Hyperdrive
BYD Revenue Misses Estimate as China EV Discounts Take Toll
- Quarterly sales of passenger electric, hybrid cars rise 14%
- Company slashed prices while pushing into premium market
This article is for subscribers only.
Chinese automaker BYD Co.’s first-quarter revenue missed estimates as aggressive price cuts across most of its lineup ate into its financial performance.
Net income rose 11% year-on-year to 4.57 billion yuan ($631 million) in the three months ended March 31, the automaker said Monday. Revenue grew at its slowest pace in four years, up 3.9% to 124.94 billion yuan. That’s well short of analyst estimates of 132.53 billion yuan.