BYD posts steepest profit drop in six years as China sales falter

Chinese electric vehicle maker BYD's quarterly profit fell at its fastest pace since 2020, a stock market filing showed on Tuesday (April 28), hit by sluggish sales at home and intensifying competition.

The world's biggest EV seller, known for its focus on budget models priced under 150,000 yuan ($21,931.43), is under pressure from rivals including Geely and Leapmotor.

BYD's first-quarter net profit dropped 55.4% from a year earlier to 4.1 billion yuan ($599.46 million), deepening a 38.2% fall in the fourth quarter, the data showed. Revenue fell 11.8% to 150.2 billion yuan, extending a declining streak to a third straight quarter.

Pressure has mounted as China scales back trade‑in subsidies for entry‑level electric cars and plug‑in hybrids. BYD's overall sales declined for a seventh straight month in March, despite sustained strong growth in overseas shipments.

-Gerardo Gomez/Reuters