BYD profits rose last year but fell short of expectations as Tesla’s main Chinese rival felt the brunt of intensifying competition and slowing sales growth.
The world’s biggest electric vehicle producer said net profit rose 81 per cent to Rmb30bn ($4.16bn) in the 12 months to the end of December, compared with analyst estimates of Rmb31bn, as the Warren Buffett-backed group battled increased competition, including from the recent arrival of Huawei in the car market.
BYD’s annual results, published after markets closed in China on Tuesday, follow a more than 400 per cent jump in annual net profit in 2022.
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