"BYD's Remarkable Rise: Overtaking Tesla with Record-Breaking Profits"
TL;DR Summary
Chinese electric vehicle maker BYD reported record earnings of US$4.16 billion for 2023, driven by strong EV deliveries and cost-cutting measures. The company cautioned about weak consumer demand and global headwinds despite its robust growth. BYD's revenue surged 42% to 602.3 billion yuan, fueled by record deliveries of new energy vehicles (NEVs). The company aims to strengthen R&D, enhance product competitiveness, and expand overseas to lead the global NEV market. Despite a sequential slowdown in profitability in the final quarter of 2023, BYD remains a dominant force in the Chinese EV market, facing stiff competition and a price war.
- BYD posts record US$4.16 billion earnings for 2023 on strong EV deliveries South China Morning Post
- BYD’s profit soared 80% in the year the Chinese EV giant overtook Tesla CNN
- How BYD grew from battery maker to electric vehicle juggernaut, overtaking Tesla CNBC
- BYD: Chinese electric vehicle giant with surging profits Yahoo! Voices
- BYD Net Profit Rises as It Overtakes Tesla as Top EV Seller The Wall Street Journal
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