BYD Shares Fall as Profit Misses Estimates Amid China Price War

(Bloomberg) — BYD Co Ltd.’s shares slumped after steep year-end discounting to meet its 2023 sales goals hurt earnings, despite the Chinese automaker overtaking Tesla Inc. as the world’s top seller of electric vehicles (EVs).

The EV giant’s stock fell more than 4% Tuesday in Hong Kong after it reported preliminary 2023 net income of 29 billion yuan ($4 billion) to 31 billion yuan. While that was a record, it fell short of analyst estimates of 31.5 billion yuan.