BYD Runs India Remotely as China Tensions Shut Out Top Brass
Like most Chinese companies, BYD has been unable to obtain visas for executives after a deadly clash between Indian and Chinese soldiers along a disputed Himalayan border in 2020 sparked a major deterioration in political ties. That's seen the EV giant resort to holding board meetings and high-level business interactions in Colombo in Sri Lanka and Kathmandu in Nepal, and even as far away as Singapore, according to people familiar with the matter.
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Yahoo
14 minutes ago
- Yahoo
Exclusive-Chinese consumer complaints show widespread padding of car sales figures
(Reuters) -A tactic used by Chinese automakers and dealers to inflate car sales has grown increasingly common in recent years in response to a bruising price war in the world's largest auto market, a Reuters analysis of consumer complaints has found. Earlier this month, Reuters reported EV brands Neta and Zeekr had arranged for cars to be insured before buyers purchased them, a scheme that effectively inflates sales numbers and gives the appearance the companies were hitting periodic targets. Switch Auto Insurance and Save Today! Great Rates and Award-Winning Service The Insurance Savings You Expect Affordable Auto Insurance, Customized for You But the controversial tactic was not limited to the two companies and was employed elsewhere in the industry, according to a Reuters review of 97 separate consumer complaints published on three widely used Chinese websites. In more than a dozen cases, buyers said they were informed by dealerships that the practice was specifically designed to meet sales targets. The allegations cover some of China's largest domestic and foreign brands by sales volume, including homegrown champion BYD and Toyota, Volkswagen and Buick. The three foreign brands operate their China businesses in partnerships with state-owned giants GAC and SAIC Motor Group. While the earliest complaints date back to 2021, the majority were published this year and last as a price war squeezed an industry crucial to China's export-driven economy. Reuters reviewed complaints posted on a third-party site used for consumer dispute resolutions, and two other similar sites. The platforms require owners to verify their identity and submit proof of their allegations. In most of the cases reviewed, the automakers responded publicly, saying they sought to resolve problems. Reuters was not able to independently verify the complaints or their resolutions. It is not clear what portion of China's car sales were inflated by the insurance scheme. SAIC, which is a China joint venture partner for Volkswagen and Buick-owner General Motors, said it is committed to providing users with high-quality and standardised sales services but did not elaborate. The practice effectively disguises how much inventory automakers actually held, said Yale Zhang, managing director at consultancy Automotive Foresight. "That could lead to a misjudgment of monthly demand within the industry and result in increased production scheduling," Zhang said. CONSUMER ANGER Between 2021 and 2025, 48 separate buyers said on that they purchased new cars only to later discover they were already insured by the dealer. Many of the buyers said they felt deceived by the dealerships, especially when they realised the insurance on their cars was registered in other names. Likewise, there were 26 separate complaints published between 2021 and 2025 on the 315 auto consumer complaint platform, run by the state-owned China Internet Information Center. Another 23 were posted between 2022 and 2025 on Black Cat, a widely used consumer complaint platform run by tech firm Sina. In 14 complaints on the three platforms, buyers of BYD-, Neta-, Toyota-, Buick- and Chevrolet-branded cars said they were told by dealers the practice was aimed at booking sales early to meet targets. One complaint, filed in December against a SAIC GM dealer on alleged the automaker required 60 cars to be insured without buyers to meet sales targets. Another complaint on filed in April alleged a BYD store in Shaanxi told a buyer it had 12 cars insured in a batch to inflate sales last July. Buyers of Li Auto, Changan, FAW-Volkswagen and Geely also reported cars being insured pre-purchase. A Volkswagen Group China spokesperson said it refused to boost sales figures through insurance and that complaints would be investigated. DEALER COMPLAINTS Separately, Reuters identified 29 official media reports from 2020 to 2025 that detailed complaints against dealers of major brands, including BYD and Changan and foreign brands Volkswagen, GM, Toyota, Nissan and Honda, run by their joint ventures with state-owned Chinese automakers. The media outlets, across 15 provinces and cities, are controlled and owned by the regional governments. In nine cases, dealers representing FAW Hongqi, SAIC Roewe, SAIC VW, Dongfeng Nissan, GAC Toyota, GAC Honda and SAIC GM told official media that insuring unsold vehicles was for booking purchases early to meet sales targets. A Honda spokesperson said that GAC Honda prohibits dealers from taking out compulsory insurance before selling new cars and that any dealers found doing so would be dealt with severely. FAW Hongqi said it does not use insurance plans to pre-confirm sales and any such activity was not official company action. GM China said it does not require wholesale vehicles to be insured pre-purchase and that it counts deliveries, not insurance, in its sales reports. BYD, GAC Toyota, Geely, Changan, Nissan and Li Auto did not respond to requests for comment. Reuters also identified five articles published by Chinese courts between March 2023 and March 2025 about consumers taking dealers to court for concealing pre-purchase car insurance. In three of those, the court ruled for the buyers who demanded compensation. Verdicts for the other two were not publicised. 