SHENZHEN, China, April 28, 2026, 21:04 (China Standard Time)
BYD Co’s net profit plunged 55.38% in the first quarter to 4.08 billion yuan, the steepest drop in recent years, as the EV giant contended with sluggish domestic demand and deep price cuts. Revenue slipped 11.82% to 150.23 billion yuan, according to its stock market filing. Operating cash flow came in 67.48% lower.
BYD’s drop is notable—this was the automaker many expected would weather China’s fierce EV price fight, leveraging both scale and efficiency, plus overseas sales. Still, Bloomberg pointed out this was BYD’s weakest quarterly profit in over three years, though the figure basically matched what analysts had projected.
This isn’t just a blip in quarterly numbers. According to the Financial Times, sluggish demand out of China is overshadowing what’s otherwise stronger appetite for electric vehicles worldwide. Reuters highlights weaker local sales, slimmer trade-in incentives for less expensive EVs and plug-in hybrids, plus fiercer rivalry from Geely and Leapmotor.
BYD put out its report at 18:34 in Hong Kong, missing the main trading hours in both Hong Kong and Shenzhen. So, markets won’t get a crack at reacting to those earnings until Wednesday.
Results landed on the soft side, but didn’t outright miss forecasts. According to South China Morning Post, net profit came in right on target at 4.09 billion yuan, matching consensus. Revenue actually topped the 140 billion yuan expectation. Even so, the report pointed out that this was the weakest quarterly revenue since Q2 2024, and profit hit its lowest point since Q1 2023.
The numbers underscore the divide. BYD moved 700,463 new energy vehicles in the first quarter—a drop of 30.01% year-over-year. In China, those figures cover both fully electric models and plug-in hybrids. Exports for March climbed to 120,083 units, offering BYD a measure of support beyond its domestic base.
BYD wants the focus off price wars and onto its tech edge. Executive Vice President Stella Li told Reuters that “flash charging” is key—the final hurdle for EV buyers, in her view. BYD now aims to roll out some 20,000 flash-charging stations across China and another 6,000 internationally in the coming year. Reuters
Europe is turning into a battleground of its own. Kia’s CEO flagged shrinking price differences with Chinese competitors, while Reuters noted BYD car registrations in Europe jumped almost 150% in March—leaving the wider market in the dust and pressuring established automakers to roll out steeper discounts and more budget-friendly models.
Overseas expansion and quicker charging might just kick the can down the road, not actually improve margins. “Given the weakness in the Chinese EV market, we don’t expect share to be easily recovered,” Macquarie analyst Eugene Hsiao said after BYD rolled out its battery upgrade in March. He’s paying close attention to how volumes develop. Reuters
Wang Chuanfu isn’t mincing words. The BYD chairman, speaking in March after the company reported its first yearly profit drop in four years, described the competitive landscape for China’s new-energy vehicles as “fever pitch”—and said the sector has moved into a “knockout stage.” Reuters
Another key data point is just around the corner. BYD’s April sales numbers should be out before the week wraps up. Wider China auto stats—Tesla’s China sales included—are on deck for early May.
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