BYD, China’s EV king, posts a 55% slump in first-quarter profit
BYD, China's leading electric vehicle manufacturer, reported a 55% decline in first-quarter profit compared to the same period last year. The sharp drop comes despite continued strong sales volume in the EV market. The company attributed the profit slump to increased competition and downward pricing pressure in the industry.
- ▪BYD experienced a 55% year-on-year decline in net profit during the first quarter.
- ▪The profit drop occurred even as the company maintained robust vehicle sales.
- ▪Intensifying competition and aggressive price cuts across China's EV market contributed to the reduced profitability.
- ▪BYD remains the top-selling EV brand in China by volume despite the financial downturn.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at South China Morning Post.