Etiqueta: Sales

30 Apr 2024 - Chinese EV maker BYD posted higher profit in the three months to March despite the intensifying price war in China and a surge in investment in new technologies. The Warren Buffett-backed automaker's net profit rose 11% year-on-year to 4.57 billion yuan ($US630.7 million) in the first quarter, it announced Monday night.

Automotive development in China is faster than ever, said a senior executive of French automotive supplier Valeo at the Beijing auto show that runs to May 4.

THE BEIJING Auto Show 2024 highlighted China’s success in electric vehicle production and promotion, underscoring the state’s unwavering commitment to ...

Walking around the vast exhibition halls of the China International Exhibition Center in northeastern Beijing's Shunyi District is an overwhelming experience: there are just so many dazzling cars that it's hard for one's eyes to take them all in.

Auto China 2024, one of the world's largest automotive exhibitions, has captured global attention by

Tesla CEO Elon Musk meets with Chinese Premier Li Qiang to discuss cooperation and competition in the electric vehicle market.

STORY: China's BYD posted its weakest quarterly profit growth since 2022 on Monday (April 29).Revenue growth also slowed to its lowest level in almost four years.The electric vehicle maker was hit by slowing demand and a price war in the world's largest auto market.First-quarter net profit was up around a tenth at just over $631 million, while revenue grew 4% to $17.25 billion.The quarterly results suggest BYD still pulled ahead of U.S. rival Tesla.Elon Musk's company recently reported its first quarterly revenue fall since 2020.BYD has ramped up efforts to move upmarket while doubling down on discounts.It aims to find cautious consumers amid a sputtering economic recovery.The push to sell to higher-end segments came alongside an intensified price war in China.It has led BYD to slash prices since February on the latest versions of its lineup by 5% to 20%.The auto giant is targeting an annual sales jump of a fifth this year.But, outside of big-hitters like Tesla, BYD is also under pressure from local EV upstarts betting big on an all-electric future.