"BYD reported its earnings on Thursday and said that its profit had slumped by 33 percent compared to the same quarter last year. For this year's third quarter, BYD reported a net profit of 7.8 billion yuan ($1.1 billion), a 32.6 percent decrease compared to the same period in 2024. Its revenue was 195 billion yuan ($27.4 billion), which was only a 3 percent decrease compared to Q3 2024."
"The drop in profits and revenue can mostly be attributed to the ongoing growth of competition in the Chinese market. The increased competition in China has pushed companies to turn to overseas markets in response, according to CnEVPost. BYD is one of those companies, and it is attempting to push sales upward by entering new markets, especially in Europe, where the company sold more than 13,000 units in EU countries in September alone."
"BYD overtook Tesla as the best-selling EV maker in China in the fourth quarter of 2023, finally surpassing the company in terms of sales in the region. Is Tesla really losing to BYD, or just playing a different game? The Chinese market is one of the most competitive in the world, especially for EVs, as the industry is healthy with young and scrappy companies looking to sell the best possible tech in their vehicles."
BYD overtook Tesla as the best-selling electric vehicle maker in China in Q4 2023, surpassing Tesla in regional sales. BYD reported a net profit of 7.8 billion yuan in the most recent third quarter, a roughly 32.6–33 percent year-over-year decline, while revenue fell only about 3 percent to 195 billion yuan. Intensified domestic competition is driving profit and revenue pressure and prompting Chinese EV firms to pursue overseas expansion. BYD increased European sales sharply, selling over 13,000 units in EU countries in September, a 272 percent year-over-year rise, and previously posted strong quarterly profit growth.
Read at TESLARATI
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