BYD Reports Steep Q3 Profit Decline Amid EV Price Wars
BYD's third-quarter earnings revealed a 32.6% year-over-year profit drop to 7.8 billion yuan ($1.10 billion), marking its worst quarterly performance in four years. The Chinese EV giant saw October vehicle sales slump 12% to 441,706 units while cutting its 2025 sales target by 16%.
Hong Kong-listed shares plunged 4% to HK$97.50, the lowest since February, as revenue declined 3.1% to 195 billion yuan - the first quarterly contraction in five years. Intensifying competition with Geely and Leapmotor has forced aggressive pricing strategies, compressing margins across China's crowded electric vehicle market.
Despite 13% year-to-date revenue growth to 566.27 billion yuan, nine-month net profit fell 7.55% as R&D spending surged 31% to 43.75 billion yuan. The figures underscore the mounting pressure on EV manufacturers to balance innovation with profitability in an increasingly saturated sector.