'ZERO MILEAGE' Vehicles booked as sold before reaching buyers are called "zero-mileage used cars" in China. The practice emerged out of the cut-throat competition as the market deals with a years-long price war caused by chronic overcapacity. More than 100 car brands are competing intensely to survive consolidation, deepening pressure to bolster sales and take market share. Analysts and investors that track the industry use two sets of data. Wholesale figures reported by automakers to the industry association show sales from automakers to dealers, while retail data compiled from mandatory traffic insurance registrations show the number of sales to users. Accusations of selling cars with existing insurance policies date back to 2016 when a Cadillac buyer told a regional radio programme he found the car was insured before his purchase. The practice appears to have picked up after the price war started in early 2023, when several brands led by Li Auto started posting weekly sales rankings on social media based on insurance registrations. The China Association of Automobile Manufacturers has criticised such postings as unreliable and this month blamed them for intensifying "vicious" competition. 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Yahoo
14 minutes ago
- Yahoo
Biocytogen Upgrades Preclinical Service Platform and Launches Revamped Global Website
BEIJING, July 28, 2025--(BUSINESS WIRE)--Biocytogen Pharmaceuticals (Beijing) Co., Ltd. (Biocytogen, HKEX: 02315), a global biotechnology company that drives the research and development of novel antibody-based drugs with innovative technologies, today announced a comprehensive upgrade to its preclinical business division. The upgrade features an expanded portfolio of genetically engineered animal models—including target-humanized, immune-humanized, transgenic, and immunodeficient mice—alongside a full suite of preclinical services such as efficacy studies, PK/PD analysis, biomarker evaluation, and non-GLP toxicology testing. In parallel, the company also launched its new official website ( featuring an intuitive structure, enriched content, and an optimized multilingual user experience to serve global clients and partners better. Extensive Model Portfolio with Over 1,100 Target-Humanized Mouse Models In 2021, Biocytogen launched the "BioMice" sub-brand to advance its portfolio of genetically engineered mouse models. Leveraging its proprietary gene-editing platform, the company has developed more than 1,100 target-humanized mice. These models are generated using precise in situ gene replacement technology, which substitutes mouse genes with human sequences while preserving endogenous gene regulation. This approach enables a more accurate simulation of human physiological and pathological conditions, establishing BioMice as the gold-standard platform for evaluating the efficacy and safety of various therapeutic modalities, including antibody drugs, cell therapies, bispecific/multispecific antibodies, ADCs, and oligonucleotide-based treatments. The company has established high-value disease models for oncology, autoimmune, metabolic, and neurological disorders, including CD3 (TCEs), HER2 (TAAs), TL1A (IBD), TSLP (AD), GLP1R (muscle gain/weight loss), and TFR1 (BBB delivery). These models are widely used for target validation, mechanistic studies, and preclinical evaluations. To date, safety data generated from these models have supported 15 IND approvals by China's NMPA and 5 IND approvals by the U.S. FDA (including 4 dual submissions). Biocytogen also offers immune-humanized mouse models (e.g., huPBMC-B-NDG, huHSC-B-NDG, huHSC-B-NDG hIL15, and huPBMC-B-NDG MHC I/II DKO plus), transgenic mice, and immunodeficient strains to support evaluations of immuno-oncology agents, T/NK cell therapies, and immunostimulatory drugs, building a comprehensive and multi-dimensional model portfolio. Global Animal Supply Network Supporting Efficient Preclinical Research Biocytogen operates three AAALAC-accredited animal facilities in Haimen (Jiangsu), Daxing (Beijing), and Boston (USA), covering a total area of 55,000 m² and offering an annual supply capacity of over 800,000 laboratory animals. With a robust quality control system and standardized microbial monitoring, Biocytogen has established an international distribution network spanning Asia, Europe, and North America. The company's mouse models have been successfully delivered to clients in over 20 countries and regions, providing reliable model support for global drug development efforts. Integrated Preclinical Services to Accelerate IND Filing and Clinical Translation Leveraging its proprietary animal models, Biocytogen provides one-stop, non-GLP preclinical products and services, including in vivo efficacy testing, PK/PD analysis, biomarker assessment, and early toxicology studies. With a vast collection of CDX and PDX tumor models and customizable study designs, Biocytogen serves over 20 therapeutic areas—including solid tumors, hematologic malignancies, autoimmune diseases, metabolic disorders, and neurodegenerative diseases—and supports a variety of drug modalities such as antibodies, small molecules, ADCs, bispecifics, cell therapies, nucleic acids, and vaccines. As of now, Biocytogen has completed more than 5,300 drug evaluation studies for nearly 900 pharmaceutical and academic institutions worldwide. Over One Million Fully Human Antibodies Empowering Antibody Drug Discovery Beyond preclinical services, Biocytogen also leads in antibody discovery through its proprietary RenMice® platforms—including RenMab™ (fully human antibody), RenLite® (common light chain), RenNano® (VHH antibody), RenTCR™ (fully human TCR), and RenTCR-mimic™ (fully human TCR-mimic antibody). The company has built a library of over one million fully human antibody sequences against more than 1,000 potential therapeutic targets, with diverse structures and functional profiles. As of December 31, 2024, Biocytogen has signed approximately 200 drug co-development, licensing, or transfer agreements, including over 50 target-based RenMice® platform collaborations with multinational pharmaceutical companies. Multiple clinical-stage antibody candidates have also been successfully out-licensed to global partners. Biocytogen's integrated capabilities in antibody discovery, screening, and engineering are accelerating the transition from target validation to clinical candidate selection, empowering global biopharmaceutical innovation. New Official Website Launched to Serve Global Clients To enhance global service capabilities, Biocytogen has officially launched its new website: Designed for a clean and intuitive user experience, the new site features streamlined architecture, upgraded content organization, improved search functionality, and multilingual support in Chinese, English, Japanese, and Korean. Structured around its two main business divisions—BioMice® for preclinical products and services and RenBiologics™ for antibody discovery and collaboration—the site offers a comprehensive overview of Biocytogen's model products, antibody assets, project portfolios, and service capabilities. It provides an efficient and direct information portal for global partners and supports the company's ongoing internationalization strategy. About Biocytogen Biocytogen (HKEX: 02315) is a global biotechnology company that drives the research and development of novel antibody-based drugs with innovative technologies. Founded on gene editing technology, Biocytogen leverages genetically engineered proprietary RenMice® (RenMab™/ RenLite®/ RenNano®/ RenTCR-mimic™) platforms for fully human monoclonal/bispecific/multispecific antibody discovery, bispecific antibody-drug conjugate discovery, nanobody discovery and TCR-mimic antibody discovery, and has established a sub-brand, RenBiologics™, to explore global partnerships for an off-the-shelf library of >1,000,000 fully human antibody sequences against over 1000 targets for worldwide collaboration. As of December 31, 2024, approximately 200 therapeutic antibody and multiple clinical asset co-development/out-licensing/transfer agreements and over 50 target-nominated RenMice® licensing projects have been established around the globe, including several partnerships with multinational pharmaceutical companies (MNCs). Biocytogen pioneered the generation of drug target knock-in humanized models for preclinical research, and currently provides a few thousand off-the-shelf animal and cell models under the company's sub-brand, BioMice™, along with preclinical pharmacology and gene-editing services for clients worldwide. Headquartered in Beijing, Biocytogen has branches in China (Haimen Jiangsu, Shanghai), USA (Boston, San Francisco, San Diego), and Germany (Heidelberg). For more information, please visit View source version on Contacts Biocytogen Contacts Preclinical Products and Services: info@ Antibody assets and platforms: BD-Licensing@ Media: pr@ Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Entrepreneur
an hour ago
- Entrepreneur
Defence Tech Startup Ammunic Systems Bags USD 1.1 Mn Funding
The funding will be deployed to boost research and development, scale manufacturing, expand the team, and enhance new and existing product lines focused on indigenous defence technology. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Ammunic Systems has raised USD 1.1 million in a seed funding round co-led by India Accelerator and Finvolve. The funding will be deployed to boost research and development, scale manufacturing, expand the team, and enhance new and existing product lines focused on indigenous defence technology. The capital infusion is set to support Ammunic Systems' ambition of accelerating its innovation roadmap and advancing India's self-reliance in strategic defence solutions. With a strong emphasis on cutting-edge technologies, the startup is positioning itself as a key player in modern warfare systems. "This investment from India Accelerator is not just capital; it is a vote of confidence in a mission we have poured our hearts into. At Ammunic Systems, we are not just building defence technologies; we are building belief — that India can lead from the front in securing its own future," said Priyanka Singhal, Founder of Ammunic Systems. Founded in 2024, Ammunic Systems is headquartered in Bengaluru. The company specialises in the research and development of advanced weapon systems. Its core expertise lies in electronic fuzes, warheads, and munition integration technologies. These products aim to offer precision, safety, and efficiency for current and future defence needs. Ammunic Systems provides end-to-end solutions across the defence product cycle — from concept design and testing to full-scale production. The startup aspires to become a leading innovator in the defence and aerospace sector by focusing on indigenous manufacturing and next-generation technologies. The investment community views such ventures as crucial to reducing India's dependency on defence imports. "India is at a critical point in its defence evolution, which makes indigenous technological capabilities national priorities. Ammunic Systems exemplifies the deep-tech innovation needed to strengthen our defence ecosystem," said Ashish Bhatia, Founder of India Accelerator and Co-founder of Finvolve.
