Chinese Electric Vehicle (EV) Giant BYD Sees Profits Slump Amid Fierce Price War. Despite a significant increase in revenue, BYD has reported a 19% decline in profits, a stark contrast to its robust growth in recent years. The company's struggles are largely attributed to a ferocious price war in China's EV market, which has squeezed its margins and forced it to rely on overseas sales to stay afloat. With domestic demand slumping, BYD has more than doubled its overseas sales, a move that has helped mitigate the impact of the price war, but still leaves the company facing significant challenges in its home market.
BYD reported a 19% profit decline despite rising revenue as China's fierce EV price war squeezed margins. The automaker more than doubled overseas sales to offset slumping domestic demand, while ...