Chinese automaker, BYD, reported a record annual sales of US$116 billion, outpacing Tesla's $94.8 billion. However, its profit fell for the first time since 2021 due to intense competition. The largest electric vehicle maker has been expanding into global markets such as Latin America and Europe, where profit margins are higher than in China. Domestic sales have been declining for the company, which sold 2.26 million electric vehicles last year, up 28 percent from the previous year. Despite this, higher oil and gasoline prices due to the Iran war have boosted interest in renewable energy. The company plans to continue growing its global market share to hone its profits.