BYD Faces Revenue Shortfall Amid Price War and Regulatory Challenges

China's leading EV maker BYD reported lower-than-expected revenue for Q1 2024, as intense domestic competition and strict regulations in Western markets impact growth.

• BYD's Q1 revenue fell short of analysts' expectations, with a reported 124.94 billion yuan against a forecast of 132.53 billion yuan.
• The company's profit declined by 47.3% compared to the previous quarter, influenced by a fierce price war in China.
• BYD has increased its prices in Europe significantly, charging up to three times more than in China, focusing on higher profit margins.
• European regulators are scrutinizing Chinese state subsidies to EV manufacturers, raising concerns about market overcapacity.
• Despite challenges, BYD continues to expand internationally, maintaining a strong presence in its domestic market and beyond.

7 Articles

Financial Post CNA South China Morning Post World Politics Review Fortune Benzinga Business Insider