Chinese EV giant BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF) has recalled over 115,783 units of the BYD Tang and Yuan Pro vehicles over issues related to design defects and battery issues.
Manufacturing Defects
The announcement was made by China's State Administration for Market Regulation on Friday, detailing that 44,535 Tang series vehicles and 71,248 Yuan Pro series vehicles were being recalled.
BYD issued the recall for the Tang series due to "component design and selection issues," which could result in corrosion of the circuit board, which could pose a safety risk for vehicles manufactured between March 2015 and July 2017.
As for the Yuan Pro vehicles, affected models were manufactured between February 2021 and August 2022. A manufacturing defect caused by improperly installed battery seals.
"Prolonged high-speed driving through water can cause water to enter the power battery, degrading insulation performance. In extreme cases, this can reduce power battery output, posing a safety hazard," the announcement said.
BYD's UK Exploits, Battery Market Share Dominance
The news comes as recent data showcased that the UK was BYD's largest international market as it sold 11,271 vehicles in the UK during September, much higher than the 1,150 units it sold in the region during September last year.
BYD also maintained its position as the second-largest battery manufacturer in the world behind Contemporary Amperex Technologies Ltd. (CATL), as it accounted for over 124.8GWh worth of battery installations during the period from January to August this year.
China's EV Price War Affects Dealers
Meanwhile, dealers in China are feeling the heat of the country's fiercely competitive EV price war and rapid transition towards electric vehicles, with major dealership companies reporting low profits.
Cui Dongshu, who is the secretary general of the China Passenger Car Association, said that the rapid growth of new energy vehicles in the market was leading to overcapacity.
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