BYD, China’s EV king, posts a 55% slump in first-quarter profit
BYD, China's leading electric vehicle manufacturer, reported a 55% year-on-year decline in first-quarter net profit, attributed to intense price competition and increased research spending despite rising vehicle sales. The company's net profit fell to nearly 4.09 billion yuan ($590 million) on revenue of 150.2 billion yuan. The drop highlights ongoing margin pressures in the competitive EV market. BYD maintained its position as the top EV seller globally by volume during the quarter.
- ▪BYD's first-quarter net profit dropped 55% year-on-year to approximately 4.09 billion yuan ($590 million).
- ▪Revenue for the quarter totaled 150.2 billion yuan, reflecting continued strong sales volume.
- ▪The profit decline was driven by aggressive price competition and higher investment in research and development.
- ▪Despite the earnings slump, BYD remained the world's largest electric vehicle seller by volume in the quarter.
- ▪The results underscore the financial pressures automakers face amid China's fiercely competitive EV market.
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