BYD, a Chinese electric car firm, reported on Friday that their flagship Han sedan was introduced in the United Arab Emirates this week. BYD's arrival in the Middle East serves as another example of China-based businesses targeting the area, as hostility has made it increasingly problematic to enter the American or amplify in the European market. The Han sedan was released in China last year.
BYD, a Chinese electric car company, on Friday launched its flagship Han sedan in the United Arab Emirates. The availability of the BYD ATTO 3 was also indicated on the company's local website. It is unclear when deliveries will start. The move is part of the broader trend of Chinese businesses entering the Middle East, as strained geopolitical relations have impeded their access to the U.S. and Europe. There is a heightened focus in Middle Eastern countries, particularly Saudi Arabia, to reduce their reliance on fossil fuels. In June, Nio, another Chinese electric car startup, received $738.5 million from an Abu Dhabi-backed fund. To this effect, BYD opened a showroom in Dubai Festival City in alliance with Al-Futtaim Electric Mobility Company. Al-Futtaim was previously identified as the company that would represent BYD in the UAE, the first country in the Middle East to have BYD's cars on the roads. The plan was for four car models – electric and hybrid – to be launched in the UAE by the end of 2020. on massive orders
CNBC Pro has coverage on electric vehicles, batteries and chips that have the potential to hit a major milestone in 2024. HSBC forecasts that some battery stocks will show strong returns, while Citi notes an uptick in this part of semiconductors and provides its prime selections. UBS thinks that EV battery stock could show double-digit gains, and Bernstein cites global stocks that should benefit from the swift expansion of battery technology. The chip wars have escalated and one Chinese stock has jumped 30% in five days on a surge of orders.
By 2024, the global EV market is poised to reach an important milestone. According to HSBC, certain battery stocks could stand out, while Citi maintained that this corner of semiconductors had already seen an upswing and identified its leading picks. UBS believes that one particular EV battery stock has the potential to gain up to 10 times its current value, and may even surge by 100%. Bernstein has dubbed this a potential ‘iPhone moment’ and identified global stocks to capitalize on the swift growth of battery technology. Finally, the escalating chip wars have led one Chinese stock to surge 30% in just five days.
The rapid growth of BYD in China's domestic auto market has seen it expand its passenger car business abroad. In 2020, the company released the Han sedan, both in a hybrid and pure electric version powered by BYD's innovative "blade battery". According to figures from the China Passenger Car Association released earlier this week, the car was one of the highest selling new energy vehicles in China last year, a category that encompasses electric and plug-in hybrid types.
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