BYD Q3 profit slumps 33% amid intensifying competition, scrutiny

BYD reported another slump in quarterly profit as intensifying domestic competition and industry scrutiny pile pressure on the Chinese carmaker’s sales outlook.

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Third-quarter profit tumbled 33 per cent from a year earlier to 7.82 billion yuan (S$1.4 billion), the company said on Oct 30. BYD saw total revenue drop 3 per cent to 194.98 billion yuan, missing estimates for 216 billion yuan.

The Shenzhen-based automaker delivered 1.15 million new energy vehicles (EVs), including pure-electric models and plugin hybrids, in the period, down 1.8 per cent from the third quarter of 2024. Rivals Geely Automobile Holdings and Chongqing Changan Automobile reported increases in third-quarter sales of 96 per cent and 84 per cent, respectively.