Beijing, China — Chinese electric vehicle giant BYD said on Thursday its third-quarter profit had slumped by 33 percent 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 ($1.1 billion), a decrease of 32.6 percent 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 percent year-on-year.
China’s EV industry is world-leading but a cutthroat domestic market has weighed on companies’ 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 fueling a price war, a week after BYD announced sweeping trade-in discounts.
