BYD profits rose last year but fell short of expectations as Tesla’s main Chinese rival felt the brunt of intensifying competition and slowing sales growth, reports the Financial Times. The world’s biggest electric vehicle producer said net profit rose 81% to RMB 30 billion ($4.16 billion) in the 12 months to the end of December, compared with analyst estimates of RMB 31 billion, as the Warren Buffett-backed group battled increased competition, including from the recent arrival of Huawei in the car market.
BYD’s annual results, published after markets closed in China on Tuesday, follow a more than 400% jump in annual net profit in 2022.
The Shenzhen-based group, which is also one of the world’s biggest battery makers, has been one of the main beneficiaries of a bruising price war that punished European, Japanese and US carmakers.