BYD's profits up 81% in 2023, misses estimates

Summary: BYD's 2023 profits rose 81% to Rmb30bn ($4.16bn), missing analyst estimates of Rmb31bn. Revenue increased by 42% to Rmb602.3bn, with 3mn vehicles sold. Exports rose 334% to 243,000 cars. BYD's market share of new energy vehicle sales in China dropped to 30.8% in early 2024. Competition from Huawei's Aito brand and strong PHEV sales in China are challenging BYD's dominance.

Full article