Net profit almost doubled to 30 billion yuan ($4.2 billion) last year, from 16.6 billion yuan ($2.3 billion) in 2022, the Shenzhen-based company said Tuesday.
BYD sold 525,409 battery electric vehicles (BEVs) during that period, compared with Tesla’s 484,507.
In 2023 as a whole, BYD sold a record 3.02 million vehicles globally, up 62% from 2022.
Its entry-level model sells in China for the equivalent of just over $10,000; the cheapest Tesla car, a Model 3, costs almost $39,000.
But intensifying competition and a brutal price war last year have impacted the profit margins of many Chinese car makers, including BYD.
Persons:
London CNN — BYD, That’s, Warren Buffett, BYD, Tesla, Elon Musk’s carmaker
Organizations:
London CNN, Elon, Tesla, Chinese Passenger Car Association, Geely, Chery, XPeng Motors
Locations:
Hong Kong, London, Shenzhen, China