New Delhi, March 28 -- Chinese automaker BYD said Friday its annual sales rose to a record $116 billion, outpacing Tesla's, but its profit fell for the first time since 2021 under pressure from cutthroat competition.

BYD, the largest electric vehicle maker, has been expanding into global markets including Latin America and Europe, where auto analysts say profit margins are typically higher than in China. It's also banking on cutting-edge technology upgrades to grow appeal, announcing a new powerful fast-charging battery days ahead of its earnings report.

With competition inside China at punishingly high levels, analysts foresee a tough road ahead this year. But in a boost for EV makers, higher oil and gasoline prices due to the Iran war...