• BYD Co. faced a decline in its Hong Kong-listed shares as the company reported preliminary 2023 net income between 29 billion yuan and 31 billion yuan, falling short of analyst estimates. Despite achieving a record in deliveries during the fourth quarter, where BYD surpassed Tesla as the leading electric car seller globally, the profit didn't match expectations. The fourth quarter's net income is anticipated to be between 7.2 billion yuan to 9.2 billion yuan, reflecting a decrease from the previous quarter's 10.9 billion yuan.

• The EV manufacturer, along with others in the industry, has been impacted by a price war in China, the largest auto market globally. In an effort to meet its annual delivery target of 3 million vehicles, BYD resorted to steep year-end discounts, discounting models like Qin, Han, and Tang by up to 10,000 yuan. The competitive landscape has definitely presented challenges for BYD.