are the closest estimation to its sales figures. 0ur north american business correspondent reports. byd calls itself the biggest car brand you have never heard of. but that may be about to change. the chinese automaker sold more battery powered electric vehicles in the last three months of the year than tesla did. that is a first. the american company is facing headwinds. higher borrowing costs in the us led to slowing demand but its lesser known chinese rival is enjoying tail winds, including a massive domestic market, cheap labour, and strong government support. and unlike tesla, byd makes its own batteries. so controlling that part of the supply chain gives byd more flexibility to cut prices, which it did in the last part of the year, sending sales spiking. as my colleague has just reported, tesla s latest number puts byd ahead of the curve. the chinese ev maker reported around 3 million in sales last year but that number comprises both electric cars and hybrid vehicles. e
Transcripts for BBCNEWS Asia Business Report 20240604 02:30:15
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(XPEV) - XPeng Q1 Results Trump Estimates Amid Continuing Deliveries Momentum
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(The Street) â Teslaà(NASDAQ:TSLA) posted stronger-than-expected first quarter earnings Monday thanks in part to surging deliveries in China, notching its seventh-consecutive quarterly profit and forecasting late 2021 launches for planned gigafactories in the U.S. and Germany.
Tesla said non-GAAP earnings for the three months ending in March were pegged at 93 cents per share, well ahead of the Street consensus forecast of 79 cents per share and compared to a pre-split tally of $1.24 share over the same period last year. Automotive profit margins also impressed, rising 100 basis points to 26.5%.
Group revenues, Tesla said, rose 74.3% from last year to $10.39 billion, just ahead of analystsâ forecasts of a $10.3 billion tally. Regulatory credit sales Revenues, Tesla said, rose 46.3% from last year to $518 million.Â