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Investing.com -- Shares of BYD (SZ:002594), the Chinese electric vehicle giant, fell on Tuesday following the release of the company’s annual results, which were generally in line with market expectations, but concerns about the company’s net profit per unit seemed to have influenced investor sentiment.
BYD’s shares dropped 3.32% to 390 Hong Kong dollars.
The company’s annual results, released late Monday, showed a 34% rise in net profit in 2024, reaching 40.25 billion yuan. Revenue also increased, rising 29% to 777.10 billion yuan, or roughly $107 billion. This marks the first time BYD’s revenue has exceeded $100 billion.
However, the net profit per car was a point of caution. According to Bernstein analysts, the net profit per car came in at 9,300 yuan, an increase from 8,500 yuan the previous year.
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