"BYD's Profit Growth Slows, Still Overtakes Tesla in China EV Market"
Chinese EV giant BYD's 2023 annual profit report fell slightly short of analyst estimates, with a net profit of $4.16 billion compared to the estimated $4.29 billion. Despite this, the company reported an 80% rise in net profit last year, attributing the fourth-quarter profit's 18.6% increase to a 15.1% jump in revenue. BYD, which overtook Tesla as the world's largest seller of EVs in the last quarter of 2023, has made aggressive price cuts in China to lure drivers from gas-powered cars to EVs and is expanding its presence in Europe with plans to triple its share in the EV market by 2025.