Disappointment from China giant | Finansavisen

The Chinese car manufacturer BYD has reported lower revenues than expected, reports Bloomberg.

The company increased its profit after tax by 11 percent to 4.57 billion yuan in the first quarter. This corresponds to nearly NOK 7 billion.

Revenue increased by 3.9 percent to 124.94 billion yuan, approximately NOK 190 billion. This was the weakest revenue growth in four years, and the consensus was 132.53 billion yuan, according to the news agency, which pointed to aggressive price cuts hitting the results.

During the period, it became known that BYD lowered the prices for the Seagull model, which has been referred to as “the world’s cheapest electric car”.

BYD also presented what will be the company’s most expensive car, the all-electric supercar Yangwang U9.

The company’s sales of electric cars and hybrid cars rose by 14 percent to just over 620,000 units in the first quarter, while exports rose a whopping 153 percent to 97,900 cars, according to Bloomberg.

In 2023, BYD set a new profit record, after a growth of more than 80 per cent from the previous year.

In the last quarter of last year, BYD sold more electric cars than Tesla, and the Chinese player thereby became the world’s largest electric car manufacturer measured by sales.

The BYD share has changed little on the Hong Kong stock exchange so far this year.