Source: reuters.com
Chinese electric vehicle maker BYD's third-quarter profit fell 32.6 percent year-on-year. This is the second consecutive quarterly decline and the biggest drop in more than four years as the company faces increasing competition from domestic rivals.
Net profit totaled 7.8 billion yuan ($1.10 billion), while revenue fell 3.1 percent year-on-year to 195 billion yuan, the first such decline in more than five years, according to a stock exchange report released on Thursday.
The quarterly profit decline comes as BYD faces tougher competition in its home market from companies such as Geely and Leapmotor, which have taken share from BYD in the low-cost car segment. BYD's market share in the domestic market fell to 14 percent in September compared to 18 percent in the previous year.
BYD, China's largest carmaker, has cut its 2025 sales target by 16 percent to 4.6 million vehicles, but still expects exports of electric vehicles and plug-in hybrids to double from 2024, with Europe among the fastest-growing markets.
BYD also plans to boost its presence in Japan by unveiling a new mini EV made specifically for Japan at the Japan Mobility Show, which opens to the public on Friday.
The automaker last month offered a new round of discounts on some models, including the Qin Plus, to remain competitive in the domestic market, where about 80 percent of its cars are sold.
BYD's quarterly car sales fell for the first time since 2020, paralleling a continued downward trend in production at its mega-factories.
