BYD Sets to Get Further Boost to Revenues from E-trucks
BYD Co. Ltd. (OTCPK:BYDDF) is set to get a further boost to revenues from e-trucks. The world market for these is set to ramp up quickly in the next few years. Most trucks are diesel-powered, and diesel is rightly getting a bad name for air pollution. As the world's largest EV manufacturer, BYD is well-positioned to benefit in China and worldwide. Competitors, which will include Daimler (OTCPK:DDAIF) and Tesla (NASDAQ:TSLA), will find BYD a tough competitor.
The Truck Market
Trucks are not a very "sexy" business, and this may benefit BYD. Consumers in the Western World may be wary of buying a Chinese car at the moment. However, as the company's growing success in the e-bus market shows, consumers do not notice the manufacturer of the bus they catch to work or the truck that delivers their e-shopping.
According to a report by Deloitte, the world truck market in general is expected to enjoy moderate growth in the next few years. The period 2014 to 2024 is expected to have a CAGR of 3%. Certain markets will grow much more rapidly. Most notably these include India at 9%, ASEAN at 4%, and Eastern Europe at 10%.
The world's leading truck manufacturer is Daimler. It has over 20% of the world market through its "Mercedes Benz Truck" brand. Volkswagen (OTCPK:VLKAY) is strong with its "MAN" and "Scania" brands. The company has been somewhat slow to develop the e-truck sector. It expects to have its first e-truck, a light duty distribution truck, on the roads by 2019. It recently pledged to spend 1.4 billion euros by 2022 on this sector.
Fiat (NYSE:FCAU) and Volvo (OTCPK:VOLVY) are important world truck players. Volvo recently made headlines with its plan for all-electric passenger vehicles and is a leading developer now in autonomous testing. This includes an autonomous refuse truck and vehicles for mining operations. It is working on hybrid trucks more than pure electric.
- BYD Plans to Open Its First Electric-Truck Plant in Canada 2017-11-15
- BYD’s Truck Chief Confident About Future Battery-Electric Trucks's Growth 2017-10-31
- BYD’s First Overseas Photovoltaic Research Center Set up in Brazil 2017-06-23
- BYD to Start Producing Electric Sanitation Vehicle in Its New Laoting Base 2017-06-07
- BYD Unveils Its Pioneering "Fully Sustainable Power Solutions" 2017-06-06
- BYD to Supply 11 Zero-Emission Electric Trucks to San Francisco Goodwill 2017-05-10
- Heavy-Duty Truck Going Electric and Expects Growth in Near Future 2017-05-09
- BYD Unveils Class 8 Battery-Electric Refuse Truck at 2017 ACT Expo 2017-05-04
- BYD Electric Yard Truck to Make Demonstration in USA 2017-05-04
- BYD to Supply 11 Zero-emission Battery Electric Trucks to American SF Goodwill 2017-04-10
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