BYD publicly challenges Stellantis CEO Carlos Tavares on how Stellantis is outperforming competitors in EV sales

The rivalry between BYD and Stellantis is intensifying with a recent dispute centering on conflicting claims about EV sales performance, market positioning, and the accuracy of reported figures. 

Electric-car maker BYD Co. has reportedly expressed an objection to comments Stellantis NV’s chief executive officer made about the company’s Chinese partner getting traction in Europe, by issuing a press release comparing sales results.

The remarks from Stellantis CEO Antonio Filosa were made on Thursday, and they touted the progress Zhejiang Leapmotor Technology Co. has been making since the companies became partners in October 2023, claiming at an investor conference that demand is on the rise. 

“Last month, I believe that Leapmotor sold more BEV than BYD in Germany,” Filosa said at the event hosted by Kepler Cheuvreux.

It remains unclear whether Filosa, who became CEO of Stellantis in June, was accurate. While it is true that Leapmotor is indeed gaining on BYD in Europe’s biggest EV market, Germany’s Federal Motor Transport Authority is yet to release figures breaking down the brands’ August sales by powertrain.

BYD refutes Stellantis’ claim 

On Friday, BYD issued a statement that revealed its objection to the remarks, claiming it registered 8,610 vehicles in Germany during the first eight months of the year, compared to Leapmotor’s 3,536 units.

That’s not all, BYD also claims to have overtaken Stellantis’ Alfa Romeo marque during the same period, and almost outsold the Jeep sport utility vehicle brand.

According to a spokesperson for Stellantis, Filosa’s comments only account for the month of August “when Leapmotor was indeed the first Chinese brand in the country, with the highest number of battery-electric vehicle registrations and market share.”

Despite their public sparring, BYD continues to assimilate former Stellantis executives to lead its expansion in Europe. So far, it has hired several of these former executives, including Maria Grazia Davino, who oversaw Stellantis’ UK business, and Alessandro Grosso, who’d been vice president of Italy sales. 

BYD has also tapped Alfredo Altavilla, a candidate to succeed the late Sergio Marchionne as CEO of Fiat Chrysler in 2018, as special adviser for the European market in August of last year.

Staffers are buying stocks in a show of faith

More than three dozen BYD executives increased their stakes in the world’s largest electric-vehicle (EV) maker, a move expected to boost investor confidence after its shares plunged more than 20% from an all-time high in May.

According to the reports, thirty-seven executives, among whom were five vice presidents, spent a combined 52.3 million yuan ($7.3 million) to purchase 488,200 Shenzhen-listed shares.

According to BYD filings to the Hong Kong and Shenzhen stock exchanges on Wednesday evening, the purchases were made to “display their continued optimism about the investment value of the company.” 

The shares accounted for 0.027% of the company, the statement added. The five vice presidents – Luo Hongbin, Zhou Yalin, Yang Dongsheng, Luo Zhongliang, and Li Wei – reportedly bought 221,800 shares between September 1 and 9 for a total of 23.6 million yuan. 

The other 32 executives, who were not identified, spent 28.7 million yuan to buy 266,400 shares in the same period, according to the statement.

The smartest crypto minds already read our newsletter. Want in? Join them.