BYD's Rollercoaster Ride: From Soaring Profits to Slowdown

Chinese EV powerhouse BYD reported its slowest quarterly profit growth in two years, with revenue rising 15.1% to 180.04 billion yuan in the fourth quarter of 2023 and net profit skyrocketing 80.7% to 30.04 billion yuan for the full year. BYD faced challenges from lost momentum in EV sales and a price war, but navigated the backdrop with exemplary cost control and higher-priced exports. Despite this, it dethroned Tesla as the top EV maker in the last quarter of 2023 and unveiled a new subcompact electric SUV, the Yuan Up, as it aggressively expands globally and into the premium market, posing a challenge to Tesla.