Daily Shorts: BYD profit triples, Indonesia's Aceh to get green hydrogen plant
Chinese EV powerhouse BYD said first-half profit tripled to $1.50 billion, as record deliveries helped the company retain the title of China's biggest-selling automotive brand. Data from the China Association of Automobile Manufacturers shows BYD sold 612,425 battery-only EVs during January-June this year, of which 10 percent were exports. In comparison, Tesla, the world's largest EV maker, recorded sales of 889,015 vehicles. BYD is bulking up its mobility business, having recently acquired Jabil Inc's China units.
The European Union is looking at Africa to fund sustainable aviation fuel (SAF) projects, Reuters reports, quoting an unidentified fund official. The funding would be made through the bloc's €300 billion Global Gateway infrastructure fund, half of which has been pledged to projects in Africa. Also, by year-end the bloc will launch a €4 million capacity-building project to support SAF feasibility studies in India and 11 African countries.
Augustus Global Investment of Germany announced it will invest $500 million to set up a green hydrogen plant in Indonesia's Aceh province. Construction will begin next year with the plant likely to come onstream in 2026. The facility, which would use renewable power, would have an annual capacity of 35,000 metric tons, CEO Fadi Krikor told reporters in Jakarta. Augustus Global has also signed initial deals with Indonesia's PT Pupuk Indonesia and PT Pupuk Iskandar Muda, both fertilizer companies.
Tesla's autopilot feature will face its first trial over allegations that its failure led to death in a road accident. The EV maker faces trials in mid-September (California) and later in October (Florida), where the plaintiffs allege autopilot failed to perform its duties. The court's verdicts could be a major test for CEO Elon Musk, who has stood by the software, and victory for Tesla could boost sales of the software, which can cost up to $15,000 per vehicle. Tesla, which is facing multiple investigations into the software, maintains that autopilot mode still requires human oversight.