BYD’s third-quarter profits declined 33% this year, underscoring the Chinese EV giant’s domestic challenges as it doubles down on its overseas expansion.
The company is building factories in several countries like Brazil, Indonesia, and Turkey; Chinese EV and battery firms are increasingly turning to Southeast Asia, Africa, and Latin America after years of putting down roots in Europe, owing to geopolitical tensions and Western market barriers, Rest of World wrote. But BYD’s dampened profits show how much competition has intensified in China’s domestic EV industry.
Following a damaging price war, Beijing’s new five-year plan signaled the government will reduce EV subsidies and instead let the market decide winners and losers in the sector, the China-Global South Project wrote.