Etiqueta: Sales

China's BYD shows effects of price war with weaker profit growth

BEIJING (Reuters) -Chinese electric vehicle (EV) maker BYD posted its weakest quarterly profit growth since 2022 on Monday while its revenue growth slowed to the lowest level in nearly four years, hit by slowing EV demand and a bruising price war in the world's largest auto market. First-quarter net profit was up 10.6% at 4.57 billion yuan ($631.08 million) while revenue grew by 4% to 124.94 billion yuan, BYD said in a stock market filing. With a brand portfolio at different price points, BYD has ramped up efforts to move upmarket while doubling down on discounts to vie for cautious consumers amid a sputtering economic recovery.

BYD reported net profit of RMB 4.57 billion in the first quarter, up 10.62 percent year-on-year, but down 47.33 percent from the fourth quarter of 2023.

S&P Global Ratings What’s Happening Why It Matters Looking Ahead Bottom Line Source: S&P Global Ratings

Musk is viewed in China as a favourable contrast to the stern statements from US officials, particularly during the recent visit by US Secretary of State Antony Blinken. View on euronews

2024 Beijing Motor Show: Elon Musk Ditches India Visit, Goes to China Instead, Elon Musk's Choice: Beijing Motor Show Over India Visit Signals Strategic Focus on China and more at news18.com

While Musk cancelled or 'postponed' his meeting with PM Modi, because of Tesla related of commitments, the company not only reduced the prices of the vehicles in China, but now is reportedly visiting China.

Global carmakers including Volkswagen and Toyota went to this year's Beijing auto show looking to catch up to surging China EV makers that are dominating the world's largest auto market.

Hyundai Motor Company and Kia Corp. will pump up their efforts to penetrate the Chinese connected car market with Chinese tech giant Baidu.Hyundai Motor Compan

In Germany, for instance, BYD's Atto starts at a whopping $42,789, compared to a much friendlier $19,283 price tag in China.