XPEV - Even The Chinese EV Powerhouse BYD Had To Slow Down A Bit | Benzinga
On Tuesday, BYD Company Limited (OTC: BYDDY) reported its fourth quarter results that included its slowest quarterly profit growth in two years. Even the Tesla Inc (NASDAQ: TSLA) rival who grew from being a battery maker to an EV juggernaut who dethroned Tesla during the last three months of 2023 as the top EV maker, is feeling the blow from the lost momentum of EV sales and a brutal price war. But, BYD is aggressively pushing forward as it unveiled its latest addition to the Dynasty series, a subcompact electric SUV, the Yuan Up.
Fourth Quarter And 2023 Highlights
According to the stock market filing, BYD reported revenue rose 15.1% to 180.04 billion yuan during the last three months of 2023. During the quarter, BYD earned a net income of 8.67 billion yuan, which amounts to about $1.20 billion.
As for the full year 2023, BYD reported net profit skyrocketed 80.7% to 30.04 billion yuan. Throughout last year, BYD joined the price war Tesla ...