BYD Shares Fall as Profit Slump Piles Pressure on EV Giant

BYD Co. shares tumbled on Friday after the automaker reported a decline in third-quarter net income and revenue, missing analyst expectations and underscoring even the electric car giant isn’t immune to the brutal competition in the world’s largest automotive market.

The company’s Hong Kong-listed shares fell as much as 6.4% in early trading Friday, following earnings late Thursday in which quarterly net income fell 33% from a year earlier to 7.82 billion yuan ($1.1 billion). Total revenue in the three months ended Sept. 30 dropped about 3% to 194.98 billion yuan, missing analyst estimates for 216 billion yuan.