BYD's Profit Rose Despite Price Cuts
By Jiahui Huang
BYD posted higher quarterly profit as a rise in sales of its popular electric vehicles helped offset the effects of an intensifying price war in China.
The Warren Buffett-backed automaker's net profit rose 11% on year to 4.57 billion yuan ($630.7 million) in the first quarter, it said Monday.
Revenue rose 4.0% on-year to CNY124.94 billion, despite price cuts throughout the quarter by carmakers including BYD and Tesla amid slowing demand. Sales of BYD's electric and hybrid vehicles rose 13% on year to 626,263 units in the quarter.
BYD, which overtook Tesla as the world's top seller of EVs in the final quarter of last year, also posted a 70% rise in research-and-development expenses, to CNY10.61 billion, partly due to an increase in employee remuneration, it said.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
April 29, 2024 07:23 ET (11:23 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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