Leaders.com
  • Login
  • Subscribe
  • Business
  • Leadership
  • Wealth
  • Master Classes
  • Business
    • Entrepreneurs
    • Executives
    • Marketing and Sales
    • Social Media
    • Innovation
    • Women in Business
  • Leadership
    • Personal Growth
    • Company Culture
    • Public Speaking
    • Productivity
    • Hiring
    • Social Issues
    • Leaders
  • Wealth
    • Investing
    • Cryptocurrency
    • Retirement
    • Venture Capital
    • Loans and Borrowing
    • Taxes
    • Markets
    • Real Estate
  • Master Classes
  • Login
  • Subscribe
Business BYD passes Tesla

BYD's sales expanded significantly last year, and the company is now reaching new markets around the world. (Photo by Wang Teng/Xinhua via Getty Images)

By Hannah Bryan Leaders Staff

Hannah Bryan

Hannah Bryan

News Writer

Hannah Bryan is a news writer for Leaders Media. Most recently she was a reporter for the Sanilac County News...

Full bio


Learn about our editorial policy

Mar 28, 2023

BYD Sees Explosive EV Growth

Chinese electric vehicle (EV) manufacturer BYD’s sales quintupled last year, surpassing industry leader Tesla.

Key Details

  • BYD has been competing with Tesla for its share of the EV market. Last year, its net income jumped more than 400% to around $2.4 billion.
  • In 2022, BYD sold around 1.86 million eclectic and plug-in hybrids, making up 30% of Chinese sales in the category. Approximately half of those sales were for fully electric vehicles. 
  • Tesla, by comparison, sold 1.31 million EVs last year. 
  • In 2022, BYD completely halted all fossil-fuel-powered vehicle production. 

Why it’s news

BYD’s success will help it as it introduces new luxury vehicles in the coming year, which will subsequently boost its earnings. However, the ongoing price war in the Chinese market will likely affect its profit margins as Tesla has reduced its prices on certain models. 

The company has also started to expand its reach into foreign markets, including Demar, Thailand, the UK, Australia, and Norway. 

The higher-than-expected reported earnings boosted BYD stocks in the Hong Kong market. Shares increased 1.5% before results on Tuesday, though the company is still down about 20% since the pricing wars began in February, Bloomberg reports. 

Some of the company’s deceleration is also due to declining car purchases in China. Sales fell at the beginning of the year during the Lunar New Year holiday. 

BYD’s founder Wang Chaunfu is expected to host a post-earnings event in Hong Kong Wednesday morning. 

Home / News / BYD Sees Explosive EV Growth
Share
FacebookTweetEmailLinkedIn

Related Stories

Senate And House Battle Over Debt-Ceiling Bill

by Hannah Bryan Leaders Staff
Public Policy

12 hours ago

debt ceiling

The U.S. Senate has announced hearings for committees to analyze the debt-ceiling bill passed by the Republican-led House last week. 

Key Details

  • Though the White House has stood firm in its refusal to negotiate the debt-ceiling terms with House Speaker Kevin McCarthy (R-CA), the House passed a bill last week to jumpstart negotiations. 
  • Senate Majority Leader Chuch Schumer (D-NY) announced Monday that Senate committees would evaluate the recently passed bill.
  • While McCarthy’s bill attempts to bring President Joe Biden to the table, the bill is unlikely to pass in the Senate. 
  •  "The president says, 'I'm not going to talk to him until he offers a plan,’" McCarthy says. "Not only did we offer a plan, we passed it.”

Go deeper

FacebookTweetEmailLinkedIn

Gen Z Is Changing Workplace Habits

by Hannah Bryan Leaders Staff
Company Culture

15 hours ago

working late

Remote work has opened the door for many changing workplace traditions, including changing the nine-to-five workday. 

Key Details

  • Hard workers and early risers are often associated with one another, but a recent study shows that most Gen Z employees prefer to begin their work at 6 p.m.
  • In an Adobe study that sampled workers in the UK, U.S., and Japan, younger workers were found to be more productive in the evenings, Fortune reports. 
  • These younger employees prefer to work through the night and spend their downtime during the daylight hours. 
  • Only 6% of Boomers reported being productive from 6 p.m. to 3 p.m. compared to 26% of Gen Zers. 

Go deeper

FacebookTweetEmailLinkedIn

Phoenix Suns Shift From Traditional Broadcasting 

by Tyler Hummel Leaders Staff
Entertainment

15 hours ago

The owner of the Phoenix Suns and Phoenix Mercury is striking out on his own—shifting away from traditional broadcasting deals. 

Key Details

  • The bankruptcy of Diamond Sports Group in March has resulted in numerous sports teams attempting to void their streaming contracts. 
  • Two Phoenix, Arizona-based teams are making a similar attempt, shaking their traditional local streaming contract with Bally Sports Arizona to seek new opportunities. 
  • Both teams announced on Friday that games will be broadcast on over-the-air local television in Phoenix, Tucson, and Yuma and that free broadcasts will be made available through streaming. 
  • Diamond has argued that the announcement is a breach of contract for the sports teams, while ESPN is warning that the decision could cost tens of millions of dollars in the short term for the teams. 
  • The team owner believes the change will “more than triple the reach” of their audience. 

Go deeper

FacebookTweetEmailLinkedIn
Markets

15 hours ago

Dimon Says: (Part Of) the Banking Crisis Is Over 

by Tyler Hummel Leaders Staff
right to repair
Business

16 hours ago

Farmers Still Struggle To Fix John Deeres

by Hannah Bryan Leaders Staff
amazon ads
Business

19 hours ago

Amazon’s A-To-Z Adage Does Include Ads

by Hannah Bryan Leaders Staff

Recent Articles

Personal Growth

21 hours ago

How Adaptability Can Make or Break Your Career in the Coming Years

The business world is always changing, making adaptability a necessary skill.

Wealth

Apr 27, 2023

How to Make an Extra $1000 a Month Starting With Only $100 

You can make an extra $1000 per month with a small upfront investment or a part-time job.

Leadership

Apr 26, 2023

Narcissists in the Workplace: Signs Your Coworker or Boss Might Be One of Them

Narcissistic bosses do whatever it takes to gain success and power.

  • Business
  • Leadership
  • Wealth
Join the Leaders Community

Get exclusive tools and resources you need to grow as a leader and scale a purpose-driven business.

Subscribing indicates your consent to our Terms & Conditions and Privacy Policy

Leaders.com
  • Privacy Policy
  • About
  • Careers
  • Cookie Policy
  • Terms
  • Disclosures
  • Editorial Policy
  • Member Login

© 2023 Leaders.com - All rights reserved.

Search Leaders.com

x