Tesla graveyard, page-44

Hong Kong/London

CNN

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BYD reported a jump of more than 80% in profit in its first set of annual earnings since it stole Tesla’s crown as the world’s top seller of electric vehicles.

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.

That’s despite BYD operating in a “complex external environment,” it noted, citing high levels of inflation globally, and a slowdown in growth in most major economies.

BYD overtook Tesla (TSLA) as the top seller of EVs worldwide in the last three months of last year, capping an extraordinary rise for the Warren Buffett-backed Chinese carmaker. BYD sold 525,409 battery electric vehicles (BEVs) during that period, compared with Tesla’s 484,507.

https://edition.cnn.com/2024/03/26/business/byd-profit-soar-after-beats-tesla/index.html