China's BYD sees first profit drop since 2021, even as the Tesla-rival takes global EV crown

Chinese automaker BYD reports its annual revenue rose to a record $116 billion last year, outpacing Tesla's, but profit fell for the first time since 2021 under pressure from cutthroat competition. BYD, the world's largest electric vehicle maker, has been expanding into global markets such as Latin America and Europe, where auto analysts say profit margins are typically higher than in China. Expectations are that the global energy shock caused by the Iran war would push more people to switch to EVs. BYD is also banking on upgrading its technology to grow appeal, announcing a new fast-charging battery days ahead of its earnings report.