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BYD Profits Hit by Fierce Price War in China’s EV Market. Shares of Chinese electric vehicle giant BYD dropped by up to 8% on Monday, after the company reported a sharp fall in profits. Between April and June, net earnings fell 30% from last year, totaling 6.4 billion yuan, or around $900 million. BYD said rising price competition among EV brands, including local rivals Nio, XPeng, and US-based Tesla, was squeezing margins. The Shenzhen-based automaker also pointed to excessive marketing and aggressive deals like zero-interest loans and dealer subsidies, as factors disrupting the market. Beijing has warned carmakers to ease these discounts to protect the economy. BYD’s stock dipped at the Hong Kong open but recovered slightly, reflecting investor caution amid China’s crowded EV sector.
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