CleanTechnica•5 days ago
Paying the Price for PHEV Product Updates: BYD 3Q Results
Key Takeaway
BYD's financial struggles due to PHEV updates highlight the intense competition and cost pressures facing major EV OEMs, which could influence battery supply, pricing, and the pace of electrification for large loads.
AI Summary
- •BYD, a major EV/PHEV OEM and battery producer, reported a 3% revenue decrease and a substantial 32.6% net profit drop in 3Q, falling short of expectations.
- •The financial downturn is attributed to costs associated with "PHEV Product Updates," indicating significant R&D, retooling, or competitive pricing pressures within the electric vehicle market.
- •This suggests potential volatility and cost pressures within the EV manufacturing sector, which could indirectly impact battery supply chains and future electricity demand projections for charging infrastructure.
Topics
oemstorage
Article Content
BYD announced its 3Q results at the end of October. Revenue was down 3%, while net profit was down 32.6%. Overall, that does not look good compared to their recent growth and fell short of expectations. But it gets more interesting when you get into the details. Not only did ... [continued] The post Paying the Price for PHEV Product Updates: BYD 3Q Results appeared first on CleanTechnica .