The rest of the manufacturers and experts in the sector had been announcing the feats that BYD was achieving for some time . The Chinese electric car brand has managed to carve out a niche for itself in the world market after leaving its native country a few months ago to colonize Europe. This is something that is reflected in its economic results. While the rest of the brands, such as Tesla or Volvo , have seen their profits fall to a greater or lesser extent in this first quarter of the year, BYD remains uninvolved. According to the Financial Times , the manufacturer has multiplied its net profit by more than 5 in the first 3 months of the year. BYD's net profits between January and March have increased 411%, to 593 million dollars (about 540 million euros) . This is because it has expanded its dominance in the battery and plug-in hybrid electric vehicle sector in China.
Furthermore, it has not entered the price war started by Tesla , which has hurt the rest of the brands so much. This growth has been much larger than the market expected and follows a spectacular 400% increase in annual net profit in 2022. This also reflects the great work that BYD is doing, which has been able to build a vehicle supply chain vertically Norway WhatsApp number integrated electrical , from mines to chips. Something that the traditional ones have not done yet. Cybertruck engineer responds to claims that Teslas rust in the rain But not only outside its borders. The first milestone that BYD has achieved has been to change the Chinese market itself. A decade ago, 70% of the country's automobile market was controlled by foreign brands . Although it continues to be one of the largest markets for these manufacturers, the truth is that national companies are the ones that dominate car sales in China.
BYD has a share of almost 40% of the Chinese electric vehicle market , after sales growth of nearly 80% since the first quarter of 2022, according to data from the Shanghai consulting firm Automobility. In addition, the company also has a 17% share in the electric battery market and 62% in the plug-in hybrid market. Behind BYD is Tesla , with about 11% of the electric vehicle market, after having grown 27% in sales, in part, driven by the large price reduction it made at the beginning of the year. For its part, Volkswagen occupies ninth place, with just 2% of the market. Unlike Elon Musk 's company , the German company has suffered a 5% year-on-year decrease inHow the aid from the Moves III Plan is taxed in the 2023 income tax return 3 tricks to save money on your income tax return if you own your home More women, better companies (yes, in agri-food too) WE RECOMMEND YOU.