Business
China’s EV Market Heats Up: BYD and Li Auto Lead with Resilient Rebounds and Aggressive Pricing Strategies Amid Intensifying Competition
The battle over electric vehicle pricing in China: BYD and Li Auto see increased sales despite smaller profit margins due to deepening discounts
The sole profitable electric vehicle manufacturers in China bounce back from a disappointing first-quarter, with BYD's earnings for the second-quarter almost doubling
The lone successful EV manufacturers in China recover from a lackluster first-quarter, with BYD's income in the second-quarter nearly doubling twice over.
"Ding Haifeng, a consultant at Integrity, a financial advisory firm based in Shanghai, expressed that premier players have demonstrated their ability to bounce back following a sluggish beginning to the year."
The second-quarter results of BYD were only surpassed by its 10.4 billion yuan profit in the third quarter of 2023, marking it as the company's second most successful period. In the first quarter, from January to March, BYD experienced a decrease in profit by 47.3 per cent on a quarterly basis, amounting to 4.6 billion yuan.
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