BYD reported an increase in net profit in the final quarter of 2023, surpassing Elon Musk’s Tesla to become the world’s largest quarterly seller of electric cars. The Shenzhen-based automobile manufacturer reported its net profit in the last three months of the year. 19 percent increasing to $1.20 billion delivered.
BYD dethrones Elon Musk’s Tesla: It becomes the world’s largest electric car manufacturer
Income, 15 percent increasing $24.9 billion happened. BYD’s net profit for the full year 81 percent increasing $4.2 billion and gross profit margins increased from 17 percent compared to last year. 20 percentIt rose to . BYD’s fourth quarter sales volume 38 percent It increased; The company sold more than 526 thousand electric cars, 80 thousand more than Tesla.
Warren Buffett-backed BYD produced more vehicles for the second year in a row, producing 3 million new energy vehicles (NEVs); This includes both hybrid and battery electric cars. Most of BYD’s vehicles are sold in a lower price range than Tesla’s and can be purchased as hybrids or fully electric cars.
A new hybrid car is coming from BYD! Here are the features
BYD Seal 06 appeared. The new plug-in hybrid sedan model of the Chinese manufacturer attracts attention with its design and engine.
While Elon Musk has publicly mocked BYD’s vehicles in the past, he has recently acknowledged BYD’s growing threat to the electric car market. “If trade barriers aren’t built, they will crush almost every other car company in the world,” Musk said in January. But BYD’s fourth-quarter profit fell $1.44 billion compared to the previous three-month period.
BYD initiated and intensified the price war in China by repeatedly reducing its prices and introducing new vehicles. The company added many models to markets around the world last year. BYD launched three pure electric models in Mexico last March. China’s auto industry recorded an average profit margin of 5 percent last year.
BYD sold its products in more than 50 countries last year, and NEV sales “ranked first in many countries” He said he was involved. Last year the company 242 thousandExported more than 100,000 units. BYD plans to build a new factory in Hungary and has made deliveries to its first group of electric car customers there.
It also built a former Ford Motor Co. in Brazil to improve its profile in South America. to revitalize the production center $620 million plans to invest. BYD continues its global expansion, stating that China’s NEV market will grow strongly in 2024.
The company says it will continue its multi-brand strategy and global expansion efforts. BYD’s success is supported by generous subsidies from Beijing. What do you think about this rapid rise? You can write your opinions in the comments section below.