Business
Resilience in the Red: China’s Profitable EV Makers, BYD and Li Auto, Battle Intense Price War and Rebound from Poor Start to Year
The fierce competition in China's electric vehicle (EV) market: BYD and Li Auto increase sales despite smaller profit margins due to escalating discounts
The sole profitable EV manufacturers in China bounce back from a disappointing performance in the first quarter, with BYD's earnings in the second quarter almost doubling
These financially successful Chinese EV manufacturers have recovered from a subpar start to the year, as BYD's profits in the second quarter have almost doubled.
"Ding Haifeng, a consultant at Integrity, a financial advisory firm based in Shanghai, stated that leading athletes have demonstrated their tenacity despite initially starting the year on a sluggish note."
The second quarter results for BYD were the second highest with the top being a 10.4 billion yuan profit in the third quarter of 2023. From January to March, BYD saw a drop in profit by 47.3% compared to the previous quarter, bringing in 4.6 billion yuan.
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