BYD's profit soared 80% in the year the Chinese EV giant overtook Tesla

BYD, the Chinese carmaker, reported a significant increase in profit for its first annual earnings since surpassing Tesla as the world’s leading seller of electric vehicles. Net profit nearly doubled to 30 billion yuan ($4.2 billion) in 2023, despite the challenges posed by high global inflation and a slowdown in major economies. BYD sold 525,409 battery electric vehicles in the last quarter of 2023, surpassing Tesla’s sales. In total, BYD sold a record 3.02 million vehicles in 2023, including 1.44 million plug-in hybrids. BYD’s more affordable car models have attracted a wide range of buyers. Chinese carmakers have been engaged in a price war, affecting profit margins for the industry. BYD recently lowered the starting price of its Seagull hatchback. Other Chinese carmakers, such as Geely, Chery, and XPeng Motors, have also announced price reductions.