<figure id="attachment_2945486" aria-describedby="caption-attachment-2945486" style="width: 1600px" class="wp-caption alignnone"><img loading="lazy" class="size-full wp-image-2945486" src="https://media.freemalaysiatoday.com/wp-content/uploads/2024/12/eb66b7be-byd_1600x1000.webp" alt="" width="1600" height="1000" /><figcaption id="caption-attachment-2945486" class="wp-caption-text">BYD&#8217;s third quarter revenue was down 3% year-on-year. (Reuters pic)</figcaption></figure>
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&#8217;s EV industry is world-leading but a cutthroat domestic market has weighed on companies&#8217; 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.

MatchPoint Times

Chinese EV giant BYD says Q3 profit down 33%

Sluggish domestic consumption of electric cars has piled pressure on the carmaker as it looks to expand overseas.

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