China's EV giant BYD sees fastest profit growth in two years
Photo: Reuters
Chinese electric vehicle giant BYD reported a 100.4% surge in first-quarter profit compared to the same period last year — its fastest growth in nearly two years.
The sharp jump comes as the company strengthens its position in China's highly competitive EV market by aggressively slashing prices in what analysts are calling a smart EV price war, News.Az reports, citing Reuters.
Net profit totalled 9.2 billion yuan ($1.26 billion), a stock filing showed on Friday, compared with the company's earlier estimate of 8.5 billion yuan to 10 billion yuan.
Revenue came in at 170.4 billion yuan in the quarter, up 36.4% year on year versus a 52.7% rise in the previous quarter.
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