BYD's growth prospects in 2024: Navigating slowdown amidst global expansion

Informed Investor03-28

2024 looks like being a year of slowing growth for BYD, the world’s biggest maker of electrified vehicles.This week the company revealed its best ever financial results - for 2023, which was also its ...

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Details of the briefings later appear on a couple of Chinese business news websites.And one point coming through from the reports is that BYD will be pushing production and sales of hybrids (plug-in types) hard as it boosts exports and starts production in areas where charging capacity is low.2023 saw BYD lift 2023 production 62% to 3.024 million vehicles while exports more than trebled to 242,765, leaving it second behind Tesla and its 344,078 exports.Tesla’s exports were all battery powered vehicles while BYD’s was a mix of battery and plug-in hybrids (with a conventional engine).Many of BYD's exports went to Russia, while they started selling in volume in Australia.Besides Australia and NZ, 2023 saw BYD move into Japan, Germany, Brazil, and the United Arab Emirates.But more importantly, it has started building vehicle factories in Thailand, Brazil and Hungary and an electric bus assembly plant in a local JV in Azerbaijan.In January this year it started its regular Ro-Ro ship service to carry its vehicles to offshore markets, especially in Asia and Europe. It has one car carrier operating and its looking at possibly two more in the next couple of years.There seems to have been a change of heart if the latest media leak is accurate. Chinese websites say Wang talked this week of a 20% rise in output this year, putting the projected target at around 3.6 million but a report a month ago, in late February gave a target of 4 million.That sounds like 2023 where Wang revealed = a target of 3 million for production for last year and an aspiration to go as high as 3.5 million/BYD this week an 18.6% rise in fourth-quarter profit to 8.67 billion yuan ($US1.20 billion).While a solid performance, it was the slowest period for the company since the first quarter of 2022, as EV sales lost momentum in the world's biggest auto market amid a brutal price war.That price war saw BYD slash the price of an updated range of its medium EVs - battery and plug-ins by 5%.Fourth quarter revenue was vup 15.1% at 180.04 billion yuan, according to BYD's stock market filing.For the whole of 2023, net profit jumped 80.7% to 30.04 billion yuan,- that more than $US4.1 billion.Sales of autos and related products made up 80% of BYD's operating revenue recorded a 23.02% gross profit margin in 2023, up 2.63 percentage points from a year earlier. BYD is the world’s second biggest battery maker and is a major assembler of some Apple products.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2422905901"}