BYD shared its income report. While the company’s earnings doubled last year, its net profit grew by a remarkable 86 percent. So what is the latest situation in the BYD and Tesla war?
BYD revenue doubled, profit grew by 86 percent
BYD has achieved unexpected figures in 2023 thanks to the increasing sales of its electric vehicles. According to the latest financial reporting in China, the company stated that its net profit in 2023 will be around 4 billion dollars. This indicates a growth of 86 percent compared to the previous year.
BYD’s electric vehicle sales last year reached important points both in China and in global markets. In 2022, the company saw a 446 percent growth in its net profit and reported 2.3 billion dollars. This growth continued exponentially last year.
BYD attributes the increase in profits to global expansion and growth in key markets such as Europe. The company also pointed to a reduction in supply chain costs, cementing its position in the global market.
BYD’s biggest rival, Tesla, posted much more modest numbers. Elon Musk’s company reported a net profit increase of 19.4 percent in 2023.
It should be noted that BYD is the leader in the global electric car market. For the whole year, the Chinese company’s total sales grew by nearly 60 percent, reaching 3.02 million units.
Known for producing more affordable electric cars than Tesla, BYD won New Zealand’s Car of the Year awards with its Dolphin and Atto 3 models. The SUV named Atto 3 is sold for 1 million 690 thousand TL in our country.
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