China EV Giant BYD Posts Slowest Quarterly Profit Growth in 2 Years

Reuters03-26

BEIJING, March 26 (Reuters) - Chinese electric vehicle giant BYD reported an 18.6% rise in fourth-quarter profit on Tuesday, its slowest since the first quarter of 2022, as EV sales lost momentum in the world's biggest auto market amid a brutal price war.

Net profit totalled 8.67 billion yuan ($1.20 billion) in the fourth quarter, on a 15.1% jump in revenue to 180.04 billion yuan, according to BYD's stock market filing.

For the whole of 2023, BYD saw net profit increase 80.7% to 30.04 billion yuan.

($1 = 7.2182 Chinese yuan renminbi)

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