China's EV market, while the largest globally, is facing a slowdown. Local manufacturers like BYD experienced a drop in sales and revenue, engaging in a price war to attract buyers.
BYD's profits surged in 2023 but dropped in Q1 2024 due to selling 34% fewer plug-in vehicles, although sales were up 13.4% compared to Q1 2023.
Despite a slow start attributed to the Chinese New Year, BYD's sales picked up in March and continued strong in April, with a 10.6% net profit increase in Q1 and a 4% revenue growth.
BYD's price cuts aimed to compete with rivals and deter buyers from traditional vehicles. Despite BYD's efforts, Tesla regained the title of the world's largest EV seller in Q1 2024.
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