,” Asst. Sheriff Koren told CNN.

The Tesla Las Vegas fire is the second case under FBI investigation. The FBI Seattle Field Office is investigating Tesla attacks in their area after March 11, when six Tesla Cybertrucks were spray-painted with swastikas and profanity.

Tesla attacks across the United States have become more common and are often tied to Elon Musk’s political activities. While the attacks are meant to hurt Tesla, the company, it has actually hurt people and other car owners more. A few non-Tesla cars have also been damaged in the attacks due to their proximity.

“You’re not hurting Elon, I already purchased the truck. You’re hurting people that work for a living, and that’s extremely wrong. You want to make a political statement? Go and protest in front of dealerships; that’s fine. That’s your right. But to vandalize people’s property with hate symbols?” commented one Jewish Tesla owner, whose Cybertruck was marked with a Swastika.

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