BYD Co. saw a rise in profits due to the increase in electric vehicle sales, but it did not meet the expectations of analysts. The company stated in a filing with the Shenzhen Stock Exchange on Monday that its preliminary net income for 2023 is projected to increase by at least 75% to a range of 29 billion yuan ($4 billion) to 31 billion yuan, mainly driven by sales in China which helped counterbalance a drop in global demand. However, this figure fell short of the average analyst estimate of 31.5 billion yuan.
