BYD overcomes China’s intense EV price war as record car sales lead to Q2 profit surge
Baua Electric
AUGUST 28, 2024
Despite slashing prices and launching more affordable EVs, BYD’s bottom line nearly doubled from the first three months of 2023 (+98%). Despite the profit growth, BYD’s gross margins slipped 3% from Q1 (21.88%) to 18.69% amid China’s intensifying EV price war. We are already seeing it play out, with BYD topping Honda and Nissan in Q2.
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