Chinese battery and automotive giant BYD achieved a record profit in 2023, annual results showed Tuesday, despite fierce competition in the country as demand for electric vehicles grows. As BYD continues to perform well in the competitive Chinese market, it is now expanding abroad.
Chinese battery and automotive giant BYD achieved a record profit in 2023, annual results showed Tuesday. Photo: Fabrice COFFRINI / AFP/FileChinese battery and automotive giant BYD achieved a record profit in 2023, annual results showed Tuesday, despite fierce competition in the country as demand for electric vehicles grows.
The firm recorded a net profit of 30 billion yuan last year, according to a filing to the Shenzhen Stock Exchange, up 80.7 percent year-on-year from 16.6 billion yuan in 2022, reaching an all-time high.BYD's biggest advantage it now holds over competitors is scale, Tu Le, founder and managing director of Sino Auto Insights, told AFP.
Now dozens of domestic automakers are engaged in a stiff battle of price cuts, fighting to get ahead in a crowded market as broader headwinds weigh on China's XPeng -- one of BYD's top competitors in China -- last week reported a net loss of 10.4 billion yuan in 2023.Earlier this year, BYD said that its future EV factory in Hungary would begin production in three years, making it the first Chinese firm to manufacture passenger cars in Europe.One of the company's eight bespoke cargo ships arrived in Germany in February, delivering around 3,000 cars in a bold bid to take on the European automaking powerhouse in its own market.
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