Reported 1 day ago
Shares of electric vehicle manufacturer BYD fell sharply after reporting a 30% drop in quarterly profit, the first decrease in over three years. As government measures to curb price wars undermine its competitive edge, analysts have revised their earnings forecasts for the company downward. BYD's net profit fell to 6.4 billion yuan, missing expectations, while its sales targets remain unfulfilled amid faltering demand.
Source: YAHOO