Chinese EV giant BYD says Q3 profit down 33%

BYD’s third quarter revenue was down 3% year-on-year. (Reuters pic)

BEIJING: Chinese electric vehicle giant BYD said on Thursday its third-quarter profit had slumped by 33% year-on-year, with sluggish domestic consumption piling pressure on the carmaker as it looks to expand overseas.

BYD said its net profit for the third quarter was 7.8 billion yuan (US$1.1 billion), a decrease of 32.6% compared to the same period last year and its second consecutive quarterly decline.

The Shenzhen-based firm recorded revenue of 195 billion yuan over the same period, a slight decrease of 3% year-on-year.

China’s EV industry is world-leading but a cutthroat domestic market has weighed on companies’ profitability, with many including BYD turning to overseas markets in response.

Scrutiny of the EV industry is also growing, with a top industry group in May rebuking Chinese automakers for fuelling a price war, a week after BYD announced sweeping trade-in discounts.

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