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BYD profit plunges 43.5 per cent as China’s car-market price war breaks three-quarter winning streak
- The carmaker reported that net profit fell to 4.13 billion yuan (US$596.28 million) in the first quarter, down from 7.3 billion yuan in the fourth quarter
- BYD suffered along with other carmakers as potential buyers held off in anticipation of bigger price cuts, an analyst says
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BYD, the world’s largest electric vehicle (EV) maker, got off to a bumpy start in 2023 as its net profit in the first three months declined 43.5 per cent on a quarterly basis amid a simmering price war in China’s automotive industry.
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The Shenzhen-based carmaker, backed by Warren Buffett’s Berkshire Hathaway, reported on Thursday that its net profit between January and March fell to 4.13 billion yuan (US$596.28 million) from an all-time high of 7.3 billion yuan in the fourth quarter of 2022.
The drop ended a three-quarter winning streak on profits, buoyed by surging sales of battery-powered cars.
Revenue declined 23.1 per cent to 120.2 billion yuan quarter on quarter.
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