Business
China’s EV Market Heats Up: The Price War Escalates as BYD and Li Auto Boost Sales Amid Slashing Margins
The struggle for dominance in China's electric vehicle market: BYD and Li Auto increase sales at lower profit margins as discounts escalate
The sole profitable electric vehicle manufacturers in China recover from a lackluster first quarter, as BYD's earnings for the second quarter almost double
China's only successful electric vehicle manufacturers recover from a disappointing first-quarter performance, with BYD's income for the second quarter nearly doubling.
"Ding Haifeng, a consultant at Shanghai-based financial advisory firm, Integrity, stated that leading players have demonstrated their ability to bounce back despite having a sluggish beginning this year,"
BYD's performance in the second quarter was the second highest ever recorded, coming in just behind a 10.4 billion yuan profit in Q3 of 2023. From January to March, BYD experienced a 47.3% drop in profit quarter-on-quarter, amounting to 4.6 billion yuan.
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