Reported about 9 hours ago
BYD Co., a leader in the electric vehicle sector, reported a 30% drop in quarterly profit, its first decline in over three years, illustrating that even dominant players are affected by intense market competition in China. The company faced pressures from aggressive pricing strategies and industry practices, despite a surge in overseas sales. As a result, its gross margin shrank, prompting concerns about sustainability in a highly competitive landscape. BYD continues to invest in technology and aims to bolster its international presence, all while navigating the challenges posed by rising costs and a shifting market demand.
Source: YAHOO