BYD Q1 2023 Net profit, Revenue and Gross Margin fell QoQ
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BYD Q1 2023 Net profit, Revenue and Gross Margin fell as compared to Q4 last year. Tesla's price cutting marketing strategy is killing it's rivals who has lower or negative profit margin.
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The carmaker reported that net profit fell to 4.13 billion yuan (US$596.28 million) in the first quarter, down from 7.3 billion yuan in the fourth quarter BYD suffered along with other carmakers as potential buyers held off in anticipation of bigger price cuts, an analyst says.
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The carmaker reported that net profit fell to 4.13 billion yuan (US$596.28 million) in the first quarter, down from 7.3 billion yuan in the fourth quarter BYD suffered along with other carmakers as potential buyers held off in anticipation of bigger price cuts, an analyst says.
BYD, the world’s largest electric vehicle (EV) maker, got off to a bumpy start in 2023 as its net profit in the first three months declined 43.5 per cent on a quarterly basis amid a simmering price war in China’s automotive industry.
Revenue declined 23.1 per cent to 120.2 billion yuan quarter on quarter.
BYD's gross margin was 17.86 percent in the first quarter, up 5.46 percentage points from the same period last year, although it was 1.14 percentage points lower than the fourth quarter.
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