Chinese electric vehicle (EV) giant BYD has reported a 33 percent year-on-year drop in third-quarter profit, as slowing domestic consumption continues to pressure the automaker despite its push to expand in overseas markets.
The Shenzhen-based company announced on Thursday that its net profit for the July-September period stood at 7.8 billion yuan (US$1.1 billion), marking a 32.6 percent decline compared to the same quarter last year - its second consecutive quarterly fall.
During the period, revenue reached 195 billion yuan, down 3 percent year-on-year, the company said in its financial filing.
While China’s EV market remains the world’s largest and most competitive, intense price wars and a cooling economy have hurt profit margins for automakers, including BYD. In response, the company has increasingly turned to international markets to sustain growth.
The industry has also faced heightened scrutiny in recent months. In May, a leading Chinese auto association criticized domestic manufacturers for triggering aggressive price cuts, just a week after BYD rolled out wide-ranging trade-in discounts across its lineup.
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