Why did BYD's 1Q24 profits drop by 47.3% compared to previous quarter?

Digitimes
By Jack WuMay 2, 2024, 11:21 pm378 ptsTop
In the first quarter of 2024, BYD's net profit was CNY4.57 billion (approx. US$630 million), a year-on-year increase of 10.6%, but a significant decrease of 47.3% compared to the fourth quarter of 2023. This highlighted that profitability was impacted by slowing demand for EVs and intense price competition.…

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