The Chinese electric car manufacturer BYD was unable to fully meet its high expectations with a significantly increased profit last year. According to preliminary figures, the group expects the net result for 2023 to be between 29 and 31 billion yuan (up to 4 billion euros), as it announced in a statement to the Hong Kong stock exchange on Monday. That would be an increase of 75 to 87 percent.
The company said that growth abroad and strong cost control provided impetus. However, experts surveyed by Bloomberg had previously expected a bottom line profit of 31.5 billion yuan. BYD shares fell on the stock market.
The Chinese car manufacturer BYD, which stands for Build Your Dreams, has recently enjoyed a rapid rise. The company initially built cell phone batteries, but the southern Chinese company has been in the car business since 2003. Last year, BYD gave the former market leader in the People’s Republic the brand Volkswagen, the top spot in China Overall, they were cheated off with high discounts on their electric cars. In the fourth quarter, the Chinese made a move on the US electric car pioneer Tesla as the previous world market leader for electric cars.