News Formal

Even Chinese EV Companies Are Struggling

  • 📰 InsideEVs
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 51%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

BYD's first-quarter profits were down 47% thanks to a serious EV price war in the Chinese market, although it's still looking like a good year for it overall.

China is the world’s single largest EV market, with over 5 million pure electric car registrations in 2023, but it’s not immune to the global EV sales slowdown. The many Chinese EV manufacturers that had previously been reporting consistent growth are now announcing a drop in their sales and revenue, and there’s a price war between local manufacturers that seem to be fighting for buyers. The EV segment in China is still growing, but at lower rates than it did in 2023.

However, sales picked up in March when it sold almost 140,000 EVs, and they have stayed strong through April. Even though BYD is slowing down and experiencing increasing local competition, it still posted a net profit of 10.6% in the first quarter, while its revenue increased by 4%. BYD was dethroned in Q1 2024 by Tesla, which regained its title as the world’s largest seller of EVs.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 579. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

U.S. states are cutting off Chinese citizens and companies from land ownershipSkepticism about federal protections spurs surge in laws aimed to firewall states from perceived malign Chinese influence through land purchases.
Source: politico - 🏆 381. / 59 Read more »

Report: Chinese Military Companies Spent $24 Million Lobbying U.S. GovernmentSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Source: BreitbartNews - 🏆 610. / 51 Read more »

House Reps urge crack down on companies benefiting from Chinese forced laborThe lawmakers gave the State Department until April 30 to answer a series of questions.
Source: axios - 🏆 302. / 63 Read more »

InnovationRx: Legislation Could Prevent Pharma Companies From Working With Chinese ContractorsI'm a senior editor at Forbes covering healthcare, science, and cutting edge technology. I also co-author the InnovationRX newsletter.
Source: ForbesTech - 🏆 318. / 59 Read more »