By Kosaku Narioka
BYD Co. reported a rise in net profit in the final quarter of 2023 as it overtook Tesla as the top global seller of electric vehicles on a quarterly basis.
The Chinese electric-vehicle maker said Tuesday that net profit climbed 19% from a year earlier to 8.67 billion yuan ($1.20 billion) for the final three months of last year.
BYD said revenue increased 15% from a year earlier to CNY180.04 billion as sales volume climbed 38%.
Known for its budget-friendly cars, BYD sold more than 526,000 fully electric vehicles in the fourth quarter, topping Tesla for the first time as the world's largest seller of EVs on a quarterly basis.
Quarterly profit, however, fell from CNY10.41 billion net profit in the previous quarter as competition intensified in the Chinese market.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
03-26-24 1021ET