Home Blockchain News Tesla Rival BYD is Absolutely Killing It – But There’s an Enormous Catch

Tesla Rival BYD is Absolutely Killing It – But There’s an Enormous Catch

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By CCN: On the heels of a rather disappointing Tesla earnings call, Chinese electric car maker BYD Auto reported a stunning 632 percent increase in Q1 net profit. The company, backed by Warren Buffet, saw profits jump from 102.4 million yuan (~$16.2 million at that time) to 749.73 million yuan (~$111.4 million), Reuters reports. Remarkably, BYD stock seems unaffected by the news. China Is Falling in Love with Electric Vehicles We can credit the booming sales figures to the massive (and growing) electric vehicle (EV) market in China. According to China’s Association of Automobile Manufacturers, Chinese citizens will buy at

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* First published on ccn.com

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