BYD Faces Tough Competition from Huawei in China's Electric Vehicle Market

BYD, the largest electric vehicle producer, reported an 81% rise in net profit but fell short of analyst estimates amidst growing competition, including from Huawei. The company has been a major player in the price war that affected traditional carmakers. While revenue saw a significant increase, recent reports indicate a dip in market share following Huawei's entry. Experts predict fierce competition for BYD in the plug-in hybrid electric vehicle category. Huawei’s foray into the EV market coincides with Apple's shift to artificial intelligence research, adding a new dimension to the US-China tech rivalry. The future of the electric vehicle landscape in China is set to be influenced by the intensifying competition between BYD and Huawei.