BYD Co. (HK:1211) is set to recall more than 115,000 vehicles from its Tang and Yuan Pro series due to potential safety risks involving drive motors and batteries, according to China’s State Administration for Market Regulation (SAMR).
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This marks BYD’s largest-ever recall, triggering a 2.5% drop in its Hong Kong-listed shares and weighing on the broader Hang Seng Index, which slipped 1.8%.
The recall affects 44,535 Tang series vehicles manufactured between March 28, 2015, and July 28, 2017, due to possible malfunctions in the drive motor controller. In addition, 71,248 Yuan Pro electric vehicles produced between February 6, 2021, and August 5, 2022, will be recalled over battery gasket installation issues that could compromise battery safety.
SAMR stated that the move follows a regulator-led investigation into potential hazards linked to these models.
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The latest recall comes after BYD’s September 2024 action, when it pulled back around 97,000 Dolphin and Yuan Plus EVs for steering control defects.
BYD remains the world’s largest electric vehicle manufacturer, having surpassed Tesla (NASDAQ:TSLA) in 2024.