BYD Recalls Nearly 97K EVs Over Concerns Of Overheating Part, Potential Fire
Chinese automaker BYD Co Ltd. (OTC:BYDDY) (OTC:BYDDF) is recalling 96,714 electric vehicles owing to risks of a part overheating, the country’s market regulator said on Monday.
What Happened: The recall population includes domestically produced Dolphin and Yuan PLUS EVs made between November 2022 and December 2023. It is not clear whether all the recalled vehicles are in operation within China or whether some were also exported.
The capacitor within the column-assist electric power steering (CEPS) system may have cracks which can cause a short circuit, increasing risks of overheating or even fire, the regulator said.
BYD dealers will deploy a physical fix on the vehicles at no cost to the customer to resolve the issue, it added.
The company did not immediately respond to Benzinga’s request for comment.
Why It Matters: BYD, the biggest Chinese EV maker, sold 2,328,449 new energy vehicles (NEVs) this year through the end of August, including both passenger and commercial vehicles, marking an increase of nearly 30% from the corresponding period last year. NEV refers to both battery-electric vehicles and plug-in hybrid vehicles.
In the last quarter of 2023, BYD took over American EV giant Tesla Inc. in battery electric vehicle sales with 526,409 BEVs sold as compared to Tesla's 484,507 EVs. However, Tesla took back the crown in the first quarter of 2024.
Last week, the company announced that it made its 9 millionth NEV- a red Yangwang U9 supercar produced by the company under its luxury car brand Yangwang.
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