From Bloomberg via Yahoo Finance, January 29:
BYD Co.’s earnings fell short of analyst expectations as demand for battery-powered cars softened late last year.
Preliminary 2023 net income rose at least 75% from the previous year to between 29 billion yuan ($4 billion) and 31 billion yuan, the company said Monday in a filing with the Shenzhen Stock Exchange. But the total fell short of an average analyst estimate of 31.5 billion yuan.
BYD shares fell about 4%, extending losses over the past year to roughly 37%.
BYD sold 526,409 fully electric cars in the final quarter of 2023, surpassing Tesla Inc. for the first time as the largest seller globally. The growth has been driven mainly by its much broader lineup of cheaper models in China....
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January 25's "Lithium price plunges on slowing Chinese demand for electric vehicles" from the FT was a 'tell' and a solid analysis.
And January 22's "Nickel prices keep slumping even as mines close"
And January 21's "China reins in electric car makers amid fears they will flood the West"
Related January 22: "Electric cars will never dominate market, says Toyota"
