BYD profits decline 47% quarter-over-quarter in Q1 2024
BYD’s profits declined by 47% in the first quarter of 2024 compared to Q4 2023.
BYD sold more than 300,000 battery electric vehicles (BEVs) in the first quarter, down from 526,000 in the fourth quarter of 2024. The Chinese automaker beat Tesla in terms of volume deliveries in Q4 2023 but lagged behind the US electric vehicle (EV) manufacturer in Q1 2024.
For comparison, Tesla’s deliveries also declined in the first quarter by 8.5% year-over-year. Tesla delivered a total of 386,810 units in Q1 2024, hampered by many challenges, including an arson attack on Tesla Giga Berlin.
BYD delivered approximately 300,114 beds and 324,284 plug-in hybrid cars. The Chinese automaker has also had a challenging first quarter. China’s ongoing EV price war has affected economic growth as automakers compete for more market share.
In March 2024, BYD set lower sales growth goals for the year. During a conference, BYD Chairman and President Wang Chuanfu told investors that the company expects to top deliveries at 3.5 million units this year—including EVs and plug-in hybrids. The company’s delivery goal is 20% more than 2023’s 3.02 million units but is significantly lower in year-over-year growth from 2022 to 2023. BYD expects to export more than double 500,000 units.
“Overall demand for EVs [in China] is set to fall in 2024, as consumers refrain from buying items such as cars due to concerns about job prospects and incomes. A 20% increase will not be easy to achieve, given the current weak market sentiment,” said Zhao Zhen, a sales director at Wan Zhuo Auto—a car dealer in Shanghai.
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