China’s BYD shows effects of price war with weaker profit growth

By Thomson Reuters Apr 29, 2024 | 6:17 AM

BEIJING (Reuters) – Chinese electric vehicle (EV) maker BYD posted its weakest quarterly profit growth since 2022 on Monday, hit by slowing EV demand and a bruising price war in the world’s largest auto market.

First-quarter net profit was up 10.6% at 4.57 billion yuan ($631.08 million) while revenue grew by 4% to 124.94 billion yuan, BYD said in a stock market filing.

($1 = 7.2416 Chinese yuan renminbi)

(Reporting by Qiaoyi and Brenda Goh; Editing by David Goodman)