BYD's asset-liability ratio increased and its debt-paying ability continued to decline

Although BYD's performance in 2023 is impressive, its debt-to-asset ratio is 77.9%, an increase of 2.4 percentage points from the end of 2022. Tesla's debt-to-asset ratio has dropped from 44.3% at the end of 2022 to 40.3% at the end of 2023. At the same time, BYD's current ratio and quick ratio are both lower than the reasonable international level, indicating that its debt repayment ability has declined.