Major Chinese electric carmaker BYD reported lower-than-expected revenue for the first quarter of 2024 on Monday (Apr 29), as an aggressive domestic price war and Western regulatory pressure weighed on the company’s growth.
BYD posted an operating revenue of 124.94 billion yuan (US$17.25 billion) for the first three months of the year, up 3.97 per cent from a year ago, according to a stock exchange filing.
The Chinese automaker recorded a record annual profit of 30 billion yuan last year.
Its profit in the first quarter was 4.57 billion yuan, up 10.62 per cent from a year ago, BYD said on Monday.
