BYD Profit Tumbles 55% as China EV Price War Hits Tesla Rival
BYD reported a 55% drop in first-quarter net profit to 4.08 billion yuan and an 11.8% fall in revenue to 150.23 billion yuan, citing weaker sales and heavy discounting in China. New energy vehicle sales fell 30% year-on-year to 700,463 units, though March exports reached 120,083. The earnings report was released after market close; full market reaction is expected Wednesday.