Automundo China

The Chinese auto giant’s results come amid concerns the company won’t meet its sales target for the year.

Chinese carmaker’s revenues also affected by Beijing’s campaign against discounting which has cooled EV price war

It was BYD's first year-over-year decline since Q1 2022.

Electric vehicles have reached a tipping point in China. They now represent the majority of the new car market, surging...

This marks the first year-on-year decline in BYD's net income since the first quarter of 2022.

BEIJING (Reuters) -Chinese electric vehicle maker BYD's quarterly profit fell for the first time in more than three years, as its expansion hit a speed bump amid a government campaign against price wars. Net profit at the world's biggest EV producer totalled 6.4 billion yuan ($894.74 million) in the second quarter, it reported on Friday, down 29.9% from a year earlier, after rising 100.4% in the first quarter. The biggest Chinese rival to Tesla has faced challenges in recent months as Chinese authorities have called for a halt to a bruising price war in China that has pressured profit margins across the entire industry.

BYD Co.’s profit jumped 14% in the first half on robust demand for its electric vehicles and an aggressive expansion into international markets as it seeks to shake off headwinds at home.

The change will take effect on September 19, significantly lowering the entry barrier for buying BYD shares on the Hong Kong stock market.