BYD's EV Sales Surge, Profits Dip

0:00It's March 27. This is Canada News Today, powered by AI. I'm Cory with the story. Chinese automaker BYD hit a record revenue of $116 billion last year, topping Tesla's $94.8 billion. The company sold 2.26 million electric vehicles. A 28% jump that made it the world's top EV maker, while Tesla delivered 1.64 million Dow 9%, but profits dropped 19% to $4.7 billion, the first decline since 2021. Domestic sales have slowed for six straight months amid fierce price competition in China. January and February sales plunged 36% year-over-year to 400,241 units, even as exports picked up. Some slack. Analysts warned of a tough year ahead, with rivals like Geely gaining ground and skillback government subsidies adding pressure. BYD's chairman called the new energy vehicle market, a brutal knockout stage, and experts

1:01say the company can't keep relying on mass market models for. Volume To fight back, BYD launched a new blade battery that charges to nearly full in nine minutes, along with upgraded models like the Datong SUV. It's pushing hard into higher margin markets in Latin America and Europe to boost profits. Meanwhile, rising oil prices from the Iran conflict are sparking fresh interest in EB's worldwide, which could help BYD regain momentum at home, and a broadest share start climbing after a 20% drop over the past year.