7 months ago
75
Chinese car giant BYD has seen profits fall as it is hit by slowing demand for electric vehicles, EV, and a price war in the world’s largest car market.
The firm said it made 6-hundred and 30-million US in the first three months of the year, more than 47 percent lower than the previous quarter.
BYD has been competing with Elon Musk’s Tesla to be the world’s biggest seller of EVs.
The US giant reclaimed the title earlier this month after losing out to its Chinese rival at the end of last year.
BYD says it sold just over 3-hundred thousand battery-only cars in the first three months of the year, down from a record 5-hundred and 26-thousand in the final quarter of 2023.
The Shenzhen-based firm’s latest financial results suggest it may be performing better than Tesla, which posted its first quarterly revenue fall since the pandemic disrupted its production and sales in 2020.
BYD and its rivals have been involved in a price war in China, as they compete for market share at a time of slower economic growth.
English (US) ·