BYD Co. Net Profit Rises as It Overtakes Tesla as Top EV Seller -- Update

Dow Jones03-26

By Kosaku Narioka

BYD Co. reported a rise in net profit in the final quarter of 2023 as it overtook Tesla as the top global seller of electric vehicles on a quarterly basis.

The Chinese electric-vehicle maker said Tuesday that net profit climbed 19% from a year earlier to 8.67 billion yuan ($1.20 billion) for the final three months of last year.

BYD said revenue increased 15% from a year earlier to CNY180.04 billion as sales volume climbed 38%.

Known for its budget-friendly cars, BYD sold more than 526,000 fully electric vehicles in the fourth quarter, topping Tesla for the first time as the world's largest seller of EVs on a quarterly basis.

Quarterly profit, however, fell from CNY10.41 billion net profit in the previous quarter as competition intensified in the Chinese market.

Sales growth has shown signs of easing recently. BYD's sales so far this year through February dropped 6.1% from a year earlier.

While fighting a price war at home, the Warren Buffett-backed company has been seeking to sell more premium models and ship more cars overseas. In 2023, BYD's exports grew sharply to more than 242,000 units.

The Shenzhen-based company has set its sights on Mexico, scouting locations in the country for a factory, as its quest for global expansion turns toward North America, The Wall Street Journal reported in February.

BYD's net profit for 2023 climbed 81% to CNY30.04 billion as sales volume increased 62% to a record of 3.0 million vehicles.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

March 26, 2024 10:15 ET (14:15 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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