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BYD to recall more than 115,000 vehicles over safety hazards, shares fall
BYD to recall more than 115,000 vehicles over safety hazards, shares fall
Updates with context, share price
Investing.com-- BYD Co (HK:1211) will recall more than 115,000 models under the Tang and Yuan Pro series, China’s State Administration for Market Regulation said on Friday, over potential safety hazards involving drive motors and batteries.
The recall is BYD's biggest ever, and sent the electric vehicle maker's shares down 2.5% in Hong Kong trade. Losses in BYD also dragged the Hang Seng index down 1.8%.
The SAMR said BYD filed a recall plan with the regulator for 44,535 Tang series vehicles produced between March 28, 2015, and July 28, 2017 over potential malfunctions in their drive motor controller.
Additionally, BYD will recall 71,248 Yuan Pro pure electric vehicles made between February 6, 2021, and August 5, 2022, over improperly installed battery gaskets which could compromise the battery.
The SAMR said the recalls were over potential safety hazards in the models, and that the recalls were the result of an investigation conducted by the regulator.
Friday's recall was BYD's first major recall since September 2024, when the company issued a recall for some 97,000 of its Dolphin and Yuan Plus EVs due to a steering control unit fault.
The company is the world’s largest EV manufacturer, having overtaken U.S. rival Tesla Inc (NASDAQ:TSLA) in 2024.
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