BYD Overtakes Tesla as Top EV Seller in China, Profits Soar Despite Price War
- BYD reported over 80% jump in 2022 profit to $4.2 billion, despite complex external environment
- Became top EV seller in Q4 2022, selling 525K EVs vs Tesla's 484K
- Hit record 3.02 million vehicle sales in 2023, up 62%
- Sold 1.57 million BEVs in 2023 vs Tesla's 1.8 million, but more affordable
- Chinese EV price war intensifying, but margins still slim at around 5%
