Electric vehicle

BYD profits and sales fall

Chinese automotive giant BYD has experienced a decline in profits amid a slowdown in electric vehicle (EV) demand and a price war in the largest car market globally.

The company reported earnings of $630 million (£502 million) for the first quarter, a drop of over 47% from the previous quarter.

Competing with Elon Musk’s Tesla for the title of the world’s top EV seller, BYD recently fell behind as Tesla regained the lead earlier this month.

In the first quarter, BYD’s sales of battery-only vehicles fell to just over 300,000, a decrease from the last quarter of 2023’s record high of 526,000 units.

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