China EV giant BYD posts slowest quarterly profit growth in 2 years

China EV giant BYD posts slowest quarterly profit growth in 2 years

March 26, 2024 / Sarkiya Ranen /


CHINESE electric vehicle giant BYD reported an 18.6 per cent rise in fourth-quarter profit on Tuesday (Mar 26), its slowest since the first quarter of 2022, as EV sales lost momentum in the world’s biggest auto market amid a brutal price war.

Net profit totalled 8.67 billion yuan (S$1.6 billion) in the fourth quarter, on a 15.1 per cent jump in revenue to 180.04 billion yuan, according to BYD’s stock market filing.

For the whole of 2023, BYD saw net profit increase 80.7 per cent to 30.04 billion yuan. REUTERS



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Sarkiya Ranen

I am an editor for Ny Journals, focusing on business and entrepreneurship. I love uncovering emerging trends and crafting stories that inspire and inform readers about innovative ventures and industry insights.

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