BYD, one of Tesla’s biggest competitors, shared its first quarter revenue for 2023. Company earnings, which grew 410 percent compared to the month of last year, were reported as 4.13 billion yuan ($596.56 million). That’s a five-fold increase.
BYD revenue increased 5 times compared to last year
BYD, the second largest manufacturer in China, seems to change the balance in the electric car world. Using a new generation battery technology, the manufacturer is known for its affordable vehicles, according to Tesla. This pricing policy seems to have worked in company revenues.
In the last quarter, BYD achieved a 17 percent profit margin. Considering that Tesla reported a 19.3 percent profit margin in the same period, we can say that the Chinese manufacturer has achieved remarkable success. It sold 552,076 hybrid and electric car models in the first quarter alone.
BYD also recently announced the new Seagull model, which has a very affordable price of 14 thousand dollars. Launched at the Shanghai Auto Show, the vehicle appeals to the “affordable compact electric car” category, which Tesla has yet to enter.
Seagull was bought by 10,000 people after it went on pre-sales. With this pre-order, the company reportedly grew 410 percent year-on-year. He also earned about $600 million.
Tesla is still a leader in electric vehicles. However, the fact that BYD is a direct competitor underlines the increasing competition in the market. The company’s 17 percent profit margin shows that the competition with Tesla will grow even more.
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