Electric Vehicles
BYD Profit Drop Shows Even EV Leader Isn’t Safe in Price War
BYD Co. electric vehicles at the Port of Suape in Ipojuca, Pernambuco state, Brazil.
Photographer: Maira Erlich/BloombergThe fallout is becoming impossible to ignore in the fierce battle among Chinese carmakers.
With BYD Co. reporting a staggering 30% plunge in quarterly profit Friday, its first decline in over three years, it’s become clear that not even dominant players are safe in the cutthroat battle for market share. The carmaker’s stock dropped as much as 8% in Hong Kong on Monday, before paring losses.