Chinese EV giant BYD on Tuesday reported its lowest quarterly profit in three years as low demand at home weighed on sales.
The company’s earnings underscored the toll of a yearslong price war in China’s auto sector, which has yet to abate — BYD’s discounts in March hit their highest level in years.
New EV sales in China fell 24% between January and March as the government rolled back EV subsidies. But BYD saw strong growth overseas, a trend that could continue this year as the Iran war pushes up gas prices and spurs interest in EVs.
The brand has also looked to juice interest through this year’s Beijing Auto Show, where BYD has occupied an entire exhibition hall.