- Chinese-made EVs take bigger share of EU market
- Tariffs unlikely to offer long-term deterrent
It says a lot when there’s a muted reaction to a major automaker boosting annual sales by 42 per cent and increasing profit by 81 per cent. But that shows how highly regarded BYD (HK:1211) is.
Last week the company announced an annual net profit of Rmb30bn (£3.28bn) for 2023, slightly below consensus forecasts. And although its fourth-quarter profit of Rmb8.67bn was 19 per cent higher year on year, price cuts meant it was 17 per cent lower than the previous quarter. First-quarter figures for 2024, released subsequently on Monday, showed sales volumes were up 13 per cent year on year but had almost halved compared with the fourth quarter.